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This lesson provided by:
Author: Barbara Dunham
System:Tuscaloosa City
School:Eastwood Middle School
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.   

 

Content Standard(s):
FIN(9-12) Financial Management1. Analyze financial data to develop budgetary plans and interpret financial data.
FIN(9-12) Financial Management2. Evaluate income, savings, and investment opportunities to create a budget that meets short- and long-term goals.
FIN(9-12) Financial Management3. Evaluate risk management options available to consumers and entrepreneurs for protection against financial loss.
FIN(9-12) Financial Management4. Utilize mathematics skills to analyze the risk, interest rate return, and liquidity for savings and investment alternatives.
FIN(9-12) Financial Management5. Demonstrate skills needed to effectively organize and communicate financial information.
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.

Approximate Duration of the Lesson: 91 to 120 Minutes
Materials and Equipment:

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. HowtoCreateaBusinessPlan.docx
BudgetPlanWorksheet.docx
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.

Extension:

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

Remediation:

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.
Variations Submitted by ALEX Users:
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
Thinkfinity
Thinkfinity
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