ENTREPRENEURSHIP
AND SMALL BUSINESS MANAGEMENT
(Semester Course)
SUBMITTED BY: JOHN ORLANDO
JULY 2001
ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT
COURSE STATEMENT
The goal of this course is to
give students the knowledge to become entrepreneurs and the skills needed to
start and manage a small business. Students will explore the global economy,
analyze markets and business activities. Students will identify consumer and
industrial products and services, develop pricing strategies, market products
and services, and develop organizational and management skills. Students will
develop an understanding of business financing and the preparation of financial
documents needed to plan for a business. Students will develop a business
concept, create a business plan and complete the necessary documents to
register the business with the State of
COURSE PROFICIENCIES ATTITUDES
Ø
Students should
recognize the role of entrepreneurs in our society and the impact they have on
our economy.
Ø
Students should
recognize the importance that entrepreneurs have in creating and bringing to
market new and improved products and services.
Ø
Students should
recognize the role that entrepreneurs have in the creation of jobs and job
growth.
Ø
Students should
recognize the risk vs. reward of starting their own business.
Ø
Students should
recognize the advantages and disadvantages of owning their own business.
COURSE PROFICIENCIES SKILLS
Ø
To develop an
understanding of the basic facts about entrepreneurship, the major fields of
domestic and international business activity.
Ø
To develop an
understanding of the advantages and disadvantages of working for oneself, the
personal characteristics of successful entrepreneurs, the financial needs of a
business and the manner in which one can conducts business activities.
Ø
To develop an
understanding of how creativity is used to find ideas for new enterprises and
to operate businesses more efficiently.
Ø
To develop an
understanding of the concepts of sales forecasting, business location and ways
to study competition.
Ø
To develop an
understanding of the ways of defining a business, legal forms of business
enterprises, human resource management, family-owned business issues, and sources
of assistance.
Ø
To develop an
understanding of the marketing a products/services, channels of distribution,
pricing, personal selling, advertising, and sales promotion.
Ø
To develop an
understanding of the types of sources of funds for starting a business, factors
in the need for additional capital, and tips for requesting loans.
Ø
To develop an
understanding of the preparation of financial statements, and how changes in
price, volume of sales, costs of sales and operating expenses affect profit.
Ø
To develop an
understanding of the forms that must be completed to register a business with
the State of
Ø
To develop an
understanding of how to create a business plan.
STANDARDS
Students will discover the
world of entrepreneurship and the forms of business activity.
Students will be able to:
Identify the features most
new enterprises have in common; define entrepreneurship; discuss why the study
of entrepreneurship is important to them; distinguish between entrepreneurship
and small business management; identify the important roles performed by small
business; identify the major, fields of business activity: extractive,
manufacturing, wholesaling, retailing and services; identify the forms of
retailing: over-the -counter, mail-order, direct and vending machine; identify
the types of services: personal, business, repair, entertainment and recreation
and hotel/lodging; describe the growing importance of international business;
discuss the future prospects for entrepreneurship and identify the types and reasons
of business closure/failure
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 3:1-3, 7-9, 12 and
Standard 4:3, 9-10.
Students will examine
entrepreneurship as a career, the personal characteristics of an entrepreneur,
types of entrepreneurs, and the disadvantages and advantages of starting a
business enterprise.
Students will be able to:
Discuss the advantages of
working for yourself: personal satisfaction, independence, profit, job
security, and status; discuss the disadvantages of working for yourself:
possible loss of invested capital, uncertain or low income, long hours, and
routine chores; list the eight types of entrepreneurs: solo self-employed
individuals, team builders, independent innovators, pattern multipliers, economy-of-large-scale
exploiters, capital aggregators, acquires and buy-sell artists; identify the
characteristics common to successful entrepreneurs: moderate in taking risks,
self-confident, hard-working, goal-oriented, responsible, innovative,
knowledgeable about technical factors and knowledgeable about business factors;
list the advantages and disadvantages of the three major ways of going into
business: purchasing an existing business, starting a business from scratch,
and purchasing a franchise and explain what sideline and home-based businesses
are.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 1:2-3, 5, 7; Standard
3:1-3, 7-15; and Standard 4:1, 3, 9-10.
Students will develop a
business enterprise/concept using their creativity, media, trade and public
shows, surveys and individual ideas.
Students will be able to:
List and explain sources of
developing new enterprise ideas: newspapers (classified advertising, business
opportunities, business services and articles), magazines (special-interest
magazines and trade publications), hobbies, merchandise shows (public and trade
shows) and craft and hobby shows; describe the differences between a trade show
and a public show; list and explain methods of generating new enterprise ideas:
conduct a surveys (informal and formal), brainstorming, making observations,
and keeping a notebook of ideas; list the rules for individual brainstorming;
list ways to sharpen your observation skills and discuss how creativity can be
used to find ideas that will make businesses run more efficiently.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 1:2-3; Standard 2: 3-4,
6-7; Standard 3:1-3, 7-9,12; and Standard 4:3, 9-10
Students will develop an
understanding of our global economy, how to analyze markets and evaluate
competition.
