entrepreneurship/business law i. entrepreneurs and ... · there are many barriers to overcome in...

Board Adopted June 27, 2016 1

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Entrepreneurship/Business Law Essential Questions:

1. In what ways are risk and responsibility involved in a business venture? 2. How does contract law and insurance affect how businesses operate and make transactions? 3. What do you need to start your own business and how would you go about it? 4. How has the United States Constitution formed the American business model into what it looks like today? 5. What types of skills do you possess to create an appropriate image for a business venture?

I. Entrepreneurs and Entrepreneurial Opportunities Standard 1: Students will recognize that entrepreneurs possess unique characteristics and examine the role of innovation in entrepreneurial opportunities. 1.1: Students will identify and appraise the unique contributions of entrepreneurs to the economy of a country. Students will know… ● collaboration procedures

Vocabulary: ● entrepreneur ● entrepreneurship ● economy

Students will understand that… ● entrepreneurship is an important

driver of economic development. ● entrepreneurs create jobs, drive and

shape innovation, and speed up structural changes in the economy.

Students will be able to… ● recognize the contributions

entrepreneurs make to the good and welfare of our society.

● prepare arguments and defend views regarding contributions of entrepreneurs to the economy of a country.

1.2: Students will explain the importance of entrepreneurship as a choice in a market economy. Students will know… Vocabulary: ● market economy ● command economy ● niche ● scarcity ● supply ● demand ● monopoly

Students will understand that… ● competition contributes indirectly to

productivity. ● nations with high levels of

entrepreneurial activity have above-average rates of economic growth.

Students will be able to… ● evaluate direct competitors and

indirect competitors to a business. ● differentiate between niche markets

and opportunities. ● construct arguments regarding the

value of entrepreneurs in the market economy.


1.3: Students will assess personal qualifications to become an entrepreneur. Students will know… Vocabulary: ● self-assessment ● risk ● aptitude ● skills & abilities

Students will understand that… ● specific skills need to be utilized

when being a successful entrepreneur.

Students will be able to… ● identify the advantages and

disadvantages of being an entrepreneur.

● analyze a self-assessment and reflect on their strengths and weaknesses.

● consider their individual skills, aptitudes, and interests as they pertain to becoming an entrepreneur.

X 1.4: Students will identify an innovative opportunity and investigate the steps in establishing a business oriented toward that opportunity. Students will know… Vocabulary: ● opportunity ● industry ● product life-cycle ● SWOT (Strengths, Weaknesses,

Opportunities, Threats) Analysis

Students will understand that… ● entrepreneurs often provide needed

innovations in all areas of industry when the larger companies cannot change quickly.

● entrepreneurs have the vision to see and seize opportunities in all phases of the business and product life-cycle.

Students will be able to… ● identify innovative opportunities and

differentiate niche markets. ● identify a need or a problem and

propose a solution. ● describe the SWOT (Strengths,

Weaknesses, Opportunities, Threats) of a prospective or existing business.

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II. Economics Standard 2: Students will apply economic concepts when making decisions for an entrepreneurial venture. 2.1: Students will analyze the effect of different market structures. Students will know… Vocabulary: ● market structure ● market economy ● command economy

Students will understand that… ● government agencies enforce

regulation on their economy. ● government control over business

regulations vary in degree by country.

Students will be able to… ● interpret the economic differences

between a market economy and a command economy.

● identify varying opportunities in specific market structures.

X 2.2: Students will explain why demand is necessary to the success of an entrepreneurial venture. Students will know… Vocabulary: ● supply ● demand

Students will understand that… ● consumer demand must be met by

business ventures to make a profit.

Students will be able to… ● give examples of how demand affects

a market economy. ● evaluate demand in regards to

specific products or services.

X 2.3: Students will evaluate the role of the entrepreneur’s contribution of time, money, and expertise as it relates to profit. Students will know… Vocabulary: ● employee ● profit ● loss ● productivity ● niche

Students will understand that… ● there are many barriers to overcome

in starting and running a business. ● money is just one measure of

achievement. ● entrepreneurs may be an expert or

may hire an expert to create or control a niche market.

Students will be able to… ● summarize the qualifications of

various career options. ● evaluate how their skills, aptitudes,

and interests may correspond to entrepreneurial endeavors.


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III. Marketing Standard 3: Students will develop a marketing vision to introduce a product or service. 3.1: Students will use primary and secondary data sources to locate information about potential target markets. Students will know… ● seven functions of marketing

(distribution, financing, marketing information management, pricing, product/service management, promotion, selling)

Vocabulary: ● marketing ● marketing concept ● brand ● target market ● demographics

Students will understand that… ● companies must research consumer

trends in a target market. ● digital promotion is a great way to

convey a brand or image to the target customer.

