monday, september 9misshallshs.weebly.com/uploads/1/2/7/1/127162233/ibbm_sl_unit_1_9.24.19.pdf ·...

Monday, September 9

IB Business Management SL

ENTRY TASKS:- Sit in your chosen assigned seat from Friday.- Take out your Personal Brand Project (if you haven't presented).- Turn in your signed syllabus form at the front table (if you didn't on Friday).- Think of your top 3 favorite corporations.

TODAY✓ Book Check

✓ Finish Personal Brand Presentations

✓ Popsicle Sticks

✓ Choose Table Company Names

✓ Unit One Overview: Business Organization & Environment

✓ DECA Competition Video

✓ Business Plan Recap & Samples

TABLE NAMESChoose a company as your designated table name. It can be local, state-wide, national, international, etc. Your choice!

Tell us:

• Company name

• Why you chose it

• How it represents the members of your table

• Company mission statement and/or vision statement

1.1 - Introduction to Business Management✓ The role of business

✓ The main functions of business

✓ Business sectors

✓ The role of entrepreneurship

✓ Reasons for starting up a business

✓ Steps in the process for starting up a business

✓ Problems that a new business may face

✓ The elements of a business plan

✓ Intro to business management & the CUEGIS concepts

DECA BUSINESS PLANhttps://www.deca.org/high-school-programs/high-school-competitive-events/

1. Independent Business Plan

2. International Business Plan

3. Franchise Business Plan

4. Business Growth Plan

https://www.deca.org/high-school-programs/high-school-competitive-events/

Tuesday, September 10 (per 1 & 5)Wednesday, September 11 (per 4 & 6)


ENTRY TASKS: what makes a "good" business?

If you haven't already: turn in your signed syllabus form to the tray up front!

BUSINESS ORGANIZATION & ENVIRONMENT

IB Business Management

UNIT ONE

1.1 | The Role of BusinessOBJECTIVE

AO2: Demonstrate application and analysis

➢ The role of businesses in combining human, physical, & financial resources to create goods & services.

What do you think of when I say the word "business"?

Share your word(s)/short phrase(s) at menti.com and enter the code:

42 91 74You can enter up to 3 words/phrases!

1.1 | The Role of Business

What is a business?

➢Decision-making organization involved in the process of using inputs to produce goods and/or provide services

Identify:

• Products: goods & services

• Goods: physical products

• Services: intangible products


Types of products:

1. Consumer goods: products sold to general public, not other businesses• Durables

• Non-durables

2. Capital/producer goods: physical products bought by businesses to produce other goods/services

3. Services: intangible products provided by businesses

Think-Pair-ShareTurn to an elbow partner

Give an example of each type of product:

1. Consumer goods

2. Capital goods

3. Services



What is the role of a business?

➢The combine human, physical, & financial resources to create goods and services to satisfy the needs and wants of people, organizations, and governments

Identify:

• Needs: necessities for survival

• Wants: desires

Think-Pair-ShareTurn to an elbow partner

Give an example of:

• A need

• A want



Customer VERSUS Consumer

Customer: the people or organizations who BUY the product

Consumer: the people or organizations who USE the product

1.1 | The Main Functions of BusinessOBJECTIVE


➢ The main business functions and their roles: human resources, finance & accounts, marketing, and operations.

1.1 | The Main Functions of Business

4 interdependent functional areas:

1. Human Resources: manages personnel of an organization

2. Finance & Accounts: manages an organization's money

3. Marketing: identifies and satisfies needs & wants of customers

4. Operations: manages converting raw materials & components into finished goods, ready for sale & delivery


Human Resources (Chapter 2)Manages personnel of an organization

• Staffing

• Workforce planning

• Recruitment

• Training & On-boarding

• Benefits

• Record Keeping

• Compensation

• Performance Appraisal

• Dismissals

• Safety & Wellness

• Talent & Culture

• Labor & Relations


Finance & Accounts (Chapter 3)Manages an organization's money

An organization's Financial Director must ensure accurate recording and reporting of financial documents occurs to:

1. Comply with legal requirements

2. Inform those interested in the financial position of the organization (i.e. shareholders, potential investors)


Marketing (Chapter 4)Identifies and satisfies wants & needs of customers

Marketing professionals ensure products sell via tasks such as market research, advertising, & social media.

