ERIC ED373196: Your Potential as an Entrepreneur. Unit 1. Level 1. Instructor Guide. PACE: Program for Acquiring Competence in Entrepreneurship. Third Edition. Research & Development Series No. 301-01.

24 Pages·1994·0.56 MB·English

by  ERIC

DOCUMENT RESUME
CE 067 030
ED 373 196
Your Potential as an Entrepreneur. Unit 1. Level 1.
TITLE
Instructor Guide. PACE: Program for Acquiring
Competence in Entrepreneurship. Third Edition.
Research & Development Series No. 301-01.
Ohio State Univ., ColumbusCenter on Education and
INSTITUTION
Training for Employment.
PUB DATE
94
24p.; For the complete set, i.e., 21 units, each done
NOTE
at three levels, see CE 067 029-092. Supported by the
International Consortium for Entrepreneurship
Education, the Coleman Foundation, and the Center for
Entrepreneurial Leadership Inc.
Center on Education and Training for Employment, 1900
AVAILABLE FROM
Kenny Road, Columbus, OH 43210-1090 (order no.
RD301-01 IG, instructor guide $4.50; RD301-01 M,
student module, $3; student module sets, level
1--RD301M, level 2--RD302M, level 3--RD303M, $45
each; instructor guide sets, level 1--RD301G, level
2--RD302G, level 3--RD303G, $75 each; 3 levels and
resource guide, RD300G, $175).
Teaching Guides (For
Classroom Use
PUB TYPE
Guides
Classroom Use
Guides
Teacher)
(052)
Instructional Materials (For Learner) (051)
EDRS PRICE
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Behavioral Objectives; *Business Education; Career
DESCRIPTORS
Planning; *Competency Based Education;
*Entrepreneurship; Individual Characteristics;
Learning Activities; Postsecondary Education;
Secondary Education; *Self Employment; *Self
Evaluation (Individuals); *Small Businesses; Student
Evaluation; Teaching Guides
*Program for Acquiring Competence Entrepreneurship
IDENTIFIERS
ABSTRACT
This instructor guide for a unit on entrepreneurship
potential in the PACE (Program for Acquiring Competence in
Entrepreneurship) curriculum includes the full text of the student
module and lesson plans, instructional suggestions, and other teacher
this module
resources. The competencies that are incorporated into
creation and operation
are at Level 1 of learning--understanding the
of a business. Included in the instructor's guide are the following:
unit objectives, guidelines for using PACE, lists of teaching
suggestions for each unit objective/subobjective, model assessment
The
responses, and overview of the three levels of the PACE program.
following materials are contained in the student guide: activities to
studentY
be completed in preparation for the unit, unit objectives,
reading Materials, individual and group Learning activities,Tcase
study, discussion questions, assessment questions, and references.
Among the topics discussed in the unit are the following: what
entrepreneurship is, how entrepreneurship benefits the economy,
-
whether entrepreneurship can be learned, how people's needs relate to
entrepreneurship, what entrepreneurship is about, characteristics of
successful entrepreneurs, aptitudes/skills needed by entrepreneurs,
and
ways of learning about owning a business, advantages
disadvantages of being an employee, advantages and disadvantages of
-
self-employment, and the importance of goal settin& and
self-assessment as steps toward entrepreneurship. (MN)
,
INSTRUCTOR GUIDE
UNIT I
LEVEL 1
Unit 1
Your Potential as an
Entrepreneur
Level 1
HOW TO USE PACE
Use the objectives as a pretest. If a student
PACE
is able to meet the objectives, ask him or
Program for Acquiring
her to read and respond to the assessment
Competence in
questions in the back of the module.
Entrepreneurship
THIRD EDITION
Duplicate the glossary from the Resource
/lob,
CENTER ON EDUCATION
AND TUNING FOR EMPLOYMENT
COO EGE OF EDuCA110N
Guide to use as a handout.
,c Ih.r1"pinvitt St-rto. No. 101.01
T'.E Coo s*.*E
PERMISSION TO REPRODUCE THIS
Use the teaching outlines provided in the
f.
