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Exams in Business High School Graduation Entrepreneurship and Small Business Management Program Overview What is the Entrepreneurship and Small ESB certification engages and prepares What is the best way for Business Certification (ESB)? students who will pursue additional post- business students to become ESB is the first in the new Certiport® Business secondary training or those who elect to enter college and career ready? Fundamentals Certification Program, which the small business sector immediately upon Q will also include certification exams in business high school graduation. The entrepreneurial disciplines such as Digital Marketing, and concepts validated by this certification ensure Earn an ESB certification Finance. The ESB exam is intended for use that these students are college and career before graduation. primarily in academic settings including ready. secondary schools, vocational schools, A community colleges, and technical colleges. Positive Student Outcomes The U.S. Department of Labor and the National ESB Certification Exam Objectives Candidates for ESB certification will be Foundation for Teaching Entrepreneurship expected to have key conceptual knowledge (NFTE) both cite statistics that underscore the The ESB certification exam is a 50 minute exam of entrepreneurial and small business benefits of entrepreneurship education. These with 45 questions covering the following objectives: principles, although it is not required for benefits include improved academic students to have had real-world experience performance, school attendance, interest in • The Entrepreneur as a small business manager in order to take attending college, an increase in occupational • Business Management and pass the exam. Successful completion of aspirations, as well as leadership behavior. (Encouraging Future Innovation: Youth • Starting a Business this certification will validate skills and knowledge for those students interested in Entrepreneurship Education , US Department of • Business Operations working in a middle-skill trade profession as Labor.) A study by Grunwald Associates further • Marketing and Sales their own boss and those with suggests that when certification is added to entrepreneurship and small business career curriculum, statistics such as academic • Financial Management aspirations. performance, attendance, dropout rates, and grade point averages also improve. (Grunwald Why should students study and seek Associates LLC. (2012).Tracing Student certification in ESB? Performance in Career and Professional Whether it is a beauty salon in a large Education: Technology Coursework Related to metropolitan city, a taco shop in a booming Better Attendance, Higher GPAs in Florida. ) resort location, or a car repair garage in the suburbs, an incredible number of small Availability businesses can be found almost everywhere. In The new Certiport Entrepreneurship and Small fact, in a recent report from Business.com, Business (ESB) certification, practice tests, and "every minute a new business is started in the supporting curriculum are anticipated to U.S. and according to some, more than 50% of release in early 2017. Exams will be available as all workers will be self-employed by 2020." single vouchers, voucher/retake exam (The State of Small Business in America, 2015, combinations, or as secondary school or Business.com, emphasis added.) higher education campus site licenses. Objectives of the Entrepreneurship and Small Business Operations: Business Certification (ESB) • Given a scenario, identify key positions and The ESB certification is built to test and validate human capital needs(including EXAM foundation-level concepts and knowledge in compensation and benefits) entrepreneurship and small business management. These core concepts include • Given a scenario, determine whether work can be completed by the owner or whether entrepreneurship; recognizing and evaluating employees or service providers are needed opportunities; planning for, starting, and operating a business; marketing and sales; and • Given a scenario, identify the taxes that are financial management. For each core concept, required the ESB exam will certify knowledge and skills • Given a scenario, identify intellectual on several specific objectives: property issues of trademarks, copyrights, and patents The Entrepreneur: • Given a scenario, identify standard operating procedures (e.g., setup, conduct, internal • Identify the characteristics of entrepreneurs controls, separation of duties) • Given a scenario including a self- • Given a scenario, identify the factors that led assessment outcome, identify the strengths, to sustainability weaknesses, and risk tolerance the self- assessment identifies and how to • Given a scenario, identify milestones as part compensate with services of a growth strategy • Given a scenario, recognize a business opportunity Marketing and Sales: • Identify the risks, benefits, opportunities, • Given a scenario, develop a sales strategy and drawbacks of being an entrepreneur and identify characteristics of a successful sale Opportunity Recognition: • Given a scenario, identify and analyze the • Identify the benefits and drawbacks of costs/benefits of finding customers different types of opportunities (e.g., start a • Given a scenario, identify how to retain new business, buy an existing business, and customers and develop a relationship with buy a franchise) repeat customers • Given a scenario, analyze the demand for • Given a scenario, determine value and the goods or service and opportunities in an methods of communication including: web environment sites, brochures, social media, and • Given a scenario, identify the customers or advertising potential customers for a business Financial Management: ADVISORY • Given a scenario, recognize a value proposition • Given a scenario, interpret basic financial statements such as income statements and BOARD Starting a Business: balance sheets • Given a scenario, identify the factors that • Identify the purposes and value of a business influence credit ratings and the importance The ESB Advisory Board: plan of a positive credit rating • Dave Lefkowith • Identify the appropriate legal structure, • Given a list of expenses, identify which are Lousiana Department of Education benefits and drawbacks for different legal fixed versus variable structures for a business • Jenny Bradbury • Given a scenario, identify the factors that Network for Teaching Entrepreneurship • Given a scenario, identify different types of impact the price to the customer licenses and regulations that are required • Tom Gold • Given a scenario, identify and analyze cash Network for Teaching Entrepreneurship • Identify the benefits and drawbacks of flow including: accounts receivable, various sources of start-up funding: Equity accounts payable, inventory, and debt • Gene Coulson (friends/family, angels, venture), Debt (bank, Consortium for Entrepreneurship Education credit cards, personal loans), and Grants • Given a scenario, create a cash flow budget • Angela Pate (government, foundation, corporate) • Given a scenario, identify the break-even CareerSource North Central Florida • Given a scenario, identify support that is point for the business • James Wilcox available for the business on a local, state, Mississippi Council of Economic Education and federal level • Phyllis Frankfort • Identify the ethical practices and social Working in Support of Education responsibilities of a business • Identify potential exit strategies for a business.
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