Domain 1 Lesson 2 Teacher Workbook PDF

Domain 1 Lesson 2 13 | Domain 1 Lesson 2 Entrepreneurship and Small Business V.2 Project Workbook, First Edition Fill-in-the-Blanks Instructions: While watching Domain 1 Lesson 2, fill in the missing words according to the information presented by the instructor. [References are found in the bra...

Domain 1 Lesson 2 13 | Domain 1 Lesson 2 Entrepreneurship and Small Business V.2 Project Workbook, First Edition Fill-in-the-Blanks Instructions: While watching Domain 1 Lesson 2, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 1. Risk tolerance is the amount of loss one is willing to take when making an investment decision. [Characteristics of an Entrepreneurial Mindset] 2. Having a growth mindset means believing that one can accomplish anything through hard work. [Characteristics of an Entrepreneurial Mindset] 3. An example of an environmental risk is a natural disaster. [Entrepreneurship Risks and Benefits] 4. A business opportunity is an investment that lets a buyer start a business. [Characteristics of a Business Opportunity] 5. A license needs to be obtained to use a brand name on products. [Characteristics of a Business Opportunity] 6. The five factors that determine the viability of a business opportunity are market size , relationships, cash flow management, management skillsets, and passion. [Viability of a Business Opportunity] 7. A business plan helps a business achieve short-term and long-term goals. [Business Plan, Pitch Deck, and Lean Canvas] 8. A lean canvas should only be one page long. [Business Plan, Pitch Deck, and Lean Canvas] 9. The executive summary creates the first impression of a business plan. [Key Components of a Business Plan] 10. The financial plan should specifically be directed to investors and lenders. [Key Components of a Business Plan] 11. A pitch deck is most commonly presented in the form of a slide presentation. [Key Components of a Pitch Deck] 12. A vision and value proposition provides a brief overview of a business where one talks about the company's mission and the value provided to customers. [Key Components of a Pitch Deck] 13. A patent protects an invention from being copied. [Trademarks, Trade Secrets, Copyrights, and Patents] 14. Trade secrets protect a company's formulas from being shared with competitors. [Trademarks, Trade Secrets, Copyrights, and Patents] 15. To license a product, one must obtain authorization from the author or creator. [Using Licensed Materials] 16. Confidentiality or non disclosure agreements are signed by employees, agreeing not to share trade secrets. [Using Licensed Materials] 14 | Domain 1 Lesson 2 Entrepreneurship and Small Business V.2 Project Workbook, First Edition Mindset, Risks, and Benefits Project Details Project file Entrepreneurs have a wide range of characteristics. Each person is unique. The N/A strengths of one entrepreneur differ from another entrepreneur. Some common Estimated completion time characteristics found among entrepreneurs are self-reliance, forward-thinking, 5 minutes and resiliency. Entrepreneurs recognize opportunities and tolerate risks. They have growth mindsets and use critical thinking to overcome obstacles. Many Video reference entrepreneurs are creative and innovative, and they also collaborate with others Domain 1 Topic: Skills of a Successful to solve problems. These characteristics help entrepreneurs be successful. Entrepreneur When becoming an entrepreneur, there are risks and benefits that one should Subtopic: Characteristics of an Entrepreneurial Mindset; consider. There are financial risks that come when starting a business. Not all Entrepreneurship Risks and businesses are financially successful. Common risks for businesses include Benefits environmental risks, political risks, and competition from similar businesses. Entrepreneurs should work proactively to overcome these risks. Some benefits Objectives covered 1 Entrepreneurial and Small Business of becoming an entrepreneur are choosing business hours, who to work with, Concepts and even where to work. 1.2 Identify knowledge and skills of a successful entrepreneur Purpose 1.2.1 Identify characteristics of an entrepreneurial mindset Upon completing this project, you will better understand the risks associated 1.2.2 Identify the risks, benefits, with entrepreneurship. opportunities, and drawbacks of being an entrepreneur Steps for Completion Notes for the teacher 1. Name three characteristics of a successful entrepreneur and explain why Review the characteristics of an that skill would be helpful when starting a business. entrepreneur with students in greater detail if time permits. a. Answers may vary but could include a large variety of characteristics. Please reference the video for possible answers. b. Answers may vary c. Answers may vary 2. Name one example of a political risk that an entrepreneur might face. a. Answers may vary but could include increased tax rates or large tariffs 3. Name one example of an environmental risk that an entrepreneur might face. a. Answers may vary but could include natural disasters, poor food supplies, or inflation 4. Name one example of a financial risk that an entrepreneur might face. a. Answers may vary but could include bankruptcy or no promise of income. 