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Entrepreneurship and Small

Business V.2

Project Workbook

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Table of Contents Introduction 1

Best Practices Using LearnKey’s Online Training 2

Using This Workbook 3

Skills Assessment 4

Entrepreneurship and Small Business V.2 Video Times 5

Domain 1 Lesson 1 6

Fill-in-the-Blanks 7

Small Business Types 8

Legal Structures 9

Roles and Compensation 10

Business Life Cycle Stages 11

The Design Thinking Process 12

Domain 1 Lesson 2 13


Mindset, Risks, and Benefits 15

Business Opportunities 16

Business Plan, Pitch Deck, and Lean Canvas 17

Intellectual Property Laws 18



Market Research 21

Evaluating Competition 22



Marketing Platforms 25

Market Segments 26

Customer Acquisition Costs 27

Customer Retention Costs 28

Elements of a Marketing Plan 29



Sales Process 32

Sales Channels 33



Product/Market Fit 36

Quality 37



Researching Products and Services 40

Digital and Physical Products and Services 41

Quality Control 42



Distribution Channels 45

Distribution and Fulfillment Centers 46



Selling Price 49

Calculating Equity 50

Calculating Information on an Income Statement 51



Fixed and Variable Costs 54

Calculating Cash Flow 55

Calculating ROI 56



Startup Costs and Operating Budgets 59

Funding Options 60

Appendix 61

Glossary 62

Objectives 65

Entrepreneurship and Small Business V.2 Lesson Plan 67

Domain 1 Lesson Plan 67


1 | Introduction Entrepreneurship and Small Business V.2 Project Workbook, First Edition

Introduction


Best Practices Using LearnKey’s Online Training LearnKey offers video-based training solutions that are flexible enough to accommodate private students and educational

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LearnKey experts are highly qualified professionals who offer years of job and project experience in their subjects. Each

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the knowledge necessary to obtain top-level certifications in their chosen field.

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Course Training Model

The course training model allows students to undergo basic training, building upon primary knowledge and concepts to

more advanced application and implementation. In this method, students will use the following toolset:

Pre-assessment: The pre-assessment is used to determine the student’s prior knowledge of the subject matter. It will also

identify a student’s strengths and weaknesses, allowing them to focus on the specific subject matter they need to improve

the most. Students should not necessarily expect a passing score on the pre-assessment as it is a test of prior knowledge.

Video training sessions: Each training course is divided into sessions or domains and lessons with topics and subtopics.

LearnKey recommends incorporating all available external resources into your training, such as student workbooks,

glossaries, course support files, and additional customized instructional material. These resources are located in the folder

icon at the top of the page.

Exercise labs: Labs are interactive activities that simulate situations presented in the training videos. Step-by-step

instructions and live demonstrations are provided.

Post-assessment: The post-assessment is used to determine the student’s knowledge gained from interacting with the

training. In taking the post-assessment, students should not consult the training or any other materials. A passing score is

80 percent or higher. If the individual does not pass the post-assessment the first time, LearnKey recommends

incorporating external resources, such as the workbook and additional customized instructional material.

Workbook: The workbook has various activities, such as fill-in-the-blank worksheets, short answer questions, practice

exam questions, and group and individual projects that allow the student to study and apply concepts presented in the

training videos.


Using This Workbook This project workbook contains practice projects and exercises to reinforce the knowledge you have gained through the

video portion of the Entrepreneurship and Small Business V.2 course. The purpose of this workbook is twofold. First, get

you further prepared to pass the Entrepreneurial and Small Business 2 exam, and second, to better prepare you to start

your own business one day.

The projects within this workbook follow the order of the video portion of this course. To save your answers in this

workbook, you must first download a copy to your computer. You will not be able to save your answers in the web version.

You can complete the workbook exercises as you go through each section of the course, complete several of these at the

end of each domain, or complete them after viewing the entire course. The key is to go through these projects to

strengthen your knowledge of this course.

Each project is based upon a specific video (or videos) in the course and specific test objectives. The materials you will

need for this course include:

• LearnKey’s Entrepreneurship and Small Business V.2 courseware.

For Teachers

LearnKey is proud to provide extra support to instructors upon request. For your benefit as an instructor, we also provide

an instructor support .zip file containing answer keys, completed versions of the workbook project files, and other teacher

resources. This .zip file is available within your learning platform’s admin portal.

Notes

• Extra teacher notes, when applicable, are in the Project Details box within each exercise.

• Exam objectives are aligned with the course objectives listed in each project, and project file names correspond with these numbers.

• Short answers may vary but should be similar to those provided in this workbook.

• Teachers may consider asking students to add their initials, student ID, or other personal identifiers at the end of each saved project.

• Refer to your course representatives for further support.

We value your feedback about our courses. If you have any questions, comments, or concerns, please let us know by

visiting https://about.learnkey.com.

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Skills Assessment Instructions: Rate your skills on the following tasks from 1-5 (1 being needs improvement, 5 being excellent).

Skills 1 2 3 4 5

Identify the foundational concepts of entrepreneurship and

small business ownership.

Identify the knowledge and skills of a successful entrepreneur.

Recognize potential business opportunities.

Identify the elements of a business plan.

Identify intellectual property concepts.

Interpret market research.

Analyze aspects of marketing processes.

Identify sales channel strategies.

Identify the value of a Minimum Viable Product.

Identify supply chain and production processes.

Identify distribution channels.

Analyze business financials.

Analyze funding options.


Entrepreneurship and Small Business V.2 Video

Times Domain 1 Video Time

Entrepreneurship and Small Business Ownership 00:25:22

Entrepreneurship Skills, Potential Business

Opportunities and Plan Elements, and Intellectual

Property Concepts

00:20:38

Total Time 00:46:00

Domain 2 Video Time

Market Research 00:07:51

Aspects of Marketing Processes 00:14:46

Sales Channel Strategies 00:05:24

Total Time 00:28:01

Domain 3 Video Time

Value of a Minimum Viable Product 00:03:56

Supply Chain and Production Processes 00:07:58

Identify Distribution Channels 00:04;15

Total Time 00:16:09

Domain 4 Video Time

Business Financials Part 1 00:10:27

Business Financials Part 2 00:08:44

Funding Options 00:05:07

Total Time 00:24:18

6 | Domain 1 Lesson 1 Entrepreneurship and Small Business V.2 Project Workbook, First Edition

Domain 1 Lesson 1


Fill-in-the-Blanks Instructions: While watching Domain 1 Lesson 1, fill in the missing words according to the information presented by the

instructor. [References are found in the brackets.]

1. The key objective of a small business owner is to generate profits . [Entrepreneurship and Small Business]

2. Entrepreneurs are willing to take on new opportunities and unknown risks to grow their businesses

rapidly. [Entrepreneurship and Small Business]

3. Tangible items that require pick-up or delivery are physical products. [Classify Types of Businesses]

4. When a customer purchases an item from a business, it is a business-to-consumer transaction. [Classify

Types of Businesses]

5. S corporations are for-profit corporations with limited liability. [Business Legal Structures]

6. C corporations are ideal for international businesses. [Business Legal Structures]

7. The Chief Operating Officer oversees daily operational and administrative functions. [Business Roles

and Responsibilities]

8. A stockholder votes on the management of a company. [Business Roles and Responsibilities]

9. Salary employees are paid a fixed amount each pay period. [Business Compensation Structures]

10. Businesses can compensate employees for work they produce when being paid by piece work . [Business

Compensation Structures]

11. Businesses can offer equity in addition to a lower salary. [Business Compensation Structures]

12. During the survival stage of the business life cycle, a company is regularly taking on new customers and

starting to generate a consistent income. [Business Life Cycle Stages]

13. The owner may decide to sell their ownership in the company during the exit plan stage. [Business Life

Cycle Stages]

14. The five elements of the design thinking process are: empathize, define, ideate, prototype , and test.

[The Design Thinking Process]

15. Empathy allows one to see and experience a customer's perspective. [The Design Thinking Process]

16. The design team creates multiple inexpensive versions of a product, known as Minimum Viable Products .

[The Design Thinking Process]


Small Business Types Small business owners and entrepreneurs are similar but have some key

differences. Both invest time and money into a small business. A small business

owner focuses on generating profits and deals with known risks. Entrepreneurs

tend to grow fast and take on new opportunities and unknown risks. A franchise

is a licensed business that has established operations, products or services, and

branding. This business requires more money upfront but has less risk involved.

Businesses sell products and services. A product is a physical item that one

holds, such as clothing, toys, and food. A service is intangible. Car detailing,

computer repairs, and lawn maintenance are all services. Services need some

type of training to perform. Products and services are sold in physical stores or

using e-commerce. There are shipping costs associated with physical products.

Digital products are instantly available, though it can be challenging to show

value. When a customer makes a purchase from a business, it is a business-to-

consumer (B2C) transaction. When a business makes a purchase from another

business, it is a business-to-business (B2B) transaction.

Purpose

Upon completing this project, you will better understand small businesses and

their products and services.

Steps for Completion

1. Name one benefit of a franchise.

a. Answers may vary but could include less riskinvolved, tested operational processes, or recognized brands

2. Label the items as either a product or a service. Use P for product and S for service.

a. P Muffins

b. S AC repairs

c. P Toilet paper

d. P Jewelry

e. S Web designs

f. P Couch

g. S Guitar lessons

Project Details

Project file N/A

Estimated completion time 5 minutes

Video reference Domain 1

Topic: Entrepreneurship and Small

Business Ownership

Subtopic: Entrepreneurship and

Small Business; Classify Types of

Businesses

Objectives covered 1 Entrepreneurial and Small Business

Concepts

1.1 Identify the foundational

concepts of entrepreneurship and

small business ownership

1.1.1 Define entrepreneurship and

small business

1.1.2 Classify types of businesses

Notes for the teacher Review the differences between a small

business owner, an entrepreneur, and a

franchise.


Legal Structures There are various legal structures to choose from when creating a business. An S

corporation and C corporation have specific tax advantages and limited liability.

They have shareholders, a lower tax rate, and follow strict qualifications to

create. A limited liability company (LLC) has a personal tax rate. They are not

personally liable for the company’s debt. A sole proprietorship or partnership is

responsible for all debt and they are easy to create. The last legal structure, non-

profit organizations, have specific tax exemptions.

Purpose

Upon completing this project, you will better understand the legal structures

available to businesses.