Functions (the 4 P's):

1. Product

2. Price

3. Promotion

4. Place


Operations (Chapter 5)Manages converting raw materials & components into finished goods, ready for sale & delivery

Examples: extraction of crude oil, car manufacturing, construction of roads

Also includes providing services to customers... as in the case of hotels, restaurants, salons, and financial institutions

Table DiscussionDiscuss with your table partnersIdentify examples of the following FUNCTIONS for your table's Company:

• Human Resources: Choose one area of HR to focus on

• Finance & Accounts: who is the company's CFO? Who are the top shareholders?

• Marketing: What types of marketing does your company utilize?

• Operations: Does your company focus more on converting raw materials into finished goods OR providing services to the public?


Class DiscussionDiscuss with the classThink about the education industry. Education is a type of business. Let's consider public colleges; the University of Washington, for example. Now think:

a) What types of revenue does the UW earn?

b) What types of costs of production does the UW encounter?

c) What do the four main functions of business look like for UW?


CURRENT EVENTS• Two students will present a current event every Tuesday (Extended Learning Day).

• Students' popsicle sticks will be drawn from the can each week to determine who presents the following week.

• You'll present a current event from your assigned week's news to the class.

• You'll need to include:

✓ WHO?

✓ WHAT?

✓ WHERE?

✓ WHEN?

✓ WHY?

✓ SO WHAT?

https://www.seattletimes.com/business/starbucks-ceos-new-ideas-start-with-a-pick-up-only-sstore-in-nyc/

✓ WHO?

✓ WHAT?

✓ WHERE?

✓ WHEN?

✓ WHY?

✓ SO WHAT?

https://www.seattletimes.com/business/starbucks-ceos-new-ideas-start-with-a-pick-up-only-sstore-in-nyc/

Thursday, September 12


ENTRY TASKS: Recall the terms products & services from yesterday's class. Think: What is your favorite, most cherished consumer good that you own? What is a service you couldn't live without?

TODAY

✓ IBBM SL Pre-Test (30 minutes)

✓Continue 1.1 (business sectors)

1.1 | Business SectorsOBJECTIVE


➢ Primary, secondary, tertiary, & quaternary sectors

➢ The nature of business activity in each sector and the impact of sectoral change on business activity.

1.1 | Business Sectors

4 stages of production:

1. Primary Sector

2. Secondary Sector

3. Tertiary Sector

4. Quaternary Sector


Primary Sector

Involved with extraction, harvesting, & conversion of natural resources

i.e. agriculture, fishing, mining, forestry, oil extraction

• Account for large percentage of output & employment in LEDC's

• Businesses operating in this sector in MEDC's use automation

• As economies develop, there's less reliance on primary sector because of little value added in primary production

Pause: now work with your table team to think of a company that operates in the PRIMARY sector

Less economically developed

countries (i.e. Haiti, Uganda, Ethiopia)


Secondary Sector

Involved in the manufacturing or construction of products

i.e. clothes manufacturers, publishing firms, construction firms

• Output is then sold to customers (other businesses, governments, foreign buyers, domestic customers)

• Largely dominant in economically developing countries

• The "wealth-creating sector" (value addded)

Pause: now work with your table team to think of a company that operates in the SECONDARY sector

Examples: Mexico, Jamaica, Ecuador,

Thailand


Tertiary Sector

Specialize in providing services to the general population

i.e. retailing, transportation, healthcare, banking, finance, insurance, leisure, entertainment, tourism

• Most substantial in MEDC's regarding output & employment

• These countries have a growing decline in the manufacturing sector

Pause: now work with your table team to think of a company that operates in the TERTIARY sector

More economically developed

countries (i.e. US, Germany, Australia,

Switzerland)


Quaternary Sector

Involved in the intellectual, knowledge-based activities that generate and share information

i.e. research & development (R&D), consultancy services, information communication technology (ICT), scientific research

• Subcategory of tertiary sector

• Mainly exists in MEDC's because it requires a highly educated workforce

• Businesses invest in this sector for further growth & innovation

Pause: now work with your table team to think of a company that operates in the QUATERNARY sector

PRODUCTION

MANUFACTURING

SERVICES(tertiary & quaternary output)

CONSUMERS

CHAIN OF PRODUCTIONThe 4 sectors are linked through this chain, which tracks the stages of an item's production


The 4 sectors are interdependent on each other because each relies on the others to remain in existence

➢No need for oil refiners if there are no customers for the oil (i.e. motorists or airlines)

➢Businesses are highly interdependent. They need: ICT, manufactured producer goods, financial services, management consultants


Sectoral Change

A shift in relative share of national output and employment that's attributed to each sector

• Industrialization causes a shift in business activity from primary to secondary because of higher added value

• Example: Apple


Several factors lead to sectoral change:

1. Higher household income

2. More leisure time

3. Greater focus on customer service

4. Increasing reliance on support services

Class ActivityName that Sector!

