Starting an Entrepreneurial Business
Lesson Overview
Media: Video (20 minutes)
Seat Time: 6 Classes | 300 minutes teaching
Goal:
To identify the foundational concepts of entrepreneurship and small business ownership
Description:
This lesson will help students define the stages of a business life cycle. Students will also learn to differentiate and evaluate entrepreneurship methods and identify, analyze and discuss its advantages and disadvantages.
Objectives:
1. To define business life cycle stages.
2. To differentiate and evaluate the methods of entrepreneurship: start-ups, franchising, acquisition, mergers and nonprofit ownership.
3. To identify, analyze and discuss the advantages and disadvantages of entrepreneurship.
Class 1
Class Overview:
Business Life Cycles Video Segment
Action Plan
Vocabulary Handout
Key Concepts
Business Life Cycles Check for Understanding
Real-Life Entrepreneur Interview Project
Essential Questions:
1. What is the business cycle?
2. What are the differences between the stages of the business cycle?
Step 1: Bell Ringer:
· Have students brainstorm and share the last business from which they, a friend or a family member purchased a service or a product. List these businesses and their services or products on the board.
Step 2: Distribute the Action Plan, Vocabulary Handout and Key Concepts.
· The Action Plan lays out a list of tasks for students to complete during the lesson.
· The Vocabulary Handout is a list of terms used throughout the lesson.
· The Key Concepts is an outline which identifies the main ideas presented in the lesson which students can fill in to aid in note taking during the lesson.
Step 3: Show the Business Life Cycles video segment.
· This video is six minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 4: Administer the Business Life Cycles Check for Understanding.
· The check for understanding is a short review of the content presented in the segment.
Step 5: Students should begin the Real-Life Entrepreneur Interview Project.
· Students will work with a partner to research the real-life experiences of an entrepreneur and write a report with their findings.
Step 6: Exit Ticket:
· Have students write one or two additional facts they would like to know about business life cycles on a sheet of paper and turn in.
Class 2
Class Overview:
Methods of Entrepreneurship Video Segment
Action Plan
Key Concepts
Methods of Entrepreneurship Check for Understanding
Determining Franchise Costs Activity
Essential Questions:
1. What are the different entrepreneurial options?
2. What are the advantages and disadvantages of the various methods of entrepreneurship?
Step 1: Bell Ringer:
· Have students brainstorm what they perceive as the advantages and disadvantages to entrepreneurship.
Step 2: Show the Methods of Entrepreneurship video segment.
· This video is nine minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Methods of Entrepreneurship Check for Understanding.
· The check for understanding is a short review of the content presented in the segment.
Step 4: Students should complete the Determining Franchise Costs Activity.
· Students will conduct online research about the costs associated with starting three franchises.
Step 5: Exit Ticket:
· Have students turn in the Determining Franchise Costs Activity.
Class 3
Class Overview:
Action Plan
Real-Life Entrepreneur Interview Project
Step 1: Bell Ringer:
· Have students share an interview they have seen from a newscast, sporting event or other example.
Step 2: Students should continue the Real-Life Entrepreneur Interview Project.
· Students will work with a partner to research the real-life experiences of an entrepreneur and write a report with their findings.
Step 3: Exit Ticket:
· Have students share two interview questions they have included for their Real-Life Entrepreneur Interview Project.
Class 4
Class Overview:
Purpose of Entrepreneurship Video Segment
Action Plan
Key Concepts
Purpose of Entrepreneurship Check for Understanding
Starting a Business Activity
Essential Questions:
1. What is the purpose of entrepreneurship?
2. What are the advantages and disadvantages of entrepreneurship?
3. What are the risks and rewards of entrepreneurship?
Step 1: Bell Ringer:
· Have students brainstorm nonprofit businesses which help people in the community.
Step 2: Show the Purpose of Entrepreneurship video segment.
· This video is five minutes long.
· Be sure to utilize the Key Concepts for this segment of the lesson.
Step 3: Administer the Purpose of Entrepreneurship Check for Understanding.
· The check for understanding is a short review of the content presented in the segment.
Step 4: Students should complete the Starting a Business Activity.
· Students will conduct online research about the process of starting a business.
Step 5: Exit Ticket:
· Have students turn in the Starting a Business Activity.
Class 5
Class Overview:
Action Plan
Real-Life Entrepreneur Interview Project
Step 1: Bell Ringer:
· Quick Write: Students should respond to the following prompt in three to four sentences.
– What business does the entrepreneur you are interviewing for the project own?
Step 2: Students will continue the Real-Life Entrepreneur Interview Project.
· Students will work with a partner to research the real-life experiences of an entrepreneur and write a report with their findings.
Step 3: Exit Ticket:
· Have students write the most interesting fact they learned from the entrepreneur interview on a blank sheet of paper and turn in.
Class 6
Class Overview:
Action Plan
Starting an Entrepreneurial Business Final Assessment
Real-Life Entrepreneur Interview Project
Step 1: Bell Ringer:
· Have students share what part of being an entrepreneur excites them most. Then, write their answers on the board.
Step 2: Administer the Starting an Entrepreneurial Business Final Assessment.
· The assessment is a comprehensive assessment covering material throughout the entire lesson.
Step 3: Students should complete the Real-Life Entrepreneur Interview Project.
· Students will work with a partner to research the real-life experiences of an entrepreneur and write a report with their findings.
Step 4: Exit Ticket:
· Have students turn in the Real-Life Entrepreneur Interview Project.
Activity Overview
Determining Franchise Costs
Students will conduct online research about the costs associated with starting a franchise. They will search online for three franchise opportunities and the costs associated with them. While completing this activity, students will apply what they learned about starting various types of businesses.
Accommodations:
Allow students to work on the activity in small groups.
Modifications:
Provide students with franchise names, URLs and a list of specific franchise fees.
Extension:
Divide students into groups of four and have them develop a franchise. Ask students to create their franchise idea and create a pitch for their franchise concept, including all fees they would charge. Conduct a debrief where students present their concept and justification for pricing.
Starting a Business
Students will conduct online research about the process of starting a business.
Accommodations:
Provide more time to complete the activity.
Modifications:
Allow students to work with a partner.
Extension:
Divide students into groups of two. Ask students to research two or three other organizations which can support them in launching a business. Ask them to compare each organization's resources and decide which can help them the most. Ask them to create a four-slide presentation supporting their decision.
Project Overview
Real-Life Entrepreneur Interview
Students will work with a partner to research the real-life experiences of an entrepreneur and write a report with their findings. While completing this project, students will discover real-life examples of the concepts they learned about starting an entrepreneurial business.
Accommodations:
Provide more time to complete the project.
Modifications:
Provide students with a complete list of questions to ask entrepreneurs or bring an entrepreneur to class and conduct a group interview.
Extension:
Research how two famous entrepreneurs started their businesses. Ask them to capture one of the stories and present it to the class in a three-minute presentation.
