ENT - Entrepreneurship [OVERVIEW]

IntrotoBusTech_OverviewBannerTopEntrepreneurship

Introduction

Have you ever considered the possibility of starting your own business? Do you know if you possess the characteristics and traits that are needed to be an entrepreneur? In this module, we will explore common characteristics of entrepreneurs and you will have the opportunity to discover if entrepreneurship is right for you! We will also dive into the importance of developing and organizing a successful business plan while dissecting the components and proper format. During this module, we will also explore the four main types of business ownership and the pros and cons of each will be discussed. When starting and building a business, it is important to surround yourself with a team of individuals who share your common passion and goals. Therefore, teambuilding in the context of business ownership will also be discussed. Lastly, we will explore how technology has impacted business development and growth and then you will have the opportunity to research business opportunities available to you in your local school and community.

Knowledge Questions

In this module, we will be unraveling these knowledge-based questions:

    1. What are the characteristics and traits of a successful entrepreneur?

    2. What is a business plan?

    3. What are the main parts of a business plan?

    4. How can I research business opportunities available in my school and local community?

    5. Why are teams important to accomplishing goals in a business endeavor?

    6. What are the characteristics of the four main types of business ownership?

    7. How has technology impacted business development and what impact will technology have on the future growth of business?

Key Terms

Business plan | document that details the setup, management, and growth of a business.

Corporation | form of business ownership in which the business is separate and distinct from the individual owners.

Forming | the first stage a team goes through in which each team member introduces themselves to the team and to the project.

Internet Enabled | a business that uses the internet to improve business processes, but the business could also be conducted without the use of technology.

Internet Enhanced | a business that only works through the internet.

Limited Liability Company | form of business ownership that limits the liability of the business owners.

Norming | the third stage a team goes through in which the team members begin to work together and trust one another as they work toward the goal.

Partnership | form of business ownership in which there are two or more people who are responsible for the business.

Performing |  the last stage a team goes through in which the team starts to excel because team members are focused on a shared goal.

Small Business Administration ( SBA) |  a United States government agency that provides assistance to small businesses and entrepreneurs through loans, contracts, counseling, and other resources.

Sole Proprietorship |  form of business ownership in which there is just one owner who is responsible for the business.

Storming | the second stage a team goes through in which conflict may arise in some cases, the team may fall apart.

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