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BUS040: Introduction to Entrepreneurship I (Elective)

In this introductory business course, students learn the basics of planning and launching their own successful business. Whether they want to start their own money-making business or create a non-profit to help others, this course helps students develop the core skills they need to be successful. They learn how to come up with new business ideas, attract investors, market their business, and manage expenses. Students hear inspirational stories of teen entrepreneurs who have turned their ideas into reality, and then they plan and execute their own business.

COURSE LENGTH: One semester

MaTERiaLS: None

PREREQUiSiTES: None

Course OutlineStudents are introduced to the course, identify how to find trustworthy sources of information, and learn about plagiarism and the correct use of citations. They download the software required for the course.

• Lesson 1: Using the Course • Lesson 2: Set Up Your Computer • Lesson 3: Files and Folders • Lesson 4: Study Questions and Assignments

Section 1: The Role of the EntrepreneurStudents learn the definition of entrepreneur. They learn about product- and service-based businesses, producers and consumers, and how an economy is formed. They discover differences among regional economies, the relationship between capitalism and entrepreneurship, and how entrepreneurs contribute to the economic growth and development of the U.S. They learn about future prospects for entrepreneurship and the role of the entrepreneur in the local community.

• Lesson 1: Entrepreneurship Basics • Lesson 2: Producers and Consumers • Lesson 3: Entrepreneurs and the Economy • Lesson 4: Past and Future of Entrepreneurship

Section 2: Entrepreneurship as a CareerStudents learn the advantages and disadvantages of self-employment, in particular, of teen entrepreneurs. They learn characteristics of successful entrepreneurs, essential skills and education, and reasons to become an entrepreneur. They assess their personal potential to become an entrepreneur and identify potential career paths.

• Lesson 1: Self-Employment • Lesson 2: Characteristics of Entrepreneurs • Lesson 3: Personal Potential for Entrepreneurship • Lesson 4: Career Paths for Entrepreneurs

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Section 3: Economic PrinciplesStudents learn about gross and net profit, value, loss, and startup costs. They learn how to increase a company’s net profit and identify the impact of profit motive on business. They look at direct and indirect competition, price and nonprice competition, and how a company can improve its competitive position. They are introduced to supply, demand, and scarcity, and learn how land, labor, capital, and entrepreneurship combine as factors of production.

• Lesson 1: Profit and Loss • Lesson 2: Profit Motive and Competition • Lesson 3: Supply and Demand • Lesson 4: Factors of Production

Section 4: Production and DeliveryStudents explore major fields of business activity, including extractive, manufacturing, wholesaling, retailing, services, subcontracting, and cottage industries. They look at types of consumer goods, services, and economic utility, including form, place, time, possession, and information utility. They learn about economies and diseconomies of scale, market saturation, and the stages of the product life cycle.

• Lesson 1: Fields of Business Activity • Lesson 2: Product and Service Types • Lesson 3: Economic Utility • Lesson 4: The Product Life Cycle

Section 5: Small Business BasicsStudents learn about production, finance, marketing, and customer service. They explore the factors that contribute to small business success or failure. They look at issues of ethical behavior, social responsibility, and legal issues. They learn how to identify conflicts of interest and explore the role of the entrepreneur in promoting ethical business practices.

• Lesson 1: Parts of a Business • Lesson 2: Success and Failure • Lesson 3: Business Ethics

Section 6: Business ideas and OpportunitiesStudents learn to generate and evaluate business opportunities. They look at the role of small business in the global economy, and changes and trends as a source of new business ideas. They explore how personality, personal goals, background, interests, experience, abilities, and financial resources will impact one’s choice of business.

• Lesson 1: Small Business Opportunities • Lesson 2: Developing Business Ideas • Lesson 3: Personality and Skills

Section 7: Defining Your BusinessStudents learn to define their business. They write mission and vision statements and business plans. They learn to determine and focus the scope of a company’s products and services.

• Lesson 1: Setting a Purpose • Lesson 2: Your Business Plan • Lesson 3: Setting the Scope

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Section 8: Business OrganizationStudents learn about personal liability, legal and tax issues, the three main types of corporations, and franchising. They learn how to register trademarks, where to get business licenses and permits, and how to register for taxes. They explore sources of assistance in planning and licensing a business, different types of organizational charts, and records needed by small businesses. They learn about factors that affect purchasing, ways to control inventory, and procedures for shipping and receiving.

• Lesson 1: Business Structures • Lesson 2: Corporations and Franchises • Lesson 3: Registering a Business • Lesson 4: Internal Organization • Lesson 5: Buying and Using Inventory

Section 9: Marketing Basics Students learn about the factors that affect brand image, marketing and market positioning, and the steps in developing a marketing message. They learn about market share and market penetration strategy, market segmenting and research, and questions to ask in a customer profile survey.

• Lesson 1: Brand Image • Lesson 2: The Marketing Mix • Lesson 3: Market Penetration

Section 10: Promoting Your CompanyStudents learn about promotional methods and costs, types of advertising media and their strengths and weaknesses, and differences between institutional and product advertising. They learn how to use emotions, desires, fears, and needs in advertising messages. The learn the components of a marketing plan and how to coordinate diverse promotional activities.

• Lesson 1: Promotional Methods • Lesson 2: Advertising Media • Lesson 3: Advertising Messages • Lesson 4: Creating a Balanced Plan

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