Stage 1 Desired Results |
ESTABLISHED GOALS Unit 1:Entrepreneurship Overview Students will examine the skills, traits and factors contributing to entrepreneurial success. |
Standards |
Students will be able to independently use their learning to… BEE 1: Entrepreneurial Processes Understands concepts and processes associated with successful entrepreneurial performance
BEE 2: Entrepreneurial Traits/Behaviors Understands the personal traits/behaviors associated with successful entrepreneurial performance
|
Meaning |
UNDERSTANDINGS Students will understand that… Small ideas are the foundation of our country and the basis of the “American Dream”. ● No small idea should be ignored. ● Small ideas, although challenged and not accepted at first, have changed the landscape of our world. ● Without pursuing small dreams, our world would be forever altered. |
ESSENTIAL QUESTIONS - What character traits does an entrepreneur need to have in order to find success?
- What is an entrepreneur? How do the character traits of an entrepreneur determine the success they will achieve?
- What small ideas have changed the landscape of our world both positively and negatively?
|
Acquisition |
Students will independently be able to use their learning for Students will learn about what Entrepreneurship is, and what it is not. Entrepreneurs possess specific traits and skills in order to persevere. ● Forward-thinking and risk-taking help bring about positive change to our society. ● Oftentimes, innovative ideas are renounced by the public before being widely accepted. ● Despite age, economic standing, or gender anyone can dream of a small idea and bring it to fruition with hard work. ● Businesses/Ideas thrive with careful marketing strategies |
Students will be skilled at… - Explain the role of profit as the incentive to entrepreneurs in a market economy.
- Identify the factors that contribute to the success and failure of entrepreneurial ventures.
- Describe life cycles of an entrepreneurial business and an entrepreneur.
- Create a list of personal strengths, weaknesses, skills and abilities needed to be successful as an entrepreneur.
- Explain pathways used to become an entrepreneur.
- Conduct a self-assessment to determine entrepreneurial potential.
- Describe techniques for obtaining experience (e.g., apprenticeship, cooperative [co-op] education, work placement, internship, job shadowing) related to an entrepreneurial objective.
|
Stage 2 - Evidence |
Evaluative Criteria | Assessment Evidence |
- Introduce & define entrepreneurship, entrepreneur
- Check for understanding with verbal questioning
- Describe & discuss common characteristics, and entrepreneurs who possess them
- Describe & discuss common skills that entrepreneurs possess
- Self-reflection
- Identify criteria that distinguishes a small business from others
- Review types of business plans; highlight majoring similarities and differences
| PERFORMANCE TASK(S): - Dream Big Project
- Self-Assessment
- Word Cloud Project
- Famous Entrepreneurs Project
- Interview with an Entrepreneur
|
OTHER EVIDENCE: - Assess the reality of becoming an entrepreneur, including advantages and disadvantages (e.g., risk vs. reward, reasons for success and failure).
- Each student should identify a successful entrepreneur and analyze the person’s skills, personality traits and motivation(s) for and pathway to becoming an entrepreneur. Each student should write a brief paper about the person, providing a rationale as to why the identified traits, skills, motivation and pathway have facilitated the person’s success. Students should also include a discussion of the role of profit as an incentive to the entrepreneur and explain factors that have contributed to the success (or failure) of the entrepreneur’s business(es).
- Then, each student should use the Entrepreneur Self-Test at http://www.youronestopcenter.com/entrepreneur-test.php to assess her/his entrepreneurial potential. Students should evaluate their results and identify their areas of strength and those needing additional improvement. Each student should prepare a written reflection discussing actions s/he plans to take to improve the areas needing improvement.
|
Stage 3 – Learning Plan |
Summary of Key Learning Events and Instruction - Students will explore the character traits of successful entrepreneur of their choice. Oral presentations given will make students aware of the traits successful entrepreneurs have in common. Students will create a list of jobs they have and add the traits they needed to complete the job.
- Based on that list create a list of traits they need to develop
- The goal is to evolve the students’ understanding of what an entrepreneur is from the antiquated definition on this slide to the wider view of entrepreneurship today
- Whole class discussion opportunity. Can they also name the business(es) they started?
