Preview the NYE Intermediate Instructors Guide

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youth
NEW
Entrepreneur
the
NYE Intermediate Instructor’s Guide: Modules 1-13
g
KAUFFMAN
Foundation
Features of Instructor's Guide
Information for instructors about each of the thirteen modules is divided into sections
that include the following features:
I
Overview
II
Objectives
III
Key Terms
IV
Answers to Questions in Student Workbook
Suggested answers to student questions
V
Supplemental Learning Activities
To enhance workbook information
VI
Supplemental Handouts (Not included in Module 13.)
For use with supplemental learning activities to reinforce basic skills and knowledge
VII
Suggested Test Questions
Ten questions that focus on expected learning outcomes
(Answers to Suggested Test Questions can be found at the end of Module 13.)
iv
Table of Contents
Module 1: Getting Ready for Entrepreneurship:
Entrepreneur? Who, Me? YESS! You ...................................... 1
Overview ........................................................................................................... 1
Objectives ......................................................................................................... 1
Key terms .......................................................................................................... 2
Answers to Questions in Student Workbook..................................................... 2
Supplemental Learning Activities...................................................................... 10
Supplemental Handouts.................................................................................... 12
Suggested Test Questions................................................................................ 13
Opportunities: They Are All Around You ................................ 15
Overview ............................................................................................................15
Objectives ..........................................................................................................15
Key Terms .........................................................................................................15
Answers to Questions in Student Workbook .....................................................16
Supplemental Learning Activities.......................................................................26
Supplemental Handouts ....................................................................................30
Suggested Test Questions ................................................................................31
Business Ideas for All Communities....................................... 32
Overview............................................................................................................32
Objectives ..........................................................................................................32
Key Terms .........................................................................................................32
Supplemental Learning Activities ......................................................................34
Module 4: Big Picture: Economics, Pricing & Global Marketplace ........37
Overview............................................................................................................37
Objectives..........................................................................................................37
Key Terms ......................................................................................................... 38
Supplemental Learning Activities ......................................................................45
Module 5: Money to Get Started ................................................................51
Overview............................................................................................................51
Objectives..........................................................................................................51
v
Key Terms.................................................................................................................. 52
Answers to Questions in Student Workbook .............................................................. 53
Supplemental Learning Activities ............................................................................... 64
Supplemental Handouts............................................................................................. 67
Suggested Test Questions....................................................................................... 69
Module 6: Where to Do Business .................................................... 72
Overview ..................................................................................................................
Objectives ................................................................................................................
Key Terms................................................................................................................
Answers to Questions in Student Workbook ............................................................
Supplemental Learning Activities .............................................................................
Supplemental Handouts...........................................................................................
Suggested Test Questions.......................................................................................
72
72
73
73
81
83
85
Module 7: How to Sell Your Idea...................................................... 88
Overview .................................................................................................................. 88
Objectives........................................................................................................ 88
Key Terms ................................................................................................................ 89
Answers to Questions in Student Workbook ............................................................. 91
Supplemental Learning Activities ..............................................................................104
Supplemental Handouts............................................................................................107
Suggested Test Questions........................................................................................110
Module 8: Types of Business Ownership ........................................113
Overview ...................................................................................................................113
Objectives .................................................................................................................113
Key Terms ................................................................................................................113
Answers to Questions in Student Workbook .............................................................115
Supplemental Learning Activities..............................................................................123
Module 9: Where To Get Help ...........................................................133
Overview................................................................................................................... 133
Objectives ................................................................................................................. 133
Key Terms ................................................................................................................ 133
Answers to Questions in Student Workbook.............................................................134
Supplemental Learning Activities.............................................................................. 141
Supplemental Handouts ........................................................................................... 145
Suggested Test Questions ....................................................................................... 147
Module 10: Records and Books: Did You Make Any Money? .............. 150
Overview ...................................................................................................................150
Objectives .................................................................................................................150
Key Terms ................................................................................................................152
Answers to Questions in Student Workbook .............................................................153
vi
Supplemental Learning Activities..............................................................................168
Module 11: The Rules of the Game ......................................................... 181
Overview...................................................................................................................181
Objectives ................................................................................................................. 181
Key Terms ................................................................................................................ 183
Answers to Questions in Student Workbook............................................................. 184
Module 12: How to Mind Your Own Business........................................ 198
Overview...................................................................................................................198
Objectives ................................................................................................................. 198
Key Terms ................................................................................................................ 199
Module 13: You Can Make It Happen-YESS! You
The Business Plan .................................................................216
Overview ...................................................................................................216
Objectives................................................................................................................. 216
Key Terms ................................................................................................................ 216
Suggested Test Questions Answer Key for Modules 1-13 ....................... 224
Student Handouts ........................................................................................... Appendix
vii
Module 1
Entrepreneur? Who, Me? YESS! You
Module 1
NYE Instructor’s Guide
Module 1
Getting Ready for Entrepreneurship:
Entrepreneur? Who, Me? YESS! You
•
What is an entrepreneur?
