Entreprenuership - Building a Business - Norwich High … - Building a... · o Knowing How to Learn...

Last Updated On: 2/9/2014 1

Norwich City Schools Entrepreneurship: Building a Business

Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: What is Entrepreneurship? (Unit # 1 – Going Into Business for Yourself) Transferable Concepts:

Performance Indicator

Subtopic Big Ideas Declarative Knowledge (Concepts)

Procedural Knowledge (Skills)

Vocabulary/Key Terms

SCANS Correlations:

Foundation Skills:

Basic Skills: o Reading o Writing o Listening o Speaking

Thinking Skills: o Creative Skills o Decision Making o Problem Solving o Seeing Things in

the Mind’s Eye o Knowing How to

Learn o Reasoning

Personal Qualities: o Responsibility o Self-Esteem o Sociability o Self-

Management o Integrity/Honesty

Workplace Competencies:

Resources: o Allocating Time

Information: o Acquiring &

Evaluating Information

o Organizing & Maintaining Information

o Interpreting and Communicating Information

o What is

Entrepreneurship o Entrepreneurship

and the Economy o The Entrepreneurial

Process

Additional Performance Indicator


Information: (Continued) o Using Computers to

Process Information

Interpersonal Skills: o Participating as a

Member of a Team o Teaching Others o Exercising Leadership o Negotiating to Arrive at

a Decision o Working with Cultural

Diversity

Systems: o Understanding Systems

Technology: o Applying Technology to

Task

Enduring Understanding:

Students will be able to explain the benefits of venturing into their own business. It can be challenging, exciting, and a rewarding way to make a living. You can do what you enjoy, exercise your creativity, make the best of your abilities, and be your own boss. Starting your own business puts you in charge.

At the conclusion of this unit of study, the student will be able to understand the following concepts: o What is Entrepreneurship o Entrepreneurship and the

Economy o The Entrepreneurial

Process

Additional Vocabulary/Key Terms

o Opportunity o Start-Up Resources o New Venture Organization o Business Failure o Discontinuance

o Discuss the role of small

business and entrepreneurship in the economy.

o Describe economic systems.

o Explain how economics is about making choices.

o Discuss the role of economic indicators and the business cycles.

o Describe what entrepreneurs contribute to the economy.

o Describe entrepreneurship from a historical perspective.

o Discuss the five components of the entrepreneurial start-up process.

o Explain how to achieve business success.

o Entrepreneur o Venture o Entrepreneurship o Entrepreneurial o Economics o Free Enterprise

System o Profit o Market Structure o Monopoly o Oligopoly o Goods o Services o Need o Want o Factors of

Production o Scarcity o Demand o Elastic Demand o Inelastic

Demand o Diminishing

Marginal Utility o Supply o Equilibrium o Gross Domestic

Product o Business Cycle o Enterprise Zones

Essential Question: What is economics and how is it important to entrepreneurs? What are the five key components of the entrepreneurial process?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Your Potential as an Entrepreneur (Unit # 1 – Going Into Business for Yourself) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Your Potential as

an Entrepreneur o Why be an

Entrepreneur o What does it take to

be an Entrepreneur




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Your Potential as an

Entrepreneur o Why be an Entrepreneur o What does it take to be an

Entrepreneur

o Describe the rewards of

going into business for yourself.

o Describe the risks of going into business for yourself.

o Indentify the background, characteristics, and skills of successful entrepreneurs.

o Explain techniques that will improve your potential for becoming an entrepreneur.

o Competition o Investment o Capital o Role Model o Foundation

Skills o Profile o Achiever

Essential Question: What are the rewards of entrepreneurship? What are the costs and risks of entrepreneurship? Do the rewards of entrepreneurship outweigh the risks?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Recognizing Opportunity (Unit # 1 – Going Into Business for Yourself) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Recognizing

Opportunity o Understanding

Entrepreneurial Trends

o Starting versus buying a Business

Additional




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Recognizing Opportunity o Understanding

Entrepreneurial Trends o Starting versus buying a

Business

o Discuss current trends

that provide opportunity for entrepreneurs.

