Small Business Entrepreneurship Lesson Objectives

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1 Small Business Entrepreneurship Lesson Unit 1: OVERVIEW OF SMALL BUSINESS ENTREPRENEURSHIP What Is Entrepreneurship? Define and list examples of entrepreneurs. Explain the difference between a product-based and a servicebased Describe the overall purpose of this course. Define entrepreneurship. Entrepreneurial Traits List examples of common desirable entrepreneurial traits. Project: Characteristics of Successful Entrepreneurs Research three successful entrepreneurs. Education, Aptitudes, and Skills Complete an aptitude test and record their results in a table or short summary. Identify education, aptitudes, and skills recommended for entrepreneurs. Define aptitude. Goals Evaluate personal goals and capability to determine entrepreneurial potential. Write personal goals for starting a business and list how they will affect entrepreneurial potential using the SMART system. Define goal. Personal Interests Define personal interest and personality tests. Complete a personality test and record the results in a table or short summary. Ethics Identify examples of ethical and unethical practices in Define ethics. Project: Ethics Find an article that deals with business ethics and write a summary of the article. Legal Forms of Business Ownership Define and give examples of the legal forms of business ownership. Business Risks Define four types of business risks. Summarize the ways to deal with each type of risk. Project: Business Risks Find an article that deals with business risks and write a summary of the article. Sources of Assistance Explain and list what sources of assistance are available when planning a Roles of Government Explain and list ways in which the government is involved in small Unit Project: Business Ventures Part 1 Create a list of possible business ventures based on your interests. Choose a legal form of business ownership, and list advantages and disadvantages. topics discussed in in chapter 1. topics discussed in in chapter 2.

2 Small Business Entrepreneurship Lesson Unit 2: ECONOMICS What Is the Role and Importance of Small Business Entrepreneurship in the Economy? Define the role of entrepreneurship in the economy. Explain the ways entrepreneurs help the economy. Project: How Entrepreneurs Improve the Economy Research at least five ways that entrepreneurs improve the economy and explain whether you agree or disagree with each. Supply and Demand Define supply and demand and explain their relationship in a market economy. Pricing and Production Explain how supply and demand affect pricing. Explain how supply and demand affect production. Project: Supply and Demand Graph Create a supply and demand graph. Equilibrium Explain how supply and demand affect equilibrium. Project: Equilibrium Graph Create a graph showing the equilibrium point. Scarcity Explain how scarcity and allocation affect small businesses. Economic Measurement Explain the importance of economic measurement: Gross Domestic Product. Describe two ways to calculate Gross Domestic Product. Project: Economic Forecast Find an article that deals with economic forecasting and write a summary of the article. If you use the Internet, include the link you used as a resource. Fixed and Variable Costs Differentiate between fixed and variable costs. Opportunity Costs Identify and list examples of business opportunity costs. Identify and list examples of everyday opportunity costs. Project: Opportunity Costs Identify what opportunity costs are. Profit Motive Describe how a profit motive can serve customers and employees. Explain what profit motive is and its impact on Unit Project: Business Ventures Part 2 Create a Power Point presentation or a chart showing how supply and demand, scarcity, and economic measurement affect the legal form of business you chose, as well as the costs associated with your topics discussed inin chapter three. topics discussed inin chapter two. topics discussed in chapter one.

