Entrepreneurship 1

COURSE OVERVIEW

Entrepreneurship 1 is an engaging, project-based, course. Entrepreneurship 1 emphasizes entrepreneurial development and strategy skills. Students will develop a basic understanding of entrepreneurship, professional skills, and associated expectations, as well as develop a basic understanding of how to use financial information in ownership, to analyze a market, and to use marketing strategy to start a business. In addition, students will develop a business plan, learn how to obtain funding, and learn about the agencies businesses interact with to become a legitimate entity. Technology will be utilized throughout the course. Building and managing the school store will be an ongoing project throughout this course. This course is for students in grades 9-12.

• Understand perceptions and definitions of entrepreneurship and small business.

• Identify major characteristics of an entrepreneur.

• Learn about the role small businesses play in the U.S.

• Begin to transform a business idea into reality using creative ways of thinking.

• Develop skills to gather market information.

• Understand the risks of starting a business.

• Learn the basics of business planning.

• Understand funding landscape and options.

• Map out government agencies and their relationship with business owners.

• List the steps of how to register a business.

• Make a profile of an entrepreneur.

• List what makes an entrepreneur.

• Identify entrepreneurial strengths.

• List advantages and disadvantages of entrepreneurship.

• Interview an entrepreneur.

• Describe a business idea.

• State the name of the business.

• Explain what type of business will be run.

• Identify the unique features of the product, such as cost, design, quality, capabilities.

• List stages of development.

• Provide projected stages of ongoing development.

• Describe the production process.

• List facilities needed to run the business effectively.

• Describe the management team.

• Describe and explain the location of your business.

• Show current market and projected trends.

• Describe the industry for this product or service.

• Consider the national, regional, state and local levels.

• Use the Internet to research dollars spent annually and/or units consumed annually in this industry.

• Describe whether this is a growth, stable, or declining industry.

• Explain the industry trends.

• Show how technologies, including the Internet, affect your business.

• Describe the special seasons in your industry.

• Show effects of holiday buying patterns.

• Describe your existing distribution networks through which your product or service can be sold.

• List local retailers willing to sell your product on commission?

• List local businesses that would recommend your product/service to their customers?

• Illustrate a plan to get your product or service to your customer.

• Describe intended competitors.

• Describe intended customers.

• Describe how you will price your product or service.

• List the ways of advertising and promoting the business.

• List everything that you need in order to start your business and the cost associated with each item.

• Explain how much cash the business needs and from what sources the cash will be obtained.

• Describe how much profit your business will make and the cash position for your company.

• Describe how you will know whether you met your sales, communications, and market penetration and profit objectives.

• Plan time for business closure.

• Promote what is unique about your business idea.

Entrepreneurship

15.5.12.A: Analyze personal choices in preparation for entrepreneurship.

15.5.12.B: Evaluate personal management and organizational abilities to succeed in entrepreneurship.

15.5.12.C: Analyze the impact of entrepreneurship in the domestic economy.

5.5.12.D: Create a business plan using appropriate data to support the business concept.

15.5.12.E: Evaluate legal forms of business entities when considering entrepreneurship (e.g., existing business, franchise, new business, corporation, LLC, partnership, sole proprietorship).

15.5.12.F: Research the opportunities for local entrepreneurship in the global economy and discuss the impact of government regulations.

15.5.12.G: Analyze factors affecting global pricing including international currency fluctuations, tariffs, price controls, and anti-dumping laws.

15.5.12.H: Assess advantages and disadvantages for entrepreneurial business in foreign markets; including language and trade barriers, marketing, and regulations.

15.5.12.I: Evaluate the functions of operations management as influenced by the business parameters.

15.5.12.J: Evaluate strategies for incorporating emerging technologies into specific business operations.

15.5.12.K: Analyze issues and cases associated with government regulation.

15.5.12.L: Analyze an innovation/ business concept and develop a comprehensive business plan. 

15.5.12.M: Analyze funding sources for an entrepreneurship including, IPO, venture capital, loans, and owner capital.

Management

15.8.12.A: Predict and chart trends that show how future economic growth/decline impacts business.

15.8.12.B: Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership, or corporation.

15.8.12.C: Critique major social and ethical decisions made by business and organizations throughout history. 

15.8.12.D: Analyze the effectiveness of a business plan for setting and achieving objectives.

15.8.12.E: Evaluate how businesses are organized to achieve desired goals.

15.8.12.F: Critique business strategies designed to balance the needs of the business with the work force.

15.8.12.G: Analyze leadership skills necessary for leading at various management levels.