1. Match the following characteristics to the appropriate legal structure.

S corporation Sole proprietorship

Partnership LLC

Non-profit C corporation

a. Non-profit No ownership, no US federal

taxes

b. C corporation Best for international business even with being double-taxed

c. Sole proprietorship Easy to create but comes with unlimited liability

d. S corporation Lower tax rate that prevents the company from being double-taxed

e. LLC Ideal for a single owner seeking low risk

f. Partnership Shared financial backing

Project Details

Project file N/A




Business Ownership

Subtopic: Business Legal

Structures


Concepts




1.1.3 Identify various legal

structures of a business

Notes for the teacher Review the various legal structures with

students.


Roles and Compensation There are many roles and responsibilities within a business. In a larger company,

the roles are spread among multiple people. In a small business, the roles may

be filled by a few people. Some common roles are the Chief Executive Officer

(CEO), Chief Financial Officer (CFO), and Chief Operations Officer (COO). These

are the highest-ranking employees and make the major decisions for a

company. The owner or founder is the only role that is not interchangeable.

Stakeholders are individuals or groups that have an interest in the success of a

company. They might serve on the board of directors. Stockholders have a

vested interest in a company, meaning they pay for part of the ownership.

Employees are given specific roles or tasks to complete. Each role is important

to the success of a company.

No matter the role, all employees receive compensation. There are many forms

of compensation, but the most common are hourly and salary. A few others of

note are commission, piece work, and equity.

Purpose

Upon completing this project, you will better understand the roles in a business.


1. Match the responsibility with the corresponding role in a business.

CEO Founder

Stakeholder COO

CFO Stockholder

a. Founder Creates the company

b. CFO Oversees company finances

c. Stockholder Owns stock in the company

d. CEO Reports to the board of directors

e. COO Oversees daily operational and administrative functions

f. Stakeholder Has a vested interest in the success of the company

2. Match the business compensation type with the corresponding definition

Hourly Commission

Salary Equity

a. Equity Non-cash compensation

b. Hourly Set rate of pay for hours worked

c. Commission Usually found in sales roles

d. Salary Set amount of pay in a given period

Project Details

Project file N/A




Business Ownership

Subtopic: Business Roles and

Responsibilities; Business

Compensation Structures


Concepts




1.1.4 Identify roles and

responsibilities within a business

1.1.5 Define business

compensation structures

Notes for the teacher Review roles, responsibilities, and

compensation in greater detail if time

permits.


Business Life Cycle Stages There are seven stages in a business life cycle. Each stage represents a different

phase of growth and expansion for a business. The first stage is existence, when

a business begins. After this initial period is the survival stage. In this stage,

income and customers begin to grow. Once a business is economically healthy,

it moves to the success stage. In the take-off stage, an owner decides whether

to continue growing the business or to sell the business. During the resource

maturity stage, the owner can separate financially and operationally from a

business. Pivot or persist is next as an owner decides if they will continue to

grow the business into a large company or pivot to a new project. Finally, an

owner may choose to sell their company in the exit plan stage.

Purpose

Upon completing this project, you will better understand the stages of a

business life cycle.


1. List the correct order of the business life cycle stages:

a. Existence

b. Survival

c. Success

d. Take-off

e. Resource maturity

f. Pivot or persist

g. Exit plan

2. Michael owns a small but profitable tech company. He has been approached by a larger company that wants to

purchase his business. In which business life cycle stage is Michael?

a. Exit plan

3. Bill just started a new graphic design business. He is advertising online and trying to gain customers. He just

finished working with his first client. In which business life cycle stage is Bill?

a. Existence

4. Stephanie started a new flower shop last year. She has a good customer base and money coming in. In which

business life cycle stage is Stephanie?

a. Survival

Project Details

Project file N/A




Business Ownership

Subtopic: Business Life Cycle

Stages


Concepts




1.1.6 Define business life cycle

stages

Notes for the teacher Review the business life cycles stages

with students.


The Design Thinking Process As a business owner, it is important to keep the needs of customers in mind.

The design thinking process has five elements for a design team to develop

products that meet customers’ need. These elements are: empathize, define,

ideate, prototype, and test. The stages typically flow in this order, but the team

can return to previous stages as needed. Identifying the needs of customers is

the first stage. Next, the team identifies and defines any problems customers are

facing. The team creates solutions to the problems in the ideation stage. The

design team will create prototypes to test the product. In the final stage, the

design team refines the final product.

Purpose

Upon completing this project, you will better understand the design thinking

process.


1. List the correct order of the design thinking process.

a. Empathize

b. Define

c. Ideate

d. Prototype

e. Test

2. During which stage of the design thinking process will the design team create multiple inexpensive product

versions?

a. Prototype

3. During which stage of the design thinking process is a problem statement formed?

a. Define

4. Which stage of the design thinking process involves learning about customers' challenges?

a. Empathize

Project Details

Project file N/A




Business Ownership

Subtopic: The Design Thinking

Process


Concepts




1.1.7 Identify elements of the

design thinking process

Notes for the teacher Review the design thinking process with

students.


Domain 1 Lesson 2




1. Risk tolerance is the amount of loss one is willing to take when making an investment decision.

[Characteristics of an Entrepreneurial Mindset]

2. Having a growth mindset means believing that one can accomplish anything through hard work.

[Characteristics of an Entrepreneurial Mindset]

3. An example of an environmental risk is a natural disaster. [Entrepreneurship Risks and Benefits]

4. A business opportunity is an investment that lets a buyer start a business. [Characteristics of a

Business Opportunity]

5. A license needs to be obtained to use a brand name on products. [Characteristics of a Business

Opportunity]

6. The five factors that determine the viability of a business opportunity are market size ,

relationships, cash flow management, management skillsets, and passion. [Viability of a Business Opportunity]

7. A business plan helps a business achieve short-term and long-term goals . [Business Plan, Pitch Deck,

and Lean Canvas]

8. A lean canvas should only be one page long. [Business Plan, Pitch Deck, and Lean Canvas]

9. The executive summary creates the first impression of a business plan. [Key Components of a

Business Plan]

10. The financial plan should specifically be directed to investors and lenders. [Key Components of a

Business Plan]

11. A pitch deck is most commonly presented in the form of a slide presentation. [Key Components of a

Pitch Deck]

12. A vision and value proposition provides a brief overview of a business where one talks about the

company's mission and the value provided to customers. [Key Components of a Pitch Deck]

13. A patent protects an invention from being copied. [Trademarks, Trade Secrets, Copyrights, and Patents]

14. Trade secrets protect a company's formulas from being shared with competitors . [Trademarks,

Trade Secrets, Copyrights, and Patents]

15. To license a product, one must obtain authorization from the author or creator. [Using Licensed

Materials]

16. Confidentiality or non-disclosure agreements are signed by employees, agreeing not to share

trade secrets. [Using Licensed Materials]


Mindset, Risks, and Benefits Entrepreneurs have a wide range of characteristics. Each person is unique. The

strengths of one entrepreneur differ from another entrepreneur. Some common

characteristics found among entrepreneurs are self-reliance, forward-thinking,

and resiliency. Entrepreneurs recognize opportunities and tolerate risks. They

have growth mindsets and use critical thinking to overcome obstacles. Many

entrepreneurs are creative and innovative, and they also collaborate with others

to solve problems. These characteristics help entrepreneurs be successful.

When becoming an entrepreneur, there are risks and benefits that one should

consider. There are financial risks that come when starting a business. Not all

businesses are financially successful. Common risks for businesses include

environmental risks, political risks, and competition from similar businesses.

Entrepreneurs should work proactively to overcome these risks. Some benefits

of becoming an entrepreneur are choosing business hours, who to work with,

and even where to work.

Purpose

Upon completing this project, you will better understand the risks associated

with entrepreneurship.


1. Name three characteristics of a successful entrepreneur and explain why

that skill would be helpful when starting a business.

a. Answers may vary but could include a largevariety of characteristics. Please reference the video for possible answers.

b. Answers may vary

c. Answers may vary

2. Name one example of a political risk that an entrepreneur might face.

a. Answers may vary but could include increasedtax rates or large tariffs

3. Name one example of an environmental risk that an entrepreneur might face.

a. Answers may vary but could include natural disasters, poor food supplies, orinflation

4. Name one example of a financial risk that an entrepreneur might face.

a. Answers may vary but could include bankruptcy or no promise of income.

Project Details

Project file N/A



Topic: Skills of a Successful

Entrepreneur

Subtopic: Characteristics of an

Entrepreneurial Mindset;

Entrepreneurship Risks and

Benefits


Concepts

1.2 Identify knowledge and skills of a

successful entrepreneur

1.2.1 Identify characteristics of an

entrepreneurial mindset

1.2.2 Identify the risks, benefits,

opportunities, and drawbacks of

being an entrepreneur

Notes for the teacher Review the characteristics of an

entrepreneur with students in greater

detail if time permits.


Business Opportunities Entrepreneurs can find business opportunities to start a business if they do not

have an idea of their own. Business opportunities are investments such as

franchises, licensing, and network marketing. By investing in a solid business

plan and product, success can come quicker than starting from scratch.

To determine the viability of a business opportunity, an entrepreneur should

consider five factors. These factors are market size, relationships, managing cash

flow, management skillset, and passion. By analyzing these factors, an

entrepreneur can determine if a business opportunity will be successful.

Purpose

Upon completing this project, you will better understand how to test the

viability of a business opportunity.


1. Which business opportunity involves recruiting marketers to join a

team?

a. Network marketing

2. Which business opportunity involves higher start-up costs?

a. Franchise

3. Which business opportunity obtains licenses to use a brand name?

a. Licensing

4. Which viability factor involves the potential funding of a business opportunity?

a. Managing cash flow

5. Which viability factor involves building relationships with experienced professionals?

a. Relationships

6. Which viability factor can help an entrepreneur make up for a lack of skills?

a. Passion

7. Which viability factor analyzes the skills of employees?

a. Management skillset

8. Which viability factor researches the demand for products or services?

a. Market size

Project Details

Project file N/A



Topic: Potential Business

Opportunities

Subtopic: Characteristics of a

Business Opportunity; Viability of a

Business Opportunity


Concepts

1.3 Recognize potential business

opportunities

1.3.1 Identify characteristics of a

business opportunity

1.3.2 Determine the viability of a

business opportunity

Notes for the teacher Review business opportunities with

students and how to test their viability.


