Assume You’ve Inherited $10,000
And my students business plan — Ethan’s Guitar Shop
In my AP Macroeconomics course this past semester, I challenged my students.
“Assume,” I said, “that you have inherited $10,000 and, with that money, plan to start a small business.”
One of my students, Ethan C., readily accepted my challenge and after several drafts produced a four-page document entitled: Business Plan — Ethan’s Guitar Shop.”
“My guitar shop,” says Ethan, “will be located in San Marino, California, the city in which I live and go to school. It will provide residents and others with a great place to buy new and used guitars, get their guitars repaired and serviced, and receive private, yet also affordable, guitar lessons. The shop will also be a great place for students to hang out.”
Teacher Inserted Sidenote #1
Below, a 2:59 video clip featuring Ethan playing portions of various classic rock and roll songs, leading off with Chuck Berry’s Johnny B. Goode.
Ethan first picked up an acoustic guitar when he was 10 years old and an electric guitar when he was 11. He’s been playing ever since.
Private lessons started within weeks of his having first picked up the acoustic, though Ethan says that he’s “found it more fun and effective learning on my own.”
Ethan not only knows how to play the guitar, he also has written a few guitar progressions and simple melodies, “but never any lyrics or full songs yet, though I plan to do that in the future.”
“Who knows,” says Ethan, “maybe one day I’ll even start a band and play in front of live audiences.”
Ethan plays guitar for at least 2 hours a day, every day of the week. “Once I pick it up, I can never set it back down because I lose myself in the music that I play. Playing the guitar is an activity that I can always rely on to make my day better.”
Teacher Inserted Sidenote #2
Last semester, some of my other Macroeconomics students also produced various business plans.
- Pockets of Love Bra Company: Bras with pockets for essential items, phones, credit cards, and cash. (This business plan was produced by Katherine B. and Rachel R. and can be viewed by clicking here after January 15.)
- The Self Cafe: Think library and coffee shop combined, but only for SMHS students looking for a quiet place to study that also offers Starbucks like food and drink. (This business plan was produced by Yanni L., and Irene T. and can be viewed by clicking here after January 15.)
- The Portable Baseball Simulator: Inspired by the golf simulator, the Portable Baseball Simulator will let baseball batters of all ages know where and how they are hitting the ball. Imagine, hit after hit and knowing the exit velocity, contact point, the distance the ball traveled, launch angle, apex of the ball path, and flight time. (This business plan was produced by Andrew H., Derek M., and Cameron R. and can be viewed by clicking here after January 15.)
- The Fun Academy After School Program: Offering engaging and enriching learning opportunities for K-5th grade students in the San Marino Unified School District. (This business plan was produced by Nikki T. and can be viewed by clicking here after January 15.)
Teacher Inserted Sidenote #3
The students named above learned how to write a business plan quickly and efficiently from the U.S. Small Business Administration website and the section entitled Write Your Business Plan.
Teacher Inserted Sidenote #4
Below, a list of “60 great business ideas for young entrepreneurs.” At the start of the semester, I placed this list before my Macroeconomics students hoping to provide inspiration.
- Academic tutoring
- Acupuncture
- Barbershop
- Blog consultant
- Blogger
- Candle making
- Candymaker
- Car washing
- Child care
- Clothing boutique
- Computer repair service
- Custom drone builder
- Custom t-shirt
- Day spa
- Device setup business
- Dog walker
- Dog treat baker
- Drone videographer
- Dropshipping business
- E-bike repair service
- Errand-running
- Espresso cart
- Event planner
- Farmers market vendor
- Flower shop
- Food truck
- Gluten-free bakery
- Graphic designer
- Greeting card making and selling
- Guided tours
- Handmade craft making and selling
- Holiday decorator
- Hostel (B&B) owner
- House sitting
- Housecleaning
- How-to videos
- Indoor drone racing
- Lawn care business
- Live-streaming gamer
- Mobile bike repair
- Mobile pet grooming
- Moving company
- Music lessons
- Nail Salon
- Organic café
- Organic vending machines
- Pet sitting or dog walker
- Photographer
- Pizza Parlor
- Podcaster
- Proofreader
- Seasonal chores
- Social media influencer
- Tamale making
- Technology tutor
- Videographer
- VR arcade owner
- Web designer
- Yoga instructor
- Retail arbitrage: For those who are savvy online, this can be a simple business that makes a decent profit. The main idea in retail arbitrage is to find high-quality items for a low price and then to resell them in a different marketplace for a higher price. Many people who start a retail arbitrage business will find items at local garage sales and then resell them on eBay or Facebook Marketplace.
I also placed the following articles before my students.
- 37 Great Ideas for Anyone Wanting to Start a Small Business
- 101 Best Business Ideas You Can Start in 2021
- The 300 Best Small Business Ideas
- 82 Best Business Ideas for Newbie Entrepreneurs
- 107 Best Small Business Ideas of 2021 (Low Cost & Online)
- 101 New Ideas to Inspire You to Start a Business
- 25 Small Business Ideas to Make Money in 2021
- 54 Small Business Ideas for Anyone Who Wants to Run Their Own Business
Teacher Inserted Sidenote #5
According to the U.S. Small Business Administration, “most microbusinesses cost around $3,000 to start, while most home-based franchises cost $2,000 to $5,000.”
