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What is an Entrepreneur?

An Entrepreneur is a person who owns and operates their own business. They come in a variety of forms.

An entrepreneur is someone who starts and runs their own business, and they come in all forms: artists, tech creators, social media influencers, designers, bakers, and more.

Even if you don’t plan on starting a business anytime soon, entrepreneurial skills are incredibly valuable. Employers look for people who can think creatively, solve problems, and take initiative.

Entrepreneurs recognize opportunities around them. They notice problems or unmet needs and think, “I could create something to fix that.” They’re creative thinkers who look for new ideas or better ways of doing things. They are also willing to take reasonable risks, not reckless ones, but stepping outside their comfort zone even when success isn’t guaranteed.

And most importantly, entrepreneurs take actions. They don’t wait to be told what to do. They make a plan and bring their ideas to life.

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Why Become an Entrepreneur?

Why would one consider becoming an entrepreneur?

Freedom to be your own boss

Make your own decisions

Ability to execute your own ideas

Contribute to society

Feel a sense of accomplishment

Unlimited income ability

Create jobs for others

Many people are drawn to entrepreneurship because of the freedom it offers. When you run your own business, you’re your own boss. You make the decisions and choose how things are done, and that independence is a big reason people pursue it.

Entrepreneurship also gives you the chance to bring your ideas to life. Instead of following someone else’s plan, you get to build something that reflects your vision. Seeing your idea succeed in the real world can bring a huge sense of accomplishment.

Another reason people choose this path is the impact they can make. Entrepreneurs solve problems, create new products or services, and often create jobs, which strengthens their communities. And while it’s not guaranteed, there is also the potential for unlimited income, something most traditional jobs don’t offer.

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What is Leadership?

Leadership is the ability to guide and influence others in a positive way so that a group can work together to reach a goal.

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What is Innovation?

Innovation is coming up with a new idea or improving something that already exists to make it better, easier, or more useful.

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What is Business Innovation?

Business Innovation is an organization’s process for introducing new ideas, workflows, methodologies, services, or products.

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Business Ideas

Business ideas can come from:

Skills and interests

Noticing a need

Wanting to try something new

Innovation

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Innovative Entrepreneurs

I wish there was something that could…

I would really like… Maybe other people would too.

Innovative entrepreneurs often start with simple thoughts like:

“I would really like this… maybe other people would too”
“I wish there was something that could…”
“Why doesn’t this exist yet?”
“There has to be a better way.”

Innovation doesn’t always start with a big invention. It usually starts with curiosity. It starts with noticing a problem, an inconvenience, or even just a personal want and then wondering if other people feel the same way.

Entrepreneurs pay attention to everyday frustrations. They observe how people behave. They ask questions, and instead of just accepting how things are, they think about how things could be.

That mindset, questioning, imagining, and improving, is what leads to innovative ideas. And sometimes, the idea isn’t about creating something brand new. Sometimes it’s about taking something that already exists and finding a better way to deliver it.

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Innovative Entrepreneurs

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What is a Unique Selling Point?

A Unique Selling Point is the specific feature or benefit that makes a product or business stand out from competitors.

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What is a Competitive Advantage?

A Competitive Advantage is anything that gives a business an edge over its competitors.

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Examples of USP/Competitive Advantage

A USP or Competitive Advantage could be:

Lowest Price
Highest Quality
Fastest Delivery
A Unique Location
Innovative Products or Services
Strong after-sales Services (warranties, maintenance, follow-ups)

These are all examples of ways a business can stand out from competitors.

Some businesses compete on price, being the most affordable option. Others focus on quality, offering something that lasts longer or performs better.

Some stand out by being the fastest or most convenient. And sometimes, location alone can be a huge advantage, like being the only business right beside a school or busy area.

Innovation is another big one, offering something newer, smarter, or more exciting than what already exists.

And one that people often overlook is long-term after-sales service. For example, many veterinary clinics don’t just treat pets and send you home. They follow-up after surgery to check in, send reminders for vaccinations, and sometimes even mail sympathy cards if a pet passes away. That builds trust and loyalty because customers feel cared for - not just sold too.

The big idea here is that businesses don’t have to be the best at everything. They just need to choose what they want to be known for and do that exceptionally well.

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USP/Competitive Advantage

How many of you have ordered pizza in the last 6 months? How many of you have a favorite pizza place?

Now think about that: Why is it your favorite?

Every pizza place sells pizza… but they’re not the same. One might be known for the lowest price and great deals. Another might focus on high quality ingredients and a more gourmet experience. Some are famous for fast delivery, especially late at night. Others might stand out because of their location, like being near your school or in your neighborhood.

Some pizza places innovate with unique toppings or creative crust options. And others build loyalty through strong customer service, remembering regular customers or offering rewards programs.

The point is, even though they’re all seeing the same basic product, each one has a different USP and that's exactly what we’re going to see now in this video!

Ensure sound is shared in meeting before playing video

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Common USP Mistakes

Forgetting the Customer
Your USP/Competitive Advantage must focus on what customers actually value.

2. Inconsistent Messaging

Your message should be clear and the same across everything you do.

3. Overpromising

Your USP must match your values and what you can realistically deliver.

The first mistake is forgetting to put the customer at the center. The customer is what keeps your business running, so what you promise has to match the actual experience they receive. If your USP/Competitive Advantage says, “best customer service,” but customers feel ignored, that’s a problem.

That’s why it’s important to get regular feedback. Customer needs change overtime, and your USP/Competitive Advantage should continue to reflect what matters to them, not just what worked last year.

The second mistake is inconsistent messaging. Everything connected to your business; your social media, website, advertisements, even how employees speak to customers - should communicate the same message. If your branding says “luxury experience” but your content looks rushed or unprofessional, people notice. Consistency builds trust.

The third mistake is creating a USP/Competitive Advantage that isn’t rooted in your company’s values. If what you promise isn’t deeply grounded in what your business actually believes in, it’s easy to get off track. But when your values are clear, your employees, your service, and your promises will naturally align - and that makes your USP and competitive advantage strong and sustainable.

A great USP/Competitive Advantage isn’t just catchy. It’s customer-focused, consistent, and backed by real values.

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Newfoundland Businesses

Being a local business is a good USP. Can you tell me the USP of each these businesses?

We’re going to end off this session by showing you something really important about entrepreneurship; We have successful businesses that come from right here in Newfoundland and Labrador. Big ideas don’t only come from Toronto or New York. They start right here too.

Let’s look at some examples:

First, Nutra Holdings. This St.John’s based company owns multiple health and wellness brands. Their strength is focusing on science-backed products, transparency, and quality. In a crowded supplement industry, their competitive advantage is trust and performance.

Next, Newfoundland Chocolate Company. They create artisan chocolates that celebrate Newfoundland culture, often using local ingredients and themes. Their USP isn’t just chocolate - it’s Newfoundland pride and identity. People buy it for gifts, souvenirs, and just the experience.

Then there’s Pipers. This discount and variety store is known for value pricing and strong local branding. Their competitive advantage is combining affordability with being proudly Newfoundland-owned, which builds strong community loyalty.

You’ve definitely heard of Mary Brown’s Chicken and Taters. While it’s now a national brand, it started in Newfoundland. Their USP focuses on fresh, made-from-scratch chicken and their famous taters. Quality and freshness set them apart from other fast-food chains.

And finally, Jungle Jim’s Bar and Eatery. They compete less on price and more on experience, offering a fun, welcoming atmosphere with a large menu. Their advantage is the vibe and consistency of that casual dining experience.

The big takeaway here is that successful businesses come from right here. They stand out in different ways, through quality, local identity, value, freshness, or experience. Innovation and strong USPs/Competitive Advantages aren’t just concepts. They’re happening in our own province!

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Entrepreneurship 102

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Entrepreneurial Skills

Skills Entrepreneurs tend to have:

Creative

Confident

Willing to Take Risks

Hardworking

Determined

Problem Solvers

When we think about entrepreneurs, a lot of people imagine someone who just starts a business and becomes successful overnight. But in reality, successful entrepreneurs usually share certain characteristics or traits that help them build and grow their ideas.

One of those traits is creativity. Entrepreneurs are creative thinkers. They often come up with new ideas or find better ways to solve problems. Sometimes it’s not about inventing something completely new, it can be simply improving something that already exists or offering it in a different way.

Another important trait is confidence. Entrepreneurs need to believe in their ideas. When you start something new, not everyone will immediately think it’s a great idea, so entrepreneurs have to be confident enough to share their vision and stand behind it.

Entrepreneurs are also willing to take risks. Starting a business always involves some uncertainty. There’s no guarantee that an idea will succeed right away, but entrepreneurs are willing to try anyway and take that chance.

Entrepreneurs are strong problem-solvers. Instead of avoiding challenges, they look at problems as opportunities to come up with solutions that can help people.

They also tend to be very hardworking. Building a business takes a lot of time, effort, and dedication. Many entrepreneurs spend long hours working on their ideas, especially in the early stages.