Business Plan, Pitch Deck, and

Lean Canvas There are three key elements that every business should have: a business plan, a

pitch deck, and a lean canvas. A business plan includes an executive summary, a

marketing plan, an organizational structure, and a financial plan. It outlines

goals and shows investors how their investments will help achieve them. A pitch

deck is a brief overview of the business plan, and it outlines the business, what

funding is needed, and financial projections. A pitch deck is typically presented

to investors as a slideshow. A lean canvas is a one-page document covering

problems, solutions, and key details of a business plan. It is helpful to gather

feedback from other people and to brainstorm ideas. As a business owner, it is

important to understand the key components of a business plan, pitch deck,

and lean canvas to secure investors.

Purpose

Upon completing this project, you will better understand business plans, lean

canvases, and pitch decks.


1. What is the purpose of a pitch deck?

a. Answers may vary but should include attractinginvestors, getting them excited, and getting another meeting with them

2. What is the purpose of a lean canvas?

a. Answers may vary but should include allowingfeedback from others and brainstorming ideas

3. Which section of a business plan determines if there is a large enough customer pool?

a. Marketing plan

4. Which section of a business plan briefly explains everything in the business plan?

a. Executive summary

5. Which section of a business plan includes roles that have not yet been filled?

a. Organizational structure

6. Which section of a business plan includes things like a budget and profit and loss projection?

a. Financial plan

Project Details

Project file N/A



Topic: Business Plan Elements

Subtopic: Business Plan, Pitch

Deck, and Lean Canvas; Key

Components of a Business Plan;

Key Components of a Pitch Deck


Concepts

1.4 Identify the elements of a

business plan

1.4.1 Identify the purposes and

value of a business plan, pitch

deck, and lean canvas

1.4.2 Define the key components

of a business plan and pitch deck

Notes for the teacher Review when to use a business plan,

pitch deck, or lean canvas with students.


Intellectual Property Laws It is important to protect intellectual property, trade secrets, logos, and

company names by using intellectual property laws. A copyright protects

creative works such as art, literature, and music and a patent protects an

invention from being copied. A trademark protects brand names, logos, and

business names. A trade secret protects a company’s practice, process, or

formula from being shared with competitors.

Entrepreneurs need to know how to use the intellectual property of others.

Trademarked material is usually well recognized and may boost sales but

requires permission to be used. An entrepreneur can sign a licensing agreement

and pay a licensing fee to use trademarked material. To use a patent, the owner

assigns ownership of the patent to another, allowing them to use and sell the

invention. Royalty fees are then paid to the original patent owner. To protect

trade secrets, an employee will sign confidentiality or non-disclosure

agreements. Employees that break the agreement could face large fines.

Purpose

Upon completing this project, you will better understand intellectual property

laws.


1. Jessica is composing a song and wants to protect it from being copied.

Which intellectual property law would best protect Jessica’s song?

a. Copyright

2. George came up with a secret banana bread recipe that he sells in his bakery. Which intellectual property law

would best protect his recipe?

a. Trade secret

3. Mary works for a tech company and is designing a new style of headphones. Which intellectual property law

would best protect Mary’s design?

a. Patent

4. Will designed a company logo for his new gym. Which intellectual property law would best protect his logo?

a. Trademark

Project Details

Project file N/A



Topic: Intellectual Property Concepts

Subtopic: Trademarks, Trade

Secrets, Copyrights, and Patents;

Using Licensed Materials


Concepts

1.5 Identify intellectual property

concepts

1.5.1 Differentiate between

trademarks, trade secrets,

copyrights, and patents

1.5.2 Identify the value, risks, and

guidelines associated with using

licensed materials

Notes for the teacher Review intellectual property laws with

students.


Domain 2 Lesson 1




1. A target market identifies the customer group to which a company markets its products and services.

[Target Market, Value Proposition, and Pricing]

2. A value proposition is a statement that explains why a customer should do business with a company.

[Target Market, Value Proposition, and Pricing]

3. Primary data is more accurate and reliable compared to secondary data. [Primary and Secondary Data]

4. Secondary data often contains personal bias . [Primary and Secondary Data]

5. A(n) direct competitor is a business that sells similar products or services as another business. [Evaluate

Competition]

6. A(n) indirect competitor is a business that sells different products or services but is similar enough to be

competitive with another business. [Evaluate Competition]

7. A SWOT analysis documents a company’s strengths, weaknesses, opportunities , and threats. [SWOT

Analysis]

8. Financial limitations would be an example of a weakness in a SWOT analysis. [SWOT Analysis]


Market Research When creating a product or service, it is important to keep in mind the target

market. A target market is a group of customers that will buy a product or

service. A target market helps a business focus on the area they will see most of

their sales. A target market also helps a business determine the price of

products and services. When determining the price, keep in mind the target

market and how much they are willing to pay. A value proposition states why a

customer should do business with a company. It conveys the value of products

and services to customers. When determining target markets, it is important to

use trusted data sources to get accurate information. Primary data comes from

first-hand accounts, such as interviews and surveys, and is more accurate and

reliable. Secondary data, such as articles or academic journals, interprets primary

data and often includes personal bias.

Purpose

Upon completing this project, you will better understand target markets, pricing,

and selecting data sources.


1. Mark designs logos for businesses in his city. He mostly works with local

bakeries. What is Mark’s target market? D

A. Females, ages 13-19

B. Males, ages 20-40

C. Kids, ages 2-12

D. Adults, ages 25-60

2. Josie is a teenage girl who wants to start a jewelry-making business. Her target market is females, ages 10-14.

What price should she charge per necklace that she sells? A

A. Between one and ten dollars

B. Between ten and twenty dollars

C. Between twenty and thirty dollars

D. Between thirty and forty dollars

3. A focus group was formed to provide opinions for a target market. What type of data is being collected from the

focus group?

A. Primary

4. An internet article about fashion trends seen in Europe was used to select inventory for a small boutique. What

type of data was used in this scenario?

A. Secondary

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Topic: Market Research

Subtopic: Target Market, Value

Proposition, and Pricing; Primary

and Secondary Data

Objectives covered 2 Marketing and Sales

2.1 Interpret market research

2.1.1 Define target market, value

proposition, and pricing

2.1.2 Distinguish between primary

and secondary data

Notes for the teacher Have students create a value

proposition if time permits.


Evaluating Competition There are two types of competition when evaluating a business. Direct

competition is a business that sells the same or similar products or services. For

example, a sandwich shop’s direct competition would be other nearby

businesses that sell sandwiches. Indirect competition is a business that sells

similar products that could meet the same need. For an ice cream parlor, a

nearby bakery would be an indirect competitor. Knowing the competition that is

out there can help a business to stand out. A SWOT analysis is helpful to

determine areas for improvement. This documents a company's strengths,

weaknesses, opportunities, and threats.

Purpose

Upon completing this project, you will better understand direct and indirect

competitors and the elements of a SWOT analysis.


1. Ellie owns a tumbling gym. She compiled a list of nearby competitors.

Classify each of the following businesses as either direct or indirect

competition.

a. Direct competition Cheerleading gym

b. Indirect competition Martial arts center

c. Indirect competition Trampoline park

d. Direct competition Gymnast training center

2. Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing

work done. He knows that he needs to replace one of the lift machines but is struggling to finance it. There are

other repair shops in the neighborhood. Identify the SWOT analysis elements.

a. Strength Dependable employees

b. Opportunity Increased customers

c. Threat Repair shop competitors

d. Weakness Small budget

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Topic: Market Research

Subtopic: Evaluate Competition;

SWOT Analysis


2.1 Interpret market research

2.1.3 Evaluate competition

2.1.4 Complete a SWOT analysis

Notes for the teacher If time permits, review areas of

improvement found in a SWOT analysis.


Domain 2 Lesson 2




1. A marketing method that uses customized newsletters to engage with customers is email . [Marketing

Platforms and Marketing Methods]

2. A marketing method that uses ads on a website within a search engine is pay-per-click advertising.

[Marketing Platforms and Marketing Methods]

3. The four segments of sales data are behavioral , geographical, demographic, and psychographic. [Market

Reactions and Sales Data]

4. Demographic data provides information about a customer’s age, gender, or ethnicity. [Market Reactions

and Sales Data]

5. Investors use customer acquisition costs to determine the cost of acquiring new customers.

[Customer Acquisition and Retention Costs]

6. The formula used to determine customer acquisition costs is marketing expenses plus sales expenses

divided by the number of new customers for the period. [Customer Acquisition and Retention Costs]

7. It is more cost-effective to keep current customers than to acquire new customers. [Customer

Acquisition and Retention Costs]

8. Customer retention rates are found by subtracting the number of new customers acquired during a

period from the number of customers at the end of a period, then dividing by the number of customers from the

start of the period and multiplying by 100. [Customer Acquisition and Retention Costs]

9. An executive summary provides an overview of the marketing plan. [Elements of a Marketing Plan]

10. The four P’s of the marketing mix are product, price, place, and promotion . [Elements of a Marketing Plan]


Marketing Platforms Marketing builds the brand of a company, attracts leads, and increases the sales

of a company. The most dominant medium for marketing is television

advertising. Digital marketing is growing on social media platforms like

Facebook and Instagram which market to their users through sponsored

content, paid ads, and influencers. Mail, newspapers, and billboards are physical

marketing tools that can be effective.

Purpose

Upon completing this project, you will better understand marketing platforms.


1. Which marketing method has the higher success rate of bringing in new

customers: mail or email?

a. Mail

2. Which marketing method is commonly seen on the side of a freeway?

a. Billboard

3. Which marketing method uses specific technical elements to be among

the top search results?

a. SEO

4. Identify three digital marketing methods:

a. Answers may include social media

b. Email

c. SEO or PPC

5. Identify three traditional marketing methods:

a. Answers may include television

b. Mail

c. Newspaper or billboards

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Topic: Aspects of Marketing

Processes

Subtopic: Marketing Platforms and

Marketing Methods


2.2 Analyze aspects of marketing

processes

2.2.1 Identify marketing platforms

2.2.2 Apply marketing methods

Notes for the teacher Review marketing platforms and their

specific benefits and drawbacks.


Market Segments Collecting and analyzing sales data is important to the success of a company.

