ERIC ED373198: Business Opportunities. Unit 3. Level 1. Instructor Guide. PACE: Program for Acquiring Competence in Entrepreneurship. Third Edition. Research & Development Series No. 301-3.

23 Pages·1994·0.58 MB·English

by  ERIC

DOCUMENT RESUME
CE 067 032
ED 373 198
Business Opportunities. Unit 3. Level 1. Instructor
TITLE
Guide. PACE: Program for Acquiring Competence in
Entrepreneurship. Third Edition. Research &
Development Series No. 301-3.
Ohio State Univ., Columbus. Center on Education and
INSTITUTION
Training for Employment.
PUB DATE
94
23p.; For the complete set, i.e., 21 units, each done
NOTE
at three levels, see Ch. 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.
RD301-03 IG, instructor guide $4.50; RD301-03 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
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Guides
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Instructional Materials (For Learner)
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Behavioral Objectives; *Business Education; Careers;
DESCRIPTORS
*Competency Based Education; Economic Change;
Economic Factors; *Economic Opportunities;
*Employment Opportunities; *Entrepreneurship;
International Trade; Learning Activities; Marketing;
Population Trends; Postsecondary Education; Secondary
Education; *Small Businesses; Student Evaluation;
Teaching Guides; Technological Advancement
*Program for Acquiring Competence Entrepreneurship
IDENTIFIERS
ABSTRACT
This instructor guide for a unit on business
opportunities 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
resources. The competencies that are incorporated into this module
of learning--understanding the creation and operation
are at Level
1
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
be completed in preparation for the unit, unit objectives, student
reading materials, individual and group learning activities, case
study, discussion questions, assessment questions, and references.
Among the topics discussed in the unit are the following: factors to
consider when starting a business, effects of shifts in U.S.
population on small business development, changes in international
and community markets, effects of technology on careers, creativity,
business ideas from career training, and ways of creating new
business ideas.
(MN)
UNIT 3
LEVEL 1
OF EDUCATION
U S DEPARTMENT
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RESOURCES INFORMATION
ED CATIONAL
viCENTER IERICI
reproduced as
This document MIS been
Unit 3
01 mganiiation
received from the person
qrginaling a
been made to
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Business
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or poliCY
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Level 1
HOW TO USE PACE
Use the objectives as a pretest. If a student
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
Duplicate the glossary from the Resource
Guide to use as a handout.
If,fenti a pr,11.11mt
"Sr..-
101.3
-rovided in the
Use the teaching outline
Objectives:
Instructor Guide for as-,,,tance in focusing
The left side of
your teaching delivery.
each outline page lists objectives with the
corresponding headings (margin questions)
Describe the factors that should be considered when
from the unit. Space is provided for you to
starting a business.
add your own suggestions. Try to increase
student involvement in as many ways as
Identify the trends and changes occurring in the busi-
possible to foster an interactiN e learning
ness environment.
process.
Discuss new technological changes that are occurring
When your students are ready to do the
in potential career areas.
Activities, assist them in selecting those
that you feel would be the most beneficial
Define the process of creativity.
to their growth in entrepreneurship.
Complete a list of small business ideas related to a
Assess your students on the unit content
when they indicate they are ready.
career area.
You
may choose written or verbal assessments
PERMISSION TO REPRODUCE THIS
MATERIAL HAS BEEN GRANTED BY
Model re-
situation.
the
accordin
to
create
Create a new business idea.
sponses are provided for each module of
While these are suggested
each
unit.
t.
responses, others may be equally valid.
TO THE EDUCATIONAL RESOURCES
INFORMATION CENTER (ERICI"
BEST COPY AVAILABLE
Teaching Suggestions
Objectives
1. LIST THE FACTORS THAT
SHOULD BE CONSIDERED
WHEN STARTING A BUSINESS
Invite a new business owner in your area to speak to the class.
What are some of the factors that
Before their presentation, give them a specific list of questions
should be considered when starting
you wish them to answer. Be sure to include the important fac-
a business?
tors that are in this section.
Tell the students that you have a friend who is considering start-
Ask them what your
ing a health-care newsletter business.
Write their
friend needs to know before starting her business.
responses on the board, and then categorize according to the
headings in this section. You may need to add headings.
2. IDENTIFY THE TRENDS
AND CHANGES OCCURRING
IN THE BUSINESS
ENVIRONMENT
Ask your students when their parents/grandparents were born.
What are some of the shifts in the
Those who were born between 1945 and 1954 are baby boomers.
US population?
Ask the students
Their children are part of the baby boomlet.
Discuss typical life-
why the baby boomers are so important.
style changes for baby boomers.
Ask students what they have seen or heard related to changes in
How have international markets
Discuss potential business opportunities
international markets.
changed?
which have developed because of these changes.
Ask students what changes have occurred in your community
What are the market shifts in your
List them on the
which might affect business opportunities.
community?
board and discuss their impact.
3. DISCUSS NEW
TECHNOLOGICAL CHANGES
THAT ARE OCCURRING IN
POTENTIAL CAREER AREAS
Refer back to your friend who wants to start a health-care news-
How does technology change ca-
letter. Ask the class how technology affects his/her business.
reers?
