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Entrepreneurship State Standards

 

1 February, 2017

ENTREPRENEURSHIP

ACTIVITY COURSE CODE: 5400

COURSE DESCRIPTION: This course is designed to provide students with the knowledge and skills needed to develop an effective business plan for small business ownership. An important part of the course will be the incorporation of economics, ethics, legal aspects, logistics, research, staffing, strategies for financing, and technology.

OBJECTIVE: Given the necessary equipment, supplies, and facilities, the student will be able to successfully complete all of the following core standards for a course that grants one unit of credit.

RECOMMENDED GRADE LEVELS: 10 - 12

COURSE CREDIT: 1 unit

PREREQUISITE: None

COMPUTER REQUIREMENT: 1 computing device per student

RESOURCES: www.mysctextbooks.com

A. SAFETY

Effective professionals know the academic subject matter, including safety as required for proficiency within their area. They will use this knowledge as needed in their role. The following accountability criteria are considered essential for students in any program of study.

1. Review school safety policies and procedures.

2. Review classroom safety rules and procedures.

3. Review safety procedures for using equipment in the classroom.

4. Identify major causes of work-related accidents in office environments.

5. Demonstrate safety skills in an office/work environment.

B. STUDENT ORGANIZATIONS

Effective professionals know the academic subject matter, including professional development, required for proficiency within their area. They will use this knowledge as needed in their role. The following accountability criteria are considered essential for students in any program of study.

1. Identify the purpose and goals of a Career and Technology Student Organization (CTSO).

2. Explain how CTSOs are integral parts of specific clusters, majors, and/or courses.

3. Explain the benefits and responsibilities of being a member of a CTSO.

4. List leadership opportunities that are available to students through participation in CTSO conferences, competitions, community service, philanthropy, and other activities.

5. Explain how participation in CTSOs can promote lifelong benefits in other professional and civic organizations.

C. TECHNOLOGY KNOWLEDGE

Effective professionals know the academic subject matter, including the ethical use of technology as needed in their role. The following accountability criteria are considered essential for students in any program of study.

1. Demonstrate proficiency and skills associated with the use of technologies that are common to a specific occupation.

2. Identify proper netiquette when using e-mail, social media, and other technologies for communication purposes.

3. Identify potential abuse and unethical uses of laptops, tablets, computers, and/or networks.

4. Explain the consequences of social, illegal, and unethical uses of technology (e.g., piracy; illegal downloading; licensing infringement; inappropriate uses of software, hardware, and mobile devices in the work environment).

5. Discuss legal issues and the terms of use related to copyright laws, fair use laws, and ethics pertaining to downloading of images, photographs, documents, video, sounds, music, trademarks, and other elements for personal use.

6. Describe ethical and legal practices of safeguarding the confidentiality of business-related information.

7. Describe possible threats to a laptop, tablet, computer, and/or network and methods of avoiding attacks.

D. PERSONAL QUALITIES AND EMPLOYABILITY SKILLS

Effective professionals know the academic subject matter, including positive work practices and interpersonal skills, as needed in their role. The following accountability criteria are considered essential for students in any program of study.

1. Demonstrate punctuality.

2. Demonstrate self-representation.

3. Demonstrate work ethic.

4. Demonstrate respect.

5. Demonstrate time management.

6. Demonstrate integrity.

7. Demonstrate leadership.

8. Demonstrate teamwork and collaboration.

9. Demonstrate conflict resolution.

10. Demonstrate perseverance.

11. Demonstrate commitment.

12. Demonstrate a healthy view of competition.

13. Demonstrate a global perspective.

14. Demonstrate health and fitness.

15. Demonstrate self-direction.

16. Demonstrate lifelong learning.

E. PROFESSIONAL KNOWLEDGE

Effective professionals know the academic subject matter, including positive work practices and interpersonal skills, as needed in their role. The following accountability criteria are considered essential for students in any program of study.