Analyzing the data will show areas of improvement and areas of strength. Most

data can be split into four segments: behavioral, geographical, demographic,

and psychographic. Behavioral data is used to understand the buying habits of

customers. Geographical data shows the location of a sale to show areas of high

and low sales volumes. Demographic data reveals statistical information about

customers, such as age and ethnicity. Psychographic data reveals customer

values and motivations. These four areas provide necessary insight into what

action to take.

Purpose

Upon completing this project, you will better understand market segments.


1. Which market segment shares a customer’s age, gender, and ethnicity?

a. Demographic

2. Which market segment shares a customer’s location?

a. Geographical

3. Which market segment anticipates a customer’s needs?

a. Behavioral

4. Which market segment shows how a customer views the world?

a. Psychographic

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Processes

Subtopic: Market Reactions and

Sales Data



processes

2.2.3 Analyze market reactions and

sales data

Notes for the teacher Review market reactions with the

students.


Customer Acquisition Costs Acquiring new customers is important for any business. Tracking the costs to

obtain new customers is also important. The formula used to determine a

company’s customer acquisition cost (CAC) is marketing expenses plus sales

expenses, divided by the number of new customers for the period. If acquisition

costs are high, the marketing might not be effective.

Purpose

Upon completing this project, you will better understand how to calculate

customer acquisition costs.


1. Jon’s company acquired 2,000 new customers last year. He spent

$10,000 in marketing costs and $6,000 in sales costs. What was Jon’s

CAC?

a. $8

2. Erin owns an ice cream shop. She spent $5,000 in marketing expenses

and $2,000 in sales costs last year. She obtained 700 new customers.

What was Erin’s CAC?

a. $10

3. Sarah runs a large toy store. Last year they acquired 5,000 new customers. Her company spent $30,000 in

marketing costs and $15,000 in sales costs. What was Sarah’s CAC?

a. $9

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Processes

Subtopic: Customer Acquisition

and Retention Costs



processes

2.2.4 Analyze customer acquisition

costs and retention costs

Notes for the teacher Practice the CAC formula with students

creating new examples if time permits.


Customer Retention Costs Generally, it is more cost-effective to keep current customers than to acquire

new customers. Keeping customers coming back and purchasing more products

or services is key to customer retention. To find the customer retention rate:

• Subtract the number of new customers acquired during a period from

the number of customers at the end of that period

• Divide that number by the number of customers at the start of the

period

• Multiply that number by 100

Purpose

Upon completing this project, you will better understand how to determine a

customer retention rate.


1. Becky owns a coffee shop. She wants to figure out her customer

retention rate for the first quarter (Q1). What is Becky’s customer

retention rate? Round to the nearest whole number.

a. Customers at the end of Q1: 250

b. Customers at the beginning Q1: 225

c. New customers in Q1: 35

d. Customer retention rate: 96%

2. Steve owns a food truck. He wants to figure his retention rate for September. What is Steve’s retention rate for

September? Round to the nearest whole number.

a. Customers at the end of September: 130

b. Customers at the beginning of September: 120

c. New customers in September: 20


3. Ryan owns a music store. He wants to know his customer retention rate for the fourth quarter (Q4). What is Ryan’s

customer retention rate? Round to the nearest whole number.

a. Customers at the end of Q4: 275

b. Customers at the beginning of Q4: 260

c. New customers in Q4: 30


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Processes

Subtopic: Customer Acquisition

and Retention Costs



processes

2.2.4 Analyze customer acquisition

costs and retention costs

Notes for the teacher Practice the retention rate formula if

time permits.


Elements of a Marketing Plan An effective marketing team will need a marketing plan to provide direction for

future projects. Marketing plans outline a company’s marketing strategies. They

include any actions that need to occur to reach certain results. The marketing

plan can be used to measure efforts and results over time.

Purpose

Upon completing this project, you will better understand a marketing plan.


1. Which element of a marketing plan outlines how products or services

will be sold and delivered to customers?

a. Delivery plan

2. Which element utilizes a SWOT analysis?

a. Situation analysis

3. Which element outlines marketing costs?

a. Budget

4. Which element outlines actions needed to execute the marketing plan?

a. Strategies and tactics

5. Which element talks about the characteristics of the target market?

a. Define the target market

6. Which element shows customers the value of a company?

a. Offer or message

7. What are the four P’s that make up a company’s marketing mix?

a. Product, price, place, and promotion

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Processes

Subtopic: Elements of a Marketing

Plan



processes

2.2.5 Identify elements of a

marketing plan

Notes for the teacher Have the students draft a marketing

plan and practice adding the different

elements involved.


Domain 2 Lesson 3




1. Developing a sales presentation is part of the preparation step of a sales process. [Elements of a Sales

Process]

2. The last step in a sales process is follow-up . [Elements of a Sales Process]

3. Physical sales channels occur in person, where a customer can ask questions before purchasing. [Key

Characteristics of Sales Channels]

4. Selling goods from one business to another is known as B2B sales. [Key Characteristics of Sales Channels]

5. The main role of a customer service department is to cultivate positive interactions with customers. [Role

of Customer Service and Sales Strategies]

6. A business should have clear guidelines on how the customer service team should respond to negative

feedback. [Role of Customer Service and Sales Strategies]


Sales Process A sales process consists of repeatable steps that a salesperson can use to sell

products or services. This process helps the sales team find clients, close sales,

and retain customers. The seven steps are prospecting, preparation, approach,

presentation, objection, closing, and follow-up. Each step is necessary to have a

smooth sales process. It is important to maintain relationships with customers.

The main role of customer service is to have positive interactions with

customers. A large part of customer service focuses on negative feedback.

Setting clear guidelines to respond to these situations is necessary.

Purpose

Upon completing this project, you will better understand the steps of a sales

process.


1. In which step of the sales process would you address customer

concerns?

a. Objection

2. In which step of the sales process would potential clients be contacted?

a. Approach

3. In which step of the sales process would a customer decide to purchase a product?

a. Closing

4. In which step of the sales process would a presentation be shown to a customer?

a. Presentation

5. In which step of the sales process would potential customers be identified?

a. Prospecting

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Topic: Sales Channel Strategies

Subtopic: Elements of a Sales

Process; Role of Customer Service

and Sales Strategies


2.3 Identify sales channel strategies

2.3.1 Identify elements of a sales

process

2.3.4 Identify the role of customer

service and support in sales

strategies

Notes for the teacher Review ways to handle negative

feedback if time permits.


Sales Channels A sales channel is how a business sells its products or services to a customer.

Two main sales channels are digital and physical. Digital sales channels include

sales made over the internet. There are websites like Amazon and eBay that

provide ease of shopping for a customer. Digital sales channels allow a company

to reach a greater number of customers. One drawback to digital sales channels

is the need to pay shipping costs. Physical sales channels are brick stores where

a customer can purchase items. This location provides an in-person experience

where a customer can interact with employees. Both sales channels are effective

but have different strengths and weaknesses.

Purpose

Upon completing this project, you will better understand digital and physical

sales channels.


1. Label the different stores as either digital or physical sales channels. Use

D for digital and P for physical.

a. P Bakery

b. P Wholesale store

c. D Online boutique

d. P Grocery store

e. D Facebook Marketplace

f. D Etsy

g. P Restaurant

2. Define business-to-consumer (B2C) sales:

a. Answers may vary but should include a business selling products or servicesdirectly to consumers

3. Define business-to-business (B2B) sales:

a. Answers may vary but should include a business selling products or services toanother business, generally for resale purposes

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Topic: Sales Channel Strategies

Subtopic: Key Characteristics of

Sales Channels


2.3 Identify sales channel strategies

2.3.2 Identify key characteristics of

digital and physical sales channels

2.3.3 Define various types of sales

channels

Notes for the teacher Review sales channels used in your area.


Domain 3 Lesson 1




1. One can expect their sales volume to be high when they are in product/market fit. [Elements of the

Product/Market Fit Hypothesis]

2. Product/market fit is making a product or service that many people want. [Elements of the

Product/Market Fit Hypothesis]

3. A business must provide customers with quality products to maintain customer satisfaction .

[Performance and Quality Criteria]

4. A Minimum Viable Product (MVP) is a prototype used to test ease-of-use and functionality to help

determine the user's experience and ultimately improve the user's experience with the product. [Performance and

Quality Criteria]


Product/Market Fit Product/market fit is making a product or service that many people want. One

has reached product/market fit when their sales volume is high and continues to

grow because customers buy the products and recommend them to others.

Companies go through different phases to reach product/market fit. These

phases are the idea stage, the prototype stage, the launch stage, the traction

stage, the monetization stage, and the growth stage.

Purpose

Upon completing this project, you will have a better understanding of

product/market fit.


1. In which stage should one develop a value hypothesis?

a. Launch

2. In which stage do sales gain momentum?

a. Traction

3. In which stage is a Minimum Viable Product (MVP) created?

a. Prototype

4. In what stage does one find their product/market fit?

a. Growth

5. In which stage does one start to earn revenue?

a. Monetization

6. In which stage does one develop a concept for a product or service?

a. Idea

7. What is a value hypothesis?

a. Answers may vary but should include that a value hypothesis promotes things likeproduct features, pricing, and a company’s business model as a means of enticing potential customers to purchase the product

Project Details

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Topic: Value of a Minimum Viable

Product

Subtopic: Elements of the

Product/Market Fit Hypothesis

Objectives covered 3 Production and Distribution

3.1 Identify the value of a Minimum

Viable Product

3.1.1 Define elements of

product/market fit hypothesis

Notes for the teacher Review the importance of customer

development if time permits.


Quality A business must provide customers with quality products to maintain customer

satisfaction. Customers do not want to purchase products that are difficult to

use or prone to breaking.

Purpose

Upon completing this project, you will better understand the quality of products

and services.


1. What is the International Standards Organization’s definition of quality?

a. Answers may vary but should explain thatthe organization defines quality as the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs

2. Which two aspects of a product do Minimum Viable Products (MVPs)

test?

a. Ease-of-use

b. Functionality

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Topic: Value of a Minimum Viable

Product

Subtopic: Performance and Quality

Criteria


3.1 Identify the value of a Minimum

Viable Product

3.1.2 Define performance/quality

criteria

Notes for the teacher You may choose to discuss hypothetical

Minimum Viable Products (MVPs) for

different scenarios with students if time

permits. For example, what MVPs might

students choose to make if they worked

at a toy manufacturing company? What

specific features would students want

their MVPs to test?


