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CTE/Family & Consumer Sciences Education Curriculum Entrepreneurship In Family And Consumer Science
Course Preface Course Preface
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Core Standards of the Course

Strand 1
Students will examine economic systems from the business and consumer perspective.

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Standard 1
Identify the various types of economic systems (including free enterprise) and discuss basic questions addressed by the economic system (i.e., what, how, and for whom goods and services are produced).

Standard 2
Describe the role that values and goals have on economic decisions.

Standard 3
Evaluate the role of the current economy on consumer purchases.

Standard 4
Identify the differences between the characteristics of a small business and a cottage industry.

Standard 5
Explain the role of a small business in today’s economy.

Strand 2
Students will describe the basic needs of entrepreneurship.

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Standard 1
Define the terms entrepreneur and entrepreneurship.

Standard 2
Identify common personal characteristics of entrepreneurs.

Standard 3
List skills needed to operate a small business.

Standard 4
Assess the current economic outlook for entrepreneurship nationally, statewide, and locally.

Standard 5
Identify the advantages and disadvantages of being an entrepreneur (working for self versus working for someone else).

Strand 3
Students will explore opportunities in small businesses.

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Standard 1
Identify family and consumer sciences-related small business opportunities.

Standard 2
Explore the types of ownership and assess the advantages and disadvantage of each type.

Standard 3
Select a product to manufacture or a service to sell.

Standard 4
Select a name for the product and/or business.

Strand 4
Students will complete market research for their chosen business.

Standard 1
Develop, complete, and compile a market survey for a chosen product or service.

Standard 2
Analyze potential markets for a product or service.

Standard 3
Study the competition for product quality, price, service, etc.

Standard 4
Identify potential channels of distribution, if applicable.

Strand 5
Students will identify where and when to obtain professional assistance.

Standard 1
Identify sources of professional help.

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

Standard 2
Assess the benefits of using professional services during the planning stages of starting a new business. Examine the costs of using professional resource services.

Standard 3
Identify circumstances that require professional assistance.

Strand 6
Students will develop a business plan and set goals for their business.

Standard 1
Develop a business plan.

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

Standard 2
Set goals for the business.

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

Strand 7
Students will organize a business.

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Standard 1
Identify and meet the legal requirements of organizing a business.

  1. Explain the methods of starting a business.
  2. 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.)
  3. Identify the types of licenses needed by new businesses in your area.
  4. List the costs for obtaining licenses, a taxing identity, etc.

Standard 2
Identify insurance needs for the business.

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

Standard 3
Identify tax accounts required by the business.

  1. 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 taxes).
  2. Gather forms that are necessary for filing various types of taxes
  3. Identify specific tax percentages, as established by law

Standard 4
Identify a location for the business.

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

Standard 5
Identify start-up expenses for the business.

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

Standard 6
Explore possible sources of business capital.

  1. Identify the information required by a lending institution on a loan application
  2. Complete an application for a loan from a lending institution

Standard 7
Define the terms profit ratio and expense ratio as they relate to the business.

Standard 8
Establish the price for the product or service.

  1. 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.)
  2. Identify a formula for establishing a price for the product or service
  3. Establish a price for the product or service
  4. Determine the profit and expense ratios
  5. Identify ways to increase the profit ratio and decrease the expense ratio

Strand 8
Students will identify methods of marketing and advertising.

Standard 1
Prepare a marketing plan.

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

Standard 2
Identify methods of advertising the product or service.

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

Strand 9
Students will identify essential records.
NOTE: These record systems do not need to be established all at one time, but can be developed as the needs arise throughout the entrepreneurial experience. Many times it is easier to identify a need through an experience than it is to pre-identify the need. The learning experience will probably be more effective with the integration of these activities.

Standard 1
Identify and explain the importance of business records.

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

Standard 2
Identify necessary financial records.

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

Standard 3
Establish a plan for purchasing and inventory records.

  1. Describe the two parts of the merchandise cycle
  2. Identify the purposes and benefits of a purchase order system
  3. Identify the purposes and benefits of an inventory system
  4. Establish a system for maintaining purchase records
  5. Establish a system for maintaining inventory records

Standard 4
Identify a plan for keeping sales records.

  1. 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.)
  2. Develop an invoice that supplies the information required for production and records

Standard 5
Identify a plan for recording production records.

  1. List the types of information from production records that may be useful (e.g., frequency, quantities, personnel, day/month/year, type of products, etc.)
  2. Develop a system for maintaining production information for future planning
  3. Identify a plan for keeping payroll records.
  4. List the types of information from payroll records that may be useful (e.g., hours worked, wage rates, taxes withheld, social security numbers, etc.)
  5. Develop a system for maintaining payroll information for future planning

Strand 10
Students will organize the production process for their product or service.

Standard 1
Identify the major items required for production (location, labor, capital, etc.).

Standard 2
Identify the necessary components of production (e.g., work force, training, sequence of production, supplies, equipment, etc.)

Standard 3
Assess the importance of organizing the daily work of the business.

Standard 4
Describe the purpose(s) of the work order and/or work schedule.

Standard 5
Develop a flow chart, time schedule, work sequence schedule, or whatever is necessary to produce the product or provide the service.

Standard 6
Produce the product and/or provide the services established by the business.

Strand 11
Students will discuss how to obtain employees and how to establish and maintain positive employer/employee relations.

Standard 1
Identify source for obtaining employees.

  1. List concerns to be used during the screening process
  2. Assess costs related to training new employees

Standard 2
Identify the major issues regarding employer/employee relations.

  1. Itemize employer rights and responsibilities
  2. Itemize employee rights and responsibilities
  3. Develop job descriptions for each position

Strand 12
Students will participate in the entrepreneurship experience.

Standard 1
Establish a small business, as planned.

Standard 2
Keep records, as planned.

Standard 3
Participate in the business, as planned.

Standard 4
Liquidate the business at the conclusion of the experience.

  1. Identify options and opportunities available for liquidating a business
  2. Itemize legal concerns during the liquidating process

Standard 5
Complete an evaluation on the entrepreneurship experience.

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

UEN logo - in partnership with Utah State Board of Education (USBE) and Utah System of Higher Education (USHE).  Send questions or comments to USBE Specialist - THALEA LONGHURST and see the CTE/Family & Consumer Sciences Education website. For general questions about Utah's Core Standards contact the Director - THALEA LONGHURST .

These materials have been produced by and for the teachers of the State of Utah. Copies of these materials may be freely reproduced for teacher and classroom use. When distributing these materials, credit should be given to Utah State Board of Education. These materials may not be published, in whole or part, or in any other format, without the written permission of the Utah State Board of Education, 250 East 500 South, PO Box 144200, Salt Lake City, Utah 84114-4200.