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Building Entrepreneurial Capacity for the Future

This project focuses on building entrepreneurial skills in middle and high school students in the Morehead, KY region. It integrates curriculum from various subjects and encourages students to create their own business plans and prototypes. The project also involves partnerships with local businesses and culminates in a student capstone presentation.

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Building Entrepreneurial Capacity for the Future

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  1. BUILDING ENTREPRENEURIAL CAPACITY FOR THE FUTURE Dr. Janet Ratliff Morehead State University Morehead, KY Fall 2017

  2. BACKGROUND • Econ Education • K-5 Mini Society from Kauffman Foundation Grant • MSU Mission – SOAR Initiative • Regional Engagement Emphasis • KVEC Partnership • Middle School Students • High School Students

  3. MSU SERVICE REGION

  4. MSU SERVICE REGION & PARTNER COUNTIES SERVED Breathitt Floyd Harlan Hazard Jackson Jenkins Johnson Knott Lee Magoffin Middlesboro Owsley Paintsville Pike Pikeville Wolfe

  5. THIS ENTREPRENEURIAL PROJECT A TIE INTO KVEC’s PROGRAMMING • One of two programs within the STARS • Students Transforming Appalachia with Real-World Solutions • Appalachian Renaissance Initiative • Race to the Top Grant

  6. KVEC • Basic Introduction • Appalachian Renaissance Initiative • https://youtu.be/iuCQNyFD6Nw

  7. INTEGRATED CURRICULUM • Collaboration of all Curriculum Areas • Common Theme but Individual Projects • Aligned to Common Core Standards • English/Language Arts • Mathematics, Program • Review Standards PL • Project Based

  8. “THE PROJECT” • Students Self-Select a Business • Goods or Services • Determine Business Organization • Sole Proprietor or Partnership • No Corporations (explain reasoning) • Business Plan …Data Notebook (MS)or Paper (HS) • Written documents to organize their business • Presentation Board (Trifold for MS) or PPT. (HS) • An orderly visual aid highlighting key points

  9. “THE PROJECT” • Oral Presentations • Students delivering pitches for their business • Prototype • A tangible prototype (for students that have a product) • Marketing Examples • Student examples of posters, advertisements, etc.

  10. “THE PROJECT” • Business/Community Partners • Partnerships to develop working relationships Purpose: To share, mentor, judge (if needed), or offer suggestions based on years of experience, critique ideas, good way to build and enhance school and community business relations.

  11. STUDENT CAPSTONE • Student orally presents project • Business and Industry Partners (Judges) along with other supporters create a “Shark Tank” experience for students to defend/explain their project

  12. CREATING THE PROJECT • What do business and industry in my area want/need? • How can I produce it cost effectively? • How will I determine if there is a market? • How much start up money will I need? • Where will I get the loan? • How much interest will I have to repay? • How much will I need to charge to make a profit?

  13. MIDDLE SCHOOL CURRICULUM • 5 chapters – • Getting Started • Deciding What and How Many to Produce • Producing the Product • Marketing and Selling • Closing the Business • Economics and Entrepreneurship: Operating a Classroom Business in the Elementary and Middle School • National Council on Economic Education • ISBN# 978-1-56183-639-7

  14. HIGH SCHOOL CURRICULUM • Business Plan • Am I an Entrepreneur: Lesson 1 • Products/Services: Lesson 11 • Customers: Lesson 10 • Channels/Distribution: Lesson 3 • Marketing: Branding (links) • Team Members • Operations: Lesson 4 • Summary • Financial: Fundamentals and Financial: Funding: Lesson 7 • Entrepreneurship Economics for High School (Lessons) • National Council on Economic Education • ISBN# 978-1-56183-639-7 & 978-1-56183-735-9

  15. Business Model Canvas for High School • The business model canvas we are using has been modeled after the Babson Business Model Canvas that was adapted from those that are currently in common practice throughout the business community, and throughout the world. • We tried to make this model very user friendly and applicable to your purposes in preparing your students for varying entrepreneurial competitions and reality. • FBLA, DECA, Lt. Governor’s Entrepreneurship Challenge

  16. TEACHER SUPPORT • Provided Curriculum • Collaborate with Other Content Teachers • Social Studies – • Where in the world was this good/service ever sold? • Did it have an effect on the economy of the area? • In what time period was it sold? • What was the economy of that area like at the time? • Are there major modes of transportation in that area to help with production?

