ENTREPRENEURSHIP-THE MARKETING PLAN

June 8, 2012

Mrs. Jewelstine Sutton & Ms. Equana Jones

COMPETENCIES AND OBJECTIVES

1. Identify characteristics of a successful entrepreneurship. (C, CO, EN, IB, M, MK) a. Identify traits that are typical characteristics of a successful entrepreneur.

2. Develop a marketing plan by applying economic concepts for a legitimate business. (C, CO, CP, EP, EN, IB, M, MK)

a. Determine ways to increase markets. b. Explain the effects of market supply and demand. c. Explain the methods used to determine the financial value of an existing business. d. Describe the layout and facilities needed for a planned business. e. Assess the costs of renovating or improving a site for a planned business.

3. Apply economic concepts in an entrepreneurial venture; analyze customer groups and develop a plan to identify, reach, and keep customers in a specific target market. (A, B, C, CO, CP, EP, EN, IB, M, MK)

a. Explain the feasibility of starting a home-based or Internet-based business. b. Plan the startup, operational expenses, cash reserves, and funding needed to start a business. c. Compare and contrast records that should be kept by a business.

4. Analyze the advantages and disadvantages of possible locations for a planned business. (B, CO, EN, EP, IT, M, M

a. Develop strategies for implementing the plan for a specific business (hiring, motivation, leadership, delegation, goal setting, and monitoring achievement).

b. Establish a profit goal for a planned business. c. Identify if there is a profit or loss for a business.

BEFORE LESSON

The United States has a free enterprise system where people have the right to make their own decisions about what products to buy, whether to own private property, and whether to start a business or compete with other businesses.

Activity-Identify four main ways to become a business owner and explain the advantages and disadvantages of each.

Key Terms & **Academic Vocabulary**

Entrepreneur revenue

*Free enterprise gross profit

*Trait net profit

Start-up cost *proprietor

Lease Entrepreneurship

Corporation Entrepreneurial

Good-will

Market outlook

Franchise

Sole proprietorship

Partnership

Operating expenses

Income statement

BUILDING BACKGROUND KNOWLEDGE

http://www.schooltube.com/video/16db2a2342bd3cf1f464/KACTE%20Entrepreneurship%20Event

DURING LESSON

The Unstoppables is a book about entrepreneurs who faced obstacles before they achieved success within their business.

Read text-Students will be given a stories from the book “The Unstoppables.”

Using the Think-Pair- Share method students will discuss their views on each story.

PERFORMANCE-BASED TASKS

Each group will Job Shadow a business outside of the school setting for a week for at least 1-3 hours.

Students will work closely with the entrepreneur.

Upon completion of this project, the groups will develop their own business/marketing plan and present it to the class. The following information must be incorporated into their plan:

Business Name

Mission Statement

Vision Statement

Slogan

Organizational Chart

Include the 5 P’s of Markting (People, Product, Price,People, and Promotion)

Include pictures, charts, live visual aids, etc.

Students will then present their business/marketing plan to the class. Students will be graded using a rubric.

AFTER LESSON

30 words or less write-up Students will write how this experience impacted

their view of entrepreneurship and entrepreneurs.