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Project Information |
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School: | East Boston High School |
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Pathway: | Academy of Management: National Foundation for Teaching Entrepreneurship Program |
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Course: | Entrepreneurship I |
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Grade: | Grade 11 |
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Authenticity
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Key Questions:
| What does it take for an individual to start his/her own business? Address opportunity recognition, marketing, financial needs, and philanthropy for your business. |
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Overview: |
Students develop an original idea for a business. In writing a plan, students look at the need or want the business will fulfill for their customers. They also conduct market research and create a marketing plan. Costs are researched and used as a determinate for a selling price. Costs are also used to produce an income statement and financial ratios. Students also look toward the community and develop a philanthropic plan.
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Academic Rigor
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What Learning Standards and School to Career Competencies are used in this project? |
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Math |
- Basic math skills and percentages
- Define basic financial terms, e.g., credit, debit
- Describe and choose intelligently among different banking services, e.g., checking, savings, credit, loans
- Know how to balance a checkbook
- Create a budget
- Calculate percentages showing income and expense distribution
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English Language Arts |
- Research, writing, oral presentation
- Demonstrate the appropriate and correct use of grammar, punctuation, capitalization and other standard English conventions when editing written work
- Make effective oral and graphic presentations
- Use a variety of pre-writing strategies (e.g. note-taking, journal writing, mapping, outlining, brainstorming) to select, organize, and present information
- Utilize technology to complete and enhance work
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Entrepreneurship |
- Identify a customer need that could be addressed by a student-run business
- Develop a realistic idea for a product or service that would fill the need
- Plan and organize time for developing the business idea in manageable stages
- Research and define the market potential for the business idea
- Research and describe the potential competition and/or obstacles involved in the fulfillment of the idea
- Determine the best business structure for the idea
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School to Career Competencies |
 Communicate and understand ideas and information
Collect, analyze and organize information
Identify and solve problems
Use technology
Initiate and complete entire activities
Act professionally
Interact with others
Career and life choices
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Applied Learning |
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How do students apply what they have learned and researched to a complex problem (e.g.: designing a product, improving a system, creating an exhibit, organizing an event)? |
Students develop a viable idea for a local business based on broad understanding of finance, market opportunity, customer need and organizational structure. Students can actually start their businesses to determine the authenticity of their plans. Students explore entrepreneurship as a possible career option and identify their strengths and weaknesses in the skills sets needed to pursue entrepreneurship as a career goal.
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Active Exploration |
Classroom Activities |
- Students look at business plans from previous years
- Former students present their plans from previous years
- Develop the idea. The whole plan is based on exploring/researching one idea and expanding it.
- Analyze customer needs
- Conduct market research by researching costs and analyzing market research data to determine the feasibility of the business idea
- Present ideas and research analysis to class members and use their feedback effectively
- In writing, describe the business idea, detail the marketing research and analyze the possible competition for such an idea
- Organize ideas and write an outline for an oral presentation of the business idea
- Analyze different business structures to determine the best one for a particular business idea
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Community Activities |
- Students look at the community to determine a need as a focus for their business
- Develop contacts with business people and present entrepreneurship idea to them
- Individuals from the community act as judges for the business plan competition
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Career Activities |
- Students have ongoing adult connections throughout the project with business plan coaches
- Presentation on the business idea - with outline and visuals - to live audience that includes some people from outside the classroom and preferably the school
- Conduct an interview with business prople
- Engage an audience in the business idea, using public speaking skills (voice projection)
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Adult Connections |
Who from the community, workplace or postsecondary or industry partnership do students work with on the project? |
Business plan coaches meet with students on a regular basis to assist students in developing their plans. Individuals will also be used from the community to act as judges for the business plan competition.
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Assessment |
How do you and the students know the project is a success?
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Students demonstrate progress through a completed written business plan and PowerPoint presentation. During presentation students must explain process of writing the plan and justify choices they have made. Students receive feedback from coaches and judges.
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Recommended Resources / Sample Products - EXAMPLES |
Software or Materials Needed |
Workbooks - business plan format included
Microsoft Office
Case studies
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Websites Used |
Various - it depends on individual businesses
http://www.nfte.com/
http://boston.k12.ma.us/stc
http://www.entrepreneurmag.com
http://www.entreworld.org
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Teacher
Developed |
Sample business plans from prior years
Former students present business plans for reference
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Student
Developed |
Written business plan
PowerPoint presentation
Sample goods
Photos of services
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Sample Businesses | Carrie's Pizzelles
B.K.'s Company - Customized Baskets
Kid's Party Packages
Handmade Soaps
T-Shirts |