Teaching Suggestions
Objectives
4. DEFINE THE PROCESS
OF CREATIVITY
List a number of inventions and ask whether they required syn-
What is creativity?
For example, you might ask
thetic or creative imagination.
about light bulbs, telephones, personal compr' rs, and water
beds.
Ask your students when they are most apt to come up with crea-
Usually, it will be daring a relaxation period.
tive ideas.
5. COMPLETE A LIST OF SMALL
BUSINESS IDEAS RELATED
TO A CAREER AREA
Divide the class into small groups and ask each group to select
What business ideas might come
should not already be
one career area to study. This career area
from career training?
discussed in the text. Ask each small group to generate as many
business opportunities as possible in the career area they have
Reconvene the class and discuss the lists of business
chosen.
opportunities.
6. CREATE A NEW
BUSINESS IDEA
Draw the attention of the students to a new business in your
How can you create a new busi-
Ask them to identify the ideal characteristics of the
town.
ness idea?
Then ask them to identify the factors in your
entrepreneur.
market which make it likely that this business will be successful/
unsuccessful.
4
MODEL ASSESSMENT RESPONSES
The following factors should be considered when starting a business: (1) your interests and abilities, market
1.
demand, time commitment, financial commitment, staffing, equipment and location.
Some of the most significant changes in the U.S. population in the last two decades include: (1) aging of
2.
the baby boomers who are now 40 to 50 years old, (2) the baby boomlet, (3) increase in dual career fami-
lies, (4) increased awareness of the environment, and (5) the changing racial balance.
The increased importance of the personal computer has changed the secretarial role, accounting and record-
3.
keeping practices, and inventory control. In addition, the Xerox"' machine has made rapid reproduction pos-
sible. The fax machine has sped up the transfer of documents. The telephone answering machine and cel-
lular phone have made verbal communication in, and out of the office more convenient.
For example, in the food service area there are many opportunities including operating a restaurant, catering,
4.
street vending, baking, and lunch delivery.
The three steps to creating a new business are (1) identify the entrepreneurs interests and abilities,
5.
(2) understand market demand, (3) evaluate and refine the new business idea.
Program for Acquiring
Competence in
it
VA
46;
Entrepreneurship
$4K.`9"/
4 ri
4,,4
Incorporates the needed competencies for creating and operating a small business at three levels of learning, with experiences and
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
Self-contained Student Modules include: specific objectives, questions supporting the objectives, complete content in form of answers
full text
to the questions, case studies, individual activities, group activities, module assessment references. Instructor Guides include the
of each student module and lesson plans, instructional suggestions, and other resources. PACE,Third Edition, Resource Guide includes
teaching strategies, references, glossary of terms, and a directory of entrepreneurship assistance organizations.
For information on PACE or to order, contact the Publications Department at the
Center on Education and Training for Employment, 19(X) Kenny Road, Columbus, Ohio 43210-1090
[phone], [phone].
Support for PACE, Third Edition provided in whole or in part by:
The Coleman Foundation
Consortium for Entrepreneurship Education
International
and
International Enterprise Academy
Inc.
Center for Entrepreneurial Leadership
Center on Education and Training for Employment
Ewing Marion Kauffman Foundation
The Ohio State University
UNIT 3
LEVEL 1
Business
Opportunities
Your Potential
Nature of
The
Global Markets
as an
Small Business
Business Plan
Entrepreneur
Help for
Types of
Pricing
Marketing
Financing
Location
the
Strategy
Analysis
the Business
Ownership
Entrepreneur
Human
Business
Legal
Promotion
Selling
Resources
Management
Issues
Risk
Customer
Financial
Record
Operations
Management
Credit
Analysis
Keeping
Program for Acquiring
Competence in
11
Entrepreneurship
'
CENTER ON EDUCATION
AND TRAINING FOR EMPLOYMENT
Research & Development Series No. 301-3
.......,COLLEGE OF EDUCATION
1-1
0
THE OHIO STATE UNIVERSITY
BUSINESS OPPORTUNITIES
BEFORE YOU BEGIN
.
.
.
Consult the Resource Guide for instructions if this is your first PACE unit.
1.
Read What are the Objectives for this Unit on the following page. If you think
2.
you can meet these objectives now, consult your instructor.
If you need help with the
Look for these business terms as you read this unit.
3.
meanings, ask your instructor for a copy of the PACE Glossary contained in the
Resource Guide.
Creativity
Creative imagination
MUPPIES
Synthetic imagination
YUPPIES
for Employment,
Copyright © 1994, Center on Education and Training
The Ohio State University. All rights reserved.
3
BUSINESS OPPORTUNITIES
WHAT ARE THE OBJECTIVES OF THIS UNIT?
Upon completion of this unit you will be able to
describe the factors tlat should be considered when starting a business,
identify the trends and changes occurring in the business environment,
discuss new technological changes that are occurring in potential career
areas,
define the process of creativity,
complete a list of small business ideas related to a career area, and
create a new business idea.
