Lemonade Stand Economics

If your child – or you – are planning on running a lemonade stand this summer, here are some of the necessary ingredients (in addition to lemons and water) for creating a successful business in any field:

Core competencies. Can you make lemonade?
Sales Skills. It's not enough to make lemonade – no matter how good you are.
Competitive Analysis. Is your neighborhood already cluttered with lemonade stands?
Competitive Advantages. For most lemonade stands, the key strategy is for the entrepreneur to be cute.
Strategic Positioning. Think location, location, location.
Seasonality. Don't forget to factor in seasonal fluctuations.
Marketing. That leads to the need for marketing.
Cost Control. You can't stay in business if you don't make money, so look carefully at your expenses.
Pricing. You've got to cover your expenses and make a profit.
Product Offering. Why just have lemonade?

If you want to try your hand at real entrepreneurship, you'll find lots of helpful lessons by running a lemonade stand first.

Whole story here.
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