Practical Financial Literacy with the VentureLab Business Builder
At VentureLab, we know entrepreneurs have the confidence to take risks, are resilient in the face of failure, and learn and grow from their experiences. Their innovative ideas for products, services, or apps create value for others. Entrepreneurs excel at creating value. It’s part of their nature. However, not all entrepreneurs know how to capture the value of their innovative ideas.
Entrepreneurs who are successful at both creating and capturing value make a plan. Making this plan, or business model, can be a complicated puzzle. There are many aspects of your business to consider, and all the new vocabulary (competitive advantage? unique value proposition?!) can be intimidating! But that’s why VentureLab created the Business Builder.
6 Easy Steps
The VentureLab Business Builder helps you think through all the important parts of your business, test your plan, and create a business model in six easy steps!
- Step 1: Define and describe what your idea is and how it’s different from others.
- Step 2: Consider your customer and distribution.
- Step 3: Think through how you will spend and make money.
- Step 4 & 5: Work on your budget by totaling all your expenses and revenue
- Step 6: Test your plan to see if your business will be profitable
Responsive and Interactive
The VentureLab Business Builder is a browser-based tool that makes learning about business and math fun and engaging.
- Each of the steps is broken into questions
- Background is provided to explain and give context to vocabulary
- Definitions for business terms appear when hovered over
- Sample responses are given to model and guide responses
The builder requires no login, but will remember a business plan even after the tab is closed as long as it’s accessed later from the same computer and browser (if the cache/cookies haven’t been cleared)! Be sure to bookmark it for easy access any time.
The builder gives immediate feedback each time the plan is tested. Youth can make changes and experiment to learn about expenses, income, and what happens when you spend more than you make.
Financial literacy is a subject with many topics to cover. For more information to teach financial literacy, check out VentureLab’s Workbook chapter on financial literacy for grades 2-6! Also check out You for Youth: A Department of Education site with lots of great information and resources.
Special thanks to our friends at Jobward for developing this resource for VentureLab!