•
Can you be an entrepreneur?
•
Roles and contributions of entrepreneurs to society
Overview
Module 1 explores the definition of an entrepreneur and introduces activities that
help students decide if they want to consider becoming entrepreneurs. Included are
common characteristics and skills of successful entrepreneurs, along with checklists
to help students learn about their own personal characteristics and skills. Also included are analytical exercises that explore issues entrepreneurs must think about
when starting a business if they are to be successful.
Objectives
After completing this module, the student should be able to:
1.
Define an entrepreneur and an entrepreneurial person.
2.
Understand why problems are opportunities for entrepreneurs and why
opportunities are so important for entrepreneurs.
3.
Understand how "wants" and "demands" create opportunities for
entrepreneurs.
4.
Understand the key role of entrepreneurs in the development of our economy.
5.
Understand the difference, advantages, and disadvantages of managers
and entrepreneurs.
6.
Identify the key steps involved in setting up an entrepreneurial venture.
7.
Identify the characteristics and skills that are important for entrepreneurs.
8.
Determine their personal interest in entrepreneurship.
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Module 1
9.
Create your personal vision statement, goals, and strategy.
Key Terms
Demand: A want backed by the willingness and ability to pay for it.
Entrepreneur: A person who identifies an opportunity, comes up with an idea and
brings resources together to set up and run a venture to provide a product or service;
risk-taker with a business idea; one who sees what others have overlooked and
takes action where others have hesitated.
Entrepreneurial characteristics: Personal traits, such as creativity, persistence,
adaptability and commitment that are typically possessed by successful entrepreneurs.
Entrepreneurial skills: Necessary abilities, including leadership, communication,
team-building and decision-making, that successful entrepreneurs must cultivate.
Entrepreneurial venture: A business started by an entrepreneur who sees an
opportunity and decides to pursue it.
Goals: Specific steps in a strategy.
Manager: A person who organizes, coordinates, manages the daily aspects of
someone else’s business; not an entrepreneur.
Opportunity: A problem, want or complaint to which an entrepreneur may decide to
respond; a problem or need not yet met by the marketplace.
Personal vision statement: A written statement describing what you want to be or
do in life.
Strategy: A plan to help achieve your personal vision statement.
Want: A desire; something that people would like to have.
Answers to Questions in Student Workbook
The following pages contain suggested answers to questions in Module 1. In many
cases, the answers are representative and may vary, depending on the individual
student, classroom or community circumstances. Note: Activities to supplement
those in the student workbook may be found on page 10 of this guide.
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Module 1
Note: See Supplemental Learning Activities, page 10 of this guide: #1 (introductory activity) and #2 (topic for student journal) may be assigned prior to beginning
study of Module 1.
Page 3
DEFINITION: If I had to describe an entrepreneur, I would say...
Answers:
Descriptions of an entrepreneur may include the following:
owns business takes risks is self-employed recognizes
market opportunities mobilizes resources
Describe the kinds of things you believe entrepreneurs do in our society. Once you
have completed your list, turn to page 34 for a list of entrepreneurial roles and
contributions.
Answers: The following represent some of the roles and contributions of
entrepreneurs:
create new business ventures
make goods and services available to people
create jobs
contribute to economic growth
provide new initiatives and innovations
Page 7
Complaints:
Answer: While answers will vary, an example may be that families don't like to
board their animals when they go on summer vacations.
What might be done?
Answer: Young entrepreneurs can offer a service to care for animals during
owners' vacations.
Page 9
Group Activity: How would you try to solve any of these problems that the group of
young people faced?
Answer: While answers will vary, an example may be to coordinate a
carwash or raffle.
Page 11
Group Activity: Select a service or product that successfully filled a need and
created a demand.
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Module 1
Answer: While answers will vary, a possible answer is: Personal Digital
Assistants (PDAs).