MATERIAL HAS BEEN GRANTED BY
Objectives:
.ance in focusing
Instructor Guide for as
The left side of
your teaching delivery.
each outline page lists objectives with the
corresponding headings (margin questions)
Define entrepreneurship.
TO THE EDUCATIONAL RESOURCES
from the unit. Space is provided for you to
INFORMATION CENTER (ERIC)"
add your own suggestions. Try to increase
Identify characteristics, aptitudes, and skills of suc-
student iavolvement in as many ways as
cessful entrepreneurs.
possible to foster an interactive learning
process.
Describe careers you would like to be involved in dur-
ing your lifetime.
When your students are ready to do the
Activities, assist them in selecting those
Compare the advantages of owning a business versus
that you feel would be the most beneficial
working for someone.
to their growth in entrepreneurship.
Assess your students on the unit content
Establish the importance of setting goals.
when they indicate they are ready.
You
may choose written or verbal assessments
Assess your aptitudes and skills.
_)
Model re-
situation.
the
according
to
sponses are provided for each module of
N
Assess your potential to become an entrepreneur.
are suggested
While these
each
unit.
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Teaching Suggestions
Objectives
1. DEFINE ENTREPRENEURSHIP
The instructor should open the discussion by explaining the con-
What is entrepreneurship?
Assess the impor-
cepts of entrepreneurship and entrepreneur.
tance of entrepreneurship in American society.
From a historical perspective stress the importance of entrepre-
How does entrepreneurship benefit
neurship on American society. Ask students to give examples of
the American economy?
famous American entrepreneurs whose innovations became revo-
lutionary for the American economy.
Further previous discussion by using famous entrepreneur's
Can entrepreneurship be learned?
.
examples.
Refer to above suggestion.
How do people's needs relate to
entrepreneurship?
Lead students in a discussion on what motivates entrepreneurs.
about
only
entrepreneurship
Is
Guide the discussion toward profit motive and achievement
profit?
needs.
2. IDENTIFY CHARAC 1 ERISTICS,
APTITUDES, AND SKILLS OF
SUCCESSFUL ENTREPRENEUR
Create a chart listing characteristics of successful entrepreneurs.
What are the characteristics
of
Have students comment on these characteristics.
successful entrepreneurs?
List aptitudes/skills of successful entrepreneurs. The instructor
does
the
aptitudes/skills
What
could also distribute a simple aptitude assessment tool.
entrepreneur need?
Look for articles in your local newspaper or magazines (e.g.,
Why is vision important to entre-
INC, Entrepreneurship, Entrepreneur, Business Week, etc.) which
preneurs?
After you briefly present the
present successful entrepreneurs.
article, have students identify the vision of the entrepreneur (e.g.,
introduction of a new product, attach new features to a service,
find a niche in a competitive market for a product/service, etc.)
Describe the methods used in learning how to become an entre-
How can you learn about owning
how entrepre-
preneur. Have students add their own thoughts on
a business?
neurs can learn more about owning a business.
3. DESCRIBE CAREERS YOU
WOULD LIKE TO BE IN-
VOLVED IN DURING YOUR
LIFETIME
Divide the chalkboard or overhead into two columns. Help stu-
Why do people start their own
dents list active and reactive reasons why people become entre-
businesses?
,teurs. Encourage creativity in adding to the list.
Teaching Suggestions
Objectives
4. COMPARE THE ADVANTAGES
OF OWNING A BUSINESS
VERSUS WORKING FOR
SOMEONE
Lead students in a discussion about the adva ages of working
What are the advantages of being
for someone else.
an employee?
Refer to above suggestion.
What are the disadvantages of be-
ing an employee?
Continue the previous discussion by assessing advantages of self-
What are the advantages of self-
employment. Address the unemployment and economic cycle is-
employment?
self-employment may be
sues to make students understand why
a solution to job and financial security.
Consider other macroeconomic factors previously mentioned
What are the disadvantages of self-
which could work against entrepreneurs.
employment?