o Explain ways to recognize opportunity.

o Explain how to think creatively about opportunity.

o Discuss ways to overcome challenges to creativity.

o Explain ways to find creative business ideas.

o Identify the importance of personal values and goals in choosing an entrepreneurial pursuit.

o Describe the challenges and rewards of entering a family business.

o List the benefits and drawbacks of buying a business.

o Describe how you can evaluate a business opportunity.

o Compare the advantages and disadvantages of starting your own business.

o Online Business o Services o Outsourcing o Strategic

Alliance o Corporate

Venture o Innovation o Niche o Brainstorm o Demographics o Trade Magazine o Specialty

Magazine o Trade Show o Values o Goodwill o Franchise o Franchisee o Franchisor o Business Broker

Essential Question: What is an idea? What is an opportunity? How is an idea different from an opportunity?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Global Opportunities (Unit # 1 – Going Into Business for Yourself) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Global

Opportunities o Global

Entrepreneurship o Ways to Enter the

Global Market




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Global Opportunities o Global Entrepreneurship o Ways to Enter the Global

Market

o Describe the role of

small business and entrepreneurship in today’s multicultural, global economy.

o Explain why the global market is important.

o Discuss how to recognize and examine current trends that provide both domestic and global opportunities for entrepreneurs.

o Describe the benefits and risks of international trade.

o Explain how to find the best international markets.

o Compare and contrast importing and exporting.

o Global Economy o Exporting o Importing o Trade Barrier o Tariff o Gross Domestic

Product (GDP) o Interpreter o Standard

Industrial Trade Classification (SITC) Codes

o International Business Exchange (IBEX)

o Trade Missions o “Best Prospect”

List o Disposable

Income o Trade

Intermediary o Foreign Joint

Venture o Export

Management Company

o Freight Forwarder

Essential Question: What global challenges and opportunities face entrepreneurs today? How can you show respect and understanding for other cultures?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Feasibility and Business Planning (Unit # 2 – Researching and Planning Your Venture) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Feasibility and

Business Planning o Feasibility

Analysis: Testing an Opportunity

o The Business Plan




Process Information




Diversity



Task


Students will be able to explain the many issues that an entrepreneur must consider. Marketing, type of business ownership, legal requirements, and choosing a location are only a few of the issues that an entrepreneur must consider. Creating a business plan will help you address and organize your venture’s concerns. A good business plan will help you turn your vision into a reality.

At the conclusion of this unit of study, the student will be able to understand the following concepts: o Feasibility and Business

Planning o Feasibility Analysis:

Testing an Opportunity o The Business Plan

o Discuss the importance

of defining a prospective business by writing a clear and concise business concept.

o Describe how a feasibility study can be used to test a concept in the marketplace.

o Describe the importance of planning.

o Identify and describe the components and formats of a business plan.

o List two of the key mistakes that entrepreneurs make when writing a business plan.

o Identify and analyze various sources of information for a business plan.

o Describe how to professionally package and present a business plan.

o Business

Concept o Feature o Benefit o Feasibility

Analysis o Industry o Target

Customers o Competitive

Grid o Prototype o Business Model o Value Chain o Business Plan o Vision Statement o Mission

Statement o Executive

Summary o Distribution

Channel o Direct Channel o Indirect Channel o Small Business

Administration (SBA)

o Trade Association

Essential Question: How can feasibility analysis help me test my business concept? What are the advantages of a well-prepared business plan?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Market Analysis (Unit # 2 – Researching and Planning Your Venture) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Market Analysis o Doing Market

Research o Industry and

Market Analysis




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Market Analysis o Doing Market Research o Industry and Market

Analysis

Additional Vocabulary/Key Terms

o Competitive Advantage o Customer Profile o Customer Needs Analysis

o Define areas of analysis

for industry and market research.

o Discuss how to conduct effective market research.

o Explain how to research an industry.

o Identify a customer profile and customer needs analysis.