- Suggestion: Bell ringer competition - see who can create the longest list in 3 minutes
- Suggestion: Round robin name entrepreneurs until student lists are exhausted
- Watch for: Students may question if someone is really an entrepreneur. What questions does this raise about the definition of entrepreneurs? “Is a franchise owner really an entrepreneur?” Transitions to the next slide.
- Poll or informally survey your students
- Entrepreneur (already involved in money-making activities--other than a traditional part time job)
- Wantrepreneur (interested in being an entrepreneur someday, but need some guidance)
- Nontrepreneur (not interested in being an entrepreneur, just here for the credit/trying something different)
|
Stage 1 Desired Results |
ESTABLISHED GOALS Unit 2: Small Business Creation/Spotting the opportunity Students will examine contributions that local businesses have made to society and identify factors impacting those and other businesses. |
Standards |
Students will be able to independently use their learning to… BEE 3: Business Foundations Understands fundamental business concepts that affect business decision making BEE 4: Communications and Interpersonal Skills Understands concepts, strategies, and systems needed to interact effectively with others BEE 5: Economics Understands the economic principles and concepts fundamental to entrepreneurship/small business ownership
|
Meaning |
UNDERSTANDINGS Students will understand that… - The importance of the US Census information.
- Business decisions are made based on statically available information.
- The analysis of the trade area is important to the success of the business.
- Location is definitely the most important business decision
|
ESSENTIAL QUESTIONS - What is the importance of the demographics of the trade area?
- What is the importance of local economic information to the business?
- How do I use the information to make business decisions?
- What part does the geography of the area play in the success of a business?
|
Acquisition |
Students will independently be able to use their learning for What information do you need about the area before you locate there? How do you get the needed information? How do you use the information to make informed business decisions? Knowing the trade area is vital to the success of the business. Students will familiarize themselves with the information available from the US Census and be able to interpret the data in regard to their business. Other areas of research are: geographics characteristics, and whether the area is growing or shrinking
|
Students will be skilled at… - Explore different types of businesses
- Spot opportunity geographically
- Spot opportunity by industry
- Assess competition in evaluating an opportunity
|
Stage 2 - Evidence |
Evaluative Criteria | Assessment Evidence |
- Explain the reasons that businesses and organizations exist and their role in society, and describe types of business models.
- Describe types of business activities, or functions (e.g., accounting, finance, human resources management, information management, marketing, operations, sales and strategic management); the interactions among business functions, or activities; and the differences in implementation that occur in big versus small business.
- Explain forces that are driving business changes (e.g., globalization, consumer demand, government policies, political climate, diversity, spending trends, industry structure changes) and how organizations are adapting to today’s business environment (e.g., proactive management, competitive aggression, innovative management, agile management, organizational learning, market orientation, slack resources).
| PERFORMANCE TASK(S): Class Discussions • Research projects • Teacher Observation • Class Participation • Group Work Summative Assessments • Unit Test
|
OTHER EVIDENCE: - Individually or in small groups, students should determine what constitutes a “small business” in our economy. Students should identify local small businesses and determine ways that the businesses have contributed to society. Each student (or group) should write a brief paper about the businesses’ contributions, discuss his/her findings with the class and submit the report for review.
- Then, lead the class in a discussion of the various business functions in these local small businesses. Students should also identify differences in how these functions operate in large businesses versus small ones.
- Finally, instruct each student or group to use presentation software to create a visual depicting the factors affecting businesses. Students should share their presentations with their classmates and collect the classmates' feedback.
|
Stage 3 – Learning Plan |
Summary of Key Learning Events and Instruction - Virtual Business Entrepreneurship: Spotting the Opportunity
In this simulation exercise, students find themselves in an expansive city. They are considering opening a new business and have 5 different businesses in mind. Students browse over the city and see many competitors in different locations. They then do a survey to determine where most potential customers live. Next, they do a Google maps-like search on businesses of the types they are considering. For each, they note the number and location of competitors as well as their hours, breadth of product offerings and customer ratings. From this they identify an opportunity and prepare to start a business. As a final check, they research the local labor supply in their city to make sure they can hire employees. Students form the business which is auto-run for them. They learn how to find its income statement and run time forward to observe operations. Students meet the goal when their business generates a target weekly profit
|
Stage 1 Desired Results |
ESTABLISHED GOALS Unit 3: Identifying the Possibilities Students will generate and screen potential business and/or product ideas and then define their business mission. |
Standards |
Students will be able to independently use their learning to… BEE 3: Business Foundations Understands fundamental business concepts that affect business decision making BEE 4: Communications and Interpersonal Skills Understands concepts, strategies, and systems needed to interact effectively with others BEE 5: Economics Understands the economic principles and concepts fundamental to entrepreneurship/small business ownership BEE 8: Information Management Understands the concepts, systems, and tools needed to access, process, maintain, evaluate, and disseminate information for business decision-making BEE 10: Operations Management Understands the processes and systems implemented to facilitate daily business operations |
Meaning |
UNDERSTANDINGS Students will understand that… - What are the three most important decisions a business will make? LOCATION! LOCATION! LOCATION! So what is the BEST location?
