| (a) General requirements. This course is recommended
for students in Grades 10-12. Recommended prerequisite: Principles
of Business, Marketing, and Finance. Students shall be awarded one
credit for successful completion of this course.
(b) Introduction.
(1) Career and technical education instruction provides
content aligned with challenging academic standards and relevant technical
knowledge and skills for students to further their education and succeed
in current or emerging professions.
(2) The Marketing Career Cluster focuses on planning,
managing, and performing marketing activities to reach organizational
objectives.
(3) In Entrepreneurship, students will gain the knowledge
and skills needed to become an entrepreneur. Students will learn the
principles necessary to begin and operate a business. The primary
focus of the course is to help students understand the process of
analyzing a business opportunity, preparing a business plan, determining
feasibility of an idea using research, and developing a plan to organize
and promote the business and its products and services. In addition,
students will understand the capital required, the return on investment
desired, and the potential for profit.
(4) Students are encouraged to participate in extended
learning experiences such as career and technical student organizations
and other leadership or extracurricular organizations.
(5) Statements that contain the word "including" reference
content that must be mastered, while those containing the phrase "such
as" are intended as possible illustrative examples.
(c) Knowledge and skills.
(1) The student demonstrates professional standards/employability
skills as required by business and industry. The student is expected
to:
(A) communicate effectively with others using speaking,
listening, and writing skills;
(B) demonstrate collaboration skills through teamwork;
(C) demonstrate professionalism by conducting oneself
in a manner appropriate for the profession and workplace;
(D) demonstrate a positive, productive work ethic
by performing assigned tasks as directed;
(E) demonstrate integrity by choosing the ethical course
of action and complying with all applicable rules, laws, and regulations;
(F) demonstrate time-management skills such as prioritizing
tasks, following schedules, and tending to goal-relevant activities
in ways that use time wisely and optimize efficiency and results;
and
(G) demonstrate leadership skills by participating
in career and technical student organizations.
(2) The student demonstrates an understanding of entrepreneurship
and the entrepreneurial way of life. The student is expected to:
(A) clarify the terms entrepreneurship and entrepreneur;
(B) define small business; and
(C) analyze the advantages and disadvantages of entrepreneurship.
(3) The student visits local businesses and franchises
to investigate business opportunities. The student is expected to:
(A) identify and analyze the four functions of a small
business; and
(B) evaluate the issues involved with starting, taking
over, or expanding an existing small business.
(4) The student identifies the importance of a well-written
business plan. The student is expected to:
(A) identify the need for and the characteristics of
a well-orchestrated business plan;
(B) research business plan outlines, resources, and
templates; and
(C) create and present a well-orchestrated business
plan and critically explain the contents.
(5) The student explains the goal of a business and
its unique proposition. The student is expected to:
(A) describe the nature of a business and list the
marketplace needs that it satisfies;
(B) explain how a business's products and services
meet the needs of the market;
(C) list the specific consumers, organizations, or
businesses that a company targets or will target;
(D) explain the competitive advantages that make a
business successful; and
(E) create a well-orchestrated company description.
(6) The student explains and demonstrates how to meet
the needs of a growing organization. The student is expected to:
(A) describe the role of operations and organization
in a growing business; and
(B) create an organizational chart that defines the
structure of a company.
(7) The student explains investment and financial resources
to achieve business goals and objectives. The student is expected
to:
(A) determine the financial plan, including financial
requirements and sources of financing;
(B) explain the idea of a growth strategy, including
horizontal and vertical growth strategies; and
(C) explain the idea of an exit strategy, including
selling a business, going public, and liquidating a business.
(8) The student demonstrates and explains financial
and accounting terms and forms. The student is expected to:
(A) explain and define basic accounting functions,
terms, assets, and types of assets, including cash; accounts receivable;
fixed, liquid, and illiquid assets; and inventory goods on hand;
(B) identify liabilities and types of liabilities such
as accounts payable, long-term debt, and short-term debt;
(C) calculate owner's equity or net worth;
(D) evaluate a balance sheet understanding the balance
sheet equation (A = L + OE);
(E) analyze profit and loss statements;
(F) evaluate revenues and types of revenues;
(G) determine expenses and types of expenses;
(H) analyze alternative accounting and internal accounting
controls;
(I) discuss the importance of budgeting and cash flow;
(J) use common accounting forms to demonstrate an understanding
of their functions and results;
(K) analyze the impact of specialization and division
of labor on productivity;
(L) explain the impact of the law of diminishing returns;
and
(M) create projected financial statements.
(9) The student knows the effects of credit on price
and profit. The student is expected to:
(A) identify types of consumer credit;
(B) recommend types of consumer credit a business might
offer;
(C) explain the risks and benefits to entrepreneurs
when accepting and extending credit; and
(D) describe how credit affects profit and the negotiated
price.
(10) The student understands the importance of product
management and how it meets the needs of the customer. The student
is expected to:
(A) explain product management;
(B) describe supply chain management; and
(C) create product-mix strategies, including branding
elements and extended product features, to meet customer needs.
(11) The student knows that pricing has policies, objectives,
and strategies. The student is expected to:
(A) develop and analyze pricing objectives;
(B) compare and contrast pricing policies for an entrepreneurial
venture; and
(C) recommend appropriate pricing strategies.
(12) The student knows the importance of managing the
pricing structure. The student is expected to:
(A) communicate the differences among pricing structures
for goods, services, and ideas;
(B) develop a pricing structure for an entrepreneurial
venture; and
(C) demonstrate how to calculate prices, markups, and
discounts.
(13) The student knows elements and processes of product
planning. The student is expected to:
(A) explain the nature and scope of product planning;
(B) define the term product mix; and
(C) identify stages of the product life cycle for business
products.
(14) The student knows the process for development,
implementation, and evaluation of a marketing plan. The student is
expected to:
(A) explain how market penetration strategies contribute
to successful marketing;
(B) apply evaluation strategies to determine the effectiveness
of market penetration strategies;
(C) illustrate the concept of promotional mix;
(D) use appropriate technology to create promotional
materials;
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