o Industry o Carrying

Capacity o Complexity o Market o Target Market o Market

Segmentation o Market

Segments o Geographics o Psychographics o Industrial

Markets o Market Research o Exploratory

Research o Focus Group o Descriptive

Research o Historical

Research o Secondary Data o Primary Data o Barriers to Entry o Economies of

Scale o Brand Loyalty o Mass Marketing o Market Share o Niche o Market

Positioning

Essential Question: What are the five steps used in the marketing research process? What industry forces affect your ability to do business?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Types of Business Ownership (Unit # 2 – Researching and Planning Your Venture) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Types of Business

Ownership o Sole

Proprietorships and Partnerships

o Corporations




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Types of Business

Ownership o Sole Proprietorships and

Partnerships o Corporations

o Discuss the sole

proprietorship legal form.

o Explain the partnership legal form.

o Explain how the corporate form gives owners more protection from liability.

o Discuss the advantages and disadvantages of a C- Corporation.

o Explain the purpose of a Subchapter S corporation.

o Compare nonprofit corporations to C-Corporations

o Explain the limited liability company.

o .Discuss how to decide which legal form is best.

o Sole

Proprietorship o Liability

Protection o Unlimited

Liability o Partnership o General Partner o Limited Partner o Corporation o C-Corporation o Shareholders o Limited Liability o Subchapter S

Corporation o Limited Liability

Company (LLC) o Nonprofit

Corporation

Essential Question: What are the different types of legal business forms? How do I decide what legal form is right for me?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: The Legal Environment (Unit # 2 – Researching and Planning Your Venture) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Legal

Environment o Legal Issues Facing

Start-Ups o Handling

Government Regulations




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o The Legal Environment o Legal Issues Facing

Start-Ups o Handling Government

Regulations

o Explain how to protect

your intellectual property.

o Discuss the laws affecting the startup of a business.

o Explain the laws that affect employees.

o Identify the laws that regulate trade.

o Discuss the tax laws that apply to a new venture.

o Intellectual

Property Law o Patent o Public Domain o Patent Pending o Copyright o Trademark o Service Mark o Permit o License o Contract o Consideration o Capacity o Equal

Employment Opportunity Commission (EEOC)

o Wrongful Termination

o Price Discrimination

o Uniform Commercial Code

o Warranty of Merchantability

o Bait-and-Switch Advertising

o FICA

Essential Question: What is intellectual property? What laws and government agencies affect businesses?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Site Selection and Layout Planning (Unit # 2 – Researching and Planning Your Venture) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Site Selection and

Layout Planning o Community and

Site Selection o Layout Planning




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Site Selection and Layout

Planning o Community and Site

Selection o Layout Planning

o List the factors involved

in deciding on a community in which to locate a business.

o Identify the factors to consider when selecting a business site.

o Describe the resources that can be used in finding potential business sites.

o Explain the steps involved in analyzing potential sites for a business and choosing between those sites.

o Describe the advantages of starting a business at home or in an incubator.

o List the steps in layout planning that are common to all businesses.

o Describe the layout needs for each type of business.

o Discuss the final details of layout planning.

o Economic Base o Incentive o Census Tract o Trade Area o Industrial Park o Incubator o Layout o Workstation o Façade o Appointments

Essential Question: What factors should be considered when selecting a business location? Why is the physical layout of a business important?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: The Marketing Plan (Unit # 3 – Managing Market Strategies) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Marketing Plan o Devising a

Marketing Plan o Reviewing and

Revising the Marketing Plan




Process Information




Diversity



Task


Students will be able to explain the importance of making the correct marketing decisions relating to their business. Some of an entrepreneur’s most important business decisions involve marketing. Marketing will determine whether or not your product or service sells. Successful marketing starts with research and planning. Pricing, promotion, and sales management are a few of the vital issues entrepreneurs will face.