Students will be able to… ● formulate a customer profile for a

business venture. ● estimate market share for a specific

product or service. ● conduct research to identify

consumer trends for a given product, service, or idea.


3.2: Students will design a marketing plan for a business. Students will know… ● components of a marketing plan ● mission statements

Vocabulary: ● environmental scan ● target market ● customers ● fixed cost ● variable cost ● market plan ● product ● place ● price ● promotion ● Channels of Distribution

Students will understand that… ● a mission statement is crucial to

identifying the purpose, goals, and future of a company.

● the mission statement is the identity the business organization and the purpose for business operations.

● mission statements must be continually evaluated and compared to business operations to ensure that the company’s goals match its outcomes.

● the components of a market plan outline how the company will attain its goals and modify operations if needed.

● advertising medium are evolving with technology.

Students will be able to… ● establish short and long term goals

for an entrepreneurial venture. ● explore strategies for achieving the

goals for an entrepreneurial venture. ● write a mission statement. ● select appropriate channels of

distribution to reach a target market. ● describe how emerging technologies

have impacted the components of marketing (i.e. product, place, price, and promotion).

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3.3: Students will design strategies for maintaining customer loyalty. Students will know… ● the product life cycle.

Vocabulary: ● development ● introduction ● growth ● maturity ● decline ● SWOT Analysis

Students will understand that… ● every product has a life cycle. ● companies must be innovative to

meet the demands of market change and consumer behavior.

Students will be able to… ● conduct a SWOT Analysis (Strengths,

Weaknesses, Opportunities, and Threats) of a business or entrepreneurial venture.

● brainstorm strategies for maintaining customer loyalty.

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IV. Finance and Accounting Standard 4: Students will use the financial concepts and tools needed by the entrepreneur in making business decisions. 4.1: Students will project the total cash needed to start a business (e.g., start-up costs, ongoing operational expenses, financial statements and cash reserves). Students will know… Vocabulary: ● start-up cost ● operating expenses ● cash reserves ● Small Business Association ● capital

Students will understand that… ● start-up capital can be the most

challenging obstacle in the initial phase of an entrepreneurial venture.

● start-up capital is necessary to start a business.

Students will be able to… ● identify multiple start-up costs, and

operational costs for a business venture.

● investigate businesses of their choice. ● determine projected cash needed to

start a business of their choice.

X 4.2: Students will identify and evaluate the major options of funding for a business. Students will know… Vocabulary: ● bank loans ● debt capital ● collateral ● small business administration loans ● secured loans ● unsecured loans ● short-term loan ● long-term loan

Students will understand that… ● there are multiple sources of

obtaining funding for a business venture.

Students will be able to… ● evaluate multiple sources that can

provide debt capital. ● compare and contrast different loans

and ways to obtain funding. ● explore reasons that a business may

need a specific type of a loan over another.


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4.3: Students will determine the appropriate records required for a business venture. Students will know… Vocabulary: ● records ● financial statements (balance sheet,

income statement, cash flow statement)

● tracking inventory

Students will understand that… ● financial statements will determine

how well your business is doing. ● the importance of accurate record

keeping can help make smart business decisions.

Students will be able to… ● select and consider appropriate

records for an entrepreneurial venture.

● describe the importance of keeping accurate business records.

● evaluate the impact of incomplete and or/inaccurate business records on a business.


V. Management Standard 5: Students will develop a management plan for an entrepreneurial venture. 5.1: Students will create an organizational structure for an entrepreneurial venture. Students will know… • a variety of organizational structures

Vocabulary: ● sole proprietorship ● partnership ● corporation ● partnership agreement ● culture ● ethnicity ● demographics

Students will understand that… ● entrepreneurial ventures come in

many forms of business organization structures.

● the structure and success of a business depends on a diverse workforce and culture.

● entrepreneurs must know how to assemble the right team and resources to accomplish their goal.

Students will be able to… ● describe the advantages and

disadvantages of each type of organizational structure.

● determine the organizational structure of a business of their choice.

● describe the importance of diverse workforce.

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5.2: Students will explain the leadership skills that a successful entrepreneur would exhibit. Students will know… Vocabulary: ● Theory X ● Theory Y

Students will understand that… ● being an entrepreneur requires

personal responsibility and goal setting.

● entrepreneurs can lead through verbal inspiration or by example.

● there are many different leadership styles.

● good entrepreneurs have a willingness to enforce good judgement and to make decisions regarding hiring, firing, financing, and growth.

● an entrepreneur who has passion for what they do has a trickle-down effect in their company, as it energizes the staff.

● entrepreneurs have benefited from good personal relationships with mentors, clients, and partners, and that these relationships play a major role in their business.

Students will be able to… ● analyze leadership styles and identify

positive traits in leaders. ● argue for or against the management

Theory X or Y.

