Entrepreneurship Assignments

Mrs. Sartin-Williams MHS Business Education 2012 - 2013 Entrepreneurship Assignments

Go to http://dsartin.wikispaces.comNavigate to the Entrepreneurship PageOnline Textbookemail Results to desireesartin@gmail.com

Projects & Activities • Complete a magazine style questionnaire to see whether the student has the qualities to be an entrepreneur. • Using a questionnaire to evaluate the student's career anchor type. • Investigating other people's ideas for businesses using the Internet. • Comparing the characteristics of sole proprietorship and partnership. • Comparing small and large corporations using the Internet. • Using the workbook to investigate three businesses in the locality and list the goods and services provided by those businesses according to category. • Assessing local competition for a PC repair firm using the Internet and paper-based documentation. • Exploring a range of businesses for sale using a simulation and assessing their viability • Investigating basic issues relating to the purchase of an existing business. • Monitoring the cash flow of a business, using a simulation. • http://www.ljcreate.com/products/factsheets/p4865.pdf

Projects • Business Plan • Marketing Plan • Financial Plan • Analyze a Company • Resume Writing • Apply for a Job Online • Shark Tank s2e2 • Undercover Boss • Advertising for a Small Business • Concession Stand/Lemonade Stand

Entrepreneurship Report & Presentation • Turn in a three page typewritten report or PowerPoint presentation. This report must have no more than a one inch margin on both sides and on the top and bottom. It must be single-spaced. If typed – no larger font size then 12. • Interview the owner (or an employee) of a local business. (Suggestions: restaurants, movie theaters, flower shops, dollar stores, card shops, print shop, gift shops, grocery store, clothing store, fitness or recreation provider, credit unions, banks, insurance agencies, real estate companies, contractors, utilities, government, fast food restaurants, etc.). If you have a family member, aunt, uncle, grandparent, or neighbor that works for a business, you may interview them. Below is a list of suggested questions to ask the person you interview in order to learn more about business and entrepreneurship. Your report should contain a well-rounded picture of that business and how they operate. • Name of business/name of the person you interviewed. • Type of business - service oriented or provide a product? Are they a restaurant, real estate office, theater, etc? Are they a sole proprietor, partnership, corporation? • Number of employees/positions/ departments in the business. • Is there an organization chart in the company or chain of command? • What product or service do they provided. How did they originally come up with the idea to start this business? Was their business an immediate success or did it slowly develop over a period of time? What steps have they taken along the way that has made the most impact on the success of their business? • How did they decide their marketing plan for their product or service? How do they market their product? Do they advertising? How? What percent of their budget do they reserve for marketing/advertising? • What vehicles do they use for advertising? Radio, televisions, newspaper, etc. Which method do they feel is most effective? • Who is their typical customer? What are their characteristics? Interview Project

Interview Project contd. • How do they decide the price of the product/service? Do they double the cost of the manufacturing of the product as the cost to the customer (key stoning) or is it figured some other way? • What raw products do they have to order to make their product? Where do they get the raw products – locally, internet, another state/internationally/parent company? • How is their product made/manufactured? Is it made locally, by contract through another company, provided by parent company? • What sort of equipment is necessary in this business what is it used for? Do they also use office equipment? Do they use computers? How – payroll, profit and loss statements, income statements, inventory, correspondence? What equipment is the most vital to the success of their business? • Do they have someone in the company that has your position in the Print Shop Company i.e., Vice President, Manager, Cashier, Stock Sales Manager, Personnel Relations, Personnel Records, Payroll Manager, etc. If so what are their duties? If not what positions do they have in their company/business and what are their duties? • Do they have departments in this company/business? Do they have a Marketing/Finance/Production or Personnel department? Are most of these duties handled by the owner or other employees? • Do they have managers in their company? What are the manager’s responsibilities? • Do they provide delivery? How is the customer charged for this service? Do they hire employees for this service? How are they paid? • Do they sell stock in their company? If yes – how much is their stock worth now if you wanted to purchase some and become an investor? • How do they handle disputes amongst employees? • What makes a valuable employee? What characteristics do they most value in a good employee? How long as the employee who has worked with them the longest been with them? • Your job in this report/presentation is to give me a good indication of what you learned about how businesses are created, operated and what makes them successful. Of course, if there are any of these questions the person you are interviewing does not wish to answer, do not push them. Be gracious and appreciative and thank them for helping you understand their business and how companies work, are run, and are a success.