• You will each receive a post-it note with a service/activity listed on it.

• Then, you will stick it onto the poster of the sector that the activity belongs to.


Friday the 13th!!!


ENTRY TASKS: Think & Share: What are 3 traits and/or skills that you think an entrepreneur must have in order to be successful?

TODAY✓ DECA Stock Market Game FAQ's

✓ Continue 1.1 (the role of entrepreneurship, reasons for starting up a business)

DECA Stock Market Game FAQs• Where are the rules?

➢DECA Stock Market Game guidelines & rules

• When does the competition begin? 9/3/2019

• When is the last day to sign up? 10/18/2019

• How do I sign up? See your teacher.

• How many students can be on my team? 1-3.

• When is the diversification deadline? 10/25/2019 If you don't know what this is you didn't read #1.

• When does the competition end? 12/13/2019

• Are there tutorials? Yes! On my website.

• How do I compete at ICDC? Place in the Top 25 in our region!

http://r20.rs6.net/tn.jsp?f=001r6vDcBcNm6SiDOXRfuNKGds2M3NbIBDkYryNRuTdxZ-XOfyo1EHY9yoU5-nB8jGjsFHYtJ_1jYTJtSfNFUgUgt0C8-EBi5FsGGZ6kjoiVPz5KCNckwVu-0d9jG_Ml9cNxVpVnvxwyUJKBzRzCBjN-F_VPj_bizKoM4y3Xr3BKFpl2HngKMCA1pAOb0UQ_oimmGchLNh2jBcQSgXKF_pU9w==&c=mY2kXMy08w9prQcb-qDVKiUzzyNc0mQ_ctghYom4lRgZ2Glu13Zu8g==&ch=cTdVMFQ7jvx53eakhgj_cRU9-BPmdqL-ACyOlq65bojd4RnoSOTpzQ==

1.1 | The Role of Entrepreneurship & IntrapreneurshipOBJECTIVE

AO3: Demonstrate synthesis and evaluation

➢ The role of entrepreneurship and intrapreneurship in overall business activity.

1.1 | The Role of Entrepreneurship & Intrapreneurship

What is an entrepreneur?

An individual who plans, organizes, and manages a business, taking risks in doing so.

What is entrepreneurship?

The trait business leaders who are distinctive in their temperament, attitude, and outlook who drive the business


What are the traits & skills of entrepreneurs?

✓ An individual who combines the three other factors of production – pays rent for land, wages to labor, and interest on capital

✓ Have the skills needed to oversee the whole production process

✓ Ability and willingness to be creative, innovative, and passionate

✓ Search for business opportunities by forecasting and/or responding to change


What is an intrapreneur?

An employee who thinks and acts like an entrepreneur, but on behalf of the organization they work for

What is intrapreneurship?

The act of being an entrepreneur, but as an employee within a large organization


What are the traits & skills of intrapreneurs?

✓ Independent, creative, proactive, generates new ideas & innovations to the organization

✓ Takes direct responsibility and risks for turning a project or idea into a profitable finished product for the organization

✓ Looks for business opportunities to increase profit, but does it in the best interest of the organization

Table DiscussionChoose a businessperson who displays the traits & skills of an entrepreneur. Do some research and tell us about their:

• Background & upbringing

• College education and/or job experience

• Initiative & risks they took to be successful

• Innovative product(s) and/or idea(s)


Differences betweenEntrepreneur & Intrapreneur

Owner/operator of organization Employee of organization

Take substantial risks Take medium to high risks

Visionary Innovative

Rewarded with profit Rewarded with pay/compensation

Responsible for workforce Held accountable by owner

Failure incurs personal cost Failure absorbed by organization

1.1 | Reasons for Starting Up a BusinessOBJECTIVE


➢ Reasons for starting up a business or enterprise.

1.1 | Reasons for Starting Up a Business

G

E

T

C

A

S

H

GrowthEarningsTransference & InheritanceChallengeAutonomySecurityHobbies

1.1 | Reasons for Starting Up a BusinessGrowth

• Capital growth = increase in the value of an asset or investment over time (i.e. Property/land)

• Sometimes capital growth of a business can be worth more than the value of the owners' salaries

1.1 | Reasons for Starting Up a BusinessEarnings

• Potential returns from setting up your own business can easily outweigh the costs (even though the risks are high)

• "You can never get rich earning money from working for someone else."

