Entrepreneurship Opportunities In Family And Consumer Sciences

Credit: 1.00
Course Preface
Core Code: 34-01-00-00-100
Printable Version: Entrepreneurship Opportunities In Family And Consumer Sciences (pdf)

Course Description
ENTREPRENEURSHIP OPPORTUNITIES IN FAMILY AND CONSUMER SCIENCES—(.5-1.0 credit) This course allows students to develop skills and experience aspects of economics as they are practiced in the free enterprise system. Activities include organizing a small business, producing products and/or providing services, and managing a small business. The family and consumer sciences laboratories will be used to provide activity-oriented experiences for developing entrepreneurial skills, manufacturing products, and providing services. Student leadership (FCCLA) may be an integral part of this course.

NOTE: It is the intent of this course that these entrepreneurial concepts be incorporated within the framework of family and consumer sciences-related free enterprise experiences. It is anticipated that the business concepts should be introduced and integrated throughout the free enterprise experience to maximize student interest and impact.

Core Standards of the Course

Standard 20.0701-01
Students will examine economic systems from the business and consumer perspective.

Standard 20.0701-02
Students will describe the basic needs of entrepreneurship.

Standard 20.0701-03
Students will explore opportunities in small businesses.

Standard 20.0701-04
Students will complete market research for their chosen business.

Standard 20.0701-05
Students will identify where and when to obtain professional assistance.

• Identify various professional government agencies and other organizations that provide assistance to small business owners
• Evaluate the role of a professional assisting a small business.
• Examine the costs of using professional resource services.

Standard 20.0701-06
Students will develop a business plan and set goals for their business.

• Identify the various components of a business plan and why each is necessary.
• Develop a business plan, including long and short-term goals.

• Assess the role that goal-setting play on business success.
• Explain the meaning of short-term goals and long-term goals.
• Determine the relationship of short-term goals to long-term goals.
• Establish short-term and long-term goals for business.

Standard 20.0701-07
Students will organize a business.

• Explain the methods of starting a business.
• Identify what is legally needed to start a business (e.g., a federal tax identification number, a state sales tax number, a local business license, registering the business name with the state, register trademarks or logos, establishing workman’s compensation account, etc.)
• Identify the types of licenses needed by new businesses in your area.
• List the costs for obtaining licenses, a taxing identity, etc.

• Identify the types of insurance a business should carry (e.g., damage, liability, etc.)
• Explain the purposes for having business insurance
• Identify the costs of business insurance

• Identify standard taxes a business must pay (e.g., federal income tax, self-employment tax, state income tax, sales tax, FICA for employees, and unemployment
• Gather forms that are necessary for filing various types of taxes
• Identify specific tax percentages, as established by law

Identify a location for the business.

• Determine the amount of space and type of facility needed for production or to provide a service
• Select a location that is appropriate to the needs and financial resources available

• Identify expenses related to starting and operating a small business (deposits, equipment, etc.)
• Estimate personal financial needs from the business per month
• List the three parts of a cash flow statement
• Determine the purpose of cash flow statements
• Complete a cash flow statement for the first year of operation

• Identify the information required by a lending institution on a loan application
• Complete an application for a loan from a lending institution

• List factors to consider when establishing a product price (e.g., production costs, marketing costs, overhead, fair market value for a product or service, what the market will bear, prices of competition, etc.)
• Identify a formula for establishing a price for the product or service
• Establish a price for the product or service
• Determine the profit and expense ratios
• Identify ways to increase the profit ratio and decrease the expense ratio

Standard 20.0701-08
Students will identify methods of marketing and advertising.

• Identify the reasons people buy
• List the five steps to good marketing or merchandising
• List several methods for distributing a product or merchandise information
• Identify ways a small business can increase sales

• Identify types of media available for advertising
• List considerations to consider when selecting an advertising media
• Select methods of advertising that are appropriate to the product or service
• List methods of advertising that are within the budget
• Develop a business logo and materials for an initial advertising campaign

Standard 20.0701-09
Students will identify essential records.

• List reasons a business should keep records
• Identify types of records necessary for small businesses (sales, inventory, customer lists, expenses, payroll, equipment, etc.)
• Explain that record systems are usually developed as needs arise
• Develop various record keeping systems throughout the entrepreneurship experience
• Evaluate the record keeping systems throughout the entrepreneurship experience for accuracy and completeness

• List the types of information required and/or desired for reference.
• Identify financial instruments that are developed from these records (e.g., balance sheets, comparatives, profit and loss statements, income tax records, sales analysis, etc.)
• Review record keeping systems and select a system that meets the specific business needs
• Develop a general financial record keeping system

• Describe the two parts of the merchandise cycle
• Identify the purposes and benefits of a purchase order system
• Identify the purposes and benefits of an inventory system
• Establish a system for maintaining purchase records
• Establish a system for maintaining inventory records

• List the types of information from sales records that may be useful (e.g., product, personnel, day/month/year, type of buyer, wholesale versus retail, etc.)
• Develop an invoice that supplies the information required for production and records

• List the types of information from production records that may be useful (e.g., frequency, quantities, personnel, day/month/year, type of products, etc.)
• Develop a system for maintaining production information for future planning

• List the types of information from payroll records that may be useful (e.g., hours worked, wage rates, taxes withheld, social security numbers, etc.)
• Develop a system for maintaining payroll information for future planning

Standard 20.0701-10
Students will organize the production process for their product or service.

Standard 20.0701-11
Students will discuss how to obtain employees and employer/employee relations.

• List concerns to be used during the screening process
• Assess costs related to training new employees

• Itemize employer rights and responsibilities
• Itemize employee rights and responsibilities
• Develop job descriptions for each position

Standard 20.0701-12
Students will participate in the entrepreneurship experience.

• Identify options and opportunities available for liquidating a business
• Itemize legal concerns during the liquidating process

• Evaluate the family and consumer sciences-related entrepreneurial experience
• Itemize business concepts gained through entrepreneurial experiences