- Factors affecting location will be discussed at length. The class will cover Personal Factors,
- Geographic restrictions and building considerations.
|
ESSENTIAL QUESTIONS - What is the importance of the demographics of the trade area?
- What is the importance of local economic information to the business?
- How do I use the information to make business decisions?
- What part does the geography of the area play in the success of a business?
|
Acquisition |
Students will independently be able to use their learning for - Understand trends in physical development and the opportunities they present
- Understand trends in demographics and the opportunities they present
- Use surveys as part of a market research effort
- Examine longitudinal survey data over time to spot trends
- Find competitor data and use it in good pricing decisions
|
Students will be skilled at… - Analyze a location for their business
- Make an informed decision on the location of their business.
- Develop the business plan location section.
|
Stage 2 - Evidence |
Evaluative Criteria | Assessment Evidence |
- Describe the role and function of professional organizations, industry associations and organized labor and use networking techniques to develop and maintain professional relationships.
- Introduce idea generation, compare to opportunity recognition
- Discuss ways to evaluate business opportunities
- Define creativity, innovation
- Discuss the importance of ideas being value-driven
| PERFORMANCE TASK(S): Business Model Canvas Pitch 1
|
OTHER EVIDENCE: - Individually or in small groups, students should identify and record several possible opportunities for a new venture, product, or service. Encourage students to think about what they’ve noticed or learned at work about a particular industry, product, competitor, production method, etc.; what they do in their free time, including personal interests and hobbies; the frustrations and problems that they have experienced as a customer; complaints and ideas that other people have shared with them; local, regional, national and international trends and changes that are intriguing to them; and other random thoughts and observations that they have had pertaining to a new venture, product, or service opportunity. Students should also consider the needs, wants and obstacles that they or others have had or experienced.
- After generating several ideas, students should discuss their new venture, product, or service ideas with a group of classmates. After receiving feedback, students should select the product/service that they are most interested in pursuing.
- To determine the viability of their idea, students should conduct thorough research and conduct a feasibility test of their idea. After completing the feasibility test, each student or group should use presentation software to prepare and present a five-minute slideshow that explains the selected venture, product, or service, the rationale for the decision and supporting information and plans that the student or group has developed as a result of research and completion of the feasibility test.
- Finally, students should access the web sites of three businesses that sell similar products/services or. Students should evaluate the businesses’ mission statements, determining whether they are well crafted, allow for growth of the business and would support adding the product/service chosen (if appropriate). Students should discuss their observations with a small group of peers. After conducting this research and discussing their observations with their classmates, students should write a mission statement for a business, share it with classmates and revise and/or edit as needed.
|
Stage 3 – Learning Plan |
Summary of Key Learning Events and Instruction - Virtual Business Entrepreneurship Simulations 1-5
|
ESTABLISHED GOALS Unit 4: Marketing Students will select a target market, conduct market and competitive analyses, set prices, forecast sales, develop marketing goals and prepare a marketing budget. |
Standards |
Students will be able to independently use their learning to… BEE 3: Business Foundations Understands fundamental business concepts that affect business decision making BEE 4: Communications and Interpersonal Skills Understands concepts, strategies, and systems needed to interact effectively with others BEE 5: Economics Understands the economic principles and concepts fundamental to entrepreneurship/small business ownership BEE 9:Marketing Management Understands the concepts, processes, and systems needed to determine and satisfy customer needs/wants/expectations, meet business goals/objectives, and create new product/service ideas
|
Meaning |
UNDERSTANDINGS Students will understand that… - The promotional mix is created with the elements that are most likely used by your target market.