Entrepreneurs in America • Google “Entrepreneurs in America” or “Famous Entrepreneurs” • Use PowerPoint to create a brief history of the entrepreneur • Include at least 3 sources (copy and paste web address) • Email to desireesartin@gmail.com • Title Slide with Name of Entrepreneurs & Your Name and Class • Picture of Entrepreneur • Entrepreneurs Age • School/College Attended • Name of Business they founded • Business Website • Description of Business • Year Founded • Location • Sources Instructions… Include the following in your PowerPoint…

Chapter 1 Overview • 1. Define the role of the entrepreneur in business in the United States and around the world.Entrepreneurship is thriving in the United States, but this wave of entrepreneurship is not limited to the United States; many nations across the globe are seeing similar growth in their small business sectors. A variety of competitive, economic, and demographic shifts have created a world in which “small is beautiful.”Capitalist societies depend on entrepreneurs to provide the drive and risk-taking necessary for the system to supply people with the goods and services they need. • 2. Describe the entrepreneurial profile and evaluate your potential as an entrepreneur.Entrepreneurs have some common characteristics, including a desire for responsibility, a preference for moderate risk, confidence in their ability to succeed, desire for immediate feedback, a high energy level, a future orientation, skill at organizing, and a value of achievement over money. In a phrase, they are tenacious high achievers. • 3-A. Describe the benefits of entrepreneurship.Driven by these personal characteristics, entrepreneurs establish and manage small businesses to gain control over their lives, make a difference in the world, become self-fulfilled, reap unlimited profits, contribute to society, and do what they enjoy doing. • 3-B. Describe the drawbacks of entrepreneurship.Entrepreneurs also face certain disadvantages, including: uncertainty of income, the risk of losing their investments (and more), long hours and hard work, a lower quality of life until the business gets established, high stress levels, and complete decision-making responsibility. • 4. Explain the forces that are driving the growth of entrepreneurship.Several factors are driving the boom in entrepreneurship, including: entrepreneurs portrayed as heroes, better entrepreneurial education, economic and demographic factors, a shift to a service economy, technological advancements, more independent lifestyles, and increased international opportunities. • 5. Explain the cultural diversity of entrepreneurship.Several groups are leading the nation's drive toward entrepreneurship: women, minorities, immigrants, part-timers, home-based business owners, family business owners, copreneurs, corporate castoffs, and corporate dropouts. • 6. Describe the important role small businesses play in our nation's economy.The small business sector's contributions are many. They make up 99 percent of all businesses, employ 51 percent of the private sector workforce, have created two-thirds to three-fourths of the net new jobs in the economy, produce 51 percent of the country's private gross domestic product (GDP), and account for 47 percent of all business sales. • 7. Describe the nine deadly mistakes of entrepreneurship.There are no guarantees that the business will make a profit or even survive. SBA statistics show that 64 percent of new businesses will fail within 6 years. The ten deadly mistakes of entrepreneurship include management mistakes, lack of experience, poor financial control, weak marketing efforts, failure to develop a strategic plan, uncontrolled growth, poor location, lack of inventory control, incorrect pricing, and inability to make the “entrepreneurial transition.” • 8. Put failure into the proper perspective.Entrepreneurs recognize that failure is a natural part of the creative process. Successful entrepreneurs have the attitude that failures are simply stepping stones along the path to success, and they refuse to be paralyzed by a fear of failure. • 9. Explain how entrepreneurs can avoid becoming another business failure statistic.Entrepreneurs can employ several general tactics to avoid these pitfalls. Entrepreneurs should know their businesses in depth, prepare a solid business plan, manage financial resources effectively, understand financial statements, learn to manage people, and try to stay healthy.

SMALL BUSINESS • Describe the characteristics of a small business • Identify potential small business opportunities • Describe the process of starting a small business • Describe how competition affects supply and demand in a small business • Analyze major factors of a selected type of business

Web Resources • http://www.entrepreneur.com/article/174028 • http://www.forbes.com/2005/11/15/entrepreneur-personality-quiz_cx_bn_1116quiz.html • http://entrepreneurs.about.com/od/famousentrepreneurs/Famous_Entrepreneurs.htm • http://www.sba.gov/empowering-americas-entrepreneurs-startup-america

Entrepreneurship Assignments