And finally, a key trait is determination. Things don’t always go perfectly when starting a business. There will be challenges, mistakes, and setbacks. Determined entrepreneurs don’t give up, they learn from those experiences and keep moving forward.

These traits don’t guarantee success, but they are qualities that many successful entrepreneurs have in common.

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Small Business in Canada

Why are small businesses important in Canada?

1.9 million Canadians are self-employed
98% of Canadian businesses are small businesses
Small businesses employed 5.8 million people in 2024
Small businesses are the largest contributors to Canada’s economy.

Now that we’ve talked about the characteristics entrepreneurs often have, let’s look at why entrepreneurship actually matters, especially when it comes to small business. These numbers really show just how important businesses are to the Canadian economy.

First, about 1.9 million Canadians are self-employed. That means nearly 2 million people in Canada are running their own businesses or working for themselves. And this is just registered businesses, anyone running their own business that is operating under the personal tax exemption are not required to be registered, meaning there are so many more Canadians who are also self-employed or working a side hustle.

Next, about 98% of all businesses in Canada are considered small businesses. So when we talk about businesses in Canada, we’re not just talking about huge corporations, the vast majority are small, local companies run by entrepreneurs. These businesses also create a huge number of jobs. In 2024 alone, small businesses employed about 5.8 million people across the country. That means millions of Canadians rely on small businesses for their income and careers.

Because of this, small businesses are actually some of the biggest contributors to Canada’s economy. They help keep money moving, create opportunities for people, and support communities across the country.

This is why entrepreneurship is so important, when someone starts a small business, it doesn’t just impact them. It can create jobs, support local communities, and contribute to the overall economy.

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What is a Product?

A Product is a physical item a business sells that customers can buy and take home.

Groceries

Clothes

Electronics

We just talked about how small businesses play a huge role in the Canadian economy and how many entrepreneurs create jobs and opportunities through the businesses they start. But those businesses all have one thing in common, the offer something to customers. That something is called a product, which I am sure many of you know.

In this case, a product is a physical item that a business sells that customers can buy and take home with them. It’s something you can touch, hold, and physically own after you purchase it.

For example, when you buy food from the grocery store, a sweater from a clothing store, or a laptop from an electronics store, those are all products.

Businesses spend a lot of time thinking about their product - how it’s designed, how good the quality is, how it solves a customer’s problem, and whether people will actually want to buy it. Creating a strong product is one of the most important parts of building a successful business. However, not everything businesses sell is a physical item.

Sometimes what businesses offer isn’t something we take home, it’s a service, which is what we’ll look at next.

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What is a Service?

A Service is something a business does for a customer rather than something they sell physically.

Hairdresser

Mechanic

Babysitting

Electrician

We just talked about product, which are physical items you can buy and take home with you. But many businesses don’t sell physical items at all. Instead, they sell services. A service is something a business does for a customer, rather than something the customer physically owns.

For example, when you go to a hair salon, you don’t leave with a physical product (unless you’re buying hair products), you leave with a haircut, which is the service.

Other examples include things like getting your car repaired or your tires changed, hiring a babysitter to take care of the children when the parents or guardians have things to do, or paying an electrician to come and fix your electrical problems.

With services, customers are paying for someone’s time, skills, and expertise. Just like products, services still need to provide value to the customer. Businesses have to make sure the service is high quality, reliable, and meets the customers needs. Some business even offer both products and services, can you name any?

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Small Business & The Community

Small Businesses interact with the community in many different ways:

Create local jobs
Support community events
Sponsor local organizations and teams
Partner with other local businesses
Build relationships with customers

Small businesses don’t just contribute to the economy, they also play a big role in the communities they operate in.

One of the biggest ways they interact with the community is by creating local jobs. When a small business opens, it often hires people who live nearby, which helps support families and strengthens the local workforce.

Small businesses also frequently support community events. This could be things like local festivals, school events, fundraisers, or charity drives.

You’ll often see small businesses sponsoring local sports teams or organizations. For example, a local restaurant or shop might sponsor a youth hockey team and have their logo on jerseys or a tournament banner.

Another way they interact with the community is by partnering with other local businesses. Many small businesses support each other by working together, recommending each other to customers, or sourcing local products.

Finally small businesses tend to build strong relationships with their customers. Because they’re apart of the same community, they often know their customers personally and rely on trust and word-of-mouth.

This connection between small businesses and their communities is one of the reasons they’re so important.

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Ethical Behaviour in Business

Ethical behaviour means doing what is right and responsible.

Respect people and treat them fairly
Create positive workplace culture
Keep employees and customers safe
Produce safe products and services
Protect basic human rights
Be responsible members of the community

Another important part of running a business is ethical behaviour. Ethical behaviour means making decisions that are honest, responsible, and respectful toward others.

One part of ethical behaviour is showing respect for human dignity. Businesses should create a culture where employees, customers, and suppliers are treated with respect and valued for their contributions.

Businesses also have a responsibility to keep workplaces safe. Employees should feel safe at work, and customers should be able to trust that the products or services they are using are safe as well.

Another key part of ethical behaviour is respecting basic human rights. Businesses should protect the rights of employees, customers, and the communities they operate in. They should avoid actions that could harm people’s safety, health, education, or living standards.

Finally, businesses should aim to be good citizens in their communities. This means supporting social institutions like schools and local organizations, and working with local governments and community groups to help protect the environment and improve the community.

Ethical businesses often build stronger trust with customers, employees, and the public.

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What Influences Ethical Behaviour?

Ethical decisions are influenced by:

You
Personal values and beliefs

2. The Organization

Workplace culture and rules

3. The Environment

Laws, society, and competition

When people face ethical dilemmas at work, their decisions don’t happen in isolation. There are several different factors that can influence how someone chooses to act.

The first influence is you as an individual. Your personal values, family influences, religious beliefs, personal standards, and even your own needs can affect how you make ethical decisions. Everyone grows up with slightly different ideas about what is right and wrong, and those beliefs often guide how we behave in the workplace.

The second influence is the organization itself. Workplace culture plays a big role in ethical behaviour. This include how supervisors act, how coworkers behave, and the official rules or policies a company has in place. If a workplace encourages honesty and respect, employees are more likely to behave ethically. But if unethical behaviour is ignored or rewarded, it can influence employees to act differently.

The third influence is the environment around the business. This includes things like government laws and regulations, societal values, and the level of competition within an industry. Businesses must follow laws, but they are also influenced by what society expects and what competitors are doing.

So ethical behaviour is shaped by personal values, workplace culture, and the larger environment around the business.

Now that we understand what influences ethical behaviour, let’s take a closer look at how ethical dilemmas can actually show up in real workplace situations.

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Ethical Dilemmas

Ethical dilemmas can appear when:

You convince yourself the behaviour isn’t really illegal
You believe it’s in everyone’s best interest
You think nobody will ever find out
You assume the organization will ‘protect’ you

When people face ethical dilemmas, it’s often because they start convincing themselves that certain behaviours are okay, even when they’re not.

The first way this can happen is by thinking that the behaviour isn’t really illegal. Sometimes people rationalize their choices by focusing only on the law, rather than thinking about what is right or fair. Just because something isn’t against the law doesn’t automatically make it ethical.

The second way is believing that the behaviour is in everyone’s best interest. People can convince themselves that bending the rules or taking shortcuts will help others, or even the organization. But what feels like a ‘benefit’ in the short term may actually be unfair or harmful in the long term.

The third way is thinking that nobody will ever find out. When people believe their actions are hidden, they may take risks they wouldn’t otherwise consider. This is a common trap, because secrecy doesn’t make an action ethical, it only makes it harder for others to see the consequences.

The fourth way is assuming the organization will ‘protect’ you. Some employees think their company or supervisor will cover for them if something goes wrong. This can create a false sense of security and lead people to make choices they wouldn’t make their own.

So ethical dilemmas often appear when people rationalize behavior in these four ways: legality, perceived benefit, secrecy, and organizational protection.

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Test your Ethics

Ask yourself:

“Would I be okay if this business idea was broadcast on the news with my name attached?”

“Would I feel comfortable if my family or friends found out about it?”

If the answer is no… It’s probably not the right choice.

When it comes to making ethical decisions, there’s a very simple question you can ask yourself to help guide you. Imagine that the business decision you’re about to make was suddenly broadcast on the news with your name attached to it. Would you feel proud of it, or would you feel embarrassed or uncomfortable knowing that everyone could see what you did?

Another way to think about it is to imagine your family and close friends finding out about the decision. Would you feel comfortable explaining it to them?

This question works because it removes the excuses and rationalizations we sometimes make for ourselves. Instead of focusing on whether we can do something, it helps us think about whether we should do it.

Ethical decisions are often about integrity, doing the right thing even when no one is watching. If a decision is something you would be proud to stand behind publicly, it’s usually a good sign you’re making the right ethical choice.

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Where Can Business Take You?

A business background can lead to careers in many areas:

Human Resources (HR)
Recruitment
Finance
Accounting
Marketing & Sales
Operations & Management
Program & Community Roles

Business skills are valuable in almost every industry.