- Each media has advantages and disadvantages.
- The promotional mix is planned way to get your sales message out to the general public.
|
ESSENTIAL QUESTIONS - What are the promotional elements?
- What are the advantages and disadvantages of each type of media?
- What are the criteria for selecting media?
- How do create a promotional plan?
|
Acquisition |
Students will independently be able to use their learning for - Relate business functions to business models, business strategies and organizational goal achievement.
- Explain factors that motivate customers, clients and businesses to buy and actions employees can take to achieve the company’s desired results.
- Describe principles of marketing, marketing functions and the factors influencing their effectiveness.
|
Students will be skilled at… - Select media based on reaching their target market.
- Create a promotional mix for their business
|
Stage 2 - Evidence |
Evaluative Criteria | Assessment Evidence |
- Explain factors affecting pricing decisions (e.g., customer value perception, brand, negotiating power, corporate policies, competitive strategy, stage of customer life cycle).
- Describe foundational concepts associated with product and service management to understand its nature and scope (e.g., product life cycles).
- Explain the drivers of brand and the impact, benefits and drawbacks of branding.
- Describe promotion’s nature, scope and role in meeting business objectives (e.g., types of promotion, promotional mix, promotional channels).
- Describe the concept of market and market identification.
- Identify market segments, and select target market(s).
- Profile target customer to determine market needs and customer demand for products and services.
- Explain the role of situation analysis in the marketing planning process.
- Conduct a market analysis (market size, area, potential, etc.).
- Conduct a competitive analysis.
- Forecast sales, and establish sales goals.
- Set marketing goals, objectives and budget to achieve corporate goals and objectives.
| PERFORMANCE TASK(S): Formative Assessments • Class Discussions • Research projects • Teacher Observation • Class Participation • Group Work Summative Assessments • Unit Test • Teacher Created Projects Which Correspond with the Unit • Creation of Business Plan Unit- Business Plan Promotion Section
|
OTHER EVIDENCE: - Students should conduct market research to determine their target market(s) and then prepare a market analysis of the target market(s). The analysis should include a clear description of the target segment(s), each target segment’s needs, each target market’s buying habits and communication channels that are most effective in reaching each target market.
- Each student should prepare a report detailing her/his business’s primary and secondary competitors and write a short report identifying these competitors, the competitors’ product offerings, their strengths and weaknesses and their position in the market. S/He should also determine how his/her business is different/unique from the competition, create a Unique Selling Proposition for his/her business and identify ways to incorporate it in marketing efforts. After doing so, s/he should develop at least one strategy for positioning his/her new business/product. After developing the strategy, s/he should also create a positioning statement that aligns with the strategy.
- Next, students should gather the financial information necessary to calculate their businesses’ break-even point for one or more products in units and in dollars. They should prepare a graph of their calculations. Then, students should set prices for the goods or services that they plan to sell. They should estimate product demand, identify the products’ floors and ceilings and use a spreadsheet software program to show costs, miscellaneous charges, discounts, profit margin and final selling prices. Also instruct each student to select an approach for forecasting sales for his/her business and forecast sales for the business. S/He should use a software program to create a bar graph depicting forecasted sales for the first 12 months of operation.
- Following this, students should identify broad-based marketing goals for their businesses and prepare objectives to support them. Finally, students should evaluate the marketing activities they plan to conduct for their businesses. They should access the website www.BizStats.com or a hardcopy of The Almanac of Business and Financial Ratios by Leo Troy, determine representative industry ratios for the marketing activities and use a spreadsheet to set up a marketing budget.
|
Stage 3 – Learning Plan |
Summary of Key Learning Events and Instruction - Virtual Business Entrepreneurship Simulations 6-8
- Business Plan Project
|
ESTABLISHED GOALS Unit 5:Financial Statements Students will determine the financing necessary for business operations, prepare pro forma financial statements, select sources of financing and complete loan applications |
Standards |
Students will be able to independently use their learning to… BEE 3: Business Foundations Understands fundamental business concepts that affect business decision making BEE 4: Communications and Interpersonal Skills Understands concepts, strategies, and systems needed to interact effectively with others BEE 6: Financial Management Understands the financial concepts and tools used in making business decisions |
Meaning |
UNDERSTANDINGS Students will understand that… - The importance of projecting expenses and profit.