Domain 3 Lesson 2




1. Before creating a product, it is wise to research what it takes to produce the product. [Creating a Product

or Service]

2. For services, one must spend time finding out what customers' needs are. [Creating a Product or Service]

3. A business can use value engineering to cut down on costs or to improve its product’s function.

[Production Options]

4. A key example of a prebuilt service many companies use is a software as a service (SaaS) platform.

[Production Options]

5. When developing a quality control process, one should start by determining their quality standards .

[Quality Control Testing]

6. When setting one’s own quality standards, one must ensure that the standards are measurable . [Quality

Control Testing]


Researching Products and

Services Before creating a product, one should research what it takes to produce the

product. Research can include:

• Talking with others that have produced the same or a similar product

• Gathering information on how to make the product, identifying and

procuring the required materials, and how much the materials will cost

• Finding a manufacturer that can make the product if needed

For services, one should spend time finding out what customers' needs are. One

could find this information by surveying customers in the area, placing phone

calls, talking with individuals interested in the service, talking with customers

that have received similar services from another company, and purchasing

equipment to perform the service if needed.

Purpose

Upon completing this project, you will better understand how to find the

necessary information to create a product or provide a service.


1. What is one piece of information one should research before offering

carpet cleaning services?

a. Answers may vary but can include carpetcleaning methods, types of carpet cleaners and their costs, types of equipment used to clean carpets and their costs, customer demand, and input from customers

2. What is one piece of information one should research before opening an ice cream parlor?

a. Answers may vary but can include ice cream flavors, equipment needed to make icecream, what ingredients are needed to make ice cream, where to purchase ice cream if it will not be made in-house, the cost of making or purchasing ice cream, and how other ice cream sellers sell their ice cream

3. What is one piece of information one should research before creating a pet toy?

a. Answers may vary but can include how other pet toy manufacturers make theirtoys, what materials are needed to make the toy and their costs, where the toy will be manufactured

4. What is one piece of information one should research before offering computer repair services?

a. Answers may vary but can include tools needed to complete repairs and theircosts, specific types of repairs that will be offered, customer demand, and input from customers

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Topic: Supply Chain and Production

Processes

Subtopic: Creating a Product or

Service


3.2 Identify supply chain and

production processes

3.2.1 Identify the knowledge and

materials needed to create a

product or service

Notes for the teacher You may choose to discuss with

students what methods one can use to

obtain this information if time permits.

For example, one can look at local or

online retailers to see what carpet

cleaners are available.


Digital and Physical Products

and Services When it comes to digital products and services, consumers can buy an already

created product or service or build their own. Consumers, usually business

owners themselves, have to analyze control, cost, maintenance, time, and value

to determine whether a building or buying option is best for them and their

company. Business owners must also consider the pros and cons of leasing or

buying physical items.

Purpose

Upon completing this project, you will better understand software as a service

(SaaS) types and their benefits and drawbacks. You will also have a better

understanding of the benefits and drawbacks of buying and leasing.


1. Match the software as a service (SaaS) type to its description. Answers

may be used more than once.

a. Build your own Offers a user more control.

b. Build your own User is responsible for the maintenance of the software.

c. Prebuilt Has a subscription fee to use the software.

d. Prebuilt Saves a user time.

e. Build your own Provides more functionality for specific needs.

2. Why might a business choose to lease office space rather than buy office space?

a. Answers may vary but should explain that some businesses may not have the cash flowfor a down payment to buy office space. In addition, leasing office space means that the business is not responsible for property taxes for the office space

3. Why might a business choose to buy office space rather than lease office space?

a. Answers may vary but should explain that buying office space is cheaper long-termbecause eventually there will be no more payments, while leasing prices tend to grow over time

Prebuilt Build your own

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Processes

Subtopic: Production Options




3.2.2 Identify production options

for digital and physical products

and services

Notes for the teacher You may choose to discuss some of the

benefits and drawbacks of value

engineering if time permits.


Quality Control The quality control testing process helps ensure that a business delivers a

consistent product or service to customers. When developing a quality control

process, one should start by determining their quality standards. In some

industries, these standards are set by outsiders, such as local health and safety

inspectors, a government regulatory agency, or industry leaders.

Purpose

Upon completing this project, you will have a better understanding of the

quality control process.


1. Number the steps of the quality control testing process in the correct

order.

a. 3 Review the internal quality testing results

b. 4 Refine and improve quality methods and measures,

as needed

c. 1 Set quality standards

d. 2 Establish the product quality testing method

2. List one method of testing a product’s quality.

a. Answers may vary but can include checking theproduct against set specifications, randomly testing samples, or logging defects

3. What is one reason why a business would want to review their testing results to refine and improve their quality

control process?

a. Answers may vary but should explain that a business would want to refine andimprove their quality control process to boost their bottom line or to increase customer satisfaction.

Project Details

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Processes

Subtopic: Quality Control Testing




3.2.3 Identify quality control

testing processes for digital and

physical products and services,

including adherence to

government regulatory and safety

requirements

Notes for the teacher You may choose to discuss some of the

standards from outside parties that

could affect a business if time permits.

For example, a restaurant’s quality

control process has to consider local

health and safety regulations.


Domain 3 Lesson 3


Fill-in-the-Blanks Instructions: While watching Error! No text of specified style in document., fill in the missing words according to the

information presented by the instructor. [References are found in the brackets.]

1. A distribution channel is a method used to get a product from the manufacturer to the end-user.

[Distribution Channels]

2. There are two main types of distribution channels: direct channels and indirect channels. [Distribution

Channels]

3. Distribution and fulfillment centers store and ship products for businesses. [Direct Distribution and

Fulfillment Services]

4. Distribution and fulfillment centers are both indirect distribution channels. [Direct Distribution and

Fulfillment Services]


Distribution Channels A distribution channel is a method used to get a product from the manufacturer

to the end-user. Depending on the distribution channel used, the product may

pass through many middlemen before reaching the consumer. There are two

main types of distribution channels: direct channels and indirect channels. A

direct channel allows the consumer to make a purchase directly from the

manufacturer. Indirect distribution channels use middlemen, also known as

intermediaries, like wholesalers, retailers, and agents, to sell their products to

the end customers.

Purpose

Upon completing this project, you will better understand the two different types

of distribution channels.


1. What is one advantage of direct distribution channels?

a. Answers may vary but can include that directdistribution channels are the least complicated distribution channel or that direct distribution channels generally have lower-priced goods

2. What is one disadvantage of indirect distribution channels?

a. Answers may vary but can include that indirect distribution channels tend to bemore time-consuming or that indirect distribution channels tend to be more expensive due to middlemen

3. What are the two methods commonly used to distribute e-commerce purchases to customers?

a. E-commerce products are commonly delivered through the post office or couriers

4. What are the three methods commonly used to distribute door-to-door purchases to customers?

a. Door-to-door purchases are commonly delivered through the post office, throughcouriers, or at the time of purchase from the seller

5. Match the indirect distribution channel level to its description.

a. Two-level A wholesaler purchases products, commonly in bulk, from the manufacturer and

then turns around and sells the products to retailers who then sell the products to the end-users.

b. Three-level An agent gets involved on top of wholesalers and retailers, adding a middleman to

the mix.

c. One-level A product is purchased from the manufacturer then sold to customers.

One-level Two-level Three-level

Project Details

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Topic: Identify Distribution Channels

Subtopic: Distribution Channels


3.3 Identify distribution channels

3.3.1 Identify types and factors in

the selection of distribution

channels

Notes for the teacher You may choose to ask students to

name specific distribution methods and

what type of distribution channel they

are. For example, Girl Scout cookies are

a direct distribution channel, while

Amazon is an indirect distribution

channel.


Distribution and Fulfillment

Centers Distribution and fulfillment centers store and ship products for businesses. They

are both indirect distribution channels and are commonly referred to as the

same thing, but they are not the same. A business owner will want to know the

differences between both to choose the option that best fits the business’s

needs.

Purpose

Upon completing this project, you will better understand the differences

between distribution and fulfillment centers.


1. Match the distribution channel to its description. Use D for distribution

center and F for fulfillment center.

a. F Strategically stores products so that when a customer

places an order, the product can be quickly picked up and sent

out.

b. D Receives and temporarily stores goods before

fulfilling the customer’s order and is often used for retail stores.

2. Label the stores as using either a distribution center or a fulfillment center. Use D for distribution center and F for

fulfillment center.

a. F Amazon

b. D Kohl’s

c. D DICK’s Sporting Goods

d. F Wayfair

Project Details

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Topic: Identify Distribution Channels

Subtopic: Direct Distribution and

Fulfillment Services


3.3 Identify distribution channels

3.3.2 Identify differences between

direct distribution and fulfillment

services

Notes for the teacher You may choose to discuss with

students how fulfillment centers are

ideal for long-term storage, while

distribution centers are meant for short-

term storage if time permits.


Domain 4 Lesson 1




1. A(n) profit margin refers to the net profit the company wants to make from the sale and is usually

represented using a percentage. [Selling Price]

2. A(n) cost price represents how much money it costs a business to make or obtain the products or

how much it costs a business to perform the service. [Selling Price]

3. A(n) balance sheet is a financial report that shows a company's assets, liabilities, and equity for a

specific period. [Basic Financial Statements]

4. Equity is the owner's remaining value after all liabilities have been deducted. [Basic Financial

Statements]

5. A(n) income statement, also known as a profit and loss statement, shows the total revenues and

expenses for a specific period. [Basic Financial Statements]

6. The break-even point is the amount of revenue required to cover expenses. [Basic Financial

Statements]


Selling Price Every business must decide on a selling price for its products and services. The

formula to determine the selling price is: (cost x desired profit margin) + cost.

The cost is the amount a business pays for materials or labor. The desired profit

margin is the amount a business wants to earn from selling the product or

service, usually in percentage form. Dividing the percentage by 100 converts it

to a decimal. Once those numbers are determined, one can plug them into the

formula to determine the selling price.

Purpose

Upon completing this project, you will better understand how to determine a

product’s or service’s selling price.


