Professional Learning Multimedia Lesson Plans Personal Workspace Site Search ALEXville Learning Activities Home Courses of Study
Home  |    Add Bookmark   |   Print Friendly   |   Rate This Lesson Plan   |   Suggest a Variation

Lesson Plan

You may save this lesson plan to your hard drive as an html file by selecting "File", then "Save As" from your browser's pull down menu. The file name extension must be .html.

  This lesson provided by:  
Author:Barbara Dunham
System: Bessemer City
School: Bessemer City Board Of Education

  General Lesson Information  
Lesson Plan ID: 29169

Title:

Entrepreneurship

Overview/Annotation:

In this lesson, students become entrepreneurs and they will create a community of businesses by selling goods and services for profit. This lesson requires students to work in groups.  Each group will have its own business to develop.  They will sale consumable goods to their peers for a nominal fee. This lesson allows students to experience a free enterprise system and consumer trade society. All monies collected will be deposited into a local fund account to benefit their CTSO.   

 


 Associated Standards and Objectives 
Content Standard(s):
FIN (9-12) Financial Management
1. Analyze financial data to develop budgetary plans and interpret financial data.
  • Creating charts, graphs, and tables using financial data
  • Analyzing budgets to determine future financial needs
  • Determining cash flow, profit margin, and cost-benefit analysis
  •  
    FIN (9-12) Financial Management
    2. Evaluate income, savings, and investment opportunities to create a budget that meets short- and long-term goals.
     
    FIN (9-12) Financial Management
    3. Evaluate risk management options available to consumers and entrepreneurs for protection against financial loss.
     
    FIN (9-12) Financial Management
    4. Utilize mathematics skills to analyze the risk, interest rate return, and liquidity for savings and investment alternatives.
     
    FIN (9-12) Financial Management
    5. Demonstrate skills needed to effectively organize and communicate financial information.
    Examples: formal and informal presentations, memoranda
     

    Local/National Standards:

    Essential Questions

    1. What is Entrepreneurship?

    2. How do entrepreneurs benefit economic growth?

    3. What is Free Enterprise? Why is it important.

    Primary Learning Objective(s):

    Students will:

    Define Profit.

    Explain businesses impact on communities.

    Identify goods and services the class can produce and sell.

     Learn how to create a business plan.

    Additional Learning Objective(s):

    Decide how many products to produce.

    Organize the business.

    Determine the form of business ownership.

    Define scarcity as the condition that exists when wants exceed resources available to satisfy wants.

    Understand what capital resources and natural resources are.


     Preparation Information 

    Total Duration:

    91 to 120 Minutes

    Materials and Resources:

    Card board

    Tape

    Natural Fruit Gummies

    Natural Juices grape, orange, and fruit

    Popcorn

    Moon Walk

    Video Games

    Temporary Tattoos

    Paint

    Paint brushes

    Pencil

    Paper

    Handouts

    Video

    Glue

    Technology Resources Needed:

    Computer and word processing programs

    Internet Access

    Background/Preparation:

    Students and teacher should be familiar with business plans.

    Instructor and students should be familiar with the financial components of operating a business.


      Procedures/Activities: 
     

    Students will:

    1. Read and complete the activities.
    2. Create a business plan. This should included a goals and objective checklist.
    3. Complete a market research analysis.
    4. Create a strategic plan.
    5. Create a table of contents.
    6. Clearly state the business funding needs.
    7. State plans to expand the business.
    8. Develop a budget plan for a business. This should include the amount of funds you have to begin your business.
    9. Create a business community.  Students will set up various types of businesses. This will included providing details about their businesses, including listing what type of business, the product they will be producing, and their target market. 
    10. Discuss financing a business. This will include how their business will be financed.  They will determine if they need to borrow money from a financing institution. 
    11. Perform marketing strategies for a target market.  Students will determine what group of individuals they want to reach. Determine what market strategies they would like to use.  For example, will they use signs, Internet, or television broadcast.  Determine how the cost of advertising is factored into business expense.
    12. Sell goods and service for profit.

     Estimated Duration: 5 Days



    Attachments:
    **Some files will display in a new window. Others will prompt you to download.

      Assessment  

    Assessment Strategies

    Review students' written work for basic writing skills as well as for student's ability to clearly explain the concept and uses of economics.


    Acceleration:

    Students will review and discuss the business they chose to operate. They will explain why they selected the business.

    Intervention:

    Review lesson taught at the end of assignment.

    Each area below is a direct link to general teaching strategies/classroom accommodations for students with identified learning and/or behavior problems such as: reading or math performance below grade level; test or classroom assignments/quizzes at a failing level; failure to complete assignments independently; difficulty with short-term memory, abstract concepts, staying on task, or following directions; poor peer interaction or temper tantrums, and other learning or behavior problems.

    Presentation of Material Environment
    Time Demands Materials
    Attention Using Groups and Peers
    Assisting the Reluctant Starter Dealing with Inappropriate Behavior

    Be sure to check the student's IEP for specific accommodations.
    Alabama Virtual Library
    Alabama Virtual Library

    Hosted by Alabama Supercomputer Authority
    The University of Alabama at Birmingham
    The University of Alabama at Birmingham
    The Malone Family Foundation
    The Malone Family Foundation
    Best of the Web