1.1 | Reasons for Starting Up a BusinessTransference & Inheritance

• Many entrepreneurs view their business as something they can pass on (transference) to their children (inheritance) to give them sense of security

• In some societies, this is the cultural norm

1.1 | Reasons for Starting Up a BusinessChallenge

• Some might view setting up and running a business as a challenge

• The challenge drives entrepreneurs to perform and gives them personal satisfaction

1.1 | Reasons for Starting Up a BusinessAutonomy

• Autonomy = right or condition of self-government• Those who set up their own business have: independence,

freedom of choice, flexibility

1.1 | Reasons for Starting Up a BusinessSecurity

• More job security for someone who is their own boss• Risks of self-employment are great, but it's also easier to

accumulate personal wealth & provide higher funds for (early) retirement

1.1 | Reasons for Starting Up a BusinessHobbies

• Some want to turn their passions into a business• Being an entrepreneur is easier if the nature of work is

directly related to interests

Small Group DiscussionI will put you in groups of 4-5. Your group will be assigned one of the 7 reasons for starting up a business. Then, you'll create a start-up based on that reason – and share with the class. Tell us:

• Your start-up name

• Your products (goods and/or services) offered

• Your motivation for starting the business


Monday, September 16th


ENTRY TASKS:Think & Share: Imagine that you're starting up a business. What would be your biggest fear/concern?

CURRENT EVENTS START THIS WEEK!• Two students will present a current event every Tuesday (Extended Learning Day).

• Students' popsicle sticks will be drawn from the can each week to determine who presents the following week.

• You'll present a current event from your assigned week's news to the class.

• You'll need to include:

✓ WHO?

✓ WHAT?

✓ WHERE?

✓ WHEN?

✓ WHY?

✓ SO WHAT?

1.1 | Steps in the process of starting up a businessOBJECTIVE


➢ Common steps in the process of starting up a business or an enterprise.

1.1 | Steps in the Process for Starting Up a Business

The steps may vary country to country but, in general, these are the steps for starting up a business:

1. Write up a business plan2. Obtain start-up capital3. Obtain business registration4. Open a business bank account5. Marketing


1. Write up a business plan.

A feasible business idea becomes an official business plan.

Includes:• Goals• Objectives• Outlined plan of how targets will be reached


2. Obtain start-up capital.

Starting a business takes $$$$$

• Many small/new business owners use their own savings and/or obtain loans to finance their start-up

• The loan process can take several months, and the lender usually requires a completed business plan


3. Obtain business registration.

There are registration and licensing requirements that must be followed.

• Owners must register legal status/type of business organization (i.e. limited liability company, partnership, etc)


4. Open a business bank account

A bank account must be set up so the business can pay for its costs of operations and to receive payment from customers.


5. Marketing

Small/new businesses must get the word out about their product(s)!

• Examples: promotional campaign, website, advertising, social media


NOTE: Starting up a business can be very risky, and most new businesses fail due to mismanagement!!


Factors to consider when starting up a business:• Business idea• Finance• HR• Enterprise• Fixed assets• Suppliers• Customers• Marketing• Legal


Business ideaIdentify and fulfill a niche OR provide products that have a unique selling point

• Examples of innovative products: Amazon, Dell, Dyson


FinanceBusinesses need $ to fund business activities and need to keep records of all spending/income

• This can be a major barrier to starting up a business


Human ResourcesNeeded at ALL stages of operationsProduct design to development to delivery

• Need to hire, train, retain, & motivate staff

*In what ways can we companies do this?


EnterpriseBusiness owners need: entrepreneurial, effective leadership, & negotiation skills + passion and self-confidence


Fixed AssetsThings such as premises and capital equipment

• Popular location = higher chance of attracting customers, but also a higher cost


SuppliersBusinesses need suppliers for raw materials, finished stock, and support services

• Businesses often need to negotiate with suppliers, i.e. regarding price and delivery time


CustomersNo customers = the business will fail

• It's vital to use market research to find out what products customers want and need, at what price, and what location


MarketingThis step is ESSENTIAL

• With new businesses, it is key to get the word out about products


Legal issuesSuch as consumer protection laws, copyright & patent legislation, employment rights, food hygiene laws

• These can present MAJOR problems


Examples of start-up costs:• Premises: purchase costs, mortgage payment, rent deposit• Buildings: alterations, fixtures, fittings, insurance• Capital equipment: machinery, furniture, vehicles, phones• Legal/professional fees: licenses, permits, copyright permission• Marketing: research, ads, promotional campaigns• HR: recruitment, induction, training

1.1 | Problems that a new business may faceOBJECTIVE


➢ Problems that a new business or enterprise may face.