At the conclusion of this unit of study, the student will be able to understand the following concepts: o The Marketing Plan o Devising a Marketing Plan o Reviewing and Revising

the Marketing Plan

o Identify the role of

marketing objectives in developing a marketing plan.

o Name the five marketing strategies that make up the marketing mix.

o Describe the part marketing tactics play in the marketing plan.

o State the importance of ongoing market research.

o List the factors to consider for each strategy when reviewing the marketing mix.

o Describe how to update the marketing mix and marketing plan.

o Marketing Plan o Marketing

Objectives o Marketing Mix o Brand o Package o Label o Product

Positioning o Product Mix o Channel of

Distribution o Intermediaries o Intensive

Distribution o Selective

Distribution o Exclusive

Distribution o Marketing

Tactics o Private Brand o Guarantee o Diversification

Essential Question: What is a marketing plan? What are the components of the marketing mix?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: The Price Strategy (Unit # 3 – Managing Market Strategies) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Price Strategy o Considering Price

Strategy o Calculating and

Revising Prices




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o The Price Strategy o Considering Price Strategy o Calculating and Revising

Prices

o Identify factors that

affect price strategy. o Explain the marketing

objectives related to pricing.

o Describe the components that go into making price strategy decisions.

o Carry out a break-even analysis.

o Apply formulas used in calculating markup and markup percentages.

o Use markdown formulas to determine sale price.

o Employ formulas used to compute discounts.

o List considerations for updating the price strategy.

o Fixed o Variable o Price Gouging o Price Fixing o Resale Price

Maintenance o Unit Pricing o Bait-and-Switch o Return on

Investment o Price Skimming o Penetration

Pricing o Psychological

Pricing o Prestige Pricing o Odd/Even

Pricing o Price Lining o Promotional

Pricing o Multiple-Unit

Pricing o Bundle Pricing o Discount Pricing o Break-Even

Point o Selling Price o Markup o Markdown

Essential Question: How are prices determined? What is price strategy? Why are prices sometimes discounted?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: The Promotion Strategy (Unit # 3 – Managing Market Strategies) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Promotion

Strategy o Developing a

Promotion Strategy o Budgeting and

Implementing Promotional Plans




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o The Promotion Strategy o Developing a Promotion

Strategy o Budgeting and

Implementing Promotional Plans

o Explain the role of the

promotion strategy. o Explain how to

formulate promotional plans.

o Describe considerations for putting together a promotional mix.

o Describe the elements of a promotional mix.

o Describe how to determine promotional costs for a start-up business.

o Describe approaches to implementing your promotion strategy.

o Discuss options for short-term changes in your promotion strategy.

o Name considerations for updating the promotion strategy.

o Image o Preselling o Campaign o Promotional Mix o Advertising o Specialty Item o Publicity o News Release o Public Relations o Premium o Rebate o Sweepstakes o Industry Average o Cooperative

Advertising o Advertising

Agency o Consumer

Pretest

Essential Question: What is the role of promotion? How do businesses design and carry out promotional plans?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Developing and Managing Sales (Unit # 3 – Managing Market Strategies) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Promotion

Strategy: Developing and Managing Sales

o Organizing and Preparing a Sales Force

o Planning, Directing, and Evaluating Sales




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o The Promotion Strategy:

Developing and Managing Sales

o Organizing and Preparing a Sales Force

o Planning, Directing, and Evaluating Sales

o Explain the role of

personal selling in businesses.

o Define the two types of selling situations.

o Describe the kinds of training needed by salespeople.

o Identify the components of sales planning.

o List the elements that are involved in directing sales.

o Discuss the procedures used in evaluating sales performance.

o Personal Selling o Prospect o Sales Force o Order Getting o Order Taking o Rational Buying

Motive o Emotional

Buying Motive o Customer

Benefits o Buying Process o Prospecting o Preapproach o Approach o Objections o Suggestion

Selling o Sales Check o Sales Planning o Sales Forecast o Sales Territory o Sales Quota o Salary o Commission o Sales Call

Reports o SWOT Analysis o Morale

Essential Question: What is personal selling? What kind of training do salespeople need?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Preparing and Planning to Manage (Unit # 4 – Managing Your Business Processes) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Preparing and

Planning to Manage o Entrepreneur or

Manager o Management Styles

and Skills




Process Information




Diversity



Task


Students will be able to explain the importance of business management skills. To execute all of your plans, the entrepreneur needs business management skills. Management activities include: organizing, planning, and controlling resources.

