- 30 minutes
- Social and Emotional Skills
5Schedule 03/01/21 08:00 AM Three-Legged Stool In this lesson students will learn about the three-legged stool. The three-legged stool is an analogy for three things all businesses need to sustain long-term success. All businesses need “Raving-Fan Customers,” “Gung-Ho Employees,” and “Financial Success.” Without any one of the three, the business will fail just like a three-legged https://teacheverywhere.org/activity/three-legged-stool/Print
In this lesson students will learn about the three-legged stool. The three-legged stool is an analogy for three things all businesses need to sustain long-term success. All businesses need “Raving-Fan Customers,” “Gung-Ho Employees,” and “Financial Success.” Without any one of the three, the business will fail just like a three-legged stool will fall without one of its legs. The three-legged stool lesson ties in well with the CPV Triangle and a discussion about win-win transactions. Not only do we trade with customers and seek to create value for society, but we also trade with our employees (and key partners). Treating employees with respect, creating a culture where employees feel ownership, compensating them for the value they create, and having them feel fulfilled also creates value for society. It is important to help students understand that voluntary transactions and win-win outcomes extend to all transactions, both in our personal and business lives. One of the benefits of this lesson is its simplicity. It is a lesson that students can easily remember and apply throughout their lives, and one they can reflect on when developing their Market Day business.
Ask students if they have ever seen or used a three-legged stool. Then, share that today’s activity will be using a three-legged stool as an analogy for the three things all businesses must have for long-term success. You could also ask students to verbally share or type in the chat what they think the three legs of the stool might be.
Social and Emotional Skills
This activity teaches the importance of Social Awareness. Students learn the value of taking into account the perspective of customers to create “Raving Fan – Customers” and of employees to create “Gung-Ho Employees” as two of the three necessary components to create financial success for a business.
- Determine how you will share the activity with your students.
- Review entire activity guide.
- Post/share worksheet and PowerPoint with students.
- Determine if/how you will arrange breakout rooms (optional).
- Determine how you engage students in the debrief following the activity.
- Direct students to where you posted the “Three-Legged Stool” graphic organizer.
- Alternative: Divide students into groups of 3. Have each group draw a three-legged stool on paper or on a virtual whiteboard program. They can then take notes. After the lesson, you can have students take photos of what they created to save for future reference. If using this strategy, students can fill out their individual graphic organizers as review before the class period ends or before the next class period begins.
- Have students take notes as you walk through the “Three-Legged Stool: Three Things for Success” Powerpoint.
- Tell students the importance of knowing the three things that will lead to success for a business.
- As you discuss each leg of the stool, ask students to share examples of businesses they perceive to have “Raving-Fan Customers” and “Gung-Ho Employees.” This can be done by the entire class, or you could utilize breakout rooms for partner/small-group discussions, followed by volunteers sharing popcorn style with the whole class.
- Ask students what happens if one of the legs of the stool is missing.
- Protip: YE dollars can be distributed during discussions to incentivize participation (the market).
- Spice up the activity by leveraging any of the Quiz EdTech tools like Kahoot!, Gimkit, or Formative by having an interactive quiz based on examples of each of the three stool legs or scenarios where students determine which stool leg is missing.
Students can complete the debrief in several ways. Some options include on paper, in a group setting via any virtual call platform, or by recording their feedback using EdTech tools and sharing with their classmates.
- Can you give an example of a business you think has realized long-term success without meeting the goals of the three-legged stool?
- What are ways you have seen businesses create “Raving-Fan Customers”?
- What are ways you have seen businesses create “Gung-Ho Employees”?
- What is the correlation between how we treat people and business success?
- Identify a few businesses that have closed recently in our community. In your opinion, what might have caused these businesses to fail? Could any of these causes be related to the stool?
- As a business owner, what responsibility do you have to your customers? Your employees? Your partners? If so, how does your responsibility to your customer, employees, or partners relate to being responsible for your own life?
- Is there a relationship between the Three-Legged Stool and the Foundational Value of passion? How do they relate to one another?
- Why is win-win important to creating benefit in society? Can you give examples?
- (Prior to Market Days) When developing your Market Day business, how important is it that your business is not missing any one of stool’s three legs?
- (After Market Days) Did you have any repeat customers during your Market Day experience? How could you make “Raving – Fan Customers” out of these repeat customers?
- (After Market Days) How would you grade your business in relation to the three-legged stool? Why?
If you like Business, try...
If you like Business, try...