1.1 | Problems That a New Business May Face

• Lack of finance• Cash flow problems• Marketing problems• Unestablished customer base• People management problems• Legalities• Production problems• High production costs• Poor location• External influences

20-25% of new businesses fail in the first year


Lack of financeMost owners of new/small businesses don't have the credentials to secure external funding without major difficulty

• Borrowed funds may be insufficient or high interest charges might seriously affect cash floor

• Owners may remortgage homes to raise money


Cash flow problemsFinancing working capital can be a major problem for new businesses

• May have a lot of stock that can't be easily turned into cash or customers may demand lengthy pay period

• Owners often add cash flow forecast to the business plan so provisions can be taken to cover shortfalls

**Single largest cause of business failure**


Marketing problemsWhen businesses fail to meet customer needs, sales will be poor

• It's crucial to supply the right products at the right price, but many new business owners don't have the know-how


Unestablished customer baseIt's hard to attract customers, but even harder when there are established rivals in the market

• It takes time, money, and know-how to build a customer base


People management problemsMany new business owners have lack of experience in hiring the right people with the necessary skills

• This leads to poor customer service and the need to rehire or retrain staff

• New business owners often don't know the ideal organizational structure


LegalitiesPaperwork and legal requirements of setting up a new business can be tedious, time-consuming, confusing, & expensive

• i.e. business regulation procedures, insurance, copyright rules• Any oversight or a misstep could lead to compensation or

penalty fees


Production problemsIt's difficult accurately forecast levels of demand, which can lead to overproduction or underproduction

• Overproduction leads to stockpiling, wastage, increased costs• Underproduction leads to dissatisfied customers, loss of

potential sales


High production costsBecause of the large amount of money needed to pay for machinery, stock, rent, ads, insurance, etc.

• New/small businesses can't benefit from economies of scale (bigger, more established businesses benefit from lower average costs of production due to scale of operations)


Poor locationBusy areas offer the highest potential of customers but higher costs

• Many new/small business owners operate from home


External influencesExogeneous shocks affect all businesses (i.e. economic recession, oil crisis)

• New/small businesses are hit harder by these shocks


3 interrelated reasons for business failure: lack of cash in the business, poor cost control, and management incompetence

Common mistake: biggest risk = not taking any risks


Find a business that failed in its early stages. Tell us:

• The business idea• Why it failed

https://www.ted.com/talks/bill_gross_the_single_biggest_reason_why_startups_succeed?language=en

TED Talk: the single biggest reason why start-ups succeed

https://www.ted.com/talks/bill_gross_the_single_biggest_reason_why_startups_succeed?language=en

Periods 1 & 5: Tuesday, September 17thPeriods 4 & 6: Wednesday, September 18th


ENTRY TASKS:Think-Pair-Share: What is one thing you think you might need to include in a business plan? Assume that it'll be read by a potential lender.

CURRENT EVENTS – TUESDAY, 9/17/19

• 1st period: Kyle Karupiah – entrepreneurship• https://drive.google.com/file/d/1PSuPok_ZWX8udRIEXsq0sMgVtcLd0Oxf/view

• 1st period: Arthur Yan – business failure➢ https://www.npr.org/2019/09/14/760862605/moviepass-has-officially-shut-

down-and-we-dont-know-if-there-will-be-a-sequel• 5th period: Isaac• 5th period: Ross

https://drive.google.com/file/d/1PSuPok_ZWX8udRIEXsq0sMgVtcLd0Oxf/view

https://www.npr.org/2019/09/14/760862605/moviepass-has-officially-shut-down-and-we-dont-know-if-there-will-be-a-sequel

CURRENT EVENTS – 9/18/19

• 4th period: Mason Beckmeyer – human resources➢ https://www.nbcnews.com/business/autos/how-gm-strike-could-impact-

buyers-american-cars-n1054746• 4th period: Nathan B• 4th period: Connor Lee• 6th period: Katie B• 6th period: Forrest Williams

https://www.nbcnews.com/business/autos/how-gm-strike-could-impact-buyers-american-cars-n1054746

1.1 | The elements of a business planOBJECTIVE


➢ The elements of a business plan.

