This Graphic Organizer is a good resource for beginning readers. I use this along with our first guided reading book of the year. Each night students read the given pages. Then, they write down the words they did not know along with the page number and a short summer of the assigned reading. When we come back together the next day we find the words they did not understand. We work as a group to find the meaning using our context clues.
I believe this is a great skill to teach the students before they get into the harder level readings.