You will learn
- Define entrepreneur, business, customer, risk.
- Explain the steps to start a business.
- Explain profit and loss.
- Run a safe class enterprise.
Version 0.2 · expanded edition · built from cited public sources Content is based on the official frameworks and sources listed under Sources and standards. No official endorsement is claimed. Written in the style of common primary school assessments. No exam result is promised.
Student lesson
- Entrepreneurs spot needs and create solutions.
- Businesses need plans, costs and prices.
- Profit is income minus costs.
- Entrepreneurs take risks and learn from mistakes.
Words to know
a person who starts and runs a business, taking risks to meet a need
an organisation or activity that makes or sells goods or services
a person who buys goods or services from a business
the chance that something may go wrong or lose money
1. Discover: The bread seller
Mr Cole tells of a young baker who noticed that people near the school had no hot bread in the morning. She made a plan: ingredients cost 50 tokens, she could sell 30 loaves for 3 tokens each. “She earned 90 tokens and spent 50,” says Mr Cole. “Profit is 40 tokens. If it rained and fewer people came, she might make a loss. That is a risk.” Mei asks, “What did she learn?” “To listen to customers and to keep records,” says Mr Cole.
Think: What need in your community could a new business meet?
2. Understand: Entrepreneurship
Idea 1: Spotting a need
An entrepreneur notices a need and starts a business to meet it. In Sierra Leone, entrepreneurs include market traders, tailors, bakers, farmers who process produce, mechanics, hair braiders, boat builders and phone repairers. Good entrepreneurs listen to their customers and offer honest products or services.
Idea 2: Planning
Steps include: have an idea; ask customers what they need; plan costs and price; make a product or arrange the service; sell; keep records; and review. Profit is income minus costs. If costs are higher than income, there is a loss. Entrepreneurs also face risk: demand may be lower than expected, costs may rise or things may break.
Idea 3: Fair and responsible
Responsible entrepreneurs are honest about quality and price, pay workers fairly, care for the environment, follow rules, and respect customers. They may create jobs and help communities. They also learn from mistakes and improve. Children can explore entrepreneurship safely at school with pretend money.
3. Worked examples
Example 1 (I show you): Calculate
Income 90, costs 50. Profit?
- Subtract.
- Check.
- Say.
Answer: 40.
Example 2 (We do it together): Define
Risk.
- Think.
- Say.
- Check.
Answer: Chance of something going wrong.
Example 3 (You try): Name
A customer need.
Show the steps and answer
- Think.
- Say.
- Check.
Answer: Hot bread in the morning.
Did you know?
Many large companies began as small ideas started by one or two people.
Why this matters
Entrepreneurship builds creativity, planning and problem-solving.
4. Explore: Class enterprise
In groups, plan a pretend business to meet a school need. Decide the product, costs, price, expected customers and risks. Run a pretend sale with tokens, record income and costs and calculate profit or loss. Reflect and improve.
- Plan.
- Sell.
- Calculate.
- Reflect.
Think about it: what did you notice?
What did you notice? Planning reduced risk.
5. Practise
Say it in a sentence
Use these starters when you talk about the lesson. Say them out loud.
- An entrepreneur is ___.
- A business is ___.
- A customer is ___.
- A risk is ___.
Guided practice
Question 1. Who is an entrepreneur?
Starts a business.
Question 2. What is a business?
Makes or sells.
Question 3. Who is a customer?
The buyer.
Independent practice
Level 1: Start
- Who is an entrepreneur?
- What is a business?
- Who is a customer?
- What is a risk?
- Name a business.
Level 2: Grow
- Why plan?
- Why listen to customers?
- Why records?
Level 3: Stretch
- Plan a business.
- Run a sale.
- Calculate profit.
Answers are in the answer key below. Try first, then check.
6. Apply: Social Studies in everyday life
Name three steps in starting a business and calculate profit of income 80, costs 55.
Show a sample answer
Idea, plan, sell; 25.
Another one. Think of a small business idea that could help your neighbourhood and describe it to an adult.
Show a sample answer
Share.
7. Common mistakes
Fix: Some lose money.
Fix: They also serve customers.
8. Lesson summary and revision card
- I can define entrepreneur, business, customer, risk.
- I can explain the steps to start a business.
- I can explain profit and loss.
- I can run a safe class enterprise.
9. Check and master
Answer all 14 questions. You will see feedback after each one.
Your result appears here after you answer every question.
10. Key takeaways
- Entrepreneurs spot needs and create solutions.
- Businesses need plans, costs and prices.
- Profit is income minus costs.
- Entrepreneurs take risks and learn from mistakes.
11. Next lesson
Exam practice
These questions are written in the style of common school and international primary assessments. Try them on your own, without looking back. Then check your answers in the marking guide. The marks are shown in brackets.
- Define entrepreneur and risk. [2 marks]
- Name three steps to start a business. [3 marks]
- Calculate profit given income and costs and show working. [3 marks]
- Name one way an entrepreneur can be fair. [2 marks]
Total: 10 marks.
Marking guide and model answers
- Entrepreneur [1]; risk [1]
- Three [3]
- Method [1]; answer [1]; unit [1]
- Honest [1]; example [1]
Score guide: 9 to 10 = secure. 6 to 8 = nearly there, revise the parts you missed. Under 6 = work through the lesson again with a grown-up.
Printable worksheet
- Who is an entrepreneur?
- What is a business?
- Who is a customer?
- What is a risk?
- Name a business.
- Why plan?
- Why listen to customers?
- Why records?
- Plan a business.
- Run a sale.
Homework
Draw a business plan.