At the conclusion of this unit of study, the student will be able to understand the following concepts: o Preparing and Planning to

Manage o Entrepreneur or Manager o Management Styles and

Skills

o Describe the difference

between the entrepreneurial role and the management role of a new business.

o Identify the management functions.

o List and explain the key elements in a positive business climate.

o Name the three basic management styles.

o List the skills needed for managing.

o Explain the principles of management excellence.

o Manager o Planning o Strategic Plans o Tactical Plans o Operational

Plans o Organizing o Directing o Controlling o Quality Control

Program o Climate o Image o Team Building o Communication o Situational

Management o Human Relations o Nonverbal

Communication o Networking o Time

Management o Conceptual

Skills

Essential Question: How is the entrepreneurial role different from the management role? What are the three basic management styles? What skills are needed for managing?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Managing Purchasing and Inventory (Unit # 4 – Managing Your Business Processes) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Managing

Purchasing and Inventory

o Purchase Planning and Management

o Inventory Management




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Managing Purchasing and

Inventory o Purchase Planning and

Management o Inventory Management

o Describe the importance

of planning purchases. o Identify factors that

affect purchasing. o Explain inventory

procedures used by small businesses.

o Explain the importance and types of inventory control.

o Purchasing o Model Inventory o Vendors o Trade Discount o Quantity

Discount o Cash Discount o Secured Funds o Invoice o Financing Cost o Opportunity Cost o Storage Cost o Insurance Cost o Shrinkage Cost o Obsolescence

Costs o Warehousing o Lead Time o Usage Rate o Safety Stock

Essential Question: What factors affect purchasing? What is inventory control and why is it important?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Production Management and Distribution (Unit # 4 – Managing Your Business Processes) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Production

Management and Distribution

o From Idea to Product

o Production and Distribution




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Production Management

and Distribution o From Idea to Product o Production and

Distribution

o Discuss how

entrepreneurs develop new products.

o Explain the product development process.

o Explain what is involved in production management.

o Describe the activities that are part of distribution management.

o Product

Development o Outsourcing o Prototype o Gantt Chart o PERT Diagram o Quality Control o Quality Circle o Productivity o Automation o Logistics o Common Carrier o Contract Carrier o Private Carrier o Freight on Board

Essential Question: How do entrepreneurs develop new products? What is involved in production and distribution management?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Managing Operations and Staffing (Unit # 4 – Managing Your Business Processes) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Managing

Operations and Staffing

o Managing Operations

o Staffing and Company Policies




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Managing Operations and

Staffing o Managing Operations o Staffing and Company

Policies

o Explain the significance

of operational plans. o Describe the purpose of

operating policies, rules, and regulations.

o Explain the staffing process.

o Determine the need for additional policies.

o Policy o Rule o Credit o Character o Capacity o Capital o Return Policy o Rework Policy o Line

Organization o Staff o Line-&-Staff

Organization o Project

Organizations o Job Description o Job Specification o Resume o Recruit o Wages o Salary o Benefits o Piece Rate o Commission

Essential Question: Why are operational plans necessary? What personnel policies need to be established for a business?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Managing Human Resources (Unit # 4 – Managing Your Business Processes) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Managing Human

Resources o Developing and

Keeping Human Resources

o Motivating Employees




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Managing Human

Resources o Developing and Keeping

Human Resources o Motivating Employees

o Identify components of

human resource management.

o Explain how managers influence motivation.

o Describe ways to maximize employee performance.

o Explain the importance of delegation.

o Explain how to assess motivational techniques used to increase performance levels.

o .

o Human

Resources o Human

Resources Management

o Labor Union o Educational

Activities o Developmental

Activities o Cost Effective o Employee

Complaint Procedure

o Pregnancy Discrimination Act

o Theory X o Theory Y o Hygiene Factors o Motivating

Factors o Job Enlargement o Job Enrichment o Telecommuting o Family Leave o Flextime o Management by

