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ENTREPRENEURSHIP, CONSUMERISM, and the ECONOMY: MAKING BUSINESS REAL and PERSONAL for PRIMARY THROUGH SECONDARY STUDENTS Dr

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ENTREPRENEURSHIP, CONSUMERISM, and the ECONOMY: MAKING BUSINESS REAL and PERSONAL for PRIMARY THROUGH SECONDARY STUDENTS Dr ENTREPRENEURSHIP, CONSUMERISM, AND THE ECONOMY: MAKING BUSINESS REAL AND PERSONAL FOR PRIMARY THROUGH SECONDARY STUDENTS Dr. Janet Ratliff College of Business Morehead State University Dr. Beverly Joyce McCormick College of Business Morehead State University Paul grew up very poor. When he was in high school, the other kids made fun of his clothes. Paul felt down and trapped. One day he just had enough and decided that he was going to get an education and escape. In a normal economy, that might have meant getting a job with a big company and slowly making the fortune he wanted for his life and the life of his family. But, Paul graduated at a time when jobs were hard to get. That did not stop this young man. He decided to start his own company out of his home. It took lots of sacrifices but after ten years of hard work, Paul now owns a multi-million dollar company. Paul made a good choice. In recent years, small businesses have outperformed large firms in 3 out of the 4 quarters from 1992 to 2010 according to the Small Business Administration. Small businesses employ half of all private sector employees and have generated 65% of the net new jobs over the past 17 years. Small businesses hire 43% of the high tech workers and produce thirteen times more patents per employee than large patenting firms. Like Paul’s business, 52% of small businesses are home-based. (U.S. Small Business Administration, 2012, item 2). “Many students in the U.S. have entrepreneurial aspirations and energy that could help drive future job creation in the country. Nearly 8 in 10 students (77%) in grades 5 through 12 say they want to be their own boss, 45% say they plan to start their own business, and 42% say they will invent something that changes the world” according to a recent Gallup Poll of 1721 students (Calderson, 2011). Entrepreneurship education can refine and focus this interest for the students and allow these students to indeed change the world. The poll also discovered that “the majority of students also demonstrate persistence and are willing to assume risk -- both of which are qualities typically characteristic of entrepreneurs. Most students say they are not afraid to take risks, even if failure is a possibility (91%), that their mind never stops (91%), and that they never give up (85%), (Calderson, 2011). Our education system needs to take advantage of these qualities by funneling these students into creative programs that teach these students how to be entrepreneurs now and into the future. The poll also shows that only 50% of these students say that their schools offer classes on how to start a business. The gains from entrepreneurship education are not just economic in nature. The pace of innovation and creativity needed in the current economy means that in addition to the typical skills that are taught in our schools, students need to be motivated to be lifelong learners. “Evaluation studies of high-school-level curricula in youth entrepreneurship report that students increase their occupational aspirations, interest in college, reading, and leadership behavior after participation” (Bell-Rose & Payzant, 2008, para 7). Creativity is a prized quality in today’s economy. The National Advisory Committee on Creative and Cultural Education (1999) has described creativity in an educational setting as “Imaginative activity fashioned so as to produce outcomes that are both original and of value” (item 29). Beghetto (2007) forwards the idea that 1 “creativity” is “the ultimate economic resource and an essential for addressing complex individual and societal issues” (p.1). Entrepreneurship education provides an ideal way to encourage students to be creative while at the same time they are creating something of value: a business. Introduction to a Business Experience for Primary and Intermediate Students The original program involves coordination and cooperation of two classes simultaneously. One primary class (kindergarten or 1st grade) listens to a story about spending and saving, Berenstain Bears’ Dollars and Sense (Berenstain S., & Berenstain J., 2001). Students in the primary class earn an income by answering questions about the book and related core content. One intermediate class (4th or 5th grade) actively engages in establishing businesses. These intermediate students also answer questions to learn about business concepts, and then break into teams to form businesses. The primary class uses their income to purchase items from the intermediate class. The intermediate class borrows money from a bank and signs a promissory note and pledges personal collateral (i.e. their personal computer, Xbox, iPod, among other items) to secure repayment of a loan. This process is conducted in order to obtain the needed inventory to start their businesses within the classroom. Discussions and debriefing in each class complete the program. This program can