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5.3: Students will evaluate risk management plans. Students will know… • commercial insurance products

Vocabulary: ● risk ● risk transfer ● risk aversion ● risk tolerance ● risk management ● insurance

Students will understand that… ● not all people accept the same levels

of risk. ● some people would prefer a career as

an employee with job security, rather than as an entrepreneur with opportunities and risks.

● some people become entrepreneurs because of a necessity due to loss of jobs.

● completing a risk assessment is essential in assessing the market and determining if the venture fits the needs of the customer-driven market.

● risk can be transferred through the purchase of insurance.

Students will be able to… ● evaluate the risk involved in starting

a new entrepreneurial venture. ● identify and evaluate insurance

products for a variety of business ventures.

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VI. Legal Standard 6: Students will analyze how forms of business ownership, government regulations, and legal regulations affect entrepreneurial ventures. 6.1: Students will select the most appropriate form of business ownership for an entrepreneurial venture. Students will know… Vocabulary: ● existing business ● franchise ● sole proprietorship ● partnership ● corporation

Students will understand that… ● there are different types of business

ownerships that exist in the economy.

Students will be able to… ● compare and contrast the advantages

and disadvantages of the different types of business ownership.

● evaluate the correct business ownership for a particular business venture.

X 6.2: Students will identify and evaluate the various ways in which government affects specific businesses. Students will know… Vocabulary: ● taxes ● purchases ● inspection ● license ● subsides

Students will understand that… ● although the U.S. economy is made

up of private companies, the government has an effect on what is produced.

● in a market economy the government plays different roles.

Students will be able to… ● explain reasons for government

regulations of business. ● evaluate examples of government

regulations that affect the business. ● describe how government can affect

the business.

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VII. Business Plans

Standard 7: Students will develop a business plan. 7.1: Students will develop a business plan for an entrepreneurial venture. Students will know… • business plan structure

Students will understand that… ● the components of a business plan

describe all the steps necessary in starting a business.

● a business plan sets specific objectives and describes how a business expects to achieve them.

● a business plan describes the backgrounds and experience of the people who run the business.

● a business plan can assist prospective entrepreneurs in securing financing.

Students will be able to… ● write a business plan for a given

business operation. ● evaluate the effectiveness of a written

business plan.

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VIII. Contract Law, Law of Sales, and Consumer Law

Standard 8: Students will analyze the relationships between contract law, law of sales, and consumer law. 8.1: Students will explain the elements required to create a contract. Students will know… • six requirements of a contract (e.g.,

offer and acceptances, genuine assent, legality, consideration, capacity, writing)

Vocabulary: ● contract ● breach of contract

Students will understand that… ● the six major requirements of a

contract must be satisfied before courts will treat transactions as contracts.

Students will be able to… ● describe breach of contract. ● explain each of the six requirements

that make up a contract.

X 8.2: Students will identify the source of law that applies to contracts for (a) goods, (b) services, and (c) real property. Students will know… Vocabulary ● sale ● contract to sell ● price ● goods ● services ● real property ● bill of sale ● payment ● uniform commercial code

Students will understand that… ● the uniform commercial code governs

sales of goods but not services. ● standard state contract law governs

the sale of services. ● if a sale of goods and services are

both rendered, the dominant element will determine which law governs.

Students will be able to… ● clarify when sales contracts must be

written. ● determine which source of contract

law will apply to given circumstances.


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8.3: Students will identify and distinguish the purpose of consumer law. Students will know… • overall consumer law (e.g., protect

against the production or sale of substandard or dangerous consumer goods, prohibited or improper trade practices, requires licenses and inspections to help ensure compliance with the law, provide remedies for persons injured)

Vocabulary: • consumer

Students will understand that… ● there are laws to protect the

consumer. ● business owners are required to

follow consumer law. ● products have varying degrees of

potential danger and must have a warning label (i.e. toys, toasters, hair dryers, chemical products).

Students will be able to… ● evaluate circumstances related to

consumer protection under consumer credit laws.

● describe the consequences of violating consumer statutes.

● discuss the difference between unsafe products and dangerous products.


IX. Employment Law Standard 9: Students will analyze the role and importance of employment law as it relates to the conduct of business. 9.1: Students will identify and distinguish legislation that regulates employee rights, employment conditions, and guarantees worker benefits. Students will know… • federal employment legislation

Vocabulary: • employment at will

Students will understand that… ● under employment at will, an

employee can be discharged by an employer without notice.

Students will be able to… ● discuss employment law as it relates

to entrepreneurs. ● evaluate case studies in which

legislation that regulates employment law comes into question.

