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Entrepreneurship: Owning Your Future, High School Version, 12th Edition

RECOMMENDED TEXTBOOK

The recommended textbook for the ESB certification is Entrepreneurship: Owning Your Future, 12th Edition, published by The Network for Teaching Entrepreneurship (NFTE)

Entrepreneurship: Owning Your Future, High School Version, 12th Edition
By Network for Teaching Entrepreneurship (NFTE)
Published by Pearson
Copyright © 2016
Published Date: Jan 21, 2016

Product Detail: Teaches basic entrepreneurship concepts such as ideation, opportunity recognition, market research and analysis, business plan development, financial planning, and business management. Addresses the importance of thinking and acting with an entrepreneurial mindset in relation to business or any career. Aligns all chapters to business plan canvas creation or business plan development.

Description: Demystifies the process of starting a business by presenting difficult economic, financial and business concepts in a manner easily understood by beginners. Content is structured to take students through the entrepreneurial process – from the ideation stages and business opportunity validation through implementation and growth. Presenting various approaches to business planning, including using a business canvas in conjunction with business plans, it can be used as a professional resource for anyone looking to start their own business. Addresses the demands of career readiness standards through activities that teach career competencies and case studies that model what it means to have an entrepreneurial mindset.

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The Entrepreneur

  1. Identify the characteristics of entrepreneurs
  2. Given a scenario including a self-assessment outcome, identify the strengths, weaknesses, and risk tolerance the self-assessment identifies and how to compensate with services
  3. Given a scenario, recognize a business opportunity
  4. Identify the risks, benefits, opportunities, and drawbacks of being an entrepreneur

Opportunity Recognition

  1. Identify the benefits and drawbacks of different types of opportunities (e.g., start a new business, buy an existing business, and buy a franchise)
  2. Given a scenario, analyze the demand for the goods or service and opportunities in an environment
  3. Given a scenario, identify the customers or potential customers for a business
  4. Given a scenario, recognize a value proposition

Starting a Business

  1. Identify the purposes and value of a business plan
  2. Identify the appropriate legal structure, benefits and drawbacks for different legal structures for a business
  3. Given a scenario, identify different types of licenses and regulations that are required
  4. Identify the benefits and drawbacks of various sources of start-up funding: Equity (friends/family, angels, venture), Debt (bank, credit cards, personal loans), and Grants (government, foundation, corporate)
  5. Given a scenario, identify support that is available for the business on a local, state, and federal level
  6. Identify the ethical practices and social responsibilities of a business
  7. Identify potential exit strategies for a business

More Exam Objectives

Business Operations

  1. Given a scenario, identify key positions and human capital needs(including compensation and benefits)
  2. Given a scenario, determine whether work can be completed by the owner or whether employees or service providers are needed
  3. Given a scenario, identify the taxes that are required
  4. Given a scenario, identify intellectual property issues of trademarks, copyrights, and patents
  5. Given a scenario, identify standard operating procedures (e.g., setup, conduct, internal controls, separation of duties)
  6. Given a scenario, identify the factors that led to sustainability
  7. Given a scenario, identify milestones as part of a growth strategy

Marketing and Sales

  1. Given a scenario, develop a sales strategy and identify characteristics of a successful sale
  2. Given a scenario, identify and analyze the costs/benefits of finding customers
  3. Given a scenario, identify how to retain customers and develop a relationship with repeat customers
  4. Given a scenario, determine value and methods of communication including: web sites, brochures, social media, and advertising

Financial Management

  1. Given a scenario, interpret basic financial statements such as income statements and balance sheets
  2. Given a scenario, identify the factors that influence credit ratings and the importance of a positive credit rating
  3. Given a list of expenses, identify which are fixed versus variable
  4. Given a scenario, identify the factors that impact the price to the customer
  5. Given a scenario, identify and analyze cash flow including: accounts receivable, accounts payable, inventory, and debt
  6. Given a scenario, create a cash flow budget
  7. Given a scenario, identify the break-even point for the business

Previous Exam Objectives