Answer key and marking scheme
| Question | Expected response | Marks |
|---|---|---|
| 1. Who is an entrepreneur? | Starts a business. | 1 |
| 2. What is a business? | Makes or sells. | 1 |
| 3. Who is a customer? | The buyer. | 1 |
| 4. What is a risk? | Chance of loss. | 1 |
| 5. Name a business. | Bakery. | 1 |
| 6. Why plan? | Reduce risk. | 1 |
| 7. Why listen to customers? | Meet needs. | 1 |
| 8. Why records? | Know profit. | 1 |
| 9. Plan a business. | Plan. | 1 |
| 10. Run a sale. | Sale. | 1 |
| Total | 10 |
Independent practice answers. Level 1: 1 Starts a business.; 2 Makes or sells.; 3 The buyer.; 4 Chance of loss.; 5 Bakery.. Level 2: 1 Reduce risk.; 2 Meet needs.; 3 Know profit.. Level 3: 1 Plan.; 2 Sale.; 3 Profit..
Quiz answers: 1 B, 2 C, 3 A, 4 B, 5 C, 6 A, 7 B, 8 C, 9 A, 10 B, 11 C, 12 A, Challenge 1 B, Challenge 2 C.
Mastery and remediation
| Objective | Bronze (Developing) | Silver (Proficient) | Gold (Advanced) |
|---|---|---|---|
| O1 Define entrepreneur, business, customer, risk | Shows this with help from an adult or a picture | Does this independently and explains how they know | Explains it clearly and uses it in a new situation |
| O2 Explain the steps to start a business | Shows this with help from an adult or a picture | Does this independently and explains how they know | Explains it clearly and uses it in a new situation |
| O3 Explain profit and loss | Shows this with help from an adult or a picture | Does this independently and explains how they know | Explains it clearly and uses it in a new situation |
| O4 Run a safe class enterprise | Shows this with help from an adult or a picture | Does this independently and explains how they know | Explains it clearly and uses it in a new situation |
Courseversity badge thresholds (overall quiz score): Gold = 90–100%; Silver = 80–89.9%; Bronze = 70–79.9%. A badge is never a full record of progress.
If a learner struggles
- Find the misconception: “All businesses succeed.” Some lose money.
- Explain another way: use real objects, pictures or actions first, then words.
- Show a simpler example: Make a business plan card.
- Guided practice: work through one example together and let the learner try the next one.
- Reassess: use the quiz again or the worksheet.
- Move on when the learner shows Silver-level evidence independently.
For parents and guardians
In this lesson your child runs a pretend business with tokens. Please encourage creative, honest ideas. You do not need to be an expert to help.
- Talk about community needs.
- Praise creativity.
- Encourage honesty.
- Ask “how do you know?” after each answer, and listen.
- Praise effort, not only right answers. Mistakes are how we learn.
- Ten to fifteen minutes a day is better than one long session.
Teacher package
1–5. Objectives, prerequisites, materials, preparation, duration
Lesson objectives. Learners will: define entrepreneur, business, customer, risk; explain the steps to start a business; explain profit and loss; run a safe class enterprise.
Prerequisite knowledge. Grade 5 ideas: scarcity, choice, opportunity cost, producers, consumers, supply, demand and prices.
Materials. Planning sheets, tokens. Low-resource options: use chalk or charcoal on a board or wall, drawings in the sand, and objects from the classroom instead of printed materials.
Preparation. Prepare planning sheets and tokens.
Suggested duration. 45–60 minutes. It can be split into two shorter sessions.
6–9. Teaching procedure, explanation notes, guided and independent activities
Introduction (5 min). Tell the bread seller story.
Explanation (10 min). Teach entrepreneurship.
Guided activity (10 min). Class enterprise.
Independent activity (10 min). Discuss.
Assessment and reflection (5 min). Ask each learner to say one thing they learned and how they know it.
Key questions. How do entrepreneurs start businesses and meet needs?
Teacher explanation notes. Start with a picture, story, map or local example. Then talk about what was seen, then draw and write. Always ask “how do you know?” and invite more than one view. Treat every family, culture and community with respect, and never ask learners to share private information.
10–12. Differentiation, formative assessment, common misconceptions
Support. Use pictures, maps, real objects and short sentences, and let learners work with a partner. Let learners point, show, act or draw instead of writing. Extension. Ask learners to find a new example from their own community and explain how they know.
Formative assessment. Listen to learners read and explain, ask “how do you know?”, and check the independent work.
Misconceptions. “All businesses succeed.” Some lose money.
13–15. Assessment questions, answer keys, marking scheme
Use the quiz, the 10-mark exam practice and the worksheet on this page. All answers and marking guides are in the answer sections above. Re-check every answer before use.
16–19. Remediation, enrichment, homework, teacher reflection
Remediation. Make a business plan card. Enrichment. Find one new example near your home or school, draw or write about it and explain it to someone. Homework. See above.
Teacher reflection. After teaching, record: which ideas learners understood; which misconceptions occurred; which activities worked; which learners need more practice; and what to improve next time.
Sources and standards
This lesson is based on the sources below, and no official endorsement is claimed. Reference starting points: NCSS standards and C3 Framework, Cambridge Primary Humanities and the IB Primary Years Programme. Where a standard code is named, it points to the official framework.
Research used to shape this lesson. Courseversity Social Studies curriculum, Grade 5 Unit 6, topic 9; NCSS C3 Framework, economic decision making, exchange and markets; Cambridge Lower Secondary Humanities, economics and decisions; IB Primary Years Programme, how we organise ourselves. These sources informed the lesson.