1.1 | Elements of a Business Plan

Business plan: a report detailing how a business sets out to achieve its goals and objectives

Also, a useful planning tool because it requires the owner(s) to consider marketing, finance, AND human resources of the business


A business plan helps to reassure financial lenders (i.e. banks, venture capitalists) that the entrepreneur has 1) comprehensively researched the business idea and 2) given reasons to support the venture

➢ Investors assess: opportunities, risks, & potential problems➢ Then, financiers can make an objective judgement regarding the firm's

likely success & its ability to repay loans➢ Other stakeholders (i.e. shareholders) will look at the business plan to

assess potential gains


Other components:

• SWOT analysis• Contingency plan• Supporting evidence (i.e. charts, stats, & other references)• Typically 5-6 pages• May include executive summary – summary given in the main report

highlighting key points & conclusions

1.1 | The elements of a business planTABLE DISCUSSION

I'm going to assign each table an element of the business plan. Think about what could be included in your element of the business plan. Then, we'll share out.


Contents of a typical business plan:

• The business• The product• The market• The finance• The personnel• The marketing


The business

• Name & address• Costs of premises & other start-up costs• Details of owner(s) & past business experience• Type of business organization• Quantifiable goals & objectives


The product

• Details of good(s) and/or service(s)• Supporting evidence of why customers will buy products• Where and how production will take place• Details of suppliers of resources• Costs of production• Pricing strategies


The market

• Expected number of customers or forecasted sales• Nature of the market such as customer profiles and market

segmentation• Expected growth of the market in the foreseeable future• Competitor analysis


The finance

• Proposed sources of funding• Break-even analysis• Security in case borrower defaults• Cash flow forecast and steps to deal with cash flow problems• Forecast profit and loss amount for first year• Forecast balance sheet showing firm's financial health• Forecast rate of return for investors


The personnel

• Number and job roles of workers to be employed• Organizational structure• Payment details (i.e. wage rates)


The marketing

• Market research & test marketing• Distribution plan• Details of promotional mix• Unique selling point

1.1 | Intro to business management & the CUEGIS conceptsOBJECTIVE


➢ The CUEGIS concepts.

1.1 | Intro to Business Management & the CUEGIS Concepts

Concept-based learning:Three-dimensional model that structures facts(content) and skills with concepts of a particular discipline = CUEGIS concepts

Provide 6 conceptual lenses through which students investigate, analyze, and evaluate factual content to create deeper understanding of Business Management

C - ChangeU - CultureE - EthicsG - GlobalizationI - InnovationS - Strategy

1.1 | Intro to Business Management & the CUEGIS Concepts

Business activity: the process of turning inputs into outputs in order to meet the needs and wants of different customers

Purpose of business activity: to satisfy the needs and wants of customers WHILE fulfilling the organization's objectives

➢ All businesses must generate profit or surplus to survive

1.1 | Quiz Review

Terms to know & understand:• Business plan• Businesses• Consumers• Customers• Entrepreneurship• Intrapreneurship• Needs• Primary sector

• Quaternary sector• Secondary sector• Sectoral change• Tertiary sector• Wants

1.1 | Quiz Review

Concepts to understand – be able to apply & analyze in case studies/real-world examples:• 4 main functional areas of business• Distinguish between goods (know the 2 types) and services• 4 business sectors & sectoral change• What it takes to be an entrepreneur/intrapreneur and the differences between the two• Various reasons someone may start a business• The 5 steps to start up a business• Factors to take into consideration when starting a business• Start-up costs a new business may encounter• Problems a new business may face• Elements of a business plan

1.1 | Deliverables for Thursday, 9/19

• Study for 1.1 Quiz (Thursday, September 19 in class)• Pay your DECA dues (by Monday, September 23)• Ask a parent/family member:

• Who is your favorite entrepreneur and why?• When you were a kid/teen, what was a business that failed? Why

did it fail?

1.1 | DECA Business Plan Elements

http://misshallshs.weebly.com/business-plan.html

http://misshallshs.weebly.com/business-plan.html

Thursday, September 19th


ENTRY TASKS:• Take the first 4 minutes of class for final quiz review / to ask me questions.• Write your parent's answer to one of the questions I presented on

Tuesday/Wednesday on an index card:• Who is your favorite entrepreneur and why?• When you were a kid/teen, what is a business that failed? Why'd it fail?