15 | Domain 1 Lesson 2 Entrepreneurship and Small Business V.2 Project Workbook, First Edition Business Opportunities Project Details Project file Entrepreneurs can find business opportunities to start a business if they do not N/A have an idea of their own. Business opportunities are investments such as Estimated completion time franchises, licensing, and network marketing. By investing in a solid business 5 minutes plan and product, success can come quicker than starting from scratch. Video reference To determine the viability of a business opportunity, an entrepreneur should Domain 1 consider five factors. These factors are market size, relationships, managing cash Topic: Potential Business flow, management skillset, and passion. By analyzing these factors, an Opportunities entrepreneur can determine if a business opportunity will be successful. Subtopic: Characteristics of a Business Opportunity; Viability of a Purpose Business Opportunity Objectives covered Upon completing this project, you will better understand how to test the 1 Entrepreneurial and Small Business viability of a business opportunity. Concepts 1.3 Recognize potential business Steps for Completion opportunities 1.3.1 Identify characteristics of a 1. Which business opportunity involves recruiting marketers to join a business opportunity team? 1.3.2 Determine the viability of a business opportunity a. Network marketing Notes for the teacher 2. Which business opportunity involves higher start-up costs? Review business opportunities with students and how to test their viability. a. Franchise 3. Which business opportunity obtains licenses to use a brand name? a. Licensing 4. Which viability factor involves the potential funding of a business opportunity? a. Managing cash flow 5. Which viability factor involves building relationships with experienced professionals? a. Relationships 6. Which viability factor can help an entrepreneur make up for a lack of skills? a. Passion 7. Which viability factor analyzes the skills of employees? a. Management skillset 8. Which viability factor researches the demand for products or services? a. Market size 16 | Domain 1 Lesson 2 Entrepreneurship and Small Business V.2 Project Workbook, First Edition Business Plan, Pitch Deck, and Project Details Project file Lean Canvas N/A Estimated completion time There are three key elements that every business should have: a business plan, a 5 minutes pitch deck, and a lean canvas. A business plan includes an executive summary, a Video reference marketing plan, an organizational structure, and a financial plan. It outlines Domain 1 goals and shows investors how their investments will help achieve them. A pitch Topic: Business Plan Elements deck is a brief overview of the business plan, and it outlines the business, what Subtopic: Business Plan, Pitch funding is needed, and financial projections. A pitch deck is typically presented Deck, and Lean Canvas; Key Components of a Business Plan; to investors as a slideshow. A lean canvas is a one-page document covering Key Components of a Pitch Deck problems, solutions, and key details of a business plan. It is helpful to gather feedback from other people and to brainstorm ideas. As a business owner, it is Objectives covered important to understand the key components of a business plan, pitch deck, 1 Entrepreneurial and Small Business and lean canvas to secure investors. Concepts 1.4 Identify the elements of a business plan Purpose 1.4.1 Identify the purposes and Upon completing this project, you will better understand business plans, lean value of a business plan, pitch deck, and lean canvas canvases, and pitch decks. 1.4.2 Define the key components of a business plan and pitch deck Steps for Completion Notes for the teacher 1. What is the purpose of a pitch deck? Review when to use a business plan, pitch deck, or lean canvas with students. a. Answers may vary but should include attracting investors, getting them excited, and getting another meeting with them 2. What is the purpose of a lean canvas? a. Answers may vary but should include allowing feedback from others and brainstorming ideas 3. Which section of a business plan determines if there is a large enough customer pool? a. Marketing plan 4. Which section of a business plan briefly explains everything in the business plan? a. Executive summary 5. Which section of a business plan includes roles that have not yet been filled? a. Organizational structure 6. Which section of a business plan includes things like a budget and profit and loss projection? a. Financial plan 17 | Domain 1 Lesson 2 Entrepreneurship and Small Business V.2 Project Workbook, First Edition Intellectual Property Laws Project Details Project file It is important to protect intellectual property, trade secrets, logos, and N/A company names by using intellectual property laws. A copyright protects Estimated completion time creative works such as art, literature, and music and a patent protects an 5 minutes invention from being copied. A trademark protects brand names, logos, and business names. A trade secret protects a company s practice, process, or Video reference formula from being shared with competitors. Domain 1 Topic: Intellectual Property Concepts Entrepreneurs need to know how to use the intellectual property of others. Subtopic: Trademarks, Trade Trademarked material is usually well recognized and may boost sales but Secrets, Copyrights, and Patents; Using Licensed Materials requires permission to be used. An entrepreneur can sign a licensing agreement and pay a licensing fee to use trademarked material. To use a patent, the owner Objectives covered assigns ownership of the patent to another, allowing them to use and sell the 1 Entrepreneurial and Small Business invention. Royalty fees are then paid to the original patent owner. To protect Concepts 1.5 Identify intellectual property trade secrets, an employee will sign confidentiality or non-disclosure concepts agreements. Employees that break the agreement could face large fines. 1.5.1 Differentiate between trademarks, trade secrets, Purpose copyrights, and patents 1.5.2 Identify the value, risks, and Upon completing this project, you will better understand intellectual property guidelines associated with using laws. licensed materials Steps for Completion Notes for the teacher Review intellectual property laws with 1. Jessica is composing a song and wants to protect it from being copied. students. Which intellectual property law would ? a. Copyright 2. George came up with a secret banana bread recipe that he sells in his bakery. Which intellectual property law would best protect his recipe? a. Trade secret 3. Mary works for a tech company and is designing a new style of headphones. Which intellectual property law would best protec a. Patent 4. Will designed a company logo for his new gym. Which intellectual property law would best protect his logo? a. Trademark 18 | Domain 1 Lesson 2 Entrepreneurship and Small Business V.2 Project Workbook, First Edition