  17. TEACHER SUPPORT • Science – • Is there a chemical, mechanical, technological or agricultural reaction within my prototype? • Can it be altered to be more efficient? • English/Language Arts – • Business description/rationale? (presenting) • What marketing jingle, script or web-site was created? (writing)

  18. TEACHER SUPPORT • Math – • Market survey graph? • Profit/loss calculations? • Interest on loan calculations? • Rental agreement? • Arts – • Marketing signs and banners? • Jingle (music)?

  19. TEACHER SUPPORT • Technology – • Web-site creation? • Advertising via social media? • Brochure describing the project? (all English/LA)

  20. TEACHER SUPPORT • Partnerships with businesses (Program Review Evidence) – • Assist students in finding a business? • Willingness to mentor the student? • Willingness to judge projects and provide constructive feedback?

  21. TEACHER SUPPORT • Kelli Thompson (KVEC) • Dr. Janet Ratliff (MSU) • Grant Support - Booth Entrepreneurship Center (MSU) • Technology Support • Prize Money for Student Winners • 1st, 2nd, & 3rd place in Goods and Services by Grade • Special Awards for Creativity, Technology and Social Entrepreneurship

  22. Teacher To Do: • Who is teaching what? • Facilitate learning within the classroom. • Create opportunities for students to research and interact with successful small business owners. • Create small group learning experiences for students on a needs basis. • Determine if grades are being used. • Completion Points (forms) • Content

  23. Teacher To Do: • Will Students Actually Sell? • If so in what manner, individually, after school, in a community based manner (i.e. festival), or school sponsored marketplace. • What will be done with revenue from the sell of products (i.e. pay loan, give to charity of choice, split, give to school, give to class, fund fieldtrip, help future group with needs for project, etc…). • Make sure to have specific guidelines about how much a parent can assist in project prototype and sell implementation and/or financing.

  24. How to Set Up an Entrepreneurial Fair (If So Desired) • Middle School Only (if applicable) • High School will not have fair

  25. FACULTY TRAINING • Training (9:00 a.m. – 3:00 p.m.) KVEC • Curriculum & other training materials (binder) • Training treats teachers like students • Transforms each year to meet new requirements of new grants • Science, Technology, Engineering, and Math • Specific Integrated Components Required • – time, health, energy, and innovation

  26. IMPLEMENTATION • What It Takes • Commitment • KVEC, MSU, Districts, Schools, Teachers • Curriculum Applied • Students Do Work & Complete on Time • School / District Entrepreneurship Fair/Competition • Regional Entrepreneurship Fair/Competition

  27. IMPLEMENTATION • BBA 350 (Entrepreneurship & Innovation) • MSU On Campus Course • Service Learning Component • Student Coordination (90) • Logistics (2 hour travel one way, 6 vans) • Judging • Paper & Pencil • Customized Software Package • Videography & Photography

  28. OUR 2016 PROJECT • https://www.youtube.com/watch?v=DoqK-bDCauw

  29. 2013-2016 SUCCESSES • Pilot Project began in 2013 with 1 county • By 2016, • 7 counties & 3 independent districts participated • 2006 students participated • 800 businesses were created • Regional Competition showcased 232 businesses • Service Learning Opportunities in the region were provided to approximately 230 MSU business students

  30. HIGHLIGHTED BUSINESSES A & J Cosmetics • Hours of research and development • Multiple product range • Exhibited profitable returns

  31. HIGHLIGHTED BUSINESSES Asher’s Welding and Fabrication • Product could be used by welders worldwide • Predicted high profit margin • New innovative product

  32. VALUE OF THIS PROJECT OVERALL • https://www.youtube.com/watch?v=k-R1qAFipIw

  33. STUDENT LEARNING • Students Gain Valuable Skills • Students Take Advantage of Future Opportunities • Student Technology Leadership Program • Governor’s Academy for Entrepreneurship • Future Problem Solving • Lt. Governor’s Entrepreneurship Challenge

  34. Value of the Project to You • Direct impact on students in the region • Within local communities, real economic improvements. • Tie-ins to curriculum requirements already being taught by teachers. (Language Arts and Math) • Good way to build and enhance school and community relations, connecting business leaders/mentors with students and the schools. • Provides project based learning focused on real world applications to improve communities.

  35. THANK YOU & QUESTIONS/ANSWERS • MSU College of Business and Technology • KVEC • Booth Endowment • Booth Entrepreneurship Center

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