WHAT FACTORS SHOULD
WHAT THE UNIT IS ABOUT?
BE CONSIDERED WHEN
STARTING A BUSINESS?
Have
you ever thought about starting a
business? What decisions do you need to
make? How does technology and the current
Prior to starting a business, there are many
business environment affect a new business?
questions you must answer. Your answers
How would you go about creatively generat-
to these questions will determine the nature
ing a list of potential business opportunities?
of the business itself. Here are a few of the
this questions
these
unit,
will
be
In
most important aspects of owning and ope-
answered.
rating a business that you must consider.
Your interests and abilitiesTo be suc-
cessful, you must know who you are and
what you can do.
Imagine what would
4
Even a newsletter requires an
happen if someone who hated manual labor
for start-up.
initial cash outlay for printing, bulk mail
tried to start a construction business. They
In order to
would be doomed to failure.
permit, and bulk mail postage. Larger busi-
nesses many require an initial cash invest-
excel, an entrepreneur must honestly identify
ment of hundreds of thousands of dollars.
his or her own skills and interests, and then
Rarely, will the entrepreneur be able to
find a business in which his or her expertise
borrow all of the money for initial invest-
can be utilized.
Outside investors usually expect the
ment.
entrepreneur to put up some good faith
Following are a number of points to consider
money as an indication of their commitment
before starting a business:
to the business.
Market demand.
Rapidly growing busi-
Staffing. Do you want a business that you
nesses are usually in fields or markets that
can run all by yourself? Many small busi-
So, what do the consumers
are expanding.
ness owners start out running the business
want? Computers? CDs? Cellular Phones?
We will discuss the market in greater detail
by themselves. However, if you do not want
to ever hire anyone, then the size and type
in the next section.
of business you can enter is limited to your
Time commitment. Starting a new business
own capabilities.
can place tremendous demands on your time.
The new entrepreneur often works day and
If you do want to hire a staff, then you need
to know something about the labor pool.
night to get the business off the ground.
In
order to reduce expenses, many new busi-
First, are you expecting family members to
nesses are short staffed during the start-up
work with you? Are they interested in your
business? Do they have the skills that you
phase. Who makes up the hours? The busi-
will need? Second, what about the outside
ness owner, of course.
labor pool? Are there people available who
Can you hire
have the skills you need?
On the other hand, the entrepreneur in many
them by the hour? By the project? Only as
successful businesses works part-time. Some
What are they usually
full salary staff?
entrepreneurs may prefer to work part-time
because of family commitments.
Others
paid?
work part-time at their own business, while
Will you need major equip-
maintaining their employment elsewhere.
Equipment.
ment for your new business? Do you want
By working for another business establish-
ment, they earn sufficient income to pay
to buy, rent, or lease the equipment? How
Once their own
their current expenses.
much will it cost? Equipment can be a sig-
business generates enough income to pay
nificant expense for a new business.
For
their salary, the new business owner may
example, if you want to start a new restau-
rant, you may have to purchase all new
plan to work full-time at his or her own
kitchen equipment. Check to see if you can
business.
used equipment
reduce
this
acquire
to
Financial commitment. What are you will-
expense.
ing to invest in a new business? Almost all
new business requires an initial investment
5
In the
Age. The baby boomers are aging.
Where do you want to work?
Location.
An office?
80s, the baby boomers created a bulge in the
Your car?
Your home?
A
population in the age category of 35 to 44.
A manufacturing plant?
Outside?
store?
In the 90s, the baby boomers will be 45 to
Where you want to work indicates what kind
54 years old. What impact will this have on
For example, if you
of work you can do.
Most baby boomers have al-
the market?
want to work at home, you may not be able
ready purchased the basics for their home.
to manufacture because of zoning restric-
In the 90s, if they buy anything for their
If you want to work outside, you
tions.
home, they are looking for quality.
could go into landscaping or construction.
In
However, you probably would not want to
addition, the aging baby boomers will prob-
ably increase the demand for health care
In many cases,
become a tax accountant.
you may need to rent or buy facilities. If so,
service.
what is available in your area? What will
The baby boomers produced a baby boomlet.
you have to pay for those facilities?
In the 90s, the children of the baby boomers
range in age from toddlers to college stu-
These are only a few of the most important
Although these children represent a
dents.
factors you should consider when looking for
smaller hump in the population than the
a new business idea. Can you think of any
others?
baby boomers, many of them have more
HOW DO sun-Ts IN THE U.S.
material possessions than their parents did at
POPULATION AFFECT SMALL
the same age. This explains the recent suc-
BUSINESS DEVELOPMENT?
children's
and
stores,
specialty
cess of
refrigerator/microwave combinations for col-
lege students.
Changes in the business environment create
Successful
opportunities for entrepreneurs.
There are more elderly in the population
new businesses are usually created to meet a
They need products and
than ever before.
So, what does
specific need in the society.
services that help them to live full lives.
It
society, or the market, need? Let's start by
is no wonder that the home health care in-
looking at shifts in the general population's
dustry and retirement housing is booming.
age, lifestyle, and racial mix.