1. Ben owns a shoe store. He has a new line of limited-edition running

shoes that he will be selling in his store soon. The cost of manufacturing

the shoes was $18 per pair, and he wants to make a 20% profit on each

pair he sells. What is Ben’s selling price?

a. $21.60

2. Adam owns a restaurant. A new dish is being added to the restaurant’s menu. The cost of making the dish is

$6.75, and he wants to make a 33% profit on each dish he sells. What is Adam’s selling price?

a. $8.98

3. Cory owns a home goods store. He is about to add a new line of candles to his store. The cost of manufacturing

the candles is $8.46 per candle, and he wants to make a 52% profit on each candle. What is Cory’s selling price?

a. $12.94

Project Details

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Topic: Business Financials

Subtopic: Selling Price

Objectives covered 4 Business Financials

4.1 Analyze business financials

4.1.1 Determine the selling price of

a product or service

Notes for the teacher It may be beneficial to practice other

sample problems with students solving

for selling price if time permits.


Calculating Equity The cash a company has, a company’s accounts receivable, inventory,

equipment, and company vehicles are assets. Liabilities are the money that a

company owes, and this includes accounts payable such as credit card

payments, bank loans, and mortgage payments. Subtracting liabilities from

assets calculates equity. A company’s balance sheet shows assets, liabilities, and

equity.

Purpose


equity.


1. Mallory owns an auto repair shop. She has $12,000 in cash, $8,000 in

inventory, a $4,000 credit card balance, and $3,500 in long-term debt.

What is Mallory’s equity?

a. $12,500

2. Ashley sells cars. She has $26,000 in cash, $34,000 in inventory, a $4,600

credit card balance, and $7,900 in long-term debt. What is Ashley’s

equity?

a. $47,500

3. Mindy owns a restaurant. She has $14,200 in cash, $2,600 in inventory, $5,000 in equipment, a $3,800 credit card

balance, and $1,400 in long-term debt. What is Mindy’s equity?

a. $16,600

Project Details

Project file N/A




Subtopic: Basic Financial

Statements



4.1.2 Interpret basic financial

statements such as income sheets

and balance sheets

Notes for the teacher You may choose to discuss further

examples of assets and liabilities with

students if time permits.


Calculating Information on an

Income Statement Subtracting the cost of goods and expenses from income calculates net income.

Subtracting the cost of goods from income calculates gross income. Multiplying

gross profit by the tax rate calculates income tax expense. Dividing total

expenses by sales price calculates a break-even point. An income statement

shows these types of financial information.

Purpose


different financial information found on an income statement.


1. Mallory sells hats. Last month, Mallory had an income of $3,800, her

cost of goods was $875, and her total expenses were $1,400. What was

Mallory’s gross income?

a. $2,925

2. Karen’s income last month was $5,400. Her cost of goods was $925, and

her total expenses were $3,300. What was Karen’s net income?

a. $1,175

3. Jane owns a dress-making business. Her income last quarter was $8,000, her cost of goods was $1,500, and her

total expenses were $3,000. What were Jane’s gross income and net income?

a. Gross income: $6,500

b. Net income: $3,500

4. Gabe owns a candied nut cart. He sells his cup of nuts for $6, and his monthly cost is $810. How many cups of

candied nuts does Gabe need to sell to break even?

a. 135

5. Chuck owns a pizza shop. He only sells large pizzas and charges $18 per pizza. His total monthly cost is $2,600.

How many pizzas does Chuck have to sell to break even each month?

a. 145

Project Details

Project file N/A




Subtopic: Basic Financial

Statements



4.1.2 Interpret basic financial

statements such as income sheets

and balance sheets

Notes for the teacher You may choose to discuss why

students need to know these different

types of financial information if time

permits. For example, a business owner

may need to know their net income to

ensure they have enough money to pay

for their expenses.


Domain 4 Lesson 2




1. Fixed costs remain the same no matter the volume of production . [Fixed and Variable Costs]

2. Variable costs fluctuate depending on production. [Fixed and Variable Costs]

3. A burn rate is used to identify the amount of cash a company is spending every month. [Analyze a

Company’s Cash Flow]

4. A run rate is used to make projections about a company’s future performance. [Analyze a Company’s

Cash Flow]

5. Return on investment (ROI) is used by businesses to show them how much their investment is earning.

[ROI]

6. ROI gives business owners a way to calculate whether their product or service is cost-effective or if they

need to make adjustments. [ROI]


Fixed and Variable Costs Fixed and variable costs are the two main costs that companies incur when

producing products and services. Fixed costs remain the same no matter the

volume of production. Variable costs fluctuate depending on production.

Purpose

Upon completing this project, you will better understand the difference between

fixed and variable costs.


1. Gary is opening a restaurant. Determine whether his costs are fixed or

variable. Use F for fixed and V for variable.

a. V Takeaway boxes

b. F Rent

c. V Credit card bill

d. V Ingredients

2. Bryan owns a clothing store. Determine whether his costs are fixed or

variable. Use F for fixed and V for variable.

a. F Insurance

b. F Internet bill

c. V Clothes

d. F Employees’ salaries

Project Details

Project file N/A




Subtopic: Fixed and Variable Costs



4.1.3 Differentiate between fixed

and variable costs

Notes for the teacher You may choose to discuss specific

scenarios and have students list

different associated costs and discern

between fixed and variable costs if time

permits. For example, what costs can

students think of that are associated

with owning a food truck? Which of

those costs do students think are fixed

and which do they think are variable?


Calculating Cash Flow Investors and businesses use a cash flow analysis to understand how much cash

the business generates and spends over a specific period. Subtracting total costs

from total cash calculates an ending cash balance. A burn rate identifies the

amount of cash a company is spending every month and measures cash flow.

Subtracting a month’s ending balance from a month’s starting balance

calculates a burn rate. A run rate predicts a company’s future performance by

using the current financials for a specific period, usually a month, to predict the

company's future performance. Multiplying a month’s revenue by 12 calculates

a run rate.

Purpose

Upon completing this project, you will better understand how to calculate an

ending cash balance, burn rate, and run rate.


1. Zach owns a car detailing shop. Last year, he had a beginning cash

balance of $5,600, total cash sales of $21,800, $4,700 in utilities, $3,400

in loan payments, and $1,200 in marketing costs. What was Zach’s

ending cash balance for last year?

a. $18,100

2. Clara owns a bakery. Last year, she had a beginning cash balance of $3,700, total cash sales of $16,500, $3,700 in

utilities, $2,500 in loan payments, and $1,600 in marketing costs. What was Clara’s ending cash balance for last

year?

a. $12,400

3. Andrea owns a food truck. Last month, her starting balance was $3,400, her ending balance was $5,300, and her

revenue was $4,700. What was Andrea’s burn rate for last month, and what is her current run rate?

a. Burn rate: -$1,900

b. Run rate: $56,400

4. Melinda sells candles. Last month, her starting balance was $6,200, her ending balance was $4,900, and her

revenue was $2,300. What was Melinda’s burn rate for last month, and what is her current run rate?

a. Burn rate: $1,300

b. Run rate: $27,600

Project Details

Project file N/A




Subtopic: Analyze a Company’s

Cash Flow



4.1.4 Analyze a company’s cash

flow

Notes for the teacher You may need to explain further what

burn rates and run rates are to help

ensure that students do not confuse the

two terms.


Calculating ROI Businesses use a return on investment (ROI) to show them how much their

investment is earning. ROI gives business owners a way to calculate whether

their product or service is cost-effective or if they need to make adjustments.

Subtracting the cost of investment from the value of investment calculates net

profit. Dividing net profit by the cost of investment, then multiplying the result

by 100 calculates ROI.

Purpose

Upon completing this project, you will have a better understanding of how to

calculate ROI.


1. Tina sells cookies. What is Tina’s ROI?

a. Production cost: $7.65/box of cookies

b. Selling price: $12/boxes of cookies

c. ROI: 57%

2. Sherry sells purses. What is Sherry’s ROI?

a. Production cost: $17.20/purse

b. Selling price: $30/purse

c. ROI: 74%

3. Chris provides tree trimming services. What is Chris’s ROI?

a. Production cost: $48.89/tree trim

b. Selling price: $65/tree trim

c. ROI: 33%

Project Details

Project file N/A




Subtopic: ROI



4.1.4 Calculate the ROI of a

product or service

Notes for the teacher Review calculations with students.


Domain 4 Lesson 3




1. An operating budget outlines the funds a business will need to run efficiently. [Operating Budget and

Startup Costs]

2. An operating budget includes a breakdown of all of a company's fixed and variable monthly costs and operating

expenses such as depreciation and interest on loans . [Operating Budget and Startup Costs]

3. Bootstrapping is where an owner uses their own savings to fund a business. [Funding Options and

Requirements]

4. The Small Business Administration (SBA) makes it easier for small businesses to get loans by reducing

the risk for lenders, community development organizations, and other lending institutions. [Funding

Options and Requirements]


Startup Costs and Operating

Budgets Every business will have bills. Before one starts a business, one will need to

understand their expenses. A business owner may not know the exact costs for

each of their projected expenses, but they should do their best to estimate.

Estimating expenses helps a business owner calculate their startup costs, which

they will incur while creating a new business. In addition to determining startup

costs, a business owner should also create an operating budget. An operating

budget projects revenues and expenses for a specified period, such as a quarter

or a year.

Purpose

Upon completing this project, you will better understand common startup costs

and the purpose of an operating budget.


1. List five common startup costs that most businesses need to plan for

before starting the business.

a. Answers may vary but can include a business plan, market research, a downpayment on a rental property, logo design, company signs, rent, equipment, supplies, utilities, insurance, taxes, employee wages and salaries, advertising and marketing, licenses and permits, or web design

2. List two recurring costs that most businesses have.

a. Answers may vary but can include rent, utilities, employee wages and salaries,supplies, taxes, advertising and marketing, or insurance

3. List two one-time expenses that most businesses have.

a. Answers may vary but can include equipment, permits, logo designs, web design, adown payment on a rental property, a business plan, market research, or company signs

4. What is one reason why a company should make an operating budget?

a. Answers may vary but should explain that an operating budget outlines the fundsa business needs to run efficiently or that an operating budget helps a company plan its budget and set financial goals

Project Details

Project file N/A



Topic: Funding Options

Subtopic: Operating Budget and

Startup Costs


4.2 Analyze funding options

4.2.1 Determine operating budget

and start-up costs

Notes for the teacher You may choose to look up a sample

operating budget to show students if

time permits.


Funding Options There are a variety of funding options when starting a new business.

