1. List Three of the Items You Should Do Before Starting Your Own Business

Ag Education II Colorado Agriscience Curriculum

Section: Intro to Agribusiness II

Unit: Understanding Entrepreneurial Concepts

Lesson Title: Managing your own business

Colorado Ag Education Standards Standard 10.2: The student will understand entrepreneurial concepts and Competencies: Competency 2-4: Managing your own business

English: Colorado Model Content Standard(s): English Standard 2.6 Students are writing in various specialized fields such as career and academic interest areas (for example scientific, technical and business communication).

Student Learning 1. Identify what you need to know/do before starting a business. Objectives: 2. Identify specific areas that need to be managed for a business owner.

3. Learn why adapting to change is essential in managing a business.

4. Learn ways to grow a business.

Time: 50 minutes

Resource(s): Stand alone unit

Instructions, Tools, Note: Italicized words are instructions to the teacher; normal style text is Equipment, and suggested script. Supplies: Equipment: Computer and Projection Unit for PowerPoint

Supplies (optional): A film clip on the Apprentice where someone is being fired.

Who has seen the TV show “The Apprentice”? Can someone explain it? What is Interest Approach:

Unit 2, Lesson 4: Managing Your Own Business 1 the grand prize if they win?

A: They win the opportunity to manage one of Donald Trump’s businesses. Today we are going to learn about managing a business.

To make it more interesting, every few minutes I will draw someone’s name and they will be FIRED! Failure to try to answer a question when called on will also get you fired. At some point we will name The Apprentice!

Objective 1: Identify what you need to know/do before starting a business.

Students could capture the notes in their notebook or you could print slides at three per page for them to take notes with. Project Slide 2.

•Do the research: Make sure there is enough demand for your product or service, and speak to people already in the field to find out what it takes to be successful. •Invest in yourself: Take a part-time business course in marketing, accounting, or whatever business skills you're lacking. •Take a test drive: Work full- or part-time in the type of business you plan to open.

[Slide 3] •Develop a business plan: Write down exactly how your business is expected to operate and make money. A solid business plan should have sections on sales, marketing, operations, finance, human resources, and a step-by-step road map for how you will get from where you are now to full operation. •Be frugal: Cash is oxygen for a business; conserve it however possible. •Build a positive buzz: Repeat customers and positive word-of-mouth are critical to your business success.

[Slide 4] •Develop your brand: A professional-looking logo, along with effective marketing and advertising materials are necessary. •Engage your support network: That means talking to your family and friends, of course, but also your lawyer, accountant, banker and other business people. •Don't give up: Not working out as planned? Find out why, and then quickly change gears.

Use the Jeopardy e-Moment to reinforce this objective. This is a good place to start eliminating Apprentices. Using electronic buzzers (if available) to add to the fun.

Objective 2: Identify specific areas that need to be managed for a business owner.

Intro to Objective 2 – While showing Slide 5, say: Now that you’ve determined what you need to know before starting a business, it is important to know the areas that need to be managed once you are a business owner.

[Slide 6] Management for Growth  The growth of any business is closely tied to the application of good management skills and techniques. Learn all that you can about sound management principles.

Unit 2, Lesson 4: Managing Your Own Business 2  Is your business strong enough to consider growth?  How fast should you grow?  How should growth be financed?

[Slide 7] Leadership Leaders are larger than life in many ways. Personal traits play a major role in determining who will be effective leaders. However, it's important to remember that people are forever learning and changing.

[Slide 8] Marketing & Sales •Marketing is all about satisfying customer needs. Learn how to better understand customer needs and ways to satisfy those needs.

[Slide 9] Financing •An expanding business offers the potential for numerous growth opportunities. Managing this growth can be very challenging to your financial resources. It is important that you educate yourself about financing opportunities.

[Slide 10] Strategic Planning •To many people, strategic planning is something meant only for big businesses, but it is equally applicable to small businesses. Strategic planning is matching the strengths of your business to available opportunities.

[Slide 11] Technology •Today’s constantly changing economy, with pressures from global competitors, demands that small businesses understand and apply new and advanced technologies.

[Slide 12] Taxes •Understanding tax requirements are a necessary aspect of all businesses. Learn about payroll taxes, Federal income taxes, and other required taxes.

Use the Go Get It e-Moment to reinforce this objective. Create cards with each of the points and hide them throughout the room. After they are all found, have each student who found one review this objective. Perhaps mark one of them to pick another “Apprentice” to be fired and/or fire anyone who does not find a card.

Objective 3: Learn why adapting to change is essential in managing a business.

[Slide 13] •Return to the basics –What resources do I have? –How can I combine these resources (land, labor, capital and management) to achieve my goals?

[Slide 14] •Make changes in the direction you perceive you need to go, not in the direction that others say you have to go. •Not all change or new technologies are good for us. Evaluate them carefully and

Unit 2, Lesson 4: Managing Your Own Business 3 do what works for the individual circumstances. •No matter how much we change, some things remain the same. There is no substitute for good, basic management.

Use the Me-U-Us e-Moment by asking: Do you agree with the statement , “Not all change or new technologies are good for us?” Give at least one reason why you agree and one reason you disagree. Learn ways to grow a business. Objective 4: •Open another location •Offer your business as a franchise •License your product(s) •Align yourself with a similar business •Diversify •Target other markets •Win a government contract •Merge with, or acquire, another business •Expand globally •Expand to the internet

Use the Mother Goose e-Moment to reinforce this objective.

Review/Summary: Use the Jeopardy e-Moment for the entire lesson and determine your final Apprentice in the process – unless it has already been determined.

Ask a guest speaker to talk about their agriculture business. Application--Extended Classroom Activity:

Application--FFA If your chapter already operates a business, evaluate it based on this lesson Activity: and consider changes as needed.

Application--SAE Have students determine if they can grow their business by using the Activity: suggestions in Objective 4.

Evaluation: Refer to Quiz

Evaluation Answer Refer to Key Key:

Unit 2, Lesson 4: Managing Your Own Business 4 Managing your own business Quiz

Name: ______

1. List three of the items you should do before starting your own business.

a. b. c.

2. Define Strategic Planning.

3. In your own words, explain how to manage change when operating a business.

Unit 2, Lesson 4: Managing Your Own Business 5 Managing your own business Quiz - Key

1. List three of the items you should do before starting your own business.

a. Do research b. Invest in yourself c. Take a test drive d. Develop a business plan e. Be frugal f. Build a positive buzz g. Develop your brand h. Engage your support network i. Don’t give up

2. Define Strategic Planning. 5. 10.

Strategic planning is matching the strengths of your business to available opportunities.

3. In your own words, explain how to manage change when operating a business.

Allow any answer that is logical based on the information provided in the lesson.

They should mention something about the basics.

Unit 2, Lesson 4: Managing Your Own Business 6