When people hear the word business, they often think the only option is starting their own company. While entrepreneurship is definitely one path, a business education can lead to many different career opportunities across a wide range of industries.

For example, some people work in Human Resources, often called HR. HR professionals focus on hiring employees, supporting staff, managing workplace culture, and helping organizations build strong teams.

Others work in Finance, where they help businesses and individuals manage money, investments, budgets, and long-term financial planning.

There’s also accounting, which focuses on tracking financial records, analyzing company performance, and making sure businesses are following financial rules and regulations.

Another area is recruitment, where professionals help connect companies with the right people for jobs.

Many people also work in marketing and sales, helping businesses promote products, build brands, and connect with customers.

Then there are operations and management roles, which focus on making sure the day-to-day activities of a business run smoothly.

There are also careers that focus on community connections and education, like the role I’m currently in as a Program Liaison. In my role, I work with schools, teachers, and volunteers to bring programs like this one to students, helping connect what you learn in the classroom to real-world business skills and experiences.

The key takeaway is that business skills are incredibly versatile. Whether someone wants to start their own company, work in finance, lead teams, or connect organizations with communities, a background in business can open the door to many different opportunities.

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A Moment of Truth: Ethics in Action

We’ve talked about what ethics are, what influences ethical behavior, and how people sometimes rationalize unethical decisions. Now we’re going to watch a short video called “Moment of Truth - Business Ethics and Better Decision Making.”

This video shows a workplace situation where employees are faced with an ethical decision involving company inventory. Instead of clearly seeing the action was wrong, the characters begin to justify or rationalize their behavior, which is something we talked about earlier.

While you watch, I want you to think about a few things.

First, identify what the ethical dilemma is in the situation. What decision is the employee actually facing?

Second, listen for how the characters justify their actions. Are they convincing themselves that it isn’t really wrong, that everyone does it, or that it doesn’t really hurt the company?

Third, think about who could be affected by the decision. Sometimes unethical behavior seems small in the moment, but it can still impact a business, coworkers, and customers.

Finally, ask yourself the question we discussed earlier: If the situation was on the news with their names attached to it, would they still make the same choice?

After the video, we’ll take a couple minutes to discuss what you noticed and how it connects to the ethical decision-making ideas we talked about today. Then we have a worksheet you’re going to work on.

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Marketing

and

Promotion

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4Ps of Marketing

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4Ps of Marketing

Product: What will you offer?

Price: How much will you charge?

Place: Where will your offering be available?

Promotion: Why should consumers choose you?

Target Market: Who are you trying to reach?

Let’s break it down, these are the key questions every business should have answered before opening their doors:

Product: What will you offer?

This is more than just “what are you selling?” It’s about what problem you’re solving or what need you’re meeting. Is it a physical product? A service? An experience? What makes your product/service valuable to someone?

Price: How much will you charge?

Price isn’t just picking a random number. You have to think about your costs, what customers are willing to pay, and what competitors are charging. Too high? People may not buy. Too low? You may not make a profit. All of these things need to be considered when setting a price.

Place: Where will your offering be available?

How will customers access it? Online? In a store? At school? Through social media? Place is about convenience, making it easy for your customers to buy from you.

Promotion: Why should consumers choose you?

This is how you communicate your value. Why should someone pick you instead of someone else? How will they even know you exist? This includes advertising, social media, word-of-mouth, posters - anything that spreads the message.

And then we have something just as important but not included in the 4P’s:

Target Market: Who are you trying to reach?

You are not selling to everyone. The more specific you are about your ideal customer, the easier it is to design your product, set your price, choose your place, and create your promotion.

When businesses clearly answer all five of these, they have a great chance at succeeding.

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Product

Let’s focus on the first P - Product.

When we talk about product, we’re not just talking about one single item. We’re talking about everything a business offers to meet different customers needs.

A great example of this is McDonald’s. They don’t just sell burgers. They’ve built a menu that offers something for almost everyone.

They have Happy Meals for children.
Salads for health-conscious customers.
The Big Mac for classic burger lovers.
A McVeggie option for vegetarian customers.
Chicken Wraps for people who may not eat beef.
Desserts like McFlurries for someone who just wants a sweet treat.
Breakfast Options for customers on their way to work, school, or just looking for quick breakfast options.
And so many more options.

Why do they do this? Because customers are different. They have different tastes, dietary needs, ages, and lifestyles.

A strong product strategy means thinking about:

Who your customers are
What they want
What problems you’re solving
And how you can offer variety without losing your brand identity

McDonald’s brand is still fast, affordable, convenient food, but within that, they’ve created options for many different types of customers.

So when you’re thinking about your own business idea, ask yourself: Is my product designed with my target market in mind? Am I offering enough variety to meet different needs? And does my product clearly solve a problem or satisfy a want?

That’s what Product is really about.

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Price

Now let’s talk about the next P - Price

Price is about how much customers are willing to pay and how a business positions itself in the market. When we look at McDonald’s, one thing is consistent almost everywhere in the world: It’s seen as affordable. Now prices do change depending on the country. Costs like rent, wages, and food supply are different around the world, so a Big Mac won’t cost the exact same everywhere. But even though the numbers change, the positioning stays the same.

McDonald’s is almost always viewed as:

Budget-friendly
Accessible
Good value for your money

Here in Canada and the United States, we see promotions like the $5 meal deal. That’s strategic pricing. It tells customers they can get a full meal at a predictable, low price.

Then there’s the Dollar Menu, or value menu, which focuses on very low-cost items.

This attracts:

Students
People looking for a quick, cheap snack

In other parts of the world, they also offer family meal deals, like pictured above. These bundles include multiple items, feed several people. and offer better value when buying together. That encourages families to choose McDonald’s as an easy, affordable group option. So what’s the strategy here? McDonald’s uses pricing to:

Stay competitive
Appeal to a wide income range
Reinforce their image as affordable
Encourage larger purchases through bundled deals

Price isn’t random - it sends a message. And McDonald’s message is clear: Convenient food as a price most people can afford.

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Place

Now let’s talk about Place, and remember, this is about where and how customers access your product.

When we look at McDonald’s locations around the world, you’ll notice something right away: They are almost everywhere.

They choose high-traffic areas like:

Busy streets
Highways
Airports and Train Stations
Malls
Downtown Areas

Why? Because convenience matters. If someone is hungry, they want food that’s quick and easy to get. But place today isn’t just about physical locations. It’s also about digital access.

McDonald’s has its own mobile app where customer can:

Order ahead
Customize their meals
Access deals and rewards
Skip the line

They’re also available on food delivery platforms like Doordash and other delivery services depending on the country. That means customers don’t even have to leave their house, work, or their hotel.

So now ‘place’ includes:

In store dining
Drive-thru
Mobile Ordering
Delivery Apps

And that’s a powerful strategy because they’re meeting customers wherever they are.

And they also adjust their menu depending on the country they’re in. So they’re not just physically accessible but culturally accessible too.

When thinking about place, businesses should ask:

Where does my target market spend their time?
How can I make buying as easy as possible?
Should I sell in person, online, or both?
Can I partner with other platforms to increase access?

Place is about reducing barriers. The easier it is to buy from you, the more likely customers will.

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Promotion

Promotion could be:

Advertising

Sales Promotion

Personal Selling

Public Relations

Publicity (Sponsorships, PR Boxes)
Company Reputation

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Promotion

Right here, we can see how McDonald’s advertises to different customer groups, specifically families and children in these two.

In the first example, the focus is on a happy family spending time together. The slogan “happy family, happy me” connects the product to emotion. They aren’t just selling food, they’re selling:

Family Time
Happiness
Convenience
A positive experience

Parents are drawn to the idea of an easy meal that keeps everyone happy. The advertisement makes it feel simple and stress-free.

Now in the second example, we see a Happy Meal promotion featuring toys from Despicable Me. This is very intentional. Children are naturally drawn to toys, but when the toy is connected to a popular, fan-favourite movie, it becomes more exciting. Now the child isn’t just asking for food, they’re asking for the toy, and this influences the parent’s decision too.

This is a strong example of target advertising:

One ad appeals emotionally to parents.
The other directly grabs the attention of kids.

McDonald’s understands that when marketing to families, you often need to appeal to both the decision-maker (the parents) and the influence (the children). And that is strategic promotion.

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Promotion

In these examples, McDonald’s is promoting more than just food, they’re promoting price and atmosphere. In the first add, the focus is on meeting for coffee. Yes, McDonald’s appeals to children, but here they’re clearly targeting:

Working individuals
Parents
Friends catching up
Even older adults meeting socially

They highlight:

Affordable prices
Good Coffee
A warm, welcoming, happy atmosphere

They want customers to see McDonald’s not just as fast food, but as a convenient, budget-friendly place to meet.

Now in the other example, the focus shifts again. This one targets health-conscious customers who may be looking for a quick lunch option. It communicates that: You don’t have to avoid McDonald’s if you’re trying to make healthier choices. By promoting salads or lighter options, they’re showing that their menu can meet different lifestyles and preferences.