Students will be able to:
Define market and; market
segments; differentiate between consumers and business users; describe the
process of market segmentation; list ways in which you can learn about a target
market; explain sales forecasting and why it is important to a new enterprise;
describe the steps in the sales forecasting process; identify the
characteristics of a good location and list the items that should be included
in a study and the evaluation of competitors.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 3:1-3, 7-9, 12; and
Standard 4:3, 9-10
Students will plan for a new
business, identify the various types of businesses, develop organizational and
management principles and practices.
Students will be able to:
Define industry; write a
definition of the student's planned business (type, name, product/service
offered, image desired, customer service, location and employees); list the advantages
and disadvantages of the various types of business ownership: sole
proprietorship, partnership and corporation; explain the basic organization of
an enterprise; define and explain the purpose of an organizational chart;
create an organizational chart; explain the purpose of human resource
management: hiring, training, determining compensation and employee benefits;
identify problems unique to family owned business; describe sources of
assistance for planning the enterprise: attorneys, accountants, bankers, trade
associations and small business administration and identify the role models and
support systems for entrepreneurs.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 2:3, 6-7; Standard 3:1-4,
7-15 and Standard 4:3, 9-10.
Students will develop an
understanding of how to market products and services associated with various
business enterprises, differentiate between consumer and industrial products
and services, price products and services, develop pricing strategies, and the
ethical practices.
Students will be able to:
Define marketing, marketing
strategy and marketing concept; distinguish between consumer products
(convenience, shopping and specialty goods) and services and industrial
products (raw materials, processed materials and parts, supplies, installations
and accessory equipment) and services; describe the channels of distribution
and intermediaries: producer, agent, wholesaler, retailer, consumer; explain
the methods of pricing products and services: costs must be covered, affect
image, affect sales volume; define and calculate markup: wholesalers and
retailers; explain the pricing strategy for a new product or service: skimming
and penetration pricing policy; discuss ways of promoting products and
services: personal selling, advertising, promotion and identify the factors
that can influence and define ethical behavior.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 2: 3, 6-7; Standard
3:1-4, 7-15 and Standard 4:3, 9-10.
Students will develop an
understanding of how to obtain financing for a business enterprise.
Students will be able to:
Estimate the start-up cost
for a new enterprise; differentiate between one-time costs and continuing
costs; identify the types of funds: equity, debt and comparison (risk, control
and availability); identify sources of funds: vendors, commercial banks,
commercial finance companies; describe the differences between short-term and
long-term capital needs; define capital; identify needs for additional capital:
sales growth, expansion, opportunities to reduce costs, seasonal factors and
economic conditions and describe the process for obtaining a loan.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 3:1-3, 7-9, 12 and
Standard 4:3, 9-10.
Students will develop an
understanding of the preparation of the financial documents needed to operate a
business enterprise.
Students will be able to:
Prepare a cash budget: cash
balance, cash receipts and cash disbursements; prepare an income statement
(profit and loss statement): sales, cost of sales (cost of goods
sold/manufactured/services), gross profit and expenses; prepare a balance
sheet: assets, liabilities and net worth and describe how price, volume, cost
of sales, and operating expenses affect net profit.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 1:12; Standard 3:1-3,
7-9,12-14 and Standard 4:3, 9-10.
Students will create a
Business Plan for a business enterprise.
Students will be able to
create a Business Plan:
Executive Summary: to give
the reader an overview of the business, your company's distinctive competence
and the factors that will make you successful in the marketplace, introduce the
owners and management team, brief explanation of the product/service and target
market, specific information on the market and how you will promote and sell
the product/service, summary of financial projections and loan/investment
requirements and time-frame for repayment of funds.
Company Profile: brief
introduction of the type of businesses; location; product, history and/or start
date of the business, form of business - sole proprietorship, partnership,
corporation, owners, partners involved, and business advisors - lawyer,
accountant, industry contacts/mentors
Market and Industry Analysis:
industry trends, product/service, target market, marketing research, and
competitive analysis
Marketing Strategy: pricing
strategy, promotional strategy and distribution and location strategy.
Operational Plan: suppliers,
manufacturing plans and operating procedures, operating regulations and human
resources.
Financial Analysis: financial
plan (justification for monthly sales projections, cash flow forecasting,
projected income statement and projected balance sheet) and future plans/considerations.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 1:1-2, 12; Standard 2:
3-9; Standard 3:1-4, 7-15 and Standard 4:3, 9-10.
Students will complete the
necessary forms to register a business with the State of
Students will be able to:
Prepare the forms necessary
to register the name of their business and business type: sole proprietorship,
partnership or corporation; identify the taxes a business must pay; Prepare new
hire reporting forms and Identify request for change of registration forms.
Core Curriculum #'s:
Cross-Content Workplace Readiness Standards: Standard 2: 3-9; Standard 3:1-3,
7-9,12 and Standard 4:3, 9-10.
EVALUATION TECHNIQUES
Ø
A variety of assessment
techniques will be used in the student evaluation process. Student progress
will be evaluated based on the following criteria:
Ø
Class Assignments
Ø
Test and Quizzes
Ø
Cooperative
Learning Activities
Ø
Projects
Ø
Class Discussion,
Participation and Presentations
Ø
Completion of a
Business Plan
Ø
Preparation of
State registration forms
BIBLIOGRAPHY
Hutt, Roger. Entrepreneurship - Starting Your Own
Business.
2001. State of
July 2001. The
Entrepreneurship Centre, <http ://www.entrepreneurship.
com/busplan_eng.htm>. 16 July 2001.