Objectives o Work Team o Performance

Evaluation

Essential Question: What are human resources? How can motivational techniques increase employee performance?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Financing Your Business (Unit # 5 – Managing the Finances of Your Business) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Financing Your

Business o Financing the Small

Business Start-Up o Obtaining

Financing and Growth Capital




Process Information




Diversity



Task


Students will be able to explain the importance of managing your business’s finances. Money fuels your business from start-up to growth to maturity. How well you manage your finances will determine whether or not your venture opens its doors, stays in business, and grows. Keeping control of your finances will take time and effort.

At the conclusion of this unit of study, the student will be able to understand the following concepts: o Financing Your Business o Financing the Small

Business Start-Up o Obtaining Financing and

Growth Capital

o Describe the resources

available to entrepreneurs to start their business.

o Compare and contrast sources of financing for start-up ventures.

o Describe the importance of financial planning.

o Describe the information needed to obtain financing.

o Explain the types of growth financing available to entrepreneurs.

o Describe how to calculate start-up capital requirements.

o Bootstrapping o Factor o Equity Capital o Equity o Risk Capital o Angel o Venture Capital o Venture

Capitalists o Dept Capital o Operating

Capital o Line of Credit o Trade Credit o Pro Forma o Character o Capacity o Capital o Collateral o Conditions o Due Diligence o Private

Placement o Initial Public

Offering (IPO) o Stock o Working Capital o Contingency

Fund

Essential Question: Where can entrepreneurs find resources to help launch their ventures? What sources of financing are available to help entrepreneurs grow their ventures?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Accounting and Record Keeping (Unit # 5 – Managing the Finances of Your Business) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Accounting and

Financial Reporting o Financial Record

Keeping o Preparing Financial

Statements




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Accounting and Financial

Reporting o Financial Record Keeping o Preparing Financial

Statements

o Explain the important

role accounting plays in business.

o Explain the accounting system for a small business.

o Describe the importance of daily sales and cash receipts reports.

o Describe the items of information included on each financial statement.

o Identify ongoing accounting activities.

o Explain how technology helps business owners with all the accounting functions.

o GAAP o Financial

Reports o Accounting

Period o Calendar Year o Fiscal Year o Assets o Current Assets o Accounts

Receivable o Fixed Assets o Liabilities o Accounts

Payable o Owner’s Equity o Chart of

Accounts o Debits o Credits o Cash Basis o Accrual Basis o Journal o Journalizing o General Journal o Posting o Income

Statement o Balance Sheet o Cash Flow o Statement of

Cash Flows

Essential Question: Why do all business operations use the same system? Why are financial statements prepared?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Financial Management (Unit # 5 – Managing the Finances of Your Business) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Financial

Management o Analyzing Your

Finances o Managing Your

Finances




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Financial Management o Analyzing Your Finances o Managing Your Finances

o Describe the purpose of

comparative financial statements.

o Describe how different ratios are calculated.

o Explain why financial statements are essential for decision making.

o Describe why evaluating profit potential is a useful technique to plan for profits.

o Describe ways to help manage your cash flow.

o Explain the importance of controlling capital expenditures.

o Describe ways to control your taxes.

o Describe how you can manage credit offered to customers.

o Comparative

Financial Statement

o Ratio Analysis o Current Ratio o Working Capital o Debt Ratio o Net Profit on

Sales Ratio o Operating Ratio o Quick Ratio o Variable

Expenses o Fixed Expenses o Budget o Capital

Expenditures o Credit Bureaus

Essential Question: What are comparative financial statements? What information does ratio analysis provide a business owner?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Risk Management (Unit # 6 – Growing Your Business) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Risk Management o Identifying

Business Risks o Dealing with Risk




Process Information




Diversity



Task


Students will be able to explain the how ethics relates to the growth and maturity of a business. The research, planning, and management skills it takes to start and protect your business will also allow it to survive, grow, and profit. Ethics are important. Protecting your business, planning for growth, and practicing ethics will help your business prosper.