15.8.12.H: Analyze motivational theories and their application in a business or organization.

15.8.12.I: Analyze and select appropriate managerial communication skills based upon context. 

15.8.12.J: Analyze the use and purpose of various technology tools used by management.

15.8.12.K: Design a career plan that incorporates personal interests, education, and societal trends, as related to lifelong learning in the changing global environment.

5.8.12.L: Explain the purpose and activities of a human resource department in a business or organization.

15.8.12.M: Evaluate selection criteria for a position in a business or organization.

15.8.12.N: Analyze existing federal, state and local legislation (such as harassment, employee rights, privacy, discrimination, substance abuse) as related to recruitment, selection, retention of employees within a business or organization.

15.8.12.O: Explain the collective bargaining process and its impact on the legal requirements of management.

15.8.12.P: Design appropriate orientation, training, and evaluation activities to meet established skill development requirements.

15.8.12.Q: Assess compensation, benefit plans, incentive packages, and possible career paths in businesses.

15.8.12.R: Compare a firm’s financial position against industry standards. 

15.8.12.S: Compare and contrast the processes used for the design, redesign, supply, and/or production of a current industry product.

15.8.12.T: Analyze the impact of different management strategies used by global businesses. 

Unit:  The Role of Small Business

Lessons:

• Thinking Entrepreneurially
• What is a Small Business
• Characteristics of an Entrepreneur         
• Entrepreneurial Passion
• The Role of Small Business – Yesterday and Today
• History of Entrepreneurship in America
• Why Does the Definition of Small Business Matter
• Your Top Three Traits

Unit:  From Idea to Reality

Lessons:

• Mind Mapping
• Creative Idea Capture and Follow-Up
• Entrepreneurial Passion
• Market Strategy
• Entrepreneurial Heat-o-Meter
• Resources for Social Entrepreneurs

Unit:  Turning Idea into Business

Lessons:

• Protecting Creative Ideas Exercises
• Market Research Role Play
• Matching Creativity with a Plan        

Unit:  Innovation

Lessons:

• Thinking about “How”
• Business Plan Basics:  Case Study
• Sites for Entrepreneurs
• Projecting Project
• What Entrepreneurs Do With Profit
• Funding
• Your Business Plan
• Your Funding Options

Unit:  Your Business Idea

Lessons:

• What is the name of your business?
• Describe your business idea:
• What product do you sell or what service do you provide?
• How does it benefit the customer?
• Describe how your business solves a problem or meets a need.
• Describe what type of business you will run?
• Service, retail, manufacturing.
• If you offer multiple products/services, include a list of each item.
• If you have conducted market research, include testimonials as well as results from market surveys and focus studies that demonstrate customer's interest in your product or service.

Unit:  Unique Features and Benefits

Lessons:

• Describe the unique features in terms of benefits to the customer.

Unit:  Stage of Development

Lessons:

• Is your product finished or are you still developing it?
• Provide projected dates for achieving other stages of development.

Unit:  Production/Manufacturing

Lessons:

• (Product business)
• Describe the production process.
• How much of your product will be produced internally and how much of the production will be subcontracted out?
• What are the costs and services involved in subcontracting?
• What facilities are needed to run your business?
• Home-based, office, retail, manufacturing

Unit:  Management Team

Lessons:

• Describe the qualifications - experience, talents, training, and special expertise - of the team.
• Board of Directors/Advisory Council
• Describe who will serve on the board of directors or advisory council.
• Identify your support team - list names, job titles, qualifications
• Consider including key advisors, such as accountants, lawyers, bankers.
• Who do you or your families know that understands the basics of running a business?

Unit:  Industry Profile

Lessons:

• Location and Facilities
• Describe and explain the location of your business. (example: address, mobile service, building, van, truck, own or rent...)
• Current Market
• Describe the industry for this product or service
• Consider the national, regional, state and local levels
• Use the Internet to research dollars spent annually and/or units consumed annually in this industry.
• Describe whether this is a growth, stable, or declining industry
• Industry Trends
• What are the trends in the industry?
• How does technology, including the Internet, affect your business?
• Seasonality Factors
• Describe the special seasons in your industry.
• Does your business depend upon the seasons? For example, lawncare, snow removal, holiday cards, etc.
• Will your business be affected by holiday buying patterns?
• Distribution
• Describe your existing distribution networks through which your product or service can be sold.
• Are there local retailers willing to sell your product on commission?
• Are there local businesses that would recommend your product/service to their customers?
• How do you plan to get your product or service to your customer?

