Entrepreneurship Scoutcraft Badge

Badge requirements

Explain what a business is and how it operates to makes a profit.
Explain the difference between businesses that operate to make a profit and those that operate for public good. (Private Company (Pty) Ltd.'s and Not for profit Company NPC), give examples of both. (Pet Welfare SA NPC or Coca-Cola)
Explain what costs a business has and how it earns money (income).
Explain the difference between loss, break even and profit in a business.
Choose a product that you could make to sell to your friends. For that product:
1. Research and Development: Write out a list of what items or equipment you need to make the product.
2. Production Costs: Write out the cost of the materials and equipment you to make the product.
3. Breakeven: Work out if you just make one of the products, what would you have to charge for the product to cover the cost (breakeven).
4. Selling Price: Decide on a price that you would be prepared to pay for the product you have chosen.
5. Budgeting: Work out how many of the products you would have to make to be able to break even at that selling price.
6. Market research: Find out how many of your friends would be interested in buying one at that price.