At the conclusion of this unit of study, the student will be able to understand the following concepts: o Risk Management o Identifying Business Risks o Dealing with Risk

o Explain why risk is

inevitable. o Describe speculative

risk. o Describe three

categories of pure risk. o List the four risk

management strategies. o Describe the steps

involved in selecting an insurance agent.

o Discuss the procedures for deciding on security measures.

o Develop emergency response plans for potential crises.

o Speculative Risk o Pure Risk o Burglary o Robbery o Electronic Credit

Authorizer o Negligence o Premium o Business

Interruption Insurance

o Casualty Insurance

o Errors & Omissions Insurance

o Product Liability Insurance

o Fidelity Bonds o Performance

Bonds o Workers’

Compensation o Independent

Insurance Agent o Direct Insurance

Writer

Essential Question: What is risk? How can risk management help businesses reduce and avoid risk?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Making Your Business Grow (Unit # 6 – Growing Your Business) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Making Your

Business Grow o Challenges of

Expansion




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Making Your Business

Grow o Challenges of Expansion

o Evaluate the three

primary methods for growing your business.

o Describe intensive growth strategies that can be used to take advantage of opportunities within a current market.

o Discuss integrative growth strategies that can be used to expand a business within its industry.

o Explain diversification growth strategies that can be used to take advantage of business opportunities outside a business’s market or industry.

o Describe the challenges that come with growth.

o Explain what it takes to acquire growth capital.

o Discuss the types of growth funding.

o Intensive Growth

Strategies o Market

Penetration o Market

Development o Integrative

Growth Strategies

o Vertical Integration

o Horizontal Integration

o Diversification Growth Strategies

o Synergistic Diversification

o Horizontal Diversification

o Conglomerate Diversification

o Private Placement

o Prospectus o Public Stock

Offering o Employee Stock

Option (ESOP)

Essential Question: How do I make my business grow? What are the challenges of expanding a business?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: Social and Ethical Responsibility (Unit # 6 – Growing Your Business) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o Social

Responsibility o Ethical

Responsibility




Process Information




Diversity



Task



At the conclusion of this unit of study, the student will be able to understand the following concepts: o Social Responsibility o Ethical Responsibility

o Explain the relationship

between entrepreneurs and social responsibility.

o Discuss how entrepreneurs can contribute to their communities.

o Define ethics and ethical behavior.

o Explain how to develop a code of ethics.

o List special ethical problems that entrepreneurs face.

o Philanthropy o Social

Responsibility o Environmental

Protection Agency (EPA)

o Ethic o Ethical Behavior o Business Ethics o Code of Ethics o Conflict of

Interest o Bribes

Essential Question: What are my social responsibilities as an entrepreneur? What are my ethical responsibilities as an entrepreneur?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: E-Commerce – The Internet and E-Commerce (Unit # 7 – Entrepreneurship and E-Commerce) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Internet &

E-Commerce o The nature of

E-Commerce o Retailing on the

Internet o Global

E-Commerce




Process Information




Diversity



Task


Students will be able to explain the history, nature, and impact of E-Commerce. They will also be able to identify its impact on the business world and their personal lives.

At the conclusion of this unit of study, the student will be able to understand the following concepts: o The Internet &

E-Commerce o The nature of E-Commerce o Retailing on the Internet o Global E-Commerce

o Explain how the Internet

began. o Explain the key

components of the Internet.

o Identify the basic ways to use the Internet.

o Identify the various options available to connect to the Internet.

o Explain the factors to consider when choosing an ISP.

o Identify how search engines help users to locate businesses and services.

o Explain how the Internet is used by an assortment of user groups.

o Explain the evolution of E-Commerce from electronic communication.

o Identify the characteristics that define E-Commerce.

o Explain the ways that a business’s revenue can increase as a result of E-Commerce.