3 Small Business Entrepreneurship Lesson Unit 3: FINANCING Start-Up Costs Explain how to estimate start-up costs for an entrepreneur. Costs of Goods Sold Define and estimate cost of goods sold. Operating Expenses Estimate operating expenses. Give examples of operating expenses. Gross Income, Net Income, and Break-Even Point Define and calculate gross income and net income. Define and calculate break-even point. Income Statement Interpret an income statement. Project: Income Statement Develop an income statement. Balance Sheet Describe the owner's equity section of a balance sheet. Explain the headings and assets sections of a balance sheet. Project: Balance Sheet Develop a balance sheet. Profitability and Projecting Cash Flow Calculate profitability of a business and project cash flow based on financial records. Project: Financial Records Find an article that deals with the financial records of a business and write a summary of the article. Sources of Financing List sources of financing. Assess Collateral List ways by which an entrepreneur can assess his or her own collateral or equity. Project: Financing Sources Research at least three outside financing sources available to entrepreneurs and then create a table that shows the ability to acquire a loan from each of them. Interest Rate and Monthly Payments Calculate a loan's interest rate and monthly payments. Unit Project: Business Ventures Part 3 Analyze charts relating to an income statement and a balance sheet. Create a table and develop an income statement and a balance sheet. Decide what financing source you will use to expand your business and explain why you chose this source. topics discussed inin chapter three. topics discussed inin chapter two. topics discussed in chapter one.

4 Small Business Entrepreneurship Lesson Unit 4: MARKETING Analyze a Market's Customers Analyze Consumer Markets. Analyze Industrial Markets. Target Market Describe the ways to analyze a market's customers. Project: Target Market Assuming you are an entrepreneur, select a product or service to sell, answer questions to determine a target market, and then create a table with the results. Steps of Market Research Identify the steps of market research in the correct order. List uses for market research. Project: Current Event - Market Research Find an article that deals with the market research of a business and write a summary of the article. Project: Assessing Competitors' Strengths and Weaknesses Research five to seven things a business should look at when assessing competitors' strengths and weaknesses and create a chart or table showing the results. Industry Characteristics Identify Industry characteristics: Market structures. Analyze the effects of market characteristics on a particular industry. Marketing Terminology Define: market, target market, market research, marketing mix, market positioning, market penetration strategy. Define: market segmentation, market share, and customer profile survey. Marketing Functions Identify and explain the marketing functions. 4P's and 7P's Explain why the concept of 4P's has been used for the product industry while 7P's has emerged as a successful suggestion for the services industry. Project: Marketing Mix Identify a company's target market and marketing mix the student frequently buys from. Project: Promotion Research three ways in which a business can promote products and services; create a chart describing the strengths and weaknesses of each. Marketing Plan List why a marketing plan is important and what it should include. Unit Project: Business Ventures Part 4 Explain how the elements of a marketing mix will be used. Create a company, including the creation of a product or service. Create advertising for that product or service to reach a target market. topics discussed in this unit.

5 Small Business Entrepreneurship Lesson Unit 5: MANAGEMENT AND BUSINESS PLANS Functions of Management List and describe functions of management: Planning and Organizing. List and describe functions of management: Leading and Controlling. Project: Leadership Styles Take a leadership assessment to see what type of leadership style you have. Organization Structure Describe the features of a matrix organization structure. Assign tasks to be performed by the internal organization of a Project: Organizational Chart Create an organizational chart for the internal organization of a business and assign the appropriate task to be performed to each department or individual. Regulations to Protect Employees Examine regulations that protect employees. Business Plan Summarize the seven key elements of a business plan. Define what a business plan is and why entrepreneurs need one. Project: Business Plan Create a table listing all seven elements of a business plan and what should be included in each section. Project: Business Plan Sources Research sources for finding help when writing a business plan. Create a Top 10 list of sources to help entrepreneurs write a business plan. Project: Analyze a Business Plan Part 1 Assess the executive summary of a business plan. Project: Analyze a Business Plan Part 2 Look to see what kinds of products or services will be involved with the Search to find any summary about the company that mentions funds for starting the Project: Analyze a Business Plan Part 3 Determine if there are any strategies mentioned in the business plan about marketing and research. Determine whether the financial forecast is indicative of a continual increase over a specific period of time. Project: Analyze a Business Plan Part 4 Examine the summary of the financial data. Unit Project: Business Ventures Part 5 Develop a business plan. topics discussed in chapter 1. topics discussed in chapter 2. Unit 6: COURSE REVIEW AND EXAM topics discussed in Units 1-5

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