EDITION 5–6 TEACHER’S GUIDE

edition 5–6 • october 2016 • vol. 3 • no. 2 Made possible by the PwC Charitable ® Foundation

original fully vector logo, restored 2/2015 (Old embedded letter “S” that we created as ver 7, we decided was NG. This is now version 8) financial literacy for kids VoL. 3 No. 2

® October 2016

original fully vector logo, restored 2/2015 (Old embedded letter “S” that we created as ver financial literacy for kids 7, we decided was NG. This is now version 8)

From the Editor: Thanks to the PwC Charitable Foundation, TIME For Kids is pleased to offer teachers, students, and their families a monthly financial- literacy magazine. —Nellie Gonzalez Cutler, Editor, Time For Kids

In this special issue, the experts from ABC’s hit show share some exclusive business advice. Teaching the cover story timeforkids.com the Scoop from From the Sharks What’s Inside • Get business advice from the SUMMARY experts on ABC’s hit show Judges from ABC’s hit show pitch made by two high school Shark Tank. Shark Tank share their business students for a no-drip ice cream expertise. cone. Go to abc.go.com/shows/ • Go to page 4 to meet three shark-tank/episode-guide. Choose young entrepreneurs who TEACHING TIPS Season 7, episode 25. Click the appeared on Shark Tank. “clips” button on the right. After Before Reading • Stay safe while building your viewing, ask: What problem did business online. Read our tips. Check Prior Knowledge the invention solve? Did the • Ask: What do you know about the boys’ use of props strengthen the TV show Shark Tank? What is its pitch? Explain. What part of the premise? (Entrepreneurs present their pitch did you find most persua- a note business ideas to judges called “sharks.” sive? Why? from These judges, who are successful You Be the Judge Jean businesspeople, decide if the idea is • Have groups of students come Dear Teachers, worth their time and investment.) up with their own ideas for product improvement. Have each Okay, I’ll admit it—I can’t get Build Comprehension group write a pitch describing enough of Shark Tank. I enjoy Summarize the improvement and why it’s watching the entrepreneurs make • Have pairs of students read the needed. After each group presents story. Ask them to summarize in its pitch, ask the class: Is this a their best pitches as the sharks two sentences each shark’s advice. product worth investing in? Why wheel and deal for a larger, less Then discuss which tips they or why not? expensive stake. But I’ve also found most useful, and why. Make Real-World wondered: What’s the secret sauce? Identify Problem/Solution Connections What is it about some entrepreneurs • Focus on , Kevin • Invite business owners from and businesses that grab the sharks’ O’Leary, and . Ask: the community to speak to attention while others fall flat? This What challenge did he or she your class about how they got month, the sharks themselves tell face? How did he or she overcome started, the challenges they faced, it? Do successful entrepreneurs and how they overcame these us. We’ve gathered their best tips need to be able to overcome challenges. You might also ask for your students, who could be challenges? Explain. them to share their advice for future business owners. I hope the young people who would like tips lead to fun conversations in the Extend Learning to start businesses. Before the classroom. If you’re inspired to host Analyze a Pitch visit, have students brainstorm a homegrown version of the show • Tell students that they are a list of questions about (perhaps with local business owners going to analyze a Shark Tank entrepreneurship. as judges), please document it and FINANCIAL-LITERACY COMMON CORE STATE COURTESY JEAN CHATZKY send us the results. STANDARDS ADDRESSED STANDARDS ADDRESSED All the best, Grades K–12 I. Earning Income Grade 5 RI.5.1, RI.5.2, RI.5.3, RI.5.5, SL.5.1, W.5.1 V. Financial Investing Grade 6 RI.6.1, RI.6.2, RI.6.3, RI.6.5, SL.6.1, W.6.1 Jean TEACHER’S GUIDE Your name Date

financial literacy for kids Teaching School / Home page 4 CONNECTION

Meet some young entrepreneurs who appeared on Shark Tank.

NAME: 14 Ann A (appeared at age 12 in 2014) bell Read the cover story, “The Scoop from the Sharks.” Then complete the activity below. It will help you BusiNEss: A Ch A rles Photogr rles Share these InspiredMoziah by his dad’s “Mo” and Bridges, grandad’s bow ties—and wanting to stand out TEACHING TIPS from the crowd—MoMo’s Bows aimed AP

to take neckties to the next hy put the business tips from the judges to work.

ooks Shark Tank

n h level by creating bow ties from A ri

b vintage fabrics. “I wanted tips with your NAMEs: and 18 and 15 something else that was (appeared at ages 15 and 12 in 2013) cool and made me look good,” he says. “[By Use these tips BusiNEss: using] vintage fabrics, “We inventedEmma Screenmend, Lily Hooks, a screen-patching I was able to have students’ kit, when Lily saw our dad attempting to fix a something that no hole in our Screenmendscreened-in porch,” Emma says. “She one else had.” Today, [Lily] was trying to get melted candle wax off i m ag e s (who to support the table and jokingly suggested he [our dad] didn’t invest) serves try putting wax on the patch to make it stick,” as his mentor, and Mo families. Emma explains. “We quickly realized what has done more than a good idea that was!” On Shark Tank, Lori $300,000 in sales. Greiner offered to invest $30,000 for a 50% stake close reading in the business. After the show, their sales rose from a few thousand dollars to more than $3 million in two years. SAFETY FIRST, BUSINESS SECOND When you use the Internet and social media to build your business, keep safety in mind.

