Journey Through the Code #16
So Welcome to our Journal of our Journey Through the Code. This is Lesson 16 in The Kingdom Code entrepreneur program for kids! This week is about keeping close tabs on your ledgers and catching problems as they happen. Let’s get going!
What this lesson is all about…
If you run a business you need to always keep your finger on its pulse. That way you know if something is going south in either your expenses or income. My son has had a small decrease inhis profit this week because of the job quality he did. Oops tgat didn’t turn out well. However when you see the problem you can correct the problem. This week he’s determined to increase his income by performing stellar work.
Jake also learned about fixed and variable expenses. When he has his rabbit business going more he figured out he will have feed, waterers, feeders and bunny brushes to buy. He decided it would be a great idea to offer a waterer and feeder with the rabbit to give people an easier purchase. At first he didn’t understand why he would need to charge at least the price he paid or more for the extras. He wanted to be really nice. But I explained his business would go in the hole if he did that!
This is an excellent opportunity for Jake to use math as he learns to keep his ledger and regularly read one. This lesson has a neat part with an imaginary boy who runs an armor repair shop. If you can imagine it my son thought it would be awesome to repair swords and armor. He’s a knight addict lol.
He also got to learn about business reports and graphing to keep tabs on your monthly expenses and income! I bet there are a ton of adults who wish they could have learned this in school!
Jake is also learning about taking initiative and what that really means. He struggles sometimes with this. I guess all of probably do at some point but this is HUGELY beneficial to actively teach it!
Psst…I’ll be posting pictures in this as my internet allows!