1.1 | Quiz Review

Terms to know & understand:• Business plan• Businesses• Consumers• Customers• Entrepreneurship• Intrapreneurship• Needs• Primary sector

• Quaternary sector• Secondary sector• Sectoral change• Tertiary sector• Wants

1.1 | Quiz Review

Concepts to understand – be able to apply & analyze in case studies/real-world examples:• 4 main functional areas of business• Distinguish between goods (know the 2 types) and services• 4 business sectors & sectoral change• What it takes to be an entrepreneur/intrapreneur and the differences between the two• Various reasons someone may start a business• The 5 steps to start up a business• Factors to take into consideration when starting a business• Start-up costs a new business may encounter• Problems a new business may face• Elements of a business plan

1.1 | Quiz

Things to do when you're done:• Write down your parent's answer to one of the questions I asked:

• Who is your favorite entrepreneur & why?• When you were a kid/teen, what was a business that failed? Why did it

fail?

• Brainstorm ideas for your business plan• Homework for another class

No phones or laptops out until everyone has finished the quiz!

1.1 | Reminders & FYI's

• If you want to look at DECA Business Plan samples from past students, you can do so by following these steps:• Go to Mr. Sherman's new website: http://www.bjsherman.com/• Enter the passcode: DECA2020 (all caps!!)• Click on the DECA drop-down arrow• Click on Business Plan Resources• You'll be taken to a DropBox folder. You can find sample papers for each

category here• DECA FAQ's have been added to my website! Check it out under my DECA

tab.

http://www.bjsherman.com/

1.1 | Deliverables for Friday, 9/20

• Pay your $40 DECA dues (by Monday, September 23)• Skim 1.2 in your book (we'll begin this section tomorrow)• For your DECA Business Plan, know:

• If you'll be working alone, with a partner, or in a trio• Which of the 4 categories you'll be competing in

Friday, September 20th


ENTRY TASKS:• Grab an index card from the turn-in table. Write the following items

on it, regarding your DECA Business Plan:• Your name + name(s) of your partner(s), if applicable, and what

period they're in• Which of the 4 categories you plan to compete in (if you're not

sure, write down the ones you're considering/exploring)• Any ideas you have for your Business Plan

DAILY OVERVIEW – 9/20/19

• Lock in Business Plan teams• Score multiple choice/matching/completion sections of the 1.1 quiz• Discuss DECA "pre-prepared" events

Class Period Representatives

This year we will be rolling out a new plan for communication within Skyline DECA. Each class will have one class representative who will be asked to 1) attend a monthly meeting with the DECA board and 2) act as a communication medium between the board and the rest of Skyline DECA students. We ask that interested students possess strong speaking abilities, punctuality, and passion for DECA. This will be an extremely important position that--if implemented well--will prove very advantageous to our chapter.

If you are an interested student, answer the 3 following questions by next Friday (9/27/19) and send responses as a Word Doc to [email protected]:

• 1) Why should we select you for the position of class representative?

• 2) Describe yourself in three words.

• 3) What does it mean to you to have "character"?

• Include name, grade, & gender

mailto:[email protected]

DELIVERABLES – 9/20/19

• Pay $40 DECA dues to bookkeeper or online• Continue brainstorming Business Plan ideas• Sign up for my 9/24 OR 9/25 Flex Time!!!• Skim 1.2

Monday, September 23rd


ENTRY TASK:• Think-Pair-Share: Tell someone at your table...

o Which DECA competitive event(s) you plan to compete in, other than the Business Plan

o Any question(s) you have about DECA competitive event options• When the bell rings: raise your hand and keep it raised if you've paid

your DECA dues.

DAILY OVERVIEW

• DECA competitive events Q&A• 1.2: Types of Organizations

REMINDERS

✓ Pay your $40 DECA dues to the bookkeeper or online✓ Sign up for my Flex Time on Tuesday 9/24 OR Wednesday 9/25✓ Continue brainstorming ideas for Business Plan✓ Think about what other DECA event(s) you want to compete in

1.2 - Types of Organizations✓ The private & public sectors

✓ Profit-based organizations

✓ For-profit social enterprises

✓ Non-profit social enterprises

✓ Types of organizations & the CUEGIS concepts

1.2 | The private & public sectorsOBJECTIVE


➢ Distinction between the private and the public sectors.