NAME: 15 of page 4. co m s to ck Here are tips from Guy Shaham, founder (appeared at age 11 in 2013) and CEO of BuyMyLemonade.com, an BusiNEss: educational site for young entrepreneurs. InspirationRyan for Kelly, Ry’s Ruffery natural dog treats came when the Kelly family adopted a rescue 1. Partner with a parent. Whether you’re puppy, Barkley.Ry’s RufferyRyan and his brothers starting a storefront on the Web (Shaham dreaded handing Barkley his smelly, oily recommends Wix.com, Shopify.com, and • Have students watch an episode of Shark Tank with treats. So Ryan learned to make his own, all- Etsy.com), setting up PayPal or Ebay, or natural treats, using ingredients good enough establishing social media channels, get a for humans to eat. Ryan trusted adult involved. prepared for Shark Tank by 2. Push your product to friends and family first. b AC a parent The show airs Fridays at 9 p.m. ET on ABC. Reflect on your talents. Imagine you are a business owner. Think of

kground: h kground: . watching every episode and “Kids need to start by selling to people they researching the sharks. It know,” says Shaham. That’s about staying paid off when Barbara safe, and more: “You learn the metrics and is

A Get Down to Business how it happens.”

Corcoran offered to s ug ko invest $25,000 for a 3. Don’t advertise any personal information.

A Families can also watch archived episodes online at how you can “be good to your customers.” 25% stake in Ry’s Protect your name and address. Use only no/ e Ruffery. After the your first name, and use a P.O. Box to ship ye m—getty im e m—getty show, sales rose from and receive mail. Never bring people to ley A

e Your talent(s):  $800 to $1.8 million in your house to pick up your product! “You need to be untraceable,” Shaham says. A mes h three years. ges A . Suggest they discuss Write two ways. J Tell them to write one of abc.go.com/shows/shark-tank —Kelly Hultgren 4 Made possible by the PwC Charitable Foundation Please recycle this magazine. the following character the following for each pitch viewed: Would you have traits on each: creative, invested in the product or business? Why or why not?  Before Reading determined, observant. What made the pitch a success or failure? Could the Career that could benefit from your talents:  Preview Key Concepts Have students place each pitch have been improved? How so? • Ask: What is an Post-it next to the young entrepreneur on page 4 • Encourage students to share with a family member entrepreneur? (A person the advice they find most useful from pages 2 and who starts a business) who most displays the 3 of the magazine. Does the family member agree What might motivate trait on the note. Discuss someone to become an students’ choices. Remind with the advice? Why or why not? entrepreneur? them to support their ideas • Have students review with a parent the kid-created using evidence from the Build businesses highlighted on page 4 of the magazine. text. Ask: What other traits Then have them make a list of the pros and cons Comprehension would benefit budding John says youngDaymond entrepreneurs John should take Identify a qualityBarbara you admire Corcoran in others. of entrepreneurship. Is entrepreneurship worth the Problem/Solution entrepreneurs? Why? “big swings.” In your own words, write what Peer you admire most:  • Tell students that new potential risks and rewards? this means. products and businesses Extend Learning The peer’s best quality:  are often inspired by Design an Ad ADDITIONAL RESOURCES  problems that need • Assign each group a councilforeconed.org/standards How you can take on that quality: 

solving. To demonstrate business from page 4: Visit for free teaching resources and to this idea, have students Screenmend, Mo’s Bows, download the K–12 national standards for complete the worksheet or Ry’s Ruffery. The group “Problem Solved!” as they should use the answers to financial literacy. read about how the young these questions to create Better than a Lemonade Stand: Small entrepreneurs on page 4 an appealing ad: What Business Ideas for Kids got their start in business. makes the product unique Character Traits or desirable? Who are the by Daryl Bernstein (Aladdin, 2012) • Provide each student customers? What is the This guide is packed with ideas for small with three Post-it notes. best way to reach them? businesses that kids can start on their own. Choose one typeKevin of social O’Leary media (i.e., Write the name ofRobert one adultHerjavec who will be Facebook, Twitter, Instagram, Snapchat, your trusted adviser. This can be a parent, FINANCIAL-LITERACY STANDARDS ADDRESSED Answer Key for worksheets texting). Explain how it can be used to friend, or professional. Explain your choice. Grades K–12 I. Earning Income; V. Financial advertise a business. Investing Get Down to Business: Answers will vary.   COMMON CORE STATE STANDARDS ADDRESSED Problem Solved!: I.1. The sisters invented a Grade 5 RI.5.1, RI.5.4, RI.5.5, SL.5.1, W.5.1 screen-patching kit. 2. Mo wanted to stand out Grade 6 RI.6.1, RI.6.4, RI.6.5, SL.6.1, W.6.1 from the crowd. 3. Ryan didn’t like handling his dog’s smelly, oily treats. He came up with his own recipe for dog treats using all-natural Made possible by the ingredients that even humans can eat. Made possible by the II. 1.–2. Answers will vary. © 2016 Time Inc. • This page may be photocopied for use with students. • Vol. 3 No. 2 • October 2016 Your name Date

financial literacy for kids

Read about the young entrepreneurs on page 4. Each business began with a problem in need of a solution. Complete the activity to explore the idea of problems as inspiration for creating a business. I. Complete the problem/solution chart using information from page 4. Problem Solution 1 . Emma and Lily’s dad had trouble patching a torn  Pscreen.roblem Solved!

2 .  He used vintage fabric to make his bow ties, creating

a unique look.

3 .  

II. Think of a business that could solve a problem you’ve seen at home, at school, or in your community. Use your ideas to complete the chart. Problem Business that provides a solution Example: Crowded cities need more A bike-sharing program can cut down on transportation options. traffic.

1 .  

2 .  

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© 2016 Time Inc. • This page may be photocopied for use with students. • Vol. 3 No. 2 • October 2016