introduce students to a large amount of economic content in a relatively short period of time. This program can be expanded by reviewing the core content for Kentucky and combining it with other lesson plans already in use. Use as little or as much of the core content as is needed with the time, money, and space restrictions available. This program could be easily expanded so that it could be adapted to cover middle and high school social studies/economics, practical living and vocational core content which will be discussed later. Primary Preparation (Kindergarten or 1st Grade) Preparation for this activity is fairly simple regardless of grade level taught. The teacher will need to cooperatively plan a day for the program in conjunction with an intermediate class or classes. The primary teacher will need several dollars in play money (generally three one dollar bills for each student); he or she will also need a copy of the Berenstain Bears’ Dollars and Sense (Berenstain S. & Berenstain J., 2001). A pre-established listing of questions should be prepared from this book and related core content (this could include questions based on previous activities and discussions regarding economics), so that students can answer questions throughout the book as it is being read aloud and earn money for answering related questions. Supplies—A copy of Berenstain Bears’ Dollars and Sense (Berenstain S. & Berenstain J., 2001), play money (at least three one dollar bills per child), and a list of questions prepared from the book and related core content. Primary Vocabulary Checks, Bank, Banker, Spending, Saving, Wants, Needs, Opportunity Cost, Scarcity, Resources, Money, Allowance, among other terms. 2 Primary Questions In the beginning of the program, primary students should answer questions that pertain to the Berenstain Bears’ Dollars and Sense (Berenstain S. & Berenstain J., 2001) and related economic core content. Later, primary students can answer questions related to the activity that they took part in when they visited the intermediate students’ businesses. Primary students should be asked about their shopping experiences with intermediate students’ businesses and how this relates to shopping experiences in real life with their respective families. The following questions can be asked by primary teachers in order to stimulate economic thinking: What is the difference between wants and needs? How did the bears deal with these issues? When brother and sister bear visited the businesses, what did they need or what did they want? Was there a difference to brother and sister bear between needs and wants? Consumers have to make the best decisions possible every day. When a person gives up something to get something else then that person experiences an opportunity cost. Do parents sometimes tell their children that they don’t need that new game or new toy? Instead, mom and dad say that new game or new toy is something that their children wanted. That same game or toy was not a need. What did mom and dad mean by saying that game and toy was a want not a need? What are some real examples of this for children? Do we sometimes have to make tough decisions about our money because we don’t have enough to have everything we want? We have a scarcity of resources (limited resources) and unlimited wants. What can we do to improve the way we manage our resources and wants and needs? How did each student receive money to shop? How do people receive money to buy the items that they buy? What is work? How did brother and sister bear earn money (an allowance)? What does earn an allowance mean? What did the businesses offer? Were items in the different businesses expensive or cheap? Were all of the items good ones for the price? Why or why not? Please explain and be specific. Here students will more than likely talk about products tearing up, discuss consumers rights to return the item for a refund, new item or repair. Also, a teacher should explain that these businesses were designed to help students understand the importance of using their money wisely. Sometimes bad decisions are made. The items sold by the intermediate businesses might not be well made thus, more than likely they could tear up quickly. A teacher could remind students that actually the items were free because the money was play money. Primary Extensions This lesson can be used in conjunction with any lesson involving social studies/economics- markets, scarcity, production, distribution or consumption. This program can also be used with any lessons involving practical living/vocational studies-financial literacy, and/or consumerism. Please read through the content information at the end of this handout. The teacher may expand or restrict the depth of this program depending on time and capabilities within the classroom. Additional books may also be included with this program. Intermediate Preparation 3 An intermediate teacher will need to: cooperatively plan a day for the program in conjunction with a primary class or classes and create enough stores to split the class into groups of 4 or 5 students per group (a CEO, Money Handler, Advertiser, and Customer Service Rep, among others as needed).
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