5. ESTABLISH THE IMPORTANCE
OF SETTING GOALS
The instructor should explain why goal setting is critical. Then
How important is goal setting to
students should extend the discussion and express their opinions
the entrepreneur?
on why goal setting is important to entrepreneurs.
6. ASSESS YOUR APTITUDES
AND SKILLS
Again, a simple self-assessment exercise would be helpful.
Why is it important to assess your
Stress the impf.Atance of self-assessment in helping individuals to
characteristics, aptitude, and skills
improve themselves and to reach their goals.
as an entrepreneur?
7. ASSESS YOUR POTENTIAL TO
BECOME AN ENTREPRENEUR
Conclude the discussion by reviewing factors relating to success
What are the final ingredients to
in entrepreneurship.
be an entrepreneur?
MODEL ASSESSMENT RESPONSES
tomorrow's goods and ser-
Entrepreneurship is the element of the American economic system that produces
1.
the entrepreneur.
vices, in anticipation of future market needs, at some risk, and for profit to
satisfy existing market
Successful entrepreneurship requires the introduction of new products and services to
2.
needs or create potential new market demand.
4
working, risk-taker, strong
Some characteristics exhibited in many entrepreneurs are: desire to achieve, hard
3.
leadership, tough mindedness, and flexibility.
personal
Advantages of owning a business include: possibility of earning more money, independence and
4.
inventiveness.
freedom, satisfaction of personal need to achieve recognition, ability to utilize creativity and
taking risks involved with running a business,
Some of the disadvantages of being self-employed are:
5.
finding the
working long hours, complying with government regulations and standard business practices,
capital to start the business, and staffing-related problems.
times safer than being
Being an employee is advantageous because working for somebody is more often
6.
personally
self-employed. You can rely on a -easonably safe income and regular hours. Also, you are not
have paid vacations and
liable for the business. Usually, you are paid for working overtime (if hourly), and
fringe benefits.
restricted salary
On the other hand, there are some disadvantages of standard employment, such as
increases, risk of being lain off during economic recessions, mandatory retirement, etc.
Setting
Goal setting provides you with both short-term and long-term guidance throughout your career.
7.
efforts to achieve. You should modify your goals as you
your goals in advance will help you focus your
learn from your experiences and those of others.
irrgroves,
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business at three levels of learning, with experiences and
Incorporates the needed competencies for creating and operating a small
outcomes becoming progressively more advanced.
Understanding the creation and operation of a business.
Level 1
Planning for a business in your future.
Level 2
Starting and managing your own business.
Level 3
supporting the objectives, complete content in form of answers
Self-contained Student Modules include: specific objectives, questions
full text
activities, module assessment references. Instructor Guides include the
to the questions. case studies, individual activities, group
includes
and other resources. PACE,Third Edition, Resource Guide
of each student module and lesson plans, instructional suggestions,
entrepreneurship assistance organizations.
teaching strategies, references, glossary of terms, and a directory of
Publications Department at the
For information on PACE or to order, contact the
Road, Columbus, Ohio 43210-1090
Center on Education and Training for Employment, 1900 Kenny
[phone], (800) 8484815.
Support for PACE, Third Edition provided in whole or in part by:
The Coleman Foundation
International Consortium for Entrepreneurship Education
and
Center for Entrepreneurial Leadership Inc.
International Enterprise Academy
5
Ewing Marion Kauffman Foundation
Center on Education and Training 'for Employment
The Ohio State University
UNIT 1
LEVEL 1
Help for
the
Entrepreneur
Legal
Issues
Record
Keeping
Program for Acquiring
Competence in
11
Entrepi eneurship
D
CENTER ON EDUCATION
AND TRAINING FOR EMPLOYMENT
COLLEGE OF EDUCATION
Research & Development Series
No. 301-01
THE OHIO STATE UNIVERSITY
0
YOUR POTENTIAL AS AN ENTREPRENEUR
. . .
BEFORE YOU BEGIN
Consult the Resource Guide for instructions if this is your first PACE unit.