Bootstrapping is when an owner uses their own savings to fund the business.

Business owners must pay back Small Business Administration (SBA) loans with

interest. Small Business Administration (SBA) grants are available to small

businesses engaged in scientific research and development and businesses that

help export development. These grants do not need to be repaid. An angel

investor helps fund a business or a specific project, usually for a stake in the

company. Crowdfunding is when a business owner shares their startup business

on an online platform to pre-sell their products. Business owners can use the

money from the pre-sale orders as capital to build the products.

Purpose

Upon completing this project, you will better understand the different funding

options available to business owners.


1. Why might bootstrapping not be a viable option for many new business

owners?

a. Answers may vary but should explain that many people do not have the financialresources for this option to be viable

2. When must Small Business Administration (SBA) real estate loans and equipment and inventory loans be repaid?

a. Real estate loans must be paid back within 25 years, while equipment andinventory loans must be repaid in 10 years

3. List two eligibility requirements for Small Business Administration (SBA) grants.

a. Answers may vary but should include that the business must operate for a profit, operate within the United States or its territories, the owners must have responsible owner equity to investment, or use alternative financial resources before seeking financial assistance, including using personal assets

4. Angel investors are wealthy individuals willing to finance a business for an equity stake in the business in

return.

5. What is one reason a business owner should read a crowdfunding platform’s fine print before using it as a funding

source?

a. Answers may vary but should include that many crowdfunding platforms charge aprocessing fee for each purchase or that some platforms require business owners to meet their financial goals before they can access any funds that have been raised.

Project Details

Project file N/A



Topic: Funding Options

Subtopic: Funding Options and

Requirements


4.2 Analyze funding options

4.2.2 Identify various funding

options

Notes for the teacher You may choose to ask students which

funding option they would choose for

themselves and why if they were a

business owner if time permits.

61 | Appendix Entrepreneurship and Small Business V.2 Project Workbook, First Edition

Appendix


Glossary Term Definition

Acquisition

Costs

Cost incurred by a business.

Angel Investor An investor who provides funding to a business for a stake in the business in return.

Asset A tangible item a business owns.

Balance Sheet A document that compares assets to liabilities plus owner's equity.

Brand

Recognition

The level of familiarity one has with a brand.

Bootstrapping A business owner that uses their own money to fund their business.

Break-Even

Point

The point where a business's revenue matches its expenses over a given period.

Budget The amount of money a business plans on spending during a given period.

Burn Rate A calculation used to measure a business's monthly cash flow.

Business

Opportunity

A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business

is feasible.

Business Plan A document that addresses the concept, customers, and capital for a business.

B2B A business-to-business (B2B) commercial transaction between businesses.

B2C A business-to-consumer (B2C) transaction.

C Corporation A business structure that allows the company to pass its income, losses, deductions, and credits

through its shareholders to decrease their taxation.

CEO The Chief Executive Officer (CEO) holds a leadership role within a business. The CEO oversees a

business's operations and resources and makes the major decisions for the company.

CFO The Chief Financial Officer (CFO) holds a leadership role within a business. The CFO oversees a

company's finances.

COO The Chief Operating Officer (COO) holds a leadership role within a business. The COO is responsible

for overseeing the day-to-day administrative and operational functions of a business.

Critical Thinking Using one's mind to solve a problem in the best way by considering various potential solutions to the

problem.

Crowdfunding The method of sharing a start-up business online to pre-sell products.

Chamber of

Commerce

A local agency with information on participating local businesses.

Collaboration The action of working with one or more people toward a common goal.

Commission A fee paid to an employee for completing a task.

Compensation A monetary amount given to employees in return for their work.

Confidentiality

Agreement

A signed agreement stating that an entity will not disclose information agreed upon by all parties in

an arrangement.

Contract An agreement between an employee and a company outlining obligations and terms of employment.

Copyright A form of protection individuals can implement to protect their intellectual property. Copyright is

designated for print, music, film, and various other forms of creative licenses.

Customer An individual or business that purchases goods and services from a business.

Customer

Acquisition Cost

The total cost of acquiring a new customer.

Customer

Retention

Activities or strategies employed by a business to retain existing customers.

Demographics Statistical data that refers to particular groups within a population.


Distribution

Channel

A method used to get a product from the manufacturer to the end-users.

Employee An individual hired by a company and compensated for their work.

Entrepreneur An individual who aspires to start and run a successful business.

Equity Non-cash compensations offered to employees in place of or in addition to a lower salary.

Ethical Practices Standards of professional conduct professionals should uphold.

Fixed Costs Costs a business has that remain the same no matter the volume of production.

Franchise A business that takes its name and characteristics from an existing business chain.

Forward-

Thinking

Mentality

Thinking about and planning for the future.

Founder The person that developed or created a company or organization.

Grit The characteristic of being able to tackle goals with courage and perseverance.

Growth Mindset Believing that one can accomplish anything with hard work.

Hourly Pay A payment amount provided to employees for the number of hours they worked.

Income

Statement

A financial statement that details a business's revenue and expenses for a given period.

Intellectual

Property

A creative work or invention to which an individual has been given rights.

Inventory Goods a business owns with the purpose of selling.

Initiative A characteristic in which an individual acts to turn ideas into action.

Innovation A new idea, product, or method.

Investor A person or entity willing to provide monetary funds to a business with the hopes of earning a return

on their money.

Lean Canvas A one-page document discussing key information commonly seen in a business plan.

Liability The amount of money owed to an entity.

LLC A limited liability company (LLC) is a business with pass-through taxation where owners pay taxes on

the company's profit and losses through their personal taxes.

Marketing A form of communication between businesses and customers which relays a message promoting

services and/or goods.

Marketing Plan A written plan that outlines a company's marketing strategies.

MVP A minimum viable product (MVP) is an inexpensive preliminary product to test the product idea.

Nonprofit A type of business that has no owner and does not pay federal US taxes.

Operating Costs The expenses incurred for running day-to-day tasks in a business.

Opportunity

Recognition

The way one approaches new ideas and ventures in their life.

Owner The individuals that own the business.

Partners Two or more individuals that share a business's financial responsibility.

Patent A legal method used to protect an invention for a limited time.

Personal Agency One's ability to act to work toward achieving a goal.

Piece Work A type of compensation provided for the amount of work produced.

Pitch Deck A presentation given to potential investors to provide a brief overview of the business plan to earn

another meeting.

Price The amount of money charged for goods or services.

Primary Data First-hand research like surveys, interviews, and statistical data.

Problem-Solving The process of coming up with solutions to solve a problem.

Product A tangible item.

Product/Market

Fit

The stage where a business's sales are high and continue to grow because their product or service is

something customers want and continue to purchase.

Profit The amount of financial gain from a business.


Prototype A preliminary product, commonly a product with minimum viability, from which to test and develop.

Resiliency One's ability to adapt to change, loss, and disappointment.

Revenue The number of sales and other income in a business for a given period.

Risk The possibility of something negative happening. In the context of a small business, the possibility of

a loss of time and money.

Risk Tolerance The level of willingness to lose time and money when starting a business.

ROI Return on investment (ROI) is a calculation used to determine how much an investment is making.

Royalty Fees Fees paid for the use of a brand name or image.

Run Rate A calculation used to make projections about a company's future performance.

S Corporation A type of business structure with a special tax advantage that allows the company to pass its income,

losses, deductions, and credits through its shareholders.

Salary A fixed payment amount provided to a full-time employee.

Sales Channel How a business sells its products and services to the end customer.

Sales Pitch A persuasive speech prepared to entice a potential customer to purchase a service or good.

Secondary Data Data that may contain personal bias like company newsletters and academic journals.

Self-Reliance Trusting one's self, goals, and progress.

Selling Price The price a company charges for its product or service. The selling price is determined by adding the

cost price and the profit margin the company wants to earn.

Service An intangible service or skill that is performed.

Small Business A corporation, partnership, or sole proprietorship that is privately owned by one individual or a small

group of people. They commonly have fewer employees and revenue than larger-sized businesses.

Small Business

Administration

The Small Business Administration (SBA) is an independent government agency specializing in

providing small businesses with assistance to get their business up and running.

SWOT Analysis A planning tool used to document a company's strengths, weaknesses, opportunities, and threats.

Sole

Proprietorship

A type of business structure with a single owner. The business is not shielded from any amount of

liability.

Stakeholder An individual with an interest in a business.

Stockholder An individual that owns at least one share in a corporation's stock.

Target Market The group of customers a company chooses to market its products and services.

Trademark A practice used to protect brand names, logos, and business names.

Trade Secret A practice used by businesses to protect a practice, process, or formula from being shared with other

competitors.

Value

Proposition

A promise of value that a company makes about their product or service that makes it attractive to

customers.

Variable Costs Fluctuating costs that a business has depending on production.


Objectives

COURSE Objectives Domain 1

Entrepreneurial and Small Business Concepts

Domain 2 Marketing and Sales

Domain 3 Production and Distribution

Domain 4 Business Financials

1.1 Identify the foundational concepts of entrepreneurship and small business ownership 1.1.1 Define entrepreneurship and small business 1.1.2 Classify types of businesses 1.1.3 Identify various legal structures of a business 1.1.4 Identify roles and responsibilities within a business 1.1.5 Define business compensation structures 1.1.6 Define business life cycle stages 1.1.7 Identify elements of the design thinking process

2.1 Interpret market research 2.1.1 Define target market, value proposition, and pricing 2.1.2 Distinguish between primary and secondary data 2.1.3 Evaluate competition 2.1.4 Complete a SWOT analysis

3.1 Identify the value of a Minimum Viable Product 3.1.1 Define elements of product/market fit hypothesis 3.1.2 Define performance/quality criteria

4.1 Analyze business financials 4.1.1 Determine the selling price of a product or service 4.1.2 Interpret basic financial statements such as income sheets and balance sheets 4.1.3 Differentiate between fixed and variable costs 4.1.4 Analyze a company’s cash flow 4.1.5 Calculate the ROI of a product or service

1.2 Identify knowledge and skills of a successful entrepreneur 1.2.1 Identify characteristics of an entrepreneurial mindset 1.2.2 Identify the risks, benefits, opportunities, and drawbacks of being an entrepreneur