What’s important here is McDOnald’s doesn’t advertise the same message to everyone. They adjust their promotion depending on:

The audience
Their needs
Their lifestyle

That’s smart promotion and marketing, because different customers care about different things.

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Promotion

Now let’s look at how McDonald’s uses sales promotion to keep customers engaged and coming back. Sales promotions are short-term incentives designed to encourage people to buy more often or to choose you over a competitor.

One big strategy McDonald’s uses is their mobile app promotion. For example, when the Toronto Raptors score a certain number of points, customers can get free fries the next day through the app.

Think about how smart that is: it connects food to something people are already excited about - sports. It creates urgency and drive people into the restaurant or onto the app the very next day.

Then there are their mailed coupons that go out every few months. Even in a digital world, physical coupons still work, especially for families. It’s a reminder that McDonald’s is affordable and nearby.

And finally, their points-based rewards system. Every time you purchase through the app, you collect points. Once you reach a certain amount, you can redeem those points for free food. This builds:

Customer Loyalty
Repeat Purchases
Long-term Engagement

Instead of just hoping you come back, they give you a reason to.

All of these strategies show that promotion isn’t just about flashy ads, it's about creating incentives that make customers feel like they’re getting extra value.

That’s smart sales promotion.

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Publicity

Publicity is unpaid media attention about your business.

Pros:

Free exposure
Viewed as more objective/trustworthy

Cons:

Outside of your control
Cold misrepresent your business

Publicity is when your business gets media attention, but you’re not directly paying for it like you would advertising. This could be:

A news story
A social media post going viral
A review
An influencer mentioning your product

So let’s break down the pros and cons.

Pros: publicity is free, you’re not paying for airtime or ad space. It’s also often viewed as more objective and trustworthy because it’s coming from a third party. People tend to trust a news story or a reviewer more than a paid advertisement.

But here’s the risk, publicity is outside of your control. You don’t control:

The exact wording
The tone
The opinion

And is something negative spreads, it can misrepresent your business.

Having a good public reputation can be great publicity for your company but having a bad public reputation can ruin it.

Now you might see PR packages on TikTok. These are packages sent to influencers by companies that want more exposure. If an influence receives a PR package, it’s because a company wants that influencer’s followers to learn about them. Technically, that leans more toward promotion because the company is strategically sending the product but there’s a lot of overlap between promotion and PR (public relations).

The key takeaway is that publicity can be powerful, but it requires a strong reputation, because once it’s public, you can’t control the message.

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The 5th P

Some businesses add a 5th P:

PEOPLE

You
Your employees
Anyone connected to your brand

Some believe there’s actually a 5th P that should be added to Product, Price, Place, and Promotion. That 5th P is People.

And this includes:

You, The Business Owner
Your Employees
Managers
Customer Service Reps
Anyone representing the brand

Why does this matter? Because today’s consumers don’t just care about what you sell. They care how you treat people.

Workplace culture has become more visible than ever through:

Social media
Employee reviews
Online discussions

Customers want to support companies that:

Treat employees with respect
Create positive work environments
Align with their moral values

It’s important to treat employees well because they are an asset, not an expense. They represent your company every single day. And here’s something to think about:

Have you ever noticed how many employers tell staff not to wear their uniform outside of work? That’s because when you’re in uniform, you represent the company. If you behave poorly in public, people may associate that behaviour with the brand. Same idea with those “How’s my driving?” stickers on company vehicles. If someone driving that vehicle is reckless, it reflects on the company, not just the driver.

So the 5th P reminds us that your brand isn’t just your logo. It’s your people, how they act and how they’re treated, directly affects your reputation and success.

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Alphabet Soup

Now that we’ve talked about the 4Ps of Marketing - Product, Price, Place, and Promotion - we’re going to wrap up this section with a quick activity called Alphabet Soup.

In this game, you’ll see a series of pictures letters on the screen and also in front of you. Each picture represents a well-known business or brand, and each one corresponds to a letter of the alphabet from A through Z.

Your challenge is to look at the image and guess which business it represents.

Some might be very obvious, and others might require you to think a little more about the logo, product, or branding.

This activity is a good reminder that strong marketing makes brands recognizable. When companies consistently use the same logos, colors, products, and promotions, people can often recognize them almost instantly.

So as we go through the alphabet, see how many businesses you can correctly identify. Please note that the business does not have to start with the letter we are at, it’s just an identifiable letter in the branding.

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Alphabet Soup

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Business Plan and Market Research

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What is a Business Plan?

A business plan is a written plan that explains how a business will start, operate, and succeed.

Before starting a business, entrepreneurs usually create something called a business plan. A business plan is a written document that explains how a business will start, how it will operate, and how it plans to be successful.

You can think of it like a roadmap for a business. Just like a map helps guide you to your destination, a business plan helps guide entrepreneurs as they build and grow their business.

A business plan usually includes things like:

The business idea and what products or service will be offered
Who the target customers are
How the business will market and promote its products
The costs of running the business and how it plans to make money

Creating a business plan helps entrepreneurs organize their thoughts and think through potential challenges before they even start the business. It can also be used to show banks or investors that the idea is well thought out and worth supporting financially. Even small businesses benefit from having a business plan because it helps keep the business focused and moving in the right direction.

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Why a Business Plan Matters

Planning increases the chances of success
Helps organize ideas and set goals
Business plans can look different depending on the business
Can help attract investors or secure loans

Now that we know what a business plan is, let’s talk about why it’s so important.

When starting a business, planning and preparation are crucial ingredients for success. A good idea is a great starting point, but without a clear plan, it can be difficult to turn that idea into a successful business. A business plans helps entrepreneurs organize their ideas, think through their strategy, and set clear goals for the future.

It’s also important to know that business plans come in many shapes and sizes. The type of plan someone creates will depend on the kind of business they want to run and what they want the plan to achieve. For example, some business plans are written specifically to entice investors or secure a loan from a bank. In those cases, the plan needs to clearly explain how the business will make money and why it’s a good investment.

But even if someone isn’t looking for outside funding, have a business plan is still very valuable. It helps the entrepreneur stay focused, plan ahead, and be better prepared for challenges they might face.

In simple terms, a business plan helps turn a business idea into a clear path for action.

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Goals

When starting a business, one of the first and most important steps is setting goals.

Building a business starts with knowing what you want to achieve. Without clear goals, it can be very difficult to stay focused or know whether you’re actually making progress. Goals help give your business direction. They help entrepreneurs make decisions, stay organized, and track their progress as the business grows.

A helpful way to create strong goals is by using something called the SMART goal framework. SMART goals are designed to make goals clearer and more achievable.

SMART stands for:

Specific: The goal should be clear and well-defined. Instead of saying “I want my business to grow,” you might say “I want to gain 50 new customers.”
Measurable: You should be able to track progress and measure success.
Attainable: The goal should be realistic and possible to achieve.
Relevant: The goal should connect to the overall purpose of the business.
Timely: The goal should have a deadline or time frame.

Using SMART goals helps entrepreneurs create goals that are clear, realistic, and easier to track. Because of this, goals are often one of the first things included in a business plan. They help guide the direction of the business and give the entrepreneur something concrete to work toward.

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Types of Business Plans

Different ways to plan a business:

Formal/Traditional Business Plan
Lean Business Plan
Business Model Canvas

The Business Model Canvas is a simple framework to organize ideas before creating a full plan.

When people hear the term business plan, they often imagine a long, formal document with lots of pages and detailed information. While that type of plan definitely exists, there are actually many different types of business plans entrepreneurs can use.

One example is the formal or traditional business plan, which is usually longer and more detailed. This type of plan is often used when someone wants to present their business idea to a bank or potential investor.

Another option is a lean business plan, which is shorter and focuses on the most important pieces of information about the business.

And then there’s something called the Business Model Canvas. The Business Model Canvas is a visual framework that helps entrepreneurs organize their ideas in one place. Instead of writing pages of text, it breaks a business idea into key sections like customers, value proposition, and revenue. While the Business Model Canvas usually isn’t detailed enough to take directly to a bank for a loan, it is a really helpful starting point. It allows entrepreneurs to map out and organize their ideas before turning them into a more formal business plan. In many cases, entrepreneurs will start with something simple like the Business Model Canvas and then build that into a more detailed plan later.

Let’s take a close look at what the Business Model Canvas actually looks like and the different sections it includes.

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Business Model Canvas

Before we start breaking down each section of the Business Model Canvas, we’re going to watch a short video that gives a quick overview of what it is and how it works.

As you watch, try and pay attention to how the different parts of the canvas connect together to form a complete business idea. The Business Model Canvas is designed to help entrepreneurs visualize their entire business on one page, which makes it easier to organize ideas and see how everything fits together.

You might hear some of the sections we’re about to work through mentioned in the video, such as customer segments, value propositions, channels, and key resources. Don’t worry if you don’t fully understand every part yet, the goal of this video is simply to introduce the concept.

