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A WebQuest for Business Students (9th-12th Grade) Subject: Entrepreneurship Unit Designed by:
Introduction | Task | Process | Evaluation| Conclusion | Credits
Introduction Do you have what it takes to be a entrepreneur? An entrepreneur is a person who owns a business and is the decision maker. This person takes risks--but not without doing research! The Task You are going to develop a business plan. In the business plan, you must decide if your business is going to sell a mega product or provide a service. Other factors you must consider are your competitors, financing your venture, and a competitive price. The business plan must be well organized, be easy to read, and follow a logical format. The sample format for a business plan has seven parts:
The Process The Process Section gives you direction for developing your business plan. 1. CHOOSE AN OCCUPATION A. Consider your interests and hobbies. 2. PICK A COMPANY NAMEA. Company Description i) Explain the type of company and give its history. (Explain how you came up with a "catchy" company name.) ii) Tell what industry the company will represent. (Is it a manufacturing, retail, service, or other type of business?) iii) Decide a location and city. (Use a map, perhaps from yahoo.com web site.) B. Products and Services Plan i) Describe the product and/or service. (Describe the product in detail, such as the color(s), size, etc. Describe the type of service.) ii) Point out any unique features. (Is the product or service new or improved?) iii) Explain why people will buy the product or service. (What is the motivation that people will buy the product? For example, is the motivation based on personal gain, economy, health, comfort and convenience, safety and protection, affection and love, prestige and recognition, and variety and recreation?) C. Marketing Plan i) Show who the potential customers are and what kind of competition the business will face. (Who is the target market? The target market is based upon age, gender, income, and location, just to name a few. Investigate competitors in your chosen area; try the yellow pages of yahoo.com and search the product or service. Other suggested web sites to check for industry research is Hoover's Online and Industry at a Glance. Also, mention any current trends, issues, opportunites, or threats in the industry.) ii) Outline the marketing strategy and specify what makes the company unique. (How will you advertise your product or service? How do your competitors advertise? What are the competitors' marketing strategies? D. Legal Plan i) Show the proposed type of legal organization the ownership will take. (Will the company be a sole proprietorship, partnership, or corporation?) ii) Point out any special legal concerns. (If you decide to be a franchisee, are there any restrictions that you must comply with. For example, if you decide to be a McDonald's franchisee, research about being a franchisee at McDonald's web site. Also, if your company is an international business, you must also consider and research other country's tariffs, excise taxes, duties, traditions and customs. Suggested web sites are askjeeves and a business etiquette web site.) iii) Consider any tax implications? (Use the Simplifies Tax and Wage Reporting System website. Also, try Treasury Page for Kids , Junior Achievement, and FLEETKIDS. E. Management Plan i) Identify the key people who will direct and manage the company. (Will you choose your family or friends? Will you do the hiring yourself? Or, will you use an outsourcing service to do the hiring? Or, perhaps you will do it all.) ii) Cite their work experience, education, and special skills. (What are the strengths of your workers? Remember to consider communication skills.) F. Operating Plan i) Explain the type of manufacturing or operating system the business will use. (What is the process for making the product or provideing a service?) ii) Describe the facilities, personnel, materials, and processing requirements. (Where are the headquarters? Is there other facilities in other states? How many employees will make up your workforce? Who will be your suppliers or vendors? Will any of the potential vendors offer credit, discounts, or special services?) G. Financial Plan i) Specify the financial needs and proposed sources of financing. (Will you finance with your own start-up money? Or, will you get a loan from a bank or an association such as Small Business Association or Disabled Businesspersons Association? Or, will you raise money by selling stocks? Or, will you finance your company with venture capitalists?) ii) Consider estimated revenue and estimated expenses. (Consider the price for your service or product. Is the price too high for your potential customers? Are you going to make a profit from your price? For example, 15% return of the cost of the product.) In conclusion, you have been given the seven parts of a businesss plan. To give you more ideas, use the sample business plan. In your final product, you must use one of the following choices:
Evaluation Your business will be evaluated
on the following rubric.
Conclusion Congratulations on your accomplishment! You have developed a business by using a business plan. Some further thoughts about your business that you might consider are the following: Is it possible that your business could be a dot-com company? Could you use various shipping companies, such as FedEx, UPS, Air Mail, to distribute your product? You may want to consider the change in consumer tastes and competition. You may want to join a trade association in order to keep current on issues and trends that affects your industry; by joining a trade association, you may have the opportunity to receive trade magazines and attend workshops. Credits & References Brown, Betty J. and John E. Clow. Introduction to Business: Our Business and Economic World. Glencoe/McGraw-Hill. Peoria, Illinois. 1997. Web Quest Template Design. The WebQuest Page. Special mention to certain Yorkville High School Instructors for some basis of the rubric. The instructors are Rebecca Chesko, Social Studies; Carolyn Freese, Art; Linda Pecka, Foreign Language; Tim Pinnick, Business; Thea Roessler, Social Studies/Foreign Language. Their WebQuest is AD AGENCY, which is A Cross-Curricular Unit Based on International Business. Special mention to Mrs. Sylvia Torto. This site would not be possible without her help.
Created on March 3, 2001.
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