2.2 Analyze aspects of marketing processes 2.2.1 Identify marketing platforms 2.2.2 Apply marketing methods 2.2.3 Analyze market reactions and sales data 2.2.4 Analyze customer acquisition costs and retention costs 2.2.5 Identify elements of a marketing plan

3.2 Identify supply chain and production processes 3.2.1 Identify the knowledge and materials needed to create a product or service 3.2.2 Identify production options for digital and physical products and services 3.2.3 Identify quality control testing processes for digital and physical products and services, including adherence to government regulatory and safety requirements

4.2 Analyze funding options 4.2.1 Determine operating budget and start-up costs 4.2.2 Identify various funding options 4.2.3 Identify requirements for obtaining funding

1.3 Recognize potential business opportunities 1.3.1 Identify characteristics of a business opportunity 1.3.2 Determine the viability of a business opportunity

2.3 Identify sales channel strategies 2.3.1 Identify elements of a sales process 2.3.2 Identify key characteristics of digital and physical sales channels 2.3.3 Define various types of sales channels 2.3.4 Identify the role of customer service and support in sales strategies

3.3 Identify distribution channels 3.3.1 Identify types and factors in the selection of distribution channels 3.3.2 Identify differences between direct distribution and fulfillment services

1.4 Identify the elements of a business plan 1.4.1 Identify the purposes and value of a business plan, pitch deck, and lean canvas


COURSE Objectives Domain 1

Entrepreneurial and Small Business Concepts

Domain 2 Marketing and Sales

Domain 3 Production and Distribution

Domain 4 Business Financials

1.4.2 Define the key components of a business plan and pitch deck

1.5 Identify intellectual property concepts 1.5.1 Differentiate between trademarks, trade secrets, copyrights, and patents 1.5.2 Identify the value, risks, and guidelines associated with using licensed materials

67 | Entrepreneurship and Small Business V.2 Lesson Plan Entrepreneurship and Small Business V.2 Project Workbook, First Edition

Entrepreneurship and Small

Business V.2 Lesson Plan Approximately 13 hours of videos, labs, and projects.

Domain 1 Lesson Plan Domain 1 - Entrepreneurial and Small Business Concepts [approximately 4 hours of videos, labs, and projects]

Lesson Lesson Topic and Subtopics Objectives Exercise Labs Workbook Projects and Files

Pre-Assessment Assessment time - 00:30:00

Entrepreneurial and Small Business Concepts: Pre-Assessment

Lesson 1

Video time - 00:25:22

Exercise Lab time - 00:36:00

Workbook time - 00:25:00

Entrepreneurship and Small Business Ownership (Part 1) How to Study for This Exam Entrepreneurship and Small Business Classify Types of Businesses Business Legal Structures Business Roles and Responsibilities Business Compensation Structures Business Life Cycle Stages The Design Thinking Process

1.1 Identify the foundational concepts of entrepreneurship and small business ownership 1.1.1 Define entrepreneurship and small business 1.1.2 Classify types of businesses 1.1.3 Identify various legal structures of a business 1.1.4 Identify roles and responsibilities within a business 1.1.5 Define business compensation structures 1.1.6 Define business life cycle stages 1.1.7 Identify elements of the design thinking process

Business Types Products and Services Legal Structure Types Business Roles Compensation Types Business Life Cycle Description of a Business Life Cycle Description of Design Thinking Design Thinking Stages

Small Business Types – pg. 10 N/A Legal Structures – pg. 11 N/A Roles and Compensation – pg. 12 N/A Business Life Cycle Stages– pg. 13 N/A The Design Thinking Process – pg. 14 N/A

Lesson 2 Video time - 00:20:38 Exercise Lab time - 00:24:00 Workbook time - 00:20:00

Skills of a Successful Entrepreneur Characteristics of an Entrepreneurial Mindset Entrepreneurship Risks and Benefits Potential Business Opportunities Characteristics of a Business Opportunity Viability of a Business Opportunity Business Plan Elements Business Plan, Pitch Deck, and Lean Canvas Key Components of a Business Plan Key Components of a Pitch Deck Intellectual Property Concepts Trademarks, Trade Secrets, Copyrights, and Patents Using Licensed Materials

1.2 Identify knowledge and skills of a successful entrepreneur 1.2.1 Identify characteristics of an entrepreneurial mindset 1.2.2 Identify the risks, benefits, opportunities, and drawbacks of being an entrepreneur 1.3 Recognize potential business opportunities 1.3.1 Identify characteristics of a business opportunity 1.3.2 Determine the viability of a business opportunity 1.4 Identify the elements of a business plan 1.4.1 Identify the purposes and value of a business plan, pitch deck, and lean canvas 1.4.2 Define the key components of a business plan and pitch deck 1.5 Identify intellectual property concepts 1.5.1 Differentiate between trademarks, trade secrets, copyrights, and patents 1.5.2 Identify the value, risks, and guidelines associated with using licensed materials

Characteristics of Entrepreneurs More Characteristics of Entrepreneurs Business Elements Business Plan Components Pitch Deck Components Legal Protections

Mindset, Risks, and Benefits – pg. 17 N/A Business Opportunities – pg. 18 N/A Business Plan, Pitch Deck, and Lean Canvas – pg. 19 N/A Intellectual Propert Laws– pg. 20 N/A

Post-Assessment Assessment time - 01:00:00

Entrepreneurial and Small Business Concepts: Post-Assessment


Domain 2 Lesson Plan Domain 2 - Marketing and Sales [approximately 3 hours of videos, labs, and projects]



Marketing and Sales: Pre-Assessment


Market Research Target Market, Value Proposition, and Pricing Primary and Secondary Data Evaluate Competition SWOT Analysis

2.1 Interpret market research 2.1.1 Define target market, value proposition, and pricing 2.1.2 Distinguish between primary and secondary data 2.1.3 Evaluate competition 2.1.4 Complete a SWOT analysis

Understanding Competition Types Understanding SWOT Analysis Elements

Market Research – pg. 23 N/A Evaluating Competition – pg. 24 N/A


Aspects of Marketing Processes Part 1 Marketing Platforms and Marketing Methods Market Reactions and Sales Data Customer Acquisition and Retention Costs Elements of a Marketing Plan

2.2 Analyze aspects of marketing processes 2.2.1 Identify marketing platforms 2.2.2 Apply marketing methods 2.2.3 Analyze market reactions and sales data 2.2.4 Analyze customer acquisition costs and retention costs 2.2.5 Identify elements of a marketing plan

Data Types Filtering Products Elements of Marketing Plans

Marketing Platforms – pg. 27 N/A Market Segments – pg. 28 N/A Customer Acquisition Costs -- pg. 29 N/A Customer Retention Costs – pg. 30 N/A Elements of a Marketing Plan – pg. 31 N/A


Sales Channel Strategies Elements of a Sales Process Key Characteristics of Sales Channels Role of Customer Service and Sales Strategies

2.3 Identify sales channel strategies 2.3.1 Identify elements of a sales process 2.3.2 Identify key characteristics of digital and physical sales channels 2.3.3 Define various types of sales channels 2.3.4 Identify the role of customer service and support in sales strategies

Sales Process Sales Process – pg. 34 N/A Sales Channels– pg. 35 N/A


Marketing and Sales: Post-Assessment


Domain 3 Lesson Plan Domain 3 - Production and Distribution [approximately 3 hours of videos, labs, and projects]

Lesson Lesson Topic and Subtopics

Objectives Exercise Labs Workbook Projects and Files


Production and Distribution: Pre-Assessment


Value of a Minimum Viable Product Elements of the Product/Market Fit Hypothesis Performance and Quality Criteria Supply Chain and Production Processes Part 1

3.1 Identify the value of a Minimum Viable Product 3.1.1 Define elements of product/market fit hypothesis 3.1.2 Define performance/quality criteria

Phases of the Product/Market Fit Product/Market Fit Description

Product/Market Fit – pg. 38 N/A Quality – pg. 39 N/A


Supply Chain and Production Processes Creating a Product or Service Production Options Quality Control Testing

3.2 Identify supply chain and production processes 3.2.1 Identify the knowledge and materials needed to create a product or service 3.2.2 Identify production options for digital and physical products and services 3.2.3 Identify quality control testing processes for digital and physical products and services, including adherence to government regulatory and safety requirements

Buying vs. Building Digital Services Creating a Quality Control Process

Researching Products and Services – pg. 42 N/A Digital and Physical Products and Services– pg. 43 N/A Quality Control – pg. 44 N/A


Identify Distribution Channels Distribution Channels Direct Distribution and Fulfillment Services

3.3 Identify distribution channels 3.3.1 Identify types and factors in the selection of distribution channels 3.3.2 Identify differences between direct distribution and fulfillment services

Fulfillment vs. Distribution Centers

Distribution Channels– pg. 47 N/A Distribution and Fulfillment Centers – pg. 48 N/A


Production and Distribution: Post-Assessment


Domain 4 Lesson Plan Domain 4 - Business Financials [approximately 3 hours of videos, labs, and projects]



Business Financials: Pre-Assessment

Lesson 1 Video time – 0010:27 Exercise Lab time - 00:00:00 Workbook time - 00:20:00

Business Financials Part 1 Selling Price Basic Financial Statements

4.1 Analyze business financials 4.1.1 Determine the selling price of a product or service 4.1.2 Interpret basic financial statements such as income sheets and balance sheets

N/A Selling Price – pg. 51 N/A Calculating Equity – pg. 52 N/A Calculating Information on an Income Statement – pg. 53 N/A


Business Financials Part 2 Fixed and Variable Costs Analyze a Company’s Cash Flow ROI

4.1 Analyze business financials 4.1.3 Differentiate between fixed and variable costs 4.1.4 Analyze a company’s cash flow 4.1.5 Calculate the ROI of a product or service

Understanding Cost Types

Fixed and Variable Costs – pg. 56 N/A Calculating Cash Flow – pg. 57 N/A Calculating ROI – pg. 58 N/A


Funding Options Operating Budget and Startup Costs Funding Options and Requirements

4.2 Analyze funding options 4.2.1 Determine operating budget and start-up costs 4.2.2 Identify various funding options 4.2.3 Identify requirements for obtaining funding

Finding Options Startup Costs and Operating Budgets – pg. 61 N/A Funding Options – pg. 62 N/A


Business Financials: Post-Assessment

First Edition - media-aws.onlineexpert.com

Documents

Transcript of First Edition - media-aws.onlineexpert.com