Project Name

Business Savvy

 

Teacher(s)

Craig Wentworth

 

Grade Level

3-5 (focus on 4th grade)

 

Subject/Course

Social Studies - Economics

 

Other Subject areas to be included, if any

Math

Computer/Technology

 

Duration

A lot!  Approximately 4 weeks with 1-2 hours per day.

 

Project Idea

Students will embark on the adventure of beginning their own business.  They will be asked to come up with an idea of a product or service to offer other students.  They must then present the idea to a "banker" or "investors" to secure funding to move forward.  From here they will use the money to by materials, produce products, create advertisements and pay for advertisement space.  Finally, the students will have the opportunity to sell the product or service.  Throughout the project students will learn to use various elements of technology to create advertisements and track income and expenses.

 

Project adapted from BizWorld by Kara Brown

 

Driving Question

Am I cut out for entrepreneurship?

 

1. What factors contribute to the success and failure of entrepreneurial ventures?

2. What characteristics/skills/abilities should entrepreneurs possess?

3. What are the advantages/disadvantages of becoming an entrepreneur?

4. What factors should be considered when starting a business?

5. Why is a business plan important to a new business?

6. How does an entrepreneur use a business plan?

7. What is the role of client relationships in entrepreneurship?

8. What is the purpose of a financial plan?

9. What is the role of financial management in entrepreneurship?

10. Why is compromise important in entrepreneurship?

 

Content Standards

Social Studies Standards

4.Government. Civic Participation and Skills: 17. Effective participants in a democratic society engage in compromise.

4.Economics. Economic Decision Making and Skills: 22. Tables and charts help people to understand information and issues. Tables organize information in columns and rows. Charts organize information in a variety of visual formats (pictures, diagrams, graphs).

4.Economics. Production and Consumption: 23. Entrepreneurs in Ohio and the United States organize productive resources and take risks to make a profit and compete with other producers.

4.Economics. Financial Literacy: 24. Saving a portion of income contributes to an individual’s financial well-being. Individuals can reduce spending to save more of their income.

 

K-12 Entrepreneurship Standards

Entrepreneurs: 2. Entrepreneurs possess unique characteristics.

Entrepreneurial Opportunities: 3. The relationships that exist between new technologies, competition and the global economy are vital in identifying the role and importance of entrepreneurship and small business in the U.S. economy.

Marketing: 5. An entrepreneur analyzes customer groups to develop marketing plans that target specific customers.

Sales Management: 6. Entrepreneurs employ practices necessary to maintain client relationships.

Customer Service: 7. A focused, customer-service policy helps a business stand out in a crowded marketplace.

Financial Plan: 8. Identifying and creating a viable financial plan is essential for entrepreneurship, growth and survival.

Financial Management: 9. For a business to compete effectively, the entrepreneur must manage and allocate resources efficiently.

The Business Plan: 13. A business plan is essential to justify a new business venture.

Economic Systems: 14. An entrepreneur must have the knowledge and understanding of economic data.

 

ELA Common Core State Standards

CCSS.ELA-LITERACY.W.4.2: Write informative/explanatory texts to examine a topic and convey ideas and information clearly.

CCSS.ELA-LITERACY.W.4.4: Produce clear and coherent writing in which the development and organization are appropriate to task, purpose, and audience.

CCSS.ELA-LITERACY.W.4.5: With guidance and support from peers and adults, develop and strengthen writing as needed by planning, revising, and editing.

CCSS.ELA-LITERACY.W.4.6: With some guidance and support from adults, use technology, including the Internet, to produce and publish writing as well as to interact and collaborate with others; demonstrate sufficient command of keyboarding skills to type a minimum of one page in a single sitting.

CCSS.ELA-LITERACY.SL.4.1: Engage effectively in a range of collaborative discussions (one-on-one, in groups, and teacher-led) with diverse partners on grade 4 topics and texts, building on others' ideas and expressing their own clearly.

CCSS.ELA-LITERACY.SL.4.4: Report on a topic or text, tell a story, or recount an experience in an organized manner, using appropriate facts and relevant, descriptive details to support main ideas or themes; speak clearly at an understandable pace.

CCSS.ELA-LITERACY.SL.4.5: Add audio recordings and visual displays to presentations when appropriate to enhance the development of main ideas or themes.

CCSS.ELA-LITERACY.SL.4.6: Differentiate between contexts that call for formal English (e.g., presenting ideas) and situations where informal discourse is appropriate (e.g., small-group discussion); use formal English when appropriate to task and situation.

CCSS.ELA-LITERACY.L.4.1: Demonstrate command of the conventions of standard English grammar and usage when writing or speaking.

CCSS.ELA-LITERACY.L.4.3: Use knowledge of language and its conventions when writing, speaking, reading, or listening.

 

ISTE Standards: Students

2. Communication and collaboration

a. Interact, collaborate, and publish with peers, experts, or others employing a variety of digital environments and media

b. Communicate information and ideas effectively to multiple audiences using a variety of media and formats

d. Contribute to project teams to produce original works or solve problems

4. Critical thinking, problem solving, and decision making

c. Collect and analyze data to identify solutions and/or make informed decisions

6. Technology operations and concepts

a. Understand and use technology systems

b. Select and use applications effectively and productively

 

21st Century Skills

LEARNING AND INNOVATION SKILLS

CREATIVITY AND INNOVATION

• Think Creatively

  • Use a wide range of idea creation techniques (such as brainstorming)

  • Create new and worthwhile ideas (both incremental and radical concepts)

  • Elaborate, refine, analyze and evaluate their own ideas in order to improve and maximize creative efforts