1.2 | The Private & Public Sectors

Private SectorOrganizations that are owned and controlled by private individuals and businesses, rather than the government

• Differ in size – from those owner & run by one person to large multinational companies that operate all over the world

• Main aim: to make profit (sales revenue – costs)


Public SectorUnder ownership and control of the government

• Traditionally, they provide essential goods & services that would be underprovided or inefficiently provided by the private sector (I.e. health care, education, emergency services)

• State-owned enterprises: organizations that are wholly owned by the government


Reasons for public sector activity:• Ensures everyone has access to basic services (i.e. education, health care,

public libraries)• To avoid wasteful competition, because the government is able to achieve

HUGE economies of scale, such as postal service or national defense• To protect citizens and businesses through institutions like the police and

courts that govern law and order• To create employment (large employers of teachers, doctors, nurses)• To stabilize the economy (I.e. several private sector banks were bought by

the government during global credit crisis)

1.2 | The Private & Public SectorsProvision of Basic Services

In America, education, housing, health-care, broadcasting, and mail delivery services can be provided by both private-sector firms and the public sector.

➢ Distinguish between the aims of businesses in the public sector and the private sector in your service category.

➢ Tell us about: goals, pros, cons, opportunities, threats, & examples of businesses of the private vs public sector of your category

1.2 - Types of Organizations✓ The private & public sectors

✓ Profit-based organizations

✓ For-profit social enterprises

✓ Non-profit social enterprises

✓ Types of organizations & the CUEGIS concepts

1.2 | Profit-based organizations, for-profit social enterprises, & non-profit social enterprisesOBJECTIVEAO3: Demonstrate synthesis and evaluation➢ The main features of the following types of for-profit (commercial)

organizations: sole traders, partnerships, & companies/corporations.➢ The main features of the following types of for-profit social enterprises:

microfinance providers & public-private partnerships➢ The main features of the following types of non-profit social enterprises:

non-governmental organizations (NGOs) and charities.

1.2 | The Private & Public SectorsProfit-based organizationsMost businesses that operate in the private sector aim to make a profit.

➢ Profit-based organizations differ in terms of ownership and control (you do not have to run a business simply because you own it), how they raise finance, and how the profits are distributed.

➢ 3 types:▪ Sole traders▪ Partnerships▪ Companies/corporations

1.2 | The Private & Public SectorsSocial EnterprisesRevenue-generating businesses with social objectives at the core of their operations

• Two categories: 1) For-profit companies and 2) Non-profit organizations• Regardless, two goals: 1) achieve social objectives and 2) earn revenue in

excess of costs• Cannot deliver social good if they do not manage financial health• Success in helping others depends on ability to operate sustainable

business (no surplus or profit = no business)

1.2 | The Private & Public SectorsFor-profit social enterprisesStrive to earn a profit for their owners, while still operating with social objectives at the core of their business

• Profit is the reward distributed to the owners or investors in the business in return for risking their money in the business

• Three types:• Cooperatives• Microfinance providers• Public-private partnerships (PPP)

1.2 | The Private & Public SectorsNon-profit Social EnterprisesBusinesses run in a commercial-like manner but without profit being the main goal

• Non-profit organizations (NPOs) use their surplus revenues to achieve their social goals rather than distributing the surplus as profits or dividends

• Examples: public libraries, state schools, museums, government hospitals, social services (Habitat for Humanity, Red Cross)

• NPO does not mean that the business is not allowed to make a profit or surplus, but it must be retained in the business for its self-preservation and growth

• 2 types: non-governmental organizations (NGOs) & charities

Tuesday, September 24th


ENTRY TASK:• Think about:

1) your Business Plan idea2) what other competitive event(s) you'll be participating in

1.2 |DAILY OVERVIEW✓ New Current Events Rubric✓ 1.2 (Types of Organizations) jigsaw activity

NOTE: 1.2 Quiz on Friday!!!

1.2 | Types of Organizations

Profit-Based Organizations

Social Enterprises

Sole Traders

PartnershipsCompanies/Corporations

For-ProfitSocial

Enterprise

Non-Profit Social

Enterprise

Cooper-atives

Microfiance

providerPPP's

NGO's

Charities

1.2 |JIGSAW ACTIVITY• 5 minutes: You'll number off 1 – 8. Each number corresponds with a type of

organization. You'll meet with all students who were assigned the same number / type of organization (3-4 students per group). You'll work together with your group to become "masters" of your content.

• 30 minutes: With your group, you'll fill out your own graphic organizer for your type of organization, while simultaneously creating a poster with the same content (in condensed format).

• 30 minutes: Then, you'll move into a group of 6 other students (one who represents each of the other types of organizations). You'll teach your group members about your assigned type of organization, and they'll teach you about theirs! You'll fill out a graphic organizer for each other type of organization so you have notes to study.

monday, september 9misshallshs.weebly.com/uploads/1/2/7/1/127162233/ibbm_sl_unit_1_9.24.19.pdf ·...

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