o Internet o Transmission

Control Protocol/Internet Protocol

o World Wide Web

o Web Browser o Hypertext

Transfer Protocol

o Hypertext Markup Language

o Domain Name o Uniform

Resource Locator

o Internet Service Provider

o Web Host Providers

o Wireless Internet o Wireless Internet

Service Providers

o Crawler-Based Search Engines

o Electronic Commerce

o Bricks & Mortar Business

o Multichannel Retailer

o Pure-Play Retailer

Essential Question: How does the Internet impact both our personal and professional lives? How will understanding the origins of the Internet and its capabilities help you realize the scope of its influence?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: E-Commerce – The Nature of E-Commerce (Unit # 7 – Entrepreneurship and E-Commerce) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Internet &



Internet o Global

E-Commerce




Process Information




Diversity



Task





o Explain how

E-Commerce has changed the way people do business.

o Identify the advantages of E-Commerce over traditional ways of doing business.

o Identify business problems that are unique to E-Commerce.

o Identify E-Commerce models and how they operate.

o Explain how one large retail business has streamlined its value chain.

o Identify some of the ways in which online businesses strive to capture sales.

o E-Business o Brand Loyalty o Mass

Customization o Value Chain o Elastic Demand o Business Model o Business to

Business o Business to

Consumer o Consumer to

Consumer o Consumer to

Business o Business to

Government o Government to

Consumer

Essential Question: How has E-Commerce impacted the economy? What are some of the advantages associated with E-Commerce? What are some of the disadvantages associated with E-Commerce?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: E-Commerce – Retailing on The Internet (Unit # 7 – Entrepreneurship and E-Commerce) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Internet &



Internet o Global

E-Commerce




Process Information




Diversity



Task





o Identify how retail

business has evolved since the 1800s.

o Identify what makes today’s retailing environment a customized, self-service experience.

o Explain how the major retailer categories are defined.

o Explain what components form a successful e-commerce business.

o Identify which major merchandising issues e-tailers must address as they enter the e-commerce marketplace.

o Identify what methods customers use to pay for online purchases.

o Explain how a customer’s private information remains secure during an online transaction.

o Retailers o Wholesalers o E-Tailing o Service Retailers o Non- Store

Retailers o Hyperlink o Electronic Funds

Transfer (EFT) o Smart Card o eWallet o E-Cash o Secure Sockets

Layer o Digital

Certificates

Essential Question: How has the retail process evolved since the 1800s? How do retailers attempt to attract customers and win their share of the market?



Overarching Enduring Understanding: Entrepreneurship provides students with the information, business skills, academic skills, and decision-making skills necessary to start a small business and make it grow. It offers an opportunity to become familiar with the skills needed to manage a successful business. Mastering these skills and concepts will also increase an individual’s ability to handle situations that will occur on a daily basis throughout their lives. Overarching Essential Question: What are the skills necessary to become a successful entrepreneur? How will these skills transfer to my everyday life? Topic: E-Commerce – Global E-Commerce (Unit # 7 – Entrepreneurship and E-Commerce) Transferable Concepts:





SCANS Correlations:

Foundation Skills:




Learn o Reasoning









o The Internet &



Internet o Global

E-Commerce




Process Information




Diversity



Task





o Explain what

globalization means for e-commerce.

o Identify what motivates many U.S. businesses to expand into global positions.

o Explain why cultural considerations must be taken into account when businesses go global.

o Identify what rewards and challenges are experienced by businesses in the global market.

o Explain how trade policies work in a global e-commerce marketplace.

o Identify how quotas are designed to affect trade.

o Identify which taxation concerns and regulations are common to international trade.

o Globalization o Culture o Machine

Translation o Human

Translation o Web Globalists o Protectionists o Imports o Tariffs o Quotas o Export o Free Trade o Online Dispute

Resolution

Essential Question: What are some of the advantages of being engaged in the global market? What are some of the disadvantages of being engaged in the global market? Why is it essential to respect various cultures when participating in global E-Commerce?

Entreprenuership - Building a Business - Norwich High … - Building a... · o Knowing How to Learn...

Documents

Transcript of Entreprenuership - Building a Business - Norwich High … - Building a... · o Knowing How to Learn...