After the video, we’re going to go through each section step-by-step and apply it to our lemonade stand example, which will make it easier to understand how the canvas actually works in practice.

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Business Model Canvas

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Business Model Canvas

The first section of the BMC we’re going to look at is Customer Segments. This section focuses on who your business is trying to serve. In other words, who are the customers that are most likely to buy your product or service?

Many businesses actually have more than one type of customer, which is why we call them ‘segments.’ A segment is simply a group of customers who share similar needs, interests, or behaviours. When thinking about a customer segments, businesses often create something called a persona. A persona is a simple description of a typical customer. It helps businesses picture who they’re serving by thinking about things like:

their needs
their motivations
the problems they’re trying to solve

The goal is to capture the essence of who that customer is so the business can better design its product and marketing around them. One really important idea to remember is this: Customers don’t exist for your business - your business exists to serve your customers.

Successful business focus on understanding their customers and meeting their needs.

Now let’s look at our lemonade stand example.

Possible customer segments for a lemonade stand could include:

People who enjoy lemonade
Children who might want a refreshing treat
People at locations without easy access to drinks, like a park, sports field, or outdoor event

By understanding who customers are, it becomes much easier to make decisions about your product, price, and marketing.

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Business Model Canvas

The next section of the BMC is the Mission and Value Proposition.

Your value proposition describes the value that your business delivers to your customers. In simple terms, it answers the question: Why will customers choose to buy from you instead of someone else?

This is where businesses think about things like:

What problem they are solving for their customers
What needs they are satisfying
What makes their product or service different or better

A strong value proposition clearly explains what makes your business special and why customers should care about what you’re offering. You mission and value proposition should connect directly back to the customer segments we just talked about. Different customers may have different needs, so businesses often think about how they create value for each group.

Now let’s look at our lemonade stand example.

There are lots of lemonade stands out there, so what might make yours stand out?

Maybe you offer the freshest squeezed lemonade in town, which could attract people who want something refreshing and high quality. Or maybe your lemonade stand is made with all organic ingredients, which could appeal to customers who care about healthier or natural options.

These ideas help explain why customers would choose your lemonade stand instead of another one.

So when thinking about your value proposition, always ask: What makes my business valuable to my customers?

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Business Model Canvas

The next section of the Business Model Canvas is called Channels.

Channels describe how your product or service reaches your customers. In other words, how do customers actually find you and buy what you’re selling?

When filling out this section, businesses usually ask themselves questions like:

How do our customers want to be reached?
How are we currently reaching them?

Channels are essentially the path between the business and the customer.

Generally speaking, businesses can use their own channels or partner with someone else’s channels.

Your own channels could include:

A store you own
A website where customers can order
A sales team
Or any location where customers directly buy from you

Other businesses might partner with outside companies or platforms to reach customers.

Now let’s look at our lemonade stand example.

For a lemonade stand, the stand itself is the channel, because that’s where customers come to buy the lemonade. If the business grows and opens multiple lemonade stands in different locations, then each stand would also be considered its own channel for reaching customers.

So when businesses think about channels, they’re really thinking about how their product gets into the hands of their customers.

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Business Model Canvas

The next section of the BMC is Customer Relationships.

This section focuses on how a business gets customers, keeps them, and grows those relationships over time.

There are three main parts to think about here: Get, Keep, and Grow.

First is Get. This refers to how customers first find out about your business and make their first purchase. Businesses use different strategies to attract new customers, such as advertising, social media, or word of mouth.

Second is Keep. Once someone becomes a customer, businesses want them to come back again. One way to keep customers is by providing great customer service, creating a positive experience, and making customers feel valued.

Finally, there’s Grow. This is about finding ways to encourage existing customers to spend more or try additional products. Businesses might introduce new products, send out updates, or offer promotions to keep customers engaged.

Now let’s look at our lemonade stand example.

To get customers, you might put up flyers around the neighbourhood so people know where to find your stand. To keep customers, you could offer something like a loyalty program, where customers get a free lemonade after buying a certain number of drinks. And to grow your sales, you might expand your menu by offering new drink options, like strawberry lemonade or even smoothies.

By thinking about how to get, keep, and grow customers, businesses can build long-term relationships instead of just one-time sales.

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Business Model Canvas

The next section is Key Resources. Key Resources are the most important asset a business needs in order to operate successfully. In other words, these are the things your business must have in order to create and deliver your product or service.

Key resources generally fall into four main categories:

The first is physical resources. These are the tangible things a business owns or uses, such as buildings, equipment, vehicles, machines, or distribution networks.
The second category is intellectual resources. These include things like a brand name, specialized knowledge, patents, copyrights, partnerships, or even customer databases.
The third category is human resources. Sometimes the most important resource a business has is its people. This is especially true in industries that rely heavily on creativity, skills, or knowledge.
Finally, there are financial resources. These include things like available cash, lines of credit, investments, or loans that help the business operate and grow.

Now let’s look at our lemonade stand example.

The stand itself and the equipment used to make the lemonade would be considered physical resources. Your lemonade recipe could be considered an intellectual resource, especially if it’s something unique that makes your product stand out. If you have employees helping run the stand, they would be your human resources. And finally, if you have extra cash to buy supplies or someone willing to loan you money to get started. that would count as a financial resource.

All of these resources work together to help the business operate and deliver value to customers.

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Business Model Canvas

The next section we have is Key Activities. Key activities are the most important things a business must do in order for the business model to work. These are the tasks or actions that allow the business to create and deliver its value to customers. An important thing to remember is that your key activities should connect directly to your value proposition.

If the activities you focus on most don’t help deliver value to your customers, then something isn’t aligned in your business model. The most important work a business does should always support what it promises to customers.

Key activities can usually be grouped into three broad categories:

The first is production. Thai refers to the activities involved in creating or delivering your product. Some businesses focus on producing a high-quality product, while others focus on producing large quantities efficiently.
The second category is problem solving. This is common in service-based industries like consulting, where businesses are constantly developing new solutions to individual customer problems.
The third category is platform or network. Some businesses operate through digital platforms or networks. For example, a key activity for Facebook is maintaining and updating the platform so users can interact and share content.

Now let’s apply this to our lemonade stand example.

The lemonade stand would mainly focus on production activities. Key activities might include:

Making the lemonade
Sourcing ingredients like lemons, sugar, and cups
Maintaining proper cleaning and hygiene
Advertising or letting people know where the stand is located

Without these activities happening consistently, the lemonade stand wouldn’t be able to operate or succeed.

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Business Model Canvas

The next section of the BMC is Key Partnerships. Key partnerships are the people, businesses, or organizations that help your business operate, especially when there are tasks you can’t do yourself or don’t have time to do.

Instead of doing everything on your own, businesses often work with suppliers or partners to help make their business model work.

Partnerships can be helpful because they allow businesses to:

Save time
Reduce costs
Access expertise or equipment they don’t have

In this section of the canvas, you list the important activities or tasks that will be handled by someone else rather than your business directly.

Now let’s look at our lemonade stand example.

One obvious partnership would be suppliers who provide your ingredients, like lemon, sugar, cups, or ice. You might also rely on someone to process or prepare ingredients for you. For example, maybe you don’t have time to squeeze dozens of lemons every day. Instead, you could partner with someone who has an electric juicer to help prepare the lemon juice. In this case, that person or supplier becomes a key partner, because they’re helping complete an activity that supports your business but isn’t something you’re doing yourself.

Partnerships allow businesses to focus on what they do best, while still making sure everything needed to run the business gets done.

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Business Model Canvas

Code of Ethics

Write here

The final section we’re going to look at for today is Code of Ethics. A code of ethics refers to the principles and values that guide how a business behaves and makes decisions.

When we think about ethics in a business model. we’re not just thinking about making money. We’re also thinking about how a business impacts people, the community, and the environment.

Integrating ethics into something like the BMC means thinking about the social, environmental, and responsibility aspects of running a business, alongside the normal business decisions. In other words, it helps businesses focus on creating a value in a responsible and sustainable way.

Now let’s look at our lemonade stand example.

Your lemonade stand could make ethical choices in several ways. For example, you might decide to buy ingredients that are local or sustainably sources, which helps support local farmers and reduces environmental impact. You might also choose to compost your lemon rinds instead of throwing them away, or use compostable cups instead of plastic or styrofoam to reduce waste.

Ethics also apply to how a business treats people. If your lemonade stand has employees, the way you treat them reflects your business values. Employees should be treated with respect and paid a fair wage.

Thinking about ethics helps businesses build trust with customers and the community, which is an important part of long-term success.

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Entrepreneurship &

Finances

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Direct vs. Indirect Costs

Before we dive into the numbers, let’s talk about the two main types of costs every business needs to know: direct costs and indirect costs.

Direct costs are the expenses that are directly tied to making your product or service. Let’s go back to the lemonade stand example, our lemons, sugar, and cups would be direct costs. These are costs that you can link to each item you sell, which makes them really important when figuring out how much to charge.

