Home

Essential Understandings: Entrepreneurship

Term 1

During the 1st term of Entrepreneurship, students will:

  • Define Entrepreneurship by identifying the qualities and skills of successful entrepreneurs and then comparing these qualities with the strengths and weaknesses in their own lives to see if they truly have the desire to become an entrepreneur.
  • Understand the aspects that make up the free-enterprise system (economics, business cycles, etc.) and the ways that entrepreneurs contribute to the system.
  • Recognize different business ideas and evaluate whether those ideas are opportunities worth pursuing using the opportunity formula and calculating the risks. 
  • Plan and implement a group project in which they will apply their basic understanding of starting and running a business in a real-world setting.

Term 2

During the 2nd term of Entrepreneurship, students will:

  • Determine types of businesses and pinpoint target markets for those businesses through market segmentation. Once the target market is defined, students will learn how to determine the wants/needs of the market by conducting research and focus groups.
  • Understand the importance of a business plan in starting a business. They will be able to define the components of a business plan and will write a complete business plan.
  • Utilize the four components of the marketing mix for a business. They will fully understand the 4 P’s of marketing and their importance of the success/failure in a company.
  • Understand finances and know how to interpret financial documents in a business setting including:
  • Cash flow statements
  • Income statements
  • Balance sheets
  • Sources of capital
  • Plan and implement another group project in which they will apply their understanding of starting and running a business in a real-world setting.