Who developed/invented the service or product?
Answer: While answers will vary, a possible answer is: PDAs were invented
by Jeff Hawkins, Donna Dubinsky, and Ed Colligan of Palm Computing.
What opportunity or want did the entrepreneur identify?
Answer: While answers will vary, a possible answer is: Palm Computing
identified the want for combination portable computers and computerized
planners.
Was it a new product or service or an improvement to a new product or service?
Answer: While answers will vary, a possible answer is: PDAs were a new
product.
What did the entrepreneur do to help create a demand?
Answer: While answers will vary, a possible answer is: Palm Computing
effectively marketed to professionals who were technologically savvy and
interested in convenience.
Page 13
Identify five "Wants" that many people have and then identify a type of business in
your community that produces a product or provides a service to help satisfy those
wants.
Possible Answers appear in the chart below:
"Want"
Business
Product or Service
Way for pets to stay Pet sitting in client's
in home when
home
owners not home
Help with lawn care
Care, supervision and
emergency services for pets in
owners' home when they're
away
Lawn mowing and trimming
Basic lawn care
Extra nice company Gourmet dessert delivery Home delivery of select types
desserts
of fancy, made-to-order
desserts
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Module 1
Kitchen cupboards
organized
Cupboard
organization service
Help visitors find
house
Curbside house numbers Paint house numbers on
curb using stencils and
spray paint
Clean, reorganize
kitchen cupboards
Page 14
ACTIVITY: In class discussion, identify movies that include an entrepreneurial
character. Discuss why the character is entrepreneurial, based on the opportunity
(want, demand) that was recognized. Answers will vary, depending on recent movie
titles or older titles students remember. Ask students to fill out the chart with three
movies they select.
Possible Answers appear in the chart below:
Movie
Why They Were
Entrepreneurial
Character
Barbershop
Calvin
Inherited barbershop from
father
The Aviator
Howard Hughes
Famous entrepreneur
Spike Lee's "Do the
Right Thing"
Started and ran pizza parlor
Tucker"
the father,
assisted by his
sons
Mr. Tucker
"Forrest Gump"
Forrest
Started shrimp business
Designed and
manufactured automobiles
Page 16
ACTIVITY: Think about, or look for, any businesses in your community that have
closed. Why do you think they closed? Were there any obvious problems that the
business was experiencing? Were they in the right location? Were they producing an
appropriate good or service? Were they producing it well and offering a quality product
or service? Was there competition? If so, how did they stack up? Try to identify three
businesses that have closed and offer your opinion as to why they didn't succeed.
Answers: While answers will vary depending on the businesses and circumstances, typical answers might include:
(1)
A gas station closed after it was bypassed by the new highway.
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Module 1
(2)
(3)
A small downtown hardware store closed six months after a large
discount store opened on the edge of town.
A restaurant that had recently expanded closed when the owner could
not afford the higher rent payments and could not make payments on
the bank loan that financed the expansion.
Note: See Supplemental Learning Activity, page 10 of this guide: #3, to use after
completing page 15 in student workbook.
Page 18
Examples of more businesses than I would have thought our community could
support:
Answer: While answers will vary by community, a possible answer is:
A small town located near an exit of a major interstate highway may have more gas
stations than an average community of its size would normally be able to support.
Examples of businesses that I thought I would have seen more of:
Answer: While answers will vary by community, a possible answer is: There
may be only one department store in an urban downtown location because of
new shopping malls in the suburbs.
Possible opportunities in my community:
Answer: Although answers will vary by community, a possible answer is: The
new high school, scheduled to open next year, will create new opportunities
for fast food restaurants close to the school.
Page 20
ACTIVITY: Look at the Entrepreneur's Dozen again, and then consider the idea for a
weekend dance club.
QUESTIONS: Suppose the group of friends came to you and asked you to invest in
their dance club business. What questions would you want them to answer before
you made a decision? List below five key questions you would ask:
Answers: Sample questions that one might ask:
1.
How much money do you need to start your business? How will you
break down the costs?
2.
What is your evidence that this service will be in demand in the short
run? In the long run? How do you plan to market your product or
service?
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Module 1
3.
4.
5.
How will you divide responsibilities among the various people who will
operate the business? What experience has each had in the area in
which he/she will be working?
What do you estimate your profit will be this year, over the next five
years, over the next ten years?