Indirect costs are different. They are expenses that support your business as a whole but aren’t linked to any one product. For the lemonade stand, this could be electricity, advertising, or even renting a table at a market. These costs still affect your profit, even though they aren’t tied to a single cup of lemonade.

�Understanding the difference between direct and indirect costs helps you budget properly, set the right prices, and make sure your business can actually make money.

The goal here is to identify familiar costs and why they matter.

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Fixed vs. Variable Costs

Now that we’ve talked about direct and indirect costs, another way to look at business expenses us to think about fixed costs and variable costs.

Fixed costs are expenses that stay the same no matter how much you produce and sell. For example, if you rent a table at a market, you pay the same amount whether you sell one cup or one hundred. These costs are predictable and important because you always need to cover them to keep your business running.

Variable costs are the costs that change depending on how much you make or sell. For a lemonade, this would be the lemons, sugar, and cups - the more lemonade you make, the more you spend on ingredients.

So you can see how this connects to what we learned about direct and indirect costs:

Direct costs often overlap with variable costs, because they’re tied to each product you sell.
Indirect costs often overlap with fixed costs, because they support your business overall.

Understanding fixed and variable costs helps you see how your total expenses will grow as your business grows, and it also helps you make smarter decisions about pricing and production.

Now, we’re going to have a look at some specific example of fixed and variable costs.

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Fixed Costs

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Variable Costs

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Types of Costs

Item	Total Cost	Type of Cost
Lemons	$.25/serving	Direct & Variable
Sugar	$.10/serving	Direct & Variable
Cups	$.05/serving	Direct & Variable
Mixing Jugs & Spoons	$40	Direct & Fixed
Marketing	$100	Indirect & Fixed

So we have learned about direct vs indirect, and fixed vs variable costs, now let’s look at some real examples using our lemonade stand.

Here’s how we’ll do it: I’ll name a cost and I want you to guess if it’s direct or indirect, and fixed or variable before I explain.

First up we have lemons, that are 25 cents per serving:

The lemons are direct because they’re a part of each cup you sell, and variable, because the more lemonade you make, the more lemons you’re going to need.

Next we have sugar, which is 10 cents per serving:

Direct and variable as well, same idea as the lemons, the more you sell, the more you will need to buy.

How about cups which are 5 cents each:

They are direct because they’re a part of each cup you sell, and also variable much like the last two, because the more you sell, the more you need to buy again.

Next we have mixing jugs and spoons which costed $40 total:

These are direct costs again but fixed this time. We buy them once, and they will help make lemonade every day.

And finally, we have marketing which costed us $100 total:

Marketing is an indirect cost because it doesn’t help in making the lemonade. It is also fixed, because regardless of how much lemonade we sell, we are still going to pay $100 for our marketing.

By having you guess first, you can start to see how costs change with production, and some stay the same no matter what - and all in all, it’s important to be able to identify each of them.

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Breakeven Formula

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Pricing Comparison

Option 1 - $1/cup

$140/(1-$0.4)

= $140/0.6

= 233.3

= 234 cups of lemonade

Option 2 - $1.50/cup

$140/(1.5-0.4)

= 140/1.1

= 127.3

= 128 cups of lemonade

Let’s look at a real example using our lemonade stand and see how price affects breakeven.

In this example, our fixed costs are $140, and our variable costs per cup is $0.40.

First, let’s say we sell lemonade for $1 per cup. Using the breakeven formula, we divide our fixed costs by the selling price minus the variable cost. So that would be 140 divided by 1 minus 0.40. Which gives us 234 cups of lemonade. This means we need to sell 234 cups of lemonade just to cover our costs. After that point, any additional cups sold would start generating profit.

Now let’s compare that to selling lemonade for $1.50 per cup. Using the breakeven formula, we take 140 divided by 1.50 minus 0.40. That gives us about 128 cups to break even. So when we raise the price, we actually need to sell fewer cups to cover our costs.

This shows why pricing decisions are really important for entrepreneurs, even a small change in price can make a big difference in how quickly a business becomes profitable.

Before we move on, what do you think might be the downside of raising the price too much? Could it affect how many customers actually buy the lemonade?

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Types of Profit

Revenue (Gross Profit): All the money your business brings in from sales.

Net Profit:

Money left after all expenses have been paid.

Net Profit = Revenue - Expenses

So how does a business actually make money? First through revenue, which is also sometimes called gross profit. Revenue is simply all the money a business brings in from sales before any expenses have been paid. For example, if a business sells 100 products for $5 each, their revenue would be $500. At this point, we haven’t considered any costs yet - it’s just the total money coming in.

Next is net profit. Net profit is the money a business actually keeps after paying all of its expenses, including both fixed and variable costs. So the basic idea is: revenue minus expenses equals net profit.

This is important because sometimes a business can have high revenue but still make very little profit if their expenses are also high. When people talk about a business being profitable, they’re usually referring to net profit, because that’s the money left over after everything is paid for.

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Funding Your Startup

Savings

Where do entrepreneurs get money?

The Bank

Supporting Organizations

So now that we’ve talked about costs, breakeven, and profit, you might be wondering something important. When businesses are first starting out, they obviously have no revenue yet to pay for expenses. They still need money for things like equipment, materials, marketing, or supplies. So where does that money come from? There are a few common ways entrepreneurs get startup funds.

The first is personal savings. Many entrepreneurs start by using their own money. Sometimes they start small and slowly buy the materials or equipment they need over time as they grow.

Another option is banks. Banks can provide loans that range from small to large amounts depending on what the business needs. However, banks usually have stricter rules about who they will lend money to. You often need a strong business plan to prove that your idea is realistic and that you’ll be able to pay the loan back. And remember, loans also come with interest, which means you pay back more than you borrowed.

The third option is business support organizations. These are local organizations that help entrepreneurs start and grow businesses. Groups like CBDCs, Chambers of Commerce, or NLOWE sometimes offer grants, loans, mentorship, or other resources to help new businesses get started.

The important things to remember is that most businesses need some form of funding to get started, and entrepreneurs often combine a few of these options depending on their situation.

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Funding Your Startup

The 3Fs

Crowdfunding

Another way businesses sometime get startup money is through what’s often called the 3Fs. This stands for family, friends, and sometimes jokingly called ‘fools.’ It refers to people who believe in your idea and are willing to help financially when you’re first getting started.

Funding from family or friends is often smaller amounts of money, but it can more flexible than a bank loan. For example, family members may not charge interest, or they may be more understanding if payments are delayed. However, it’s important to be careful with this option. Borrowing money from people you know can sometimes put pressure on relationships, so it’s always a good idea to be clear and honest about expectations.

Another modern option is crowdfunding. Crowdfunding platforms allow entrepreneurs to raise money from a large group of people online. Instead of one person giving a large amount, many people contribute smaller amounts to help fund the idea. Some well-known crowdfunding platforms include Kickstarter, FrontFundr, and GoFundMe.

This can be a great way to raise money while also building excitement and awareness around a new product or business idea, but it’s still important to have a clear plan and communicate well with supporters.

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Funding Your Startup

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Business Model Canvas

Now we’re moving into the final part of the BMC, which focuses on the financial side of the business. Up until now, we’ve talked about a lot of ideas, like customers, value, and operations. These last two sections help answer a very important question: Can this business actually make money?

First, let’s look at Cost Structure. This section is all about what it costs to run your business. Every business has expenses, and like we learned earlier, it’s important to understand:

What you need to pay for regularly
What costs are one-time vs ongoing

Costs can include things like:

Supplies and materials
Equipment
Rent or location costs
Wages for employees
Marketing or advertising

Looking at our lemonade stand example again, some costs might be:

Lemons, sugars, cups, and ice
The stand itself or supplies to build it
Any advertising, like flyers
Paying employees, if you have any

Understanding your costs helps you figure out how much money you need to bring in just to break even.

Next, let’s look at Revenue Streams. This section focuses on how businesses actually makes money. In other words: Where is your income coming from?

For many businesses, this is straightforward - they make money by selling a product or service. But some businesses have multiple revenue stream, like subscriptions, add-ons, or different product options.

For our lemonade stand, revenue would mainly come from:

Selling cups of lemonade

But you could also increase revenue by:

Offering different sizes (small, medium, large)
Selling other drinks like strawberry lemonade or smoothies
Offering combo deals or discounts for buying more

When you put cost-structure and revenue streams together, you can start to see the full financial picture. The goal is to make sure your revenue is greater than your costs, so your business can be profitable.

Now that we’ve gone through all sections of the BMC, you can see how each part connects - from your customers, to your product, to how your business actually makes money.

This is a powerful tool that helps turn a simple idea into a real, structured business plan.

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Business Growth

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Business Growth & Change

Businesses must grow and adapt over time
Consumers drive growth and change
When demand increases, businesses expand
Customer needs change over time
Businesses must adapt to survive

Now that we’ve talked about how to build a business, let’s shift into what happens after a business is up and running. One of the most important things to understand is that businesses can’t stay the same forever. Over time, they need to grow and change in order to stay relevant. A big reason for this is consumers.