1. Demonstrate effective speaking and listening skills.

2. Demonstrate effective reading and writing skills.

3. Demonstrate mathematical reasoning.

4. Demonstrate job-specific mathematics skills.

5. Demonstrate critical-thinking and problem-solving skills.

6. Demonstrate creativity and resourcefulness.

7. Demonstrate an understanding of business ethics.

8. Demonstrate confidentiality.

9. Demonstrate an understanding of workplace structures, organizations, systems, and climates.

10. Demonstrate diversity awareness.

11. Demonstrate job acquisition and advancement skills.

12. Demonstrate task management skills.

13. Demonstrate customer-service skills.

F. CHARACTERISTICS OF ENTREPRENEURS

Effective business professionals demonstrate the entrepreneurial spirit. The following accountability criteria are considered essential for students in the Business program of study.

1. Define entrepreneurship and identify characteristics of entrepreneurs.

2. Complete a self-analysis to identify potential entrepreneurial interests.

3. Examine the role of entrepreneurship in a career and college pathway.

4. Assess the impact of entrepreneurship and innovation on our local, state, national, and international communities and economies.

5. Compare and contrast the risks and benefits of choosing to become an entrepreneur, including ways to minimize or limit risks.

G. FORMS OF BUSINESS OWNERSHIP

Effective business professionals demonstrate knowledge of the different forms of business and use which is most suitable for success. They will use this knowledge as needed in their business. The following accountability criteria are considered essential for students in the Business program of study.

1. Compare and contrast legal forms of business ownership (sole proprietorship, partnership, corporation, S-corporation, LLC).

2. Distinguish between four ways in which a business may be acquired and/or operated (purchase an existing business, enter the family business, purchase a franchise, or start a new business).

3. Identify trends of traditional and non-traditional business ventures for entrepreneurs (e.g., e-commerce, online auctions, bartering, social media, green entrepreneurship, social entrepreneurship, and crowdsourcing).

H. FINANCING A BUSINESS

Effective business professionals understand the financial operations of their business. They will use this knowledge as needed in their role. The following accountability criteria are considered essential for students in the Business program of study.

1. Define seed money, profit, fixed assets, variable assets, short and long term assets, short and long term liabilities, depreciation, cost vs. revenue, and pro forma.

2. Describe the criteria that determine an entrepreneur’s credit worthiness and the impact this might have on obtaining a business loan.

3. List and describe common private sector sources of funding (e.g., angel investors, venture capitalists, banks and credit unions, short-term loans, grants, and bootstrapping.)

4. Compare the role of government assistance (public sector) in the growth and development of a small business (e.g., SBA loan guarantees, grants, city, and state incentives) to private sector funding sources.

5. Describe other sources that can provide debt capital (e.g., family, partnerships, venture capitalists, friends, crowdfunding, etc.).

6. Project the total cash needed to start a business (e.g., start-up costs, ongoing operational expenses, and cash reserves).

7. Contrast various strategies that entrepreneurs can use to exit a business (e.g. initial public offering (IPO), mergers, and acquisitions).

I. BUSINESS ECONOMICS

Effective business professionals understand basic economic concepts. They will use this knowledge as needed in their business. The following accountability criteria are considered essential for students in the Business program of study.

1. Define economic terms such as monopoly, scarcity, elastic good, inelastic good, public good, fixed cost, variable cost, opportunity cost, equilibrium, and break-even point.

2. Explain the types of economic systems (e.g., command market, mixed, socialist, etc.).

3. Explain the concepts of supply and demand.

4. Explain the concept of competition and private enterprise.

5. Research and analyze the impact of small businesses/entrepreneurship has on market economies - locally, regionally, and globally.

J. RESEARCH AND ETHICS

Effective business professionals demonstrate appropriate research methods and business ethics. They will use this knowledge as needed in their business. The following accountability criteria are considered essential for students in the Business program of study.

1. Differentiate between primary (surveys, focus groups, interviews, etc.) and secondary data (census data, official government websites, etc.).

2. Explain how to use secondary and primary data for market research.

3. Demonstrate the use of valid and reliable research strategies.

4. Explain the difference between illegal and unethical behavior in business.

5. Research ethical problems typical for entrepreneurs such as conflicts of interests, bribery, and patent/copyright infringement.

6. Explain the importance of establishing a code of ethics for a business.

7. Explain social responsibility, business, and philanthropy.

8. Develop a written code of ethics.

9. Identify the role of business to promote goodwill (e.g., community service, social responsibility, environmental impact, etc.) and customer loyalty.

10. Identify domestic and international cultural differences that affect business.

11. Analyze the effect of cultural differences, export/import opportunities, and trends on an entrepreneurial venture in the global marketplace.

