Topic: Planning a Business

Prescribed Learning Outcomes:

Business Communication

It is expected that students will:

• make a presentation for a specific audience using appropriate communication skills to resolve business issues
• apply interpersonal and teamwork skills to generate alternative solutions to business problems or challenges

Finance

It is expected that students will:

• demonstrate a variety of ways to solve financial problems

Marketing

It is expected that students will:

• describe and evaluate the marketing mix for a variety of products
• outline factors contributing to product value
• create and implement a marketing plan for a product or service

Entrepreneurship

It is expected that students will:

• design, implement, and evaluate a business plan
• assess personal attributes that relate to entrepreneurship and entrepreneurial activity in business

OVERVIEW

The teacher organized a unit to introduce students to the requirements for business plans. Groups of students explored the characteristics and skills of entrepreneurs, and developed business plans. The unit also provided opportunities to evaluate group communication skills. Evaluation was based on:

• group business plans and personal contributions to the business plans
• student self-assessments and reflections

PLANNING FOR ASSESSMENT AND EVALUATION

• The teacher provided several examples of business plans and asked students to gather more examples from a variety of community sources. In groups, students examined the business plans, identified the common elements, and developed checklists to use for developing their own business plans. The class then discussed and agreed upon a rating scale to be used in evaluation.

• Students worked in their groups to research entrepreneurs. They collected a variety of resources, including books about starting your own business and materials from banks and other community, government, and business-related organizations (e.g., Business Development Bank of Canada, chambers of commerce, Internet forums). Each group used the information they found to develop a chart of entrepreneurial skills and qualities. They then located and interviewed entrepreneurs to find out how these skills and qualities applied to everyday business tasks.

• Each group brainstormed ideas and chose a business venture to simulate. Each conducted research to determine the viability of the venture, then divided responsibilities among members to gather information required to develop a business plan. Groups met regularly to plan, to share research and ideas, and to solve problems. Students kept daily logs of their groups' progress as well as their own contributions to the process.

DEFINING THE CRITERIA

The teacher reviewed the prescribed learning outcomes, explained the requirements of each task, and discussed the key criteria with students.

Business Plan

Group

To what extent is the group able to:

• use an appropriate business plan format
• include all appropriate elements of a business plan, including:
  • title page
  • executive summary
  • table of contents
  • introduction
  • business concept, marketing, finances, and operations sections
• include appropriate information and detail about the business venture in terms of the business concept, the marketing plan, finances, and operations

To what extent is the student able to:

• complete the requirements for a specific role in developing the group business plan

Student Self-Assessment and Reflection

Students completed self-assessments of their performance using relevant criteria from the business plan evaluations. They also assessed their contributions to the group process, and developed lists of their personal skills and abilities that related to entrepreneurship.

ASSESSING AND EVALUATING STUDENT PERFORMANCE

The teacher used the criteria generated by the class to develop a rating scale to assess group and individual student work and for students to use in self-assessment. All assessments used the following key:

Outstanding : Goes beyond the requirements of the task. The information is complete, clearly presented, valid, and accurate. Details and graphics enhance meaning.

Good : Shows a strong understanding of the requirements of the task. Information is relevant, appropriate, and clearly expressed. Details and graphics enhance meaning.

Satisfactory : Shows understanding of the requirements of the task. Information is relevant and appropriate but may be vague or repetitious. Includes details and graphics that may not link directly to the intent.

Needs Improvement : Not demonstrated. No evidence that criteria were met.

Business Plan

The teacher used the rating scale to assign group scores for the presentation and content of the business plans, as well as to provide individual students with evaluations of their work on the business plans, and as the basis for conferences with students and parents.

Student Self-Assessment and Reflection

The students used the rating scale for self-assessment and completed a Self-Assessment of Entrepreneurship sheet provided by the teacher. Students drew examples from the business plans and their daily logs to justify the scores they assigned themselves.

Business Plan

Criteria	Person Responsible	Rating	Comment
Presentation: follows appropriate format and includes all business plan elements
professional looking: neat word processing; graphs, tables, and charts are well integrated
is appropriate for a business audience
Content: Title Page includes name of company, location, contact person, phone, and fax numbers, as well as group participants.
Executive Summary provides brief overall picture of the project, business structure, and goal of the business.
Table of Contents is complete.
Introduction includes the purpose of the business, goal of the business, a description of the products and services the business offers, why the business is important, and expectations for success.
The Business Concept answers the question: "What will you sell?" Includes basic descriptions of the product or service, the structure of the business, an industry profile, and the business goals.
Marketing answers the question: "How will you reach your buyers?" Includes information about the market area; an estimate of the market share; the business location; target market profile; competition profile; methods of selling; price and pricing; servicing and guarantees; image; and advertising, promotion, and publicity.
Finance answers the question: "Will you make money?" Includes a financial plan, information about estimated market share, sales forecast, costs of supplies and materials, operating expenses (labour and non-labour), capital investment, start-up expenses, cash flow, balance sheet (net worth), and sources and uses of financing.
Operations answers the question: "How will the business be run?" Includes information about location (not related to marketing), premises and facilities, equipment and methods, materials, supplies and sources, key personnel and staff, professional services and resources, management and training, and short- and long-range plans.

Self-Assessment of Entrepreneurship

Entrepreneurial skill/description:	How I demonstrated it in this project	My plans for improvement
Two things I enjoyed about this project were________________________________________________________ _______________________________________ because _____________________________________________ ___________________________________________________________________________________________.   One thing I would do differently next time is________________________________________________________ ___________________________________________________________________________________________ I would change it by __________________________________________________________________________ ___________________________________________________________________________________________.

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