Consumers play a huge role in driving both growth and change in a business.

For example, if customers really like a product and want more of it, the business will need to grow to keep up with demand. This could mean producing more, hiring more employees, or expanding to new locations.

On the other hand, customers wants and needs don’t stay the same forever. Trends change, preferences change, and new products are introduced all the time. Because of this, businesses need to be willing to adapt and evolve.

If a business continues doing the same thing while customer needs are changing, customers may stop coming back. And ultimately, if a business can’t keep up with it’s customers, it may struggle to survive.

This brings up the important question: What actually causes customers to change what they want?

Consumer habits don’t just change randomly, there are usually different factors that influence their decisions. So next, let’s take a look at some of the key factors that can drive changes in consumer habits.

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Business Growth & Change

Technology

Environmental

Purchasing Power

Social Values

Trends & Fads

There are many different factors that can influence and change consumer habits over time.

One major factor is changes in technology. For example, in the past people would buy physical copies of movies or music, but now many consumers prefer to stream content online because it’s faster and more convenient.

Another factor is changes in the environment. More consumers today are looking for companies that are environmentally friendly and sustainable. At the same time, environmental changes themselves can impact businesses. For example, if certain areas no longer get enough snow due to climate change, businesses that rely on winter activities, like ski shops or winter outfitters, may struggle.

Next is purchasing power, which is closely tied to the economy. When the economy is doing poorly, consumers tend to spend less money. Because of this, businesses may need to adjust by offering sales, discounts, or more affordable options to keep customers who are more price-sensitive.

Another important factor is social changes and values. Consumers are increasingly choosing to support businesses that align with their beliefs and values. As these values change over time, businesses need to adapt in order to maintain customer trust and loyalty.

Finally, we have trends and fads. Trends can change quickly, but businesses that are able to recognize and take advantage of them can stay relevant and attract attention from customers.

Now let’s take a look at some businesses that no longer exist.

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Business That No Longer Exist

The Milkman

Human Alarm Clock

Lamplighter Business

Telephone Switchboard Business

We just talked about how businesses need to grow and adapt over time to stay relevant to their customers.

This is where diversity and change in business become really important. As the world changes, whether it’s technology, consumer preferences, or society, businesses need to shift their ideas, products, and services to keep up. If they don’t adapt, they can struggle… and in some cases, they may even shut down completely. There are actually many examples of businesses and jobs that used to be very common, but no longer exist today because the world changed.

For example, there used to be something called the milkman. Years ago, milk was delivered directly to homes because people didn’t have large refrigerators to store it. But as technology improved and grocery stores became more accessible, people no longer needed milk delivered, so that job disappeared.

Another example is the human alarm clock. Before alarm clocks existed, people were actually paid to wake others up by knocking on their windows in the morning. Think about that for a second, would that even wake you up? And would you want someone doing that every morning… or would you want that job?

There was also the lamplighter. This person’s job was to walk through the streets every night lighting the street lamps, and then go back in the morning to blow them out. Today, streetlights are automatic, so that job is no longer needed.

And finally, the telephone switchboard operator. This job involved physically connecting wires to allow people to make phone calls. Now, technology does this instantly without any human involvement.

All of these jobs were important at one point in time, but because of changes in technology and society, they eventually disappeared. So think about this: Would you want to have any of these jobs? Why or why not? It really shows how important it is for businesses and even individuals to adapt as the world changes.

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Classroom Question

Can you think of any businesses that aren’t around anymore?

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Adapting to Change

Netflix

Blockbuster

A great real-world example of businesses needing to adapt and evolve is the story of Netflix and Blockbuster.

Believe it or not, Netflix didn’t always look the way it does today. When it first started, Netflix was actually very similar to Blockbuster. Instead of going into a store to rent movies, customers would order DVDs online and have them mailed to their homes. At this time, this was already a bit more convenient than going to a physical store.

But then, Netflix noticed something important. Technology was changing, and there was an opportunity to move into online streaming. So they adapted. Instead of waiting for DVDs in the mail, customers could now watch movies instantly from home and this completely changed how people consumer entertainment.

Blockbuster, on the other hand, did not make that shift. They continued focusing on their physical rental stores, even as customer habit were changing, because they believed they had a niche (unique) market. And over time, as more people preferred streaming, Blockbuster couldn’t keep up, and eventually, most of their stores closed.

This example shows just how important it is for businesses to:

Pay attention to technology
Understand changing customer habits
Be willing to adapt and take risks.

Businesses that adapt can grow and succeed. But those that don’t, risk being left behind. It’s a powerful reminder that change isn’t something businesses can ignore, it’s something they have to be ready for.

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Social Entrepreneurship

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Businesses That Make an Impact

Some businesses focus on making a difference. Their goals are based on impact, not just profit.

These businesses include:

Registered charities
Non-profits
Social entreprises

Their success = Outcomes:

People helped
Programs delivered
Communities impacted

So far, we’ve talked a lot about businesses focusing on growth, profit, and adapting to customers. But not all businesses are focused only on making money. Some businesses are created with the main goal of improving communities or solving real-world problems. These businesses still operate in many of the same ways - they plan, market, and manage their operations just like any other business. However, their main goal is different. Instead of measuring success by profit, they measure success by their impact.

These types of organizations can include:

Registered charities
Non-profit organizations
Social enterprises

So how do they measure success? The focus on outcomes like:

How many people they help or serve, like organizations such as the Canadian Red Cross or local shelters
Programs they deliver, like JA
Animals rescued, like the SPCA
Home or properties built, like Habitat for Humanity
Or communities impacted, like the One Drop Foundations

So while these organizations still need to manage money and operate effectively, their main focus is on creating positive change. All of these organizations are focused on making an impact, but they don’t all operate in the exact same way.

There are some important differences between registered charities, non-profits, and social enterprises, especially when it comes to how they’re funded, how they operate, and how they measure success. So next, let’s take a closer look at each of these types of organizations to better understand how they work and what makes them unique.

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Registered Charities

Must be approved by the CRA
Operate for charitable purposes only
Exempt from paying income tax
Funded through donations, grants, fundraising, etc.
Can issue tax receipts for donations

Let’s start by taking a close look at registered charities.

In order for a business or organization to be considered a registered charity in Canada, it must be approved by the Canada Revenue Agency, also known as the CRA. Onc approved, the organization receives some important benefits.

One of the biggest is that it becomes exempt from paying income tax, which allows more of its money to go directly toward supporting its cause.

Registered charities must also operate exclusively for charitable purposes. This means their main focus has to be on helping others or improving communities, not making a profit.

In terms of funding, registered charities are typically supported through:

Donations from individuals or businesses
Fundraising events
Government grants
Sometimes loans or revenue from services they provide

Another key feature is that the CRA provides them with a charitable registration number. This allows them to issue tax receipts for donations, which means people who donate can often receive a tax benefit.

Overall, registered charities are focused on making a positive impact, and their structure helps support that goal.

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Examples of Registered Charities

Here are some examples of registered charities and the types of impact they have.

The Canadian Red Cross provides humanitarian aid, helping people during emergencies and disasters, both in Canada and around the world.

Kids Eat Smart Foundation NL focuses on student nutrition, helping ensure that students have access to healthy food at school so they’re ready to learn.

The SPCA works in animal welfare, rescuing animals, providing shelter, and helping them find safe homes.

First Light supports Indigenous communities, offering programs focused on culture, support, and community building.

And The Ronald McDonald House Charities provides housing for families who need to travel for medical care, helping them stay close to loved ones during difficult times.

All of these organizations are different, but they share one thing in common - they are focused on making a positive impact in their communities and beyond.

Now let’s look at another type of organization that also focuses on impact - non-profit organizations.

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Non-Profit Organizations

Focus on social or community goals
Not created to make a profit
Do not require CRA registration
Cannot issue official tax receipts
May or may not be tax exempt

Next, let’s look at non-profit organizations. A non-profit organization is a business that focuses on social welfare, community building, or other meaningful purposes, rather than making a profit. Just like charities, their goal is to help people or improve communities, but there are some key differences.

One major difference is that nonprofits are not required to register with the Canada Revenue Agency as a charity. Because of this, they do not receive a charitable registration number. This also means they cannot issue official tax receipts for donations, unlike registered charities.

Another difference is that nonprofits may or may not be tax exempt, depending on their structure and activities.

Even though they are not focused on profit, nonprofits still need to manage money carefully, operate efficiently, and often rely on funding sources like:

Membership fees
Government grants
Fundraising
Or services they provide

So overall, nonprofits are similar to charities in their purpose, but they operate under different rules and regulations.

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Examples of Non-Profit Organizations

Here are some examples of nonprofit organizations and the different ways they support their communities.

Connections for Seniors focuses on community building, helping seniors stay connected, supported, and engaged.

The ECMAs, or East Coast Music Awards, promote local arts and music, supporting artists and helping grow the music industry in Atlantic Canada.