Unit:  Competition Profile

Lessons:

• Describe your competitors.
• Identify your competitive advantage.
• How do you compete in these areas:
  Note: Use Competitive Matrix chart to compare your business and the competition
• Price
• Quality
• Unique features & benefits
• Distribution
• Marketing/advertising
• Strengths/weaknesses

Unit:  Customer Profile

Lessons:

• Describe your intended customer.
• Consider age, gender, profession, income, geographic location, etc.
• May also consider customer psychographics – attitudes, values, belief systems, and social status.
• If you have conducted surveys regarding your product or service, include customer testimonials, results from market surveys, feedback from focus groups
• Identify an approximate number of potential customers you can expect and identify approximately how much money each customer will spend on your product or service

Unit:  Pricing Profile

Lessons:

• Describe how you will price your product or service.
• Consider developing a pricing sheet for customers showing purchase price, quantity discounts, shipping procedures, billing procedures, and warranties/maintenance contracts.

Unit:  Advertising and Promotion

Lessons:

• Describe how you will advertise and promote your business, i.e. flyers, business cards, word-of-mouth, website plan, trade show, sample products, newspaper article (press release), radio, etc. If you are paying for advertising, include the cost.

Unit:  Financial Plan Assumptions  

Lessons:

• Assumptions
• Start-up Costs
• List everything that you need in order to start your business and the cost associated with each item.
• Capital Requirements
• Explain how much cash the business needs and from what sources the cash will be obtained.
• Owner investment
• Outside investment
• Loans
• Payback Plan
• Sales
• Describe an average "sale" for your business. Forecast your sales, taking into consideration variances between each of the months (why will you sell more one month than another – season, heavy marketing, exposure, repeat business, etc.).

Unit:  Financial Projections

Lessons:

• Financial Projections
• Describe how much profit your business will make and the cash position for your company.
• Refer to your monthly and six-month income statement & your six-month cash flow projection. Include income statements and cash flow projection in the business plan.

Unit:  Monitoring and Measuring

Lessons:

• Describe how will you know whether you met your sales, communications, market penetration and profit objectives
• Describe what your contingency plan is to evaluate your operation. You may want to use a specific time frame such as 3 months, 6 months, 1 year, etc. (Titles to the table may be changed for customizing your plan)
• Identify which areas of your business you intend to measure, how you will monitor your success, and describe your contingency plan of action if a business area measures below average.

Unit:  Exit Strategy

Lessons:

• Exit Strategy
• Plan time of business closure, select a future date because you have many steps yet to accomplish
• Tax implications: contact a tax consultant to find the current tax implications that best address you present situation. Set up a plan of action that needs to take place, identify specific dates so your goals are met.
• Legal notification of closure, confer with your lawyer as to the course of action needed to be taken. i.e: in selling the business, in gifting the business, in dissolving partnership, in selling business shares. etc.
• Identify action steps that need to take place
• Identify specific dates of meetings or deadlines
• Identify people involved
• List important papers needed
• Identify letters that need to be written and to who declaring closure of your business
• Distribution of Assets
• Create an inventory list of assets owned, including the amount and their dollar value.
• Identify what course of action you will be taking with each item.
  (Example: sell, gift, trade, auction, throw it out, etc.)
• Create a list of individuals who need to be contacted:
  Realtor, Auctioneer, Dealer, Trash Disposal, etc.
• Will there be a transition of ownership?
• If there is to be a transition of ownership:
• List all documents needed
• Bring all Financial Statements up to date
• Identify whom you need to contact? Lawyer, Realtor, Banker, Individual(s) involved?
• Identify the steps of action needed to take place throughout the transitioning plan.
• Identify a timeline for the action steps

Unit:  Executive Summary

Lessons:

• Your Executive Summary
• *Note - The Executive Summary is often the last part of the business plan written. It is a summary of your business plan. Investors use the Executive Summary as a quick way to evaluate business ideas. The Executive Summary needs to catch their attention and make them WANT to read more.
• *Note - If your business is already operational, you should include the history of your business, an overview of your marketing efforts, and a summary of sales and profits.
• Overview of your business idea.
• Promote what is unique about your business idea.
• Describe key management personnel, including skills and experience - What makes you/your team qualified to start this business?
• If you have any advisors (parents, family, friends) with skills that will benefit you, list them here.
• Describe your target market
• Who is your customer and what are their needs?
• How will you get your product/service into the hands of your customers?
• Identify major competitors, list their strengths and weaknesses.
• Financing Strategy
• How much money do you need to start your business?
• How much money can you invest in your business?
• How do you plan to raise money and what is your plan for paying the money back to investors?