Entrepreneur Skills HIGH SCHOOL This course focuses on the fundamental concepts of business and entrepreneurship. Students learn how entrepreneurship is shaped and promoted in economies. The course emphasizes specific themes, such as the role of entrepreneurship in economies, how industries emerge and evolve by the growth of entrepreneurial firms, the history of entrepreneurs in American society, and how product innovation great wealth and quality of life for many. Basics of business and entrepreneurial concepts are included such as lean canvas, bootstrapping, investment capital, entrepreneurial mindset, cost of one unit, business models, competitive strategies, and consumer behavior. Projects are incorporated throughout the course demonstrating how the concepts are applied. Meets University of California Doorways G requirements. Entrepreneur Skills DR. TIMOTHY M. STEARNS Entrepreneur Skills HIGH SCHOOL Entrepreneur Skills TABLE OF CONTENTS Unit 1: Who Are Entrepreneurs? 7 Unit 6: MarketMarketing AnalysiS Plan and Sales 113 Lesson 1.1: Creativity Overview 9 Lesson 6.1: What Is Marketing? 115 Lesson 1.2: Design Thinking 11 Lesson 6.2: Goal Setting 117 Lesson 1.3: Understanding Systems 13 Lesson 6.3: Idea Feasibility 119 Lesson 1.4: Free-Enterprise Systems 15 Lesson 6.4: Opportunity Drivers 123 Lesson 1.5: Entrepreneurial Ecosystems 19 Lesson 6.5: Retail Feasibility 125 Lesson 1.6: Who Are Entrepreneurs? 21 Lesson 6.6: Protecting Your Product 127 Lesson 6.7: Product Management 139 Unit 2: Am I an Entrepreneur? 27 Lesson 2.1: Personal Assessment: Am I an Entrepreneur? 29 Unit 7: ANALYZING FINANCES 141 Lesson 2.2: Entrepreneurial Skills 31 Lesson 7.1: Unit of One 143 Lesson 2.3: Entrepreneurial Traits 35 Lesson 7.2: Variable Costs 147 Lesson 2.4: Reasons for Success 37 Lesson 7.3: Determining Selling Price 153 Lesson 2.5: Leaders in Innovation and Small Business 41 Lesson 7.4: Projecting Sales 157 Ventures Lesson 7.5: Profit and Loss Statements 165 Lesson 2.6: Idea Generation 43 Lesson 7.6: Bootstrapping 169 Lesson 7.7: Investment Capital 175 Unit 3: Entrepreneurial Concepts 47 Lesson 3.1: Introductory Business Model Review 49 Unit 8: Starting Your Own Business 183 Lesson 3.2: Advanced Business Models 53 Lesson 8.1: What’s Your Big Idea 185 Lesson 3.3: Intellectual Property 55 Lesson 8.2: The Idea Cycle 189 Lesson 3.4: Domestic and Global Trends 59 Lesson 8.3: Go / No Go 193 Lesson 3.5: Ethical and Social Responsibilities 63 Lesson 8.4: The Lean Startup Canvas 195 Lesson 3.6: New versus Old 67 Lesson 8.5: Components of the Canvas 199 Lesson 8.6: Legal Structures: Sole Proprietorship 201 Unit 4: Business Strategies 69 Lesson 8.7: Legal Structures: Partnerships 205 Lesson 4.1: Mission and Purpose 71 Lesson 8.8: Legal Structures: Corporations 207 Lesson 4.2: Core Values 75 Lesson 4.3: Vision Statement 77 Unit 9: Leadership and Management 211 Lesson 4.4: Location, Location, Location 81 Lesson 9.1: Leadership Styles 213 Lesson 4.5: Barriers 85 Lesson 9.2: Managing Your Business 217 Lesson 4.6: Exit Strategy 89 Lesson 9.3: Business 101 221 Lesson 9.4: Team Building 225 Unit 5: Market AnalysiS 91 Lesson 9.5: Government Regulations 227 Lesson 5.1: Who’s Your Market? 93 Lesson 5.2: Opportunity Recognition 97 Unit 10: Entrepreneurial Skill Sets 229 Lesson 5.3: Opportunity Drivers: Markets 103 Lesson 10.1:Entrepreneurial Traits 231 Lesson 5.4: Opportunity Drivers 107 Lesson 10.2: Vision 233 Lesson 5.5: Opportunity Recognition 109 Lesson 10.3: Selling 235 Lesson 5.6: Market Research 111 Lesson 10.4: Networking 239 Lesson 10.5: Team Building 243 Lesson 10.6: Leadership 245 Lesson 10.7: Goal Setting 247 Unit 11: NEXT STEPS 249 Lesson 11.1: Continuing My Entrepreneurial Journey 251 v CURRICULA SAMPLE SAMPLE CURRICULA Entrepreneur Skills High School Entrepreneur Skills UNIT 1 Lesson 1.1 Creativity Overview Many students have difficulty connecting the application of learning to the skills introduced in the classroom. “Why are we learning this?” or “When am I ever going to use this (skill) again?” are common responses by students when they reflect on their own learning. Creativity can be a learned skill and as a student you will be introduced to - and practice -seven skill sets that apply to the creative thinking process. These skills can be incorporated into a variety of future careers. Entrepreneurs utilize creativity throughout the process of building one’s business. Unit 2 will introduce the five main skills entrepreneurs need to make them more effective in their entrepreneurial endeavors. 7 Empowering Skill Sets for Entrepreneurs Team Building You will work in teams throughout this year of active learning. To focus on how you will work individually and Who are Entrepreneurs? collectively, lessons will provide opportunities for individual and collaborative work. Working together towards a common goal involves building effective teams with all team members responsible for achieving the goal. Each team member has a critical role, so the team has a better chance to succeed. Shared responsibility and accountability of the team goal helps each team member to understand their individual and collective importance. 