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X. Property Law Standard 10: Students will explain the legal rules that apply to personal property, real property, and intellectual property. 10.1: Students will compare and contrast real property, personal property, and fixtures. Students will know… Vocabulary: ● personal property ● real property ● intellectual property

Students will understand that… ● property can be a negotiable

instrument.

Students will be able to… ● list different methods by which

property is acquired. ● identify the major estates in real

property. ● describe the kinds of rental

relationships that landlords and tenants may create.

● describe how each type of intellectual property is created and legally protected.

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XI. Insurance, Secured Transactions, and Bankruptcy Standard 11: Students will analyze the functions of insurance, secured transactions, and bankruptcy. 11.1: Students will identify and evaluate risk associated with business ownership and recommend insurance coverage for risk management. Students will know… ● insurance terminology

Students will understand that… ● risk can be transferred through the

purchase of insurance. ● not every business will have the same

insurance needs, as those needs are specific to the operations and liability of each organization.

● some types of insurance are required by federal and state law.

Students will be able to… ● explain the requirements for an

insurable interest. ● compare and contrast the different

types of life insurance and health insurance.

● compare and contrast the different types of liability and property insurance.

X 11.2: Students will define the major types of collateral associated with business ownership. Students will know… ● collateral terminology

Students will understand that… ● collateral is required to conduct a

secured transaction. ● collateral must have value placed on

it and that those values can increase or decrease.

● the steps a lender takes before the loan, during the loan, and after the default on the loan can protect his or her interests.

Students will be able to… ● compare and contrast a secured

creditor with an unsecured creditor. ● recommend types of collateral

associated with business ownership.


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11.3: Students will summarize the principal features of Chapters 11, 12, and 13 Bankruptcy Code. Students will know… ● bankruptcy terminology ● types of bankruptcy

Students will understand that… ● bankruptcy involves legal

proceedings in the process of discharging debts and distributing assets.

● federal bankruptcy law protects both debtors and creditors.

Students will be able to… ● evaluate when bankruptcy may be an

option to entrepreneurs. ● discuss bankruptcy law.


XII. Ethics Standard 12: Students will define, develop, and apply a code of ethics to various issues. Students will know… Vocabulary: • ethics • conduct • social responsibility • customer honesty • moral • commitment • Acceptable Use Policy

Students will understand that… • ethics applies to all aspects of

business conduct and is relevant to the conduct of individuals and entire organizations.

• they must take accountability for their actions.

• there are impacts of ethical and unethical or illegal use of technology on individuals and society.

Students will be able to… • discuss the ethical and social

responsibilities of a business. • demonstrate personal responsibility

by engaging in positive, respectful business behavior.

• document properly both print and digital sources to avoid plagiarism.

(Refer to District Technology Standard 1)

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XIII. Communication Standard 13: Students will develop basic skills in active listening and written communication. 13.1: Students will listen actively, use the communication process, read and research information, and integrate technology to enhance communication effectiveness.

Students will know… Vocabulary: • active listening • resources

Students will understand that… • active listening is a vital part of the

communication process. • the communication process involves

written communication. • problem solving requires researching

a variety of information sources.

Students will be able to… • listen for information. • demonstrate courteous attention

when listening to others. • follow verbal and written directions. • use technology to solve problems

independently and effectively. • listen to and read information to

create professional business documents.

X 13.2: Students will prepare clear, complete, concise, correct, and courteous written messages for personal and professional uses. Students will know… Vocabulary: • revisions

Students will understand that… • clear, correct, concise, complete,

consistent, and courteous documents effectively communicate a message.

• mistakes will undermine the credibility of written communications.

Students will be able to… • use correct spelling, grammar, word

and number usage, punctuation and formatting.

• proofread and edit business documents to ensure that they are clear, correct, concise, complete, consistent, and courteous.

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13.3: Students will demonstrate professional speaking techniques and strategies. Students will know… ● organizational strategies for a

presentation. ● strategies to avoid vocal segregates

such as um, uh, er, like, etc.

Students will understand that… ● presentation organization is critical

for audience understanding. ● a presentation introduction aides in

audience understanding. ● vocal segregates need to be avoided. ● speed, tone, emphasis and volume

contribute to a quality presentation. ● as a presenter, they are taking

responsibility for delivering the correct information.

● establishing rapport and building credibility with the audience are required with any presentation.

● preparation & practice will reduce vocal segregates.

● technology enhances communication. ● a presentation conclusion aides in

audience understanding.

Students will be able to… ● organize thoughts to reflect logical

thinking before speaking. ● identify vocal segregates such as um,

uh, er, like, etc. ● adjust speed, tone, emphasis, and

volume to deliver content professionally.

● use strategies to reduce or eliminate vocal segregates such as um, uh, er, like, etc.

● discuss the importance of taking responsibility for all spoken communication.

● establish rapport and build credibility with the audience.

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