For the first few years, will you reinvest any profits back into the
business or distribute them to the owners?
Page 21-22: Check Point! Check Your Understanding
1.
What is an entrepreneur and what does an entrepreneur do?
Answer: An entrepreneur identifies opportunities, takes "risks," and brings
together resources to set up and run a venture to provide goods or services
consistent with the opportunities.
2.
What is the difference between an entrepreneur and a manager?
Answer: An entrepreneur owns their own business. A manager manages
aspects of someone else’s business, but does own the business. Business
managers are employees of a business.
3.
What is an entrepreneurial opportunity?
Answer: A problem, want or complaint to which an entrepreneur may respond
with an idea that can be turned into a business venture producing products
and/or services.
4.
What is the difference between "wants" and "demands"?
Answer: A want is something which people would like to have. A demand is
a want backed by people's willingness and ability to pay to acquire the
product or service that satisfies that want.
5.
What are some key steps involved in becoming an entrepreneur?
Answers:
Key steps include—
a.
Identifying opportunities and generating product or service ideas that
will satisfy consumer wants.
b.
Determining if enough demand exists for the product or service to be
produced at a profit.
c.
Determining if the founders have enough commitment and expertise to
do the work necessary to make the entrepreneurial venture a success.
d.
Determining how to put together the resources needed to produce the
product or service.
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Module 1
e.
6.
Projecting start-up costs, cash-flow and expected financial results.
Why do entrepreneurs face risk when setting up businesses?
Answer: For example, they may not be successful in selling enough products
or services to cover their costs. If they cannot meet their costs, eventually they
will have to close their businesses. They will lose the money they invested, as
well as their time and effort.
7.
What might cause a business to fail?
Answer: Many reasons may contribute to business failures, including under
capitalization, cash-flow problems, lower-than-expected demand for a product
or service, competition with a better product or a similar product at a lower
price, poor location, ineffective marketing, inadequate cost control and poor
business planning.
8.
How do entrepreneurs view failures and mistakes?
Answer: Entrepreneurs see failures and mistakes as learning experiences
that help them in their next entrepreneurial venture.
Pages 23-24:
Entrepreneur's Quiz
Explanations and Answers to the Entrepreneurs Quiz are in Student Workbook, pages 25-26.
Page 29
Entrepreneurial Characteristics: A Personal Reflection
Note: See Supplemental Learning Activities, page 10 of this guide: #4 and
#5, for activities with which to debrief this survey.
Page 31
In addition to characteristics and skills, you may have already begun to develop
hobbies, interests and skills that might relate to a business—if not today, then
eventually. Think about that. What hobbies do you have? Could any of these lead to
a business some day? What skills have you developed or begun to develop (e.g.,
sports, music, mechanics, art, etc.)?
Answers: While answers will vary depending on individual students' hobbies,
possible answers are listed below:
¾ Hobbies I have: collecting baseball cards
¾ Possible business activities: selling baseball cards at sports trade shows
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Module 1
¾
¾
¾
¾
Interests I have: music
Business activities that may relate to my interests: selling used CDs
Skills I have developed (am developing): computer programming
Business activities to which my skills might relate: developing software
programs.
Page 32:
Have students define their own personal vision statement, strategy, and goals.
What are some reasons why you may need to revise your statement, strategy, and
goals over time?
Answer: Revising a personal vision statement, strategy, and goals is
necessary because over time individual interests, desires, and dreams
change.
Page 33: Check Point! Check Your Understanding
1.
What are some of the most important things that motivate an entrepreneur?
Answer: Entrepreneurs truly enjoy problem solving. They are motivated by
personal achievement. They like to build ventures. Entrepreneurs enjoy
competing against themselves. They enjoy taking "educated" risks. Above all,
entrepreneurs enjoy making a positive difference in life.
2.
Why is money important to an entrepreneur?
Answer: Many people believe that entrepreneurs are motivated entirely by
money—making money and spending it on themselves. But for most, money
is not the primary reason they start a business. Most entrepreneurs are
interested in money because it is necessary to start and maintain their
business ventures.
3.
Identify some of the most important characteristics for entrepreneurs.
Answer: Entrepreneurs should have:
spirit
persistence
strong need to achieve
energy, desire to work hard
desire for accomplishment
positive attitude
self-confidence, self-reliance
willingness to take initiative
goals
strong sense of commitment
-9-

Preview the NYE Intermediate Instructors Guide

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