THE NEXT TOP FIRM

LESSON 5:  ESTABLISHING YOUR FIRM

TODAY'S MISSION

Your mission is to be able to answer these essential questions:
  • What is a firm?
  • What are partners in a firm?  How do I choose a good partner?
  • How do I choose a name for my firm?​

ACTIVITY 1: 
​WHAT IS AN ADVERTISING FIRM ANYWAY?

So, let's get an idea for how real Ad Agencies work by watching the following video.  Be ready for a whole class discussion group after the video.

ACTIVITY 2: 
​GROUP DISCUSSION

  • How do add agencies advertise a product or service?
  • What types of jobs are available at ad agencies?  
  • How does the ad agency work as a team?  What do the people who hold different jobs do to contribute to the advertising campaign?

ACTIVITY 3: 
​ARE YOU CHOOSING WISELY?

A partnership in a firm or business is formal arrangement in which two or more people create a company and work together to manage and operate a business.  Partners share in all the profits, the money you make after you subtract all of the expenses, and the deficits, all the money you lose if you do not make enough money to cover your expenses.  So, it is very important to make sure you have a good, reliable partner when you start a business. 

So what characteristics make a good partner?  Take the quiz below to find out if the person you want as a partner, will be a good partner.
partnership: a formal arrangement in which two or more people create a company and work together to manage and operate a business

profits: the money you make after you subtract all of the expenses

deficits:  all the money you lose if you do not make enough money to cover your expenses
​
Now that you can better predict whether the partner you chose will be a good or bad one, ask yourself:
Do I want this person as a partner?  Is there someone that would make a better partner?
If you want to keep the same partner and they want to keep you, remain in your same groups.  If you have any doubt and want to change partners, now is the time.  You may go and talk to other people to start up a partnership.  If you had worked out with someone that you would be partners together and you want to go elsewhere, simply tell the person that it is not personal, that you might not be good for each other.  If you are told this, do not take it offensively.  It might not be you they are concerned about.  They maybe concerned they would not be a good partner for you. 

ACTIVITY 4: 
​ITS ALL ABOUT THE NAME

Now, you need to carefully consider a name.  Many times companies are quick to settle on a name and the name is not catchy or does not identify them as special in any way.  Watch the video below.  With your partner, come up with a name for your your firm.  Fill out the form below the video once you have decided on a name. 

ONLY ONE PARTNER NEEDS TO FILL OUT THIS FORM!

ACTIVITY 5: 
​ESTABLISH YOUR FIRM

ONLY ONE PARTNER NEEDS TO FILL OUT THIS FORM!

YOUR PORTFOLIO

You should have your Next Top Firm Portfolio in your Google Drive.  You will see lesson folders set up in the portfolio.  This is where you will keep all your work.  As you complete a task, there will be certain things that you copy into your Advertising Pitch Folder.  Please listen at the end of the lesson and check under the "Your Portfolio" Section at the end of each lesson to see what should be completed and where in your folder it needs to be.
Make sure these items are in the correct places in your Google Folder.
PORTFOLIO FOLDER
Lesson 1 Folder
  • A Copy of Your Next Top Firm Contract 
​Lesson 2 Folder: 
  • A Copy of Your Firm Establishment Form 
AD PITCH FOLDER
Advertising Pitch Folder: 
  • Nothing Yet

MISSION ACCOMPLISHED

Congratulations

You accomplished your mission!  
​
  • I can explain what a firm is and how it operates.
  • I can describe the roles partners play in running a firm.
  • I can choose a name for my firm.