K. LEGAL REGULATIONS AND HUMAN RESOURCES

Effective business professionals demonstrate knowledge and usage of legal regulations and human resource processes. They will use this knowledge as needed in their business. The following accountability criteria are considered essential for students in the Business program of study.

1. Explain federal, state, and local regulations that affect small business ownership, i.e. permissible zoning, copyright, intellectual property, licenses, patents, and trademarks.

2. Define employer/employee taxes requirements.

3. Define sales tax requirements.

4. Identify types of insurance for employees and businesses (e.g., medical, dental, life, property and casualty, workman’s compensation, etc.).

5. Identify domestic (intrastate and interstate) and global trade laws (tariffs, quotas, etc.) as they pertain to traditional and non-traditional business ventures.

6. Identify government sites useful to business.

7. Discuss various recruitment techniques.

8. Identify components of an employee policies and procedures manual (e.g., acceptable use policy, technology abuse, non-compete policy, grievance, compensation and benefits, training and retention, etc.).

9. Identify legal hiring practices and anti-discrimination laws.

10. Explain the potential advantages that could be offered to minority and women-owned businesses by state and federal government.

11. Create a hiring plan for accepting applications, interviewing, and hiring employees.

L. LOGISTICS AND SUPPLY CHAIN MANAGEMENT

Effective business professionals demonstrate knowledge and usage of businesses processes. They will use this knowledge as needed in their business. The following accountability criteria are considered essential for students in the Business program of study.

1. Discuss selling products and services through traditional and non-traditional systems (e.g., storefronts, Web sites, auctions, etc.).

2. Explain the kinds of ordering, payment, and delivery services required for traditional and non-traditional types of business purchases (e.g. PayPal, Square).

3. Describe tracking, confirmation, and delivery of products and services.

4. Define terms related to online business (e.g., HTTPS, SSL and data encryption, search engine ranking, site traffic, key words/meta tags, etc.).

5. Identify security issues for traditional and non-traditional businesses (e.g., viruses, hacking, phishing, client information, theft, fraud, shoplifting, etc.).

6. Illustrate the process of placing a secure order and payment using online services from a customer and company perspective.

M. CUSTOMER SATISFACTION

Effective business professionals demonstrate knowledge of methods used to promote a positive business image and increase customer satisfaction. They will use this knowledge as needed in their business. The following accountability criteria are considered essential for students in the Business program of study.

1. Describe the objectives of a public relations program:

a. Foster positive relationships with customers to enhance company image

b. Reinforce the company’s image to exhibit the company’s brand promise.

2. Describe cost-effective advertising and sales techniques that promote the company and maintain positive customer relationships.

3. Explain the technical, networking, social, interpersonal, and communication skills needed by entrepreneurs.

N. BUSINESS PLAN

Business professionals research, develop, and present an effective business plan. They will use this knowledge as needed in the development of their business. The following accountability criteria are considered essential for students in the Business program of study.

1. Discuss the purposes for creating a business plan.

2. Describe the parts of a business plan.

3. Research and select a business opportunity using primary and/or secondary data resources to locate relevant information.

4. Perform a competitive analysis including direct and indirect competitors, industry trends, industry characteristics, and market segment.

5. Prepare a SWOT analysis and include in the business plan.

6. Determine the marketing mix (basics: product, price, place, and promotion).

7. Design a physical layout to meet the needs of the business.

8. Estimate the cost of equipment, supplies, and inventory.

9. Develop an organizational chart, including job descriptions.

10. Prepare a management plan (incorporate legal requirements, business protection, and operations).

11. Calculate variable and fixed costs.

12. Explain the economics of one unit in order to calculate cost of goods/service sold (COGS/COSS) and break-even point.

13. Prepare a pro forma budget.

14. Complete a pro forma income statement and balance sheet.

15. Estimate start-up costs and projected business expenses for one year and the funding needed to begin the business using the pro forma income statement.

16. Interpret financial statements (balance sheet, income statement, cash flow projections, and projected summary of sales).

17. Prepare professional hard copy business plan and develop materials for distribution (e.g. business cards, product samples, flyers, as appropriate).

18. Prepare visual aids for presentation.

19. Practice and present the business plan in a professional manner.

Course Materials and Resources

Course Academic Standards and Indicators