COURSE: Entrepreneurship I UNIT A Entrepreneurship Foundations Understand economics, career planning, ESSENTIAL 1.00 B2 information management, and communication STANDARD: 8% skills. Understand economic systems to be able to OBJECTIVE: 1.01 B2 recognize the environments in which businesses function Essential Questions: What distinguishes an entrepreneur from a small business owner or manager? What are the barriers to small business/entrepreneurial success? What impacts the growth of small businesses? How have small businesses contributed to society? UNPACKED CONTENT Competency 1.01 Define the entrepreneurship and small business Entrepreneurship - the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business Small Business - any business that is operated by one or a few individuals. Employs <100 people. Represent 99.7% of all employers. Explain the relationship between business and entrepreneurship Entrepreneur an individual who undertakes the risk associated with creating, organizing, and – owning a business Entrepreneurship is the process of starting and operating one’s own business – Venture is a business undertaking involving risk – Opportunity is an idea that has commercial value – Business Owner the owner of a business that was generally started to create jobs for the – owners and referred to as a and pop” business “mom Entrepreneurial venture is quite different from small business in the following ways: Innovation - This is the very instrument of entrepreneurship. It provides resources with a new power to create wealth. Entrepreneurship frequently engages extensive innovation further than what a small business might exhibit. Risk - Risk must be usually high in an entrepreneurial venture. If not, with the enticement of sure profits, many entrepreneurs would be trailing the idea and the opportunity would no longer exist. Amount of wealth creation - A booming entrepreneurial venture generates substantial wealth, normally in excess of several million dollars of profit rather than simply generating an income stream that replaces fixed employment. - A successful small business can make quite a lot of profit over Speed of wealth creation a lifetime. But for an entrepreneur, wealth creation often is fast and speedy, for example, within 5 years. Also, the types of business they are engaged in is what basically differentiates entrepreneur activities. Innovation is the key. Every entrepreneur should rely greatly on this. Understand economic systems to be able to 1.01 B2 recognize the environments in businesses OBJECTIVE: function
COURSE: Entrepreneurship I UNIT A Entrepreneurship Foundations ESSENTIAL STANDARD: 1.00 B2 8% Understand economics, career planning, information management, and communication skills. OBJECTIVE: 1.01 B2 Understand economic systems to be able to recognize the environments in which businesses function Essential Questions: What distinguishes an entrepreneur from a small business owner or manager? What are the barriers to small business/entrepreneurial success? What impacts the growth of small businesses? How have small businesses contributed to society? UNPACKED CONTENT Competency 1.01 Define the entrepreneurship and small business Entrepreneurship - the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business Small Business - any business that is operated by one or a few individuals. Employs <100 people. Represent 99.7% of all employers. Explain the relationship between business and entrepreneurship Entrepreneur – an individual who undertakes the risk associated with creating, organizing, and owning a business Entrepreneurship – is the process of starting and operating one’s own business Venture – is a business undertaking involving risk Opportunity – is an idea that has commercial value Business Owner – the owner of a business that was generally started to create jobs for the owners and referred to as a “mom and pop” business Entrepreneurial venture is quite different from small business in the following ways: Innovation - This is the very instrument of entrepreneurship. It provides resources with a new power to create wealth. Entrepreneurship frequently engages extensive innovation further than what a small business might exhibit. Risk - Risk must be usually high in an entrepreneurial venture. If not, with the enticement of sure profits, many entrepreneurs would be trailing the idea and the opportunity would no longer exist. Amount of wealth creation - A booming entrepreneurial venture generates substantial wealth, normally in excess of several million dollars of profit rather than simply generating an income stream that replaces fixed employment. Speed of wealth creation - A successful small business can make quite a lot of profit over a lifetime. But for an entrepreneur, wealth creation often is fast and speedy, for example, within 5 years. Also, the types of business they are engaged in is what basically differentiates entrepreneur activities. Innovation is the key. Every entrepreneur should rely greatly on this. OBJECTIVE: 1.01 B2 Understand economic systems to be able to recognize the environments in businesses function