9 STUDENT CURRICULUM CURRICULA SAMPLE SAMPLE CURRICULA Entrepreneur Skills High School Entrepreneur Skills UNIT 1 Individuals have the opportunity to think about how teams should work and how their team did work. Pairing up with a best buddy may seem like fun, but it might give disastrous results in a team challenged to solve a problem.. Picking the right team members and working well with them is essential in innovation, business, and academics. Creative Tactics Creativity can take a tactical approach when developing creative ideas, evaluating ideas, and accepting creative inspiration. Activities presented can be extended by making slight variations to the challenge or to the challenge parameters. Like strength training requires repetition, so does creative thinking. Minds need open-ended exercise and you are encouraged to reuse these tactic exercises throughout the year. Criticizing Ideas One of the most difficult tasks for anyone to undertake is to provide honest and helpful critiques of the work of others. However, criticizing ideas is potentially the most important skill set to master. You need to understand how to evaluate ideas and how to separate your social feelings from objective evaluation. You also need to understand how to receive and react to criticism without emotional trauma or the feeling that it is a personal attack. Again, you will need to practice and develop the art of criticizing and accepting criticism. Creative Strategies Creative strategies integrate the skills of team work, creative thinking and evaluation into the bigger picture of solving problems. It covers the methods of innovation and invention, and introduces the concept of problem finding. Like Creative Tactics, Creative Strategies begs for practice. Design thinking Rather than inventing in a vacuum, design thinking focuses inventors on the wants and needs of the user. We will practice design thinking to learn how to generate ideas for a new product. Intellectual Property Truly creative ideas are viewed with ambivalence. Rarely are novel ideas stolen, but it does happen. How are ideas protected and when should protection be sought? You will learn to understand intellectual property and develop a baseline understanding of how ideas can be protected and claimed as your own. Success What do you view as success? How can you start today moving towards success? The goal is for you to learn a path to be successful and learn the skills necessary to achieve creative success. 10 Who are Entrepreneurs? STUDENT CURRICULUM CURRICULA SAMPLE SAMPLE CURRICULA Entrepreneur Skills High School Entrepreneur Skills UNIT 1 Lesson 1.2 Design Thinking Design Thinking is a way to generate creative new products and services based on what the end user wants or needs. This is often not as easy as it sounds. Often the user doesn’t know or can’t express what he or she needs. The point is illustrated by thinking of asking someone in 1900 what they wanted to improve transportation. They probably would have responded by saying a faster horse. Few, if any, would have said an automobile. The other major inventions of the 20th century – television, radio, transistor, antibiotics, and computers – would never have been suggested by people. The point is the underlying wants and needs of a user have to be mined from them. The first step in Design Thinking is talking to a potential user and eliciting not only his or her ideas, but his or her feelings and experiences. By listening to the personal stories about a customer need one can get a much better idea of what to design. You might think that every invention would be based on this approach, but most are not. No one was begging inventors to create the automobile, airplane, or telephone. (In fact, in some cases companies with strong interests in Who are Entrepreneurs? keeping their current sales high, tried to slow the introduction of new products.) Because most inventions are based on the inventor’s ideas and not the user’s needs, the vast majority fail to survive in the market place. Design Thinking starts, not with an idea, but with a question. It then elicits design specifications by listening to users. Based on the input of users, designers generate ideas for products, make prototypes, and test them. The process starts by listening to users. 11 STUDENT CURRICULUM CURRICULA SAMPLE SAMPLE CURRICULA Entrepreneur Skills High School Entrepreneur Skills UNIT 1 Design Thinking is used by a variety of companies and organizations to generate ideas and is solution-focused. Through quick internet research, you can discover the variation of Design Thinking processes.