Entrepreneurship
STANDARD	SKILLS and CONCEPTS	VOCABULARY
E 1 Overview/Nature of Business: Students investigate the nature of small business. Students assess and develop appropriate entrepreneurial skills	E 1.1.1 Define entrepreneurship	Entrepreneurship, Entrepreneur, entrepreneurial
	E 1.1.2 Explain why individuals become entrepreneurs	profit motive
	E 1.1.3 Identify the economic environment as it relates to entrepreneurship	Free Enterprise System, Factors of Production, Supply & Demand
	E 1.1.4 Summarize the influence of technology as it relates to small business	Information Technology, E-Commerce, World Wide Web
	E 1.1.5 Categorize types of businesses
	E 1.2.1 Explore behavioral characteristics and traits of an entrepreneur	Role Model, Foundation Skills, Profile
	E 1.2.2 Examine motives for starting your own business
	E 1.2.3 Assess the advantages of owning a business versus working for someone
E 2 Planning and Organizing a Business: Students understand the functions involved in planning and organizing a business.	E 2.1.1 Recognize the components of a business plan	business concept, competitive grid, mission statement
	E 2.1.2 Compare/contrast the types of business ownership	sole proprietorship, Partnership, corporation
	E 2.1.3 Evaluate the impact of global influence in operating a small business	global ecaonomy, exporting, importing, trade barrier, GDP
	E 2.1.4 Assess and evaluate the various ways to start your own business	Outsourcing, strategic alliance
	E 2.1.5 Explain the sources of technical assistance available to entrepreneurs	SBA, trade associations
	E 2.1.6 Examine the legal responsibilities of the entrepreneur	intellectual property law, contracts
	E 2.1.7 Analyze the importance of ethics as it applies to small business	ethical behavior, business ethics, code of ethics
E 3 Marketing: Understand the concepts of marketing and its importance to business ownership.	E 3.1.1 Explain the fundamental marketing concepts used by a small business	marketing plan, marketing objectives, Marketing Mix
	E 3.1.2 Describe the four elements of the marketing mix	product, place, price, promotion
	E 3.1.3 Justify the role of market research	Exploratory, Descriptive, Historical research, secondary, primary data
	E 3.1.4 Justify the importance of defining a target market and marketing niche	market segments, geographics, psychographics, industrial markets
	E 3.1.5 Assess the role of competition in marketing	barriers to entry, economies of scale, brand loyalty
	E 3.1.6 Design a product/service mix	product positioning, product mix
	E 3.1.7 Develop product strategies	brand, package, label
	E 3.1.8 Examine the factors affecting pricing	consumer perceptions, government regulations
	E 3.1.9 Describe pricing strategies	Cost Based, Demand Based, Competition Based
	E 3.1.10 Examine the factors and importance of site selection	incentive, economic base
	E 3.1.11 Describe the role of promotion as it applies to small business	image, campaign
	E 3.1.12 Distinguish among the elements of the promotional mix	advertising,publicity,sales promotion,personal selling
E 4 Finance: Understand the role of finance as it applies to the entrepreneur.	E 4.1.1 Analyze costs associated with operating a small business
	E 4.1.2 Compare/contrast sources used in financing a business	personal savings, private investors, partners, venture capitalists
	E 4.1.3 Determine information needed to obtain financing	assets, liabilities, owner's equity
	E 4.1.4 Describe the financial statements used by a small business	charater, capacity, captial, collateral, conditions
	E 4.1.5 Interpret financial records used in a small business	comparative financial statement
	E 4.1.6 Calculate simple and compound interest
E 5 Management: Students understand management techniques needed to operate a business.	E 5.1.1 Identify the components of human resource management	manager,team building, communications
	E 5.1.2 Assess motivational techniques used to increase performance levels	hygiene factors, motiviting factors
	E 5.1.3 Identify the various quality initiatives	Quality control,Quality circle, inspection
	E 5.1.4 Generate human resource management policies	policy, rule
	E 5.1.5 Determine operating policies needed for the success of a small business
	E 5.1.6 Explain the types of controls used in small busines
	E 5.1.7 Describe factors to consider when selecting vendors	purchasing, inventory, vendors
	E 5.1.8 Understand inventory procedures used by small businesses	visual inventory system, Perpetual Inventory System, Partial Inventory System
	E 5.1.9 Identify risks associated with operating a busines	speculative risk, pure risk
	E 5.1.10 Develop techniques/methods to manage risk	risk avoidance,risk reduction, risk transfer
E 6 Business Plan: Students understand the importance of developing and organizing a successful business plan.	E 6.1.1 Analyze the process for developing your business plan	intensive growth strategies, market penetration