- Financing is hard to get for a start-up business.
- Proprietorship = Assets - Liabilities
- A sales forecast is your best guess at expected income.
|
ESSENTIAL QUESTIONS - How do you calculate a sales forecast?
- What is the purpose an income statement?
- What is the purpose of a balance sheet?
- What items are included in start-up costs?
- How do you create a projected income statement?
- How do you create a projected balance sheet?
- How do you calculate projected profit and loss?
- Where can you find capital (money) to get started?
|
Acquisition |
Students will independently be able to use their learning for - Create, analyze and interpret financial documents (e.g., budgets, income statements).
- Review and summarize savings, investment strategies and purchasing options (e.g., cash, lease, finance, stocks, bonds).
- Identify credit types and their uses in order to establish credit.
- Identify ways to avoid or correct debt problems.
- Explain how credit ratings and the criteria lenders use to evaluate repayment capacity affect access to loans.
- Identify income sources and expenditures.
- Compare and contrast different banking services available through financial institutions
|
Students will be skilled at… - Create a sales forecast
- Create a profit/loss statement
- Create a balance sheet
- Find capital sources for their business
|
Stage 2 - Evidence |
Evaluative Criteria | Assessment Evidence |
- Utilize tools, strategies and systems to plan, monitor, manage and maintain the use of financial resources.
- Access, evaluate and disseminate financial information to enhance financial decision‐making processes.
- Manage a financial product or service mix in order to respond to market opportunities.
- Employ financial risk‐management strategies and techniques used to minimize business loss
- Summarize the financial risks and benefits of entrepreneurship as a career choice.
- Analyze and critique various sources of income and available resources (e.g.,financial assets, property, and transfer payments) and how they may substitute for earned income
- Determine risks to short-term and long-term business strategy using critical information on financial documents (e.g., pay register, bank statements, income tax forms, financial statements).
- Explain how accounting and accounting standards impact business financial performance, and distinguish between cash and accrual methods of accounting.
- Distinguish among profit, cash flows, and return on investment (ROI) measures; and identify factors that could cause different outcomes within these three measures of business performance.
- Compare and contrast financing options for domestic and international markets.
- Track and allocate costs to projects and cost centers (e.g., job order cost sheets, standard cost application, overhead calculation).
- Apply cost and revenue data for short-term and long-term decision-making, strategic planning, and forecasting.
- Project future revenues and expenses for budgeting and forecasting purposes.
| PERFORMANCE TASK(S): Formative Assessments • Class Discussions • Research projects • Teacher Observation • Class Participation • Group Work Summative Assessments • Unit Test • Teacher Created Projects Which Correspond with the Unit • Creation of Business Plan Unit- Business Plan Promotion Section
|
OTHER EVIDENCE: Instruct students to access and use the business cost calculator located at http://www.businessknowhow.com/startup/startup.htm to determine the funds that their businesses will require per month for business operations. Students should print these estimates and discuss the start-up costs with their classmates. Finally, instruct students to extend their financial-need projections for the next six months.
Next, students should research a variety of sources (e.g., the Internet, small-business owners, SBA, magazines/journals, etc.) to develop realistic income and expense estimates for the businesses they plan to start. As they do this, students should identify the assumptions impacting their income/expense estimates. Using these assumptions and obtaining technical assistance, each student should prepare pro forma financial statements for her/his business. Each student should also create a list of factors that s/he anticipates will speed up/slow down income and expenses.
Invite a venture capitalist or loan officer to speak to the class about the importance of credit to small businesses and to provide information about the most frequently provided types of credit for small businesses in your area. Following the guest speaker’s visit, lead a class discussion focused on the advantages and disadvantages of each type of credit. Then, each student should decide what sources of financing are appropriate for starting his/her business. Students should write rationales for their decisions. Finally, students should obtain loan applications from the financial institution(s) from which they plan to borrow money. Students should complete the forms, providing supporting documentation requested. |
Stage 3 – Learning Plan |
Summary of Key Learning Events and Instruction - Virtual Business Entrepreneurship Simulations 9-12
- Business Plan Project
|