The Mount Pearl Frosty Festival is a great example of a nonprofit focused on community building. It brings people together through events and activities, especially during the winter season.

NLAA, or the Newfoundland and Labrador Athletics Association, promotes sports, healthy, lifestyles, and community involvement through athletics.

And Ordinary Spokes focuses on community building, healthy living, and environmental sustainability, often encouraging active transportation like cycling.

All of these organizations are different in what they do, but they share a common goal of supporting people and strengthening communities, rather than focusing on making a profit.

Now that we’ve seen some examples of nonprofits, let’s move into our final category - social enterprises, which take a slightly different approach by combining business and impact.

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Social Entrepreneurship

Business focused on solving social problems
Aims to make a profit and make a difference
Profit helps support the mission

The final type of organization we’re going to look at is social entrepreneurship. Social entrepreneurship is when a business is created with the goal of improving people’s lives or solving a problem in the community.

A social entrepreneur is someone who recognizes a social issue and decides to use a business to create positive change.

What makes social enterprises different from charities and nonprofits is that they still aim to make a profit. That profit is important because it allows the business to continue operating and grow its impact over time. Without making money, it would be difficult to sustain their mission.

So instead of choosing between profit or purpose, social enterprises aim to do both - run a successful business while also making a difference.

This approach is becoming more popular as more consumers want to support businesses that align with their values.

Now let’s take a look at how social enterprises actually measure their success beyond just profit.

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Triple Bottom Line

Profit

People

Planet

Social Enterprises measure success a little differently than traditional businesses. Instead of focusing on profit, they use something called the triple bottom line. This look at three key areas.

First is profit. Even though social enterprises focus on making a difference, they are still businesses. That means they need to make money in order to operate and continue their mission.

Second is people. Social enterprises focus on improving the quality of life for both their employees and their community. This could include fair wages, safe working conditions, or creating programs that benefit others.

Third is planet. Environmental responsibility is also very important. Social enterprises try to reduce their environmental impact, whether that’s through sustainable practices, eco-friendly products, or responsible sourcing within their supply chain.

So instead of just asking “How much money did we make?”, social enterprises also ask:

How did we treat people?
How did we impact the environment?

This approach helps businesses create success that is not just financial, but also social and environmental.

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Social Enterprises in NL

There are many great examples of social enterprises right here in Newfoundland and Labrador. Each of these businesses is not only operating to make money, but also to create a positive impact in their community.

Hungry Heart Cafe provides employment training opportunities for individuals who are re-entering the workforce, helping them build skills and confidence.

Again & Again, which is connected to Home Again, is a furniture thrift store that supports the mission of providing furnishings to people who are starting over in a new home.

The St. John’s Farmers Market operates as a co-op, with the goal of supporting and promoting small local businesses, giving them a space to sell their products and grow.

SmartICE is a really unique example - it combines technology and local knowledge to help reduce the impact of climate change on travel and everyday life in northern communities.

And finally, Shorefast and the Fogo Island Inn focus on community economic development, reinvesting profits back into the local community to support long-term sustainability.

We’re actually going to take a closer look ast Shorefast and the Fogo Island Inn in the next few slides, because it’s a really strong example of social entrepreneurship in action.

Let’s dive deeper into these two to see how a business can successfully combine profit with purpose.

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Fogo Island Inn

Before we dive into the details of Shorefast and the Fogo Island Inn, we’re going to watch a short video that highlights the Inn itself.

As you watch, pay attention to how the Inn isn’t just a building or a place to stay - it really reflects the culture, history, and heritage of Newfoundland. You’ll notice the architecture, the design, and even the way the Inn connects with the landscape and the local community - it’s all meant to honor the people and traditions of Fogo Island.

After the video, we’ll talk about the purpose being Shorefast and the Inn, and how the business goes beyond making money to actively giving back to the community and the province.

Take a close look at how staying their actually contributes to preserving local culture, supporting the economy, and protecting the environment - these are key parts of what makes it a social enterprise.

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Fogo Island Inn

Community-centered social business
Initiative of Canadian charity Shorefast
Combines business, philanthropy, and community development
Guests support local economy, culture, and nature
All profits are reinvested in Fogo Island

Now that we’ve seen the Inn itself and how it reflects Newfoundland’s heritage, let’s talk about its bigger purpose.

Fogo Island Inn isn’t just a hotel - it’s a social enterprise. It’s part of Shorefast, a Canadian charity that’s creating a new kind of business model, one that sits at the intersection of business, philanthropy, and community development.

When you stay at the Inn, you’re not just a guest - you’re contributing to a vision of prosperous local economies that support people, nature, and culture. All of the Inn’s profits are reinvested back into the Fogo Island community through Shorefast’s programs and initiatives.

In other words, every visit helps the community thrive, showing how a business can be successful while making a meaningful social impact.

We’re going to look at some specific ways Shorefast reinvests in Fogo Island and supports the people, culture, and environment of the area.

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Fogo Island Inn

One of the ways Fogo Island Inn supports the local community is through its food. Almost everything they serve comes from Fogo Island or elsewhere in Newfoundland. This means meals aren’t just fresh, they also directly support local farmers, fisherman, and producers.

Here’s a quick look at some of the products used at the Inn:

Seafood, Vegetables, Berries, Tea, and more come directly from Fogo Island
Berries, Mussels, Chicken, Pork, Honey, and Wild Mushrooms come from Central NL
Halibut, Oysters, and Scallops come from the South Coast
More seafood and their salt comes from Bonavista and Bonavista Bay
Lamb and Mutton comes from Cormack on the West Coast
More Vegetables, Herbs, Flowers, and Savoury come St. John’s

The map on the slide shows exactly where these ingredients come from across Newfoundland. By sourcing locally, the Inn is not only helping the economy but also giving guests an authentic taste of the island’s heritage. This approach shows how a business can reinforce community connections and preserve local culture through something as simple, yet meaningful, as the food it serves.

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Fogo Island Inn

Shorefast doesn’t just operate the Fogo Island Inn, it runs a variety of programs and initiatives designed to strengthen the community and preserve the island’s culture, environment, and economy.

Here’s a quick overview of the 6 main initiatives:

Shorefast Institute: Focuses on research and learning to support sustainable economic development and social entrepreneurship in the community.
Fogo Island Arts: Provides artists with residencies and resources to create, while sharing art with the local community and visitors.
Environmental Stewardship: Protects the island’s natural resources and promotes sustainable practices in all Shorefast operations.
Foodways Program (which we will look at on the next slide): Celebrates and preserves local food traditions, connecting guests and residents with Fogo Islands culinary heritage.
Heritage Preservation: Maintains historic buildings, traditional practices, and cultural stories, ensuring the islands history is not lost.
Youth Programming: Support education, leadership, and cultural engagement for young people on the island, helping build the next generation of community leaders.

Together these initiatives show how Shorefast reinvests not just money, but also knowledge, culture, and opportunity into the community, ensuring that the social impact of Fogo Island Inn extends far beyond the hotel itself.

Next we’ll wrap up by looking at the bigger picture: how staying at the Fogo Island Inn directly supports these programs and the overall sustainability of the island community.

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Fogo Island Inn

Now let’s look at how the money flows when you stay at Fogo Island Inn.

First, over half (54%) stays right on Fogo Island, directly supporting the community. Another 16% stays elsewhere in Newfoundland, 26% goes to the rest of Canada, and just 4% goes internationally. This shows that most of the money stays close to home, supporting the local economy.

On the expense side, the biggest portion (53%) goes to salaries and wages, helping local people earn a living. 15% covers business operations, and 12% pays for food and room supplies. A fun fact: the Inn’s famous quilts are bought directly from Fogo Island residents! Building costs take 10%, whiles sales and marketing, insurance, and COVID debt service account for the rest.

This breakdown shows that staying at the Inn isn’t just about enjoying the view or luxury, it actively supports the island’s economy and help sustain the community.

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Wrap Up

Thank you for joining me!

Remember:

Entrepreneurship = solving problems
Opportunities are everywhere
Success = risk, creativity, & persistence
Business can create real impact
Your future is full of possibilities

Throughout this program, we’ve explored what it really means to be an entrepreneur. At its core, entrepreneurship is about solving problems and creating opportunities, not just for yourself, but for others as well.

We’ve talked about ideas, risks, money, and decision-making, and we’ve seen real world examples like Fogo Island Inn, where business is used to create meaningful impacts in a community.

One of the biggest takeaways is the opportunities are everywhere. Whether it’s starting your own business, working within a company, or finding new ways to improve something that already exists, entrepreneurship is a mindset you can carry into any career.

Success doesn’t happen overnight, it takes creativity, persistence, and a willingness to take risks and learn from failure. But as we’ve seen, business can be about more than just profit, it can make a real difference in people’s lives.

As you move forward, think about your own ideas, your strengths, and the problems you might want to solve. Your future is full of possibilities, and entrepreneurship is one path that can help you turn those ideas into impact.

Thank you so much for joining me, and I hope you learned something new! Hopefully someday we’ll be hearing about one of your businesses.