1.
on the following page. if you think
Read What are the Objectives for this Unit
2.
your instructor.
you can meet these objectives now, consult
If you need help with the
this unit.
Look for these business terms as you read
3.
the PACE Glossary contained in the
meanings, ask your instructor for a copy of
Resource Guide.
Capital
Economy
Entrepreneur
Entrepreneurial aptitude/skills
Entrepreneurship
Marketplace
Networking
Technical assistance
Vision
Working capital
1994, Center on Education and Training for Employment,
Copyright
The Ohio State University. All rights reserved.
3
YOUR POTENTIAL. AS AN ENTREPRENEUR
WHAT ARE THE OBJECTIVES FOR THIS UNIT?
Upon completion of this unit you will be able to
define entrepreneurship,
identify characteristics, aptitudes, and skills of successful entrepreneurs,
describe careers you would like to be involved in during your lifetime,
compare the advantages of owning a business versus working for
someone,
establish the importance of setting goals,
assess your aptitudes and skills, and
assess your potential to become an entrepreneur.
order to determine your potential
WHAT IS THIS UNIT ABOUT? to
in
become an entrepreneur. Finally, the impor-
tance of goal setting is discussed.
The
economy experiences growth when new
resources, or factors of production, are put to
WHAT IS
work. The four basic factors of production
ENTREPRENEURSHIP?
are land, labor, capital and entrepreneurship.
Just what is entrepreneurship? Do entrepre-
What are the
neurs have special skills?
advantages of working for oneself versus
The word entrepreneurship comes from the
This unit provides
working for someone?
French language and means to undertake.
answers to these questions and others. Most
An entrepreneur in our society is an individ-
importantly, this unit helps you examine
ual who undertakes all the risks related to
your own characteristics, aptitudes, and skills
4
Organize the business
Manage the business
Assemble the other factors of production
Make business policy decisions
is always a risk for entrepreneurs, because
forming and operating a small business.
they can never be 100 percent sure about
This involves performing all business func-
what the needs of the marketplace will be.
tions associated with a product or service
This is why planning is very important to
and includes social responsibilities and legal
requirements. Specifically, entrepreneurs
the entrepreneur.
organize the businesses,
HOW DOES ENTREPRE-
NEURSHIP BENEFIT THE
manage the businesses,
AMERICAN ECONOMY?
the other factors of production,
assemble
and
One of the best examples of an American
entrepreneur is the inventor Thomas Edison.
make business policy decisions.
In 1878, Edison told people he would invent
a light that would not use gas or flame, and
in 1879 he invented the electric light bulb.
Entrepreneurship is a special element of the
He put on quite a show with the first light
American economic system that determines
tomorrow's needs and produces the goods
Edison developed a special electric
bulbs.
generator to power 40 light bulbs that he
and services to meet those needs. Entrepre-
neurs operate the small businesses (fewer
strung up with copper wires around his home
town of Menlo Park. His demonstration was
than 500 employees) that employ more than
half the workers in the United States. There
a huge success.
5
business, you should begin to assess your
CAN ENTREPRENEUR SHIP
own potential as an entrepreneur.
BE LEARNED?
HOW DO PEOPLE'S
Thomas Edison was a new kind of inventor.
NEEDS RELATE TO
He did not work alone. He believed that in-
ENTREPRENEURSHIP?
vention required organization and planning.
He worked with teams of people who fol-
lowed a coordinated plan to turn out inven-
Edison's first invention was a machine that
tions just as regularly as a factory produces
goods. Edison learned something from each
recorded votes via telegraph. He decided to
of his team members. There are many re-
invent the machine when he discovered that
sources available through organizations like
it took a long time for Congressmen to count
the U.S. Small Business Administration that
the votes by hand. The voting machine let
will help educate the entrepreneur. There is
Congressmen register votes simply by press-
much to discover. As you learn more about
However, Congress didn't
ing a button.
the skills and knowledge needed to run a
"buy" his machine; they liked doing things