• Work Creatively with Others

  • Develop, implement and communicate new ideas to others effectively

  • Be open and responsive to new and diverse perspectives; incorporate group input and feedback into the work

  • Demonstrate originality and inventiveness in work and understand the real world limits to adopting new ideas

  • View failure as an opportunity to learn; understand that creativity and innovation is a long-term, cyclical process of small successes and frequent mistakes

 

CRITICAL THINKING AND PROBLEM SOLVING

• Make Judgments and Decisions

  • Effectively analyze and evaluate evidence, arguments, claims and beliefs

  • Analyze and evaluate major alternative points of view

  • Synthesize and make connections between information and arguments

  • Interpret information and draw conclusions based on the best analysis

  • Reflect critically on learning experiences and processes

• Solve Problems

  • Solve different kinds of non-familiar problems in both conventional and innovative ways

  • Identify and ask significant questions that clarify various points of view and lead to better solutions

 

COMMUNICATION AND COLLABORATION

•  Communicate Clearly

  • Articulate thoughts and ideas effectively using oral, written and nonverbal communication skills in a variety of forms and contexts

  • Listen effectively to decipher meaning, including knowledge, values, attitudes and intentions

  • Use communication for a range of purposes (e.g. to inform, instruct, motivate and persuade)

  • Utilize multiple media and technologies, and know how to judge their effectiveness a priori as well as assess their impact

• Collaborate with Others

  • Demonstrate ability to work effectively and respectfully with diverse teams

  • Exercise flexibility and willingness to be helpful in making necessary compromises to accomplish a common goal

  • Assume shared responsibility for collaborative work, and value the individual contributions made by each team member

 

INFORMATION, MEDIA AND TECHNOLOGY SKILLS

INFORMATION LITERACY

• Access and Evaluate Information

  • Evaluate information critically and competently

• Use and Manage Information

  • Use information accurately and creatively for the issue or problem at hand

 

MEDIA LITERACY

• Analyze Media

  • Understand both how and why media messages are constructed, and for what purposes

  • Examine how individuals interpret messages differently, how values and points of view are included or excluded, and how media can influence beliefs and behaviors

  • Apply a fundamental understanding of the ethical/legal issues surrounding the access and use of media

• Create Media Products

  • Understand and utilize the most appropriate media creation tools, characteristics and conventions

 

ICT (Information, Communications and Technology) LITERACY

• Apply Technology Effectively

  • Use technology as a tool to research, organize, evaluate and communicate information

  • Use digital technologies (computers, PDAs, media players, GPS, etc.), communication/networking tools and social networks appropriately to access, manage, integrate, evaluate and create information to successfully function in a knowledge economy

  • Apply a fundamental understanding of the ethical/legal issues surrounding the access and use of information technologies

 

LIFE AND CAREER SKILLS

 FLEXIBILITY AND ADAPTABILITY

• Adapt to Change

  • Adapt to varied roles, jobs responsibilities, schedules and contexts

• Be Flexible

  • Incorporate feedback effectively

  • Deal positively with praise, setbacks and criticism

  • Understand, negotiate and balance diverse views and beliefs to reach workable solutions, particularly in multi-cultural environments

 

INITIATIVE AND SELF-DIRECTION

•  Manage Goals and Time

  • Set goals with tangible and intangible success criteria

  • Balance tactical (short-term) and strategic (long-term) goals

  • Utilize time and manage workload efficiently

• Work Independently

  • Monitor, define, prioritize and complete tasks without direct oversight

 

SOCIAL AND CROSS-CULTURAL SKILLS

•  Interact Effectively with Others

  • Know when it is appropriate to listen and when to speak

  • Conduct themselves in a respectable, professional manner

• Work Effectively in Diverse Teams

  • Respect cultural differences and work effectively with people from a range of social and cultural backgrounds

  • Respond open-mindedly to different ideas and values

  • Leverage social and cultural differences to create new ideas and increase both innovation and quality of work

 

PRODUCTIVITY AND ACCOUNTABILITY

• Manage Projects

  • Set and meet goals, even in the face of obstacles and competing pressures

  • Prioritize, plan and manage work to achieve the intended result

• Produce Results

  • Demonstrate additional attributes associated with producing high quality products including the abilities to:

    • Work positively and ethically

    • Manage time and projects effectively

    • Multi-task

    • Participate actively, as well as be reliable and punctual

    • Present oneself professionally and with proper etiquette

    • Collaborate and cooperate effectively with teams

    • Respect and appreciate team diversity

    • Be accountable for results

 

LEADERSHIP AND RESPONSIBILITY

• Guide and Lead Others

  • Use interpersonal and problem-solving skills to influence and guide others toward a goal

  • Leverage strengths of others to accomplish a common goal

  • Inspire others to reach their very best via example and selflessness

  • Demonstrate integrity and ethical behavior in using influence and power

• Be Responsible to Others

• Act responsibly with the interests of the larger community in mind

 

 

Entry Event

The introduction to the entrepreneurship product will begin with a short promotional video to get students thinking about the concept.  After the video, students will be introduced to a guest speaker, a local entrepreneur or perhaps a business person if an entrepreneur is not available.  The speaker will talk to students about what it is like to start their own business.  Have the speaker discuss things like how they got the idea for the business, what they did to get started, how they advertise, and why the decided to start their own business.  Make sure they highlighting the positive aspects to engage students.  

 

Note: Prior to the speaker coming in, it is important to communicate to them what you would like them to talk about and if possible get an outline or even have them go over their presentation with you.  The last thing you want is to kick off the project by putting students to sleep!  To spark student interest in entrepreneurship a local entrepreneur or business person will come in to the school to speak to the children about starting or running a business or developing and marketing a product or service.