Inside The Vault Entrepreneurship Lesson Plan

Inside the Vault EntrepreneurshipLesson PlanObjectivesAt the end of this lesson, the students will be able to assess:¾¾the life and work of an entrepreneur from the list of famous entrepreneurs provided,anda list of entrepreneurial traits and characteristics that foster self-worth and individualism.Economic Standards Addressed¾Standard 1 description: Productive resources are limited. People, therefore, cannothave all the goods and services they want; as a result, they must choose some things andgive up others.Content Keywords: scarcity, choice, goods, services, wants, opportunity cost,consumers, productive resources, natural resources, human resources, capital resources,human capital, entrepreneurs, producers.¾Standard 4 description: People respond predictably to positive and negative incentives.Content Keywords: incentives, choice.¾Standard 6 description: When individuals, regions and nations specialize in what theycan produce at the lowest cost and then trade those goods with others, both productionand consumption increase.Content Keywords: specialization, gains from trade, comparative advantage, absoluteadvantage, investment in human capital, division of labor, productivity, interdependence,relative prices, productive resources, transaction costs, factor endowments.Materials¾¾¾¾Handout I: Pretest survey on attitudesHandout II: A List of Famous EntrepreneursOverhead Master: Entrepreneurial TraitsGrading Rubric to evaluate and score each student’s five-minute oral presentationStudent Activities¾Students will be given a pretest survey on their attitudes toward work andentrepreneurship to help them to realize the characteristics needed for entrepreneurship.(See Handout I.)Inside the VaultFall 2004Page 1 of 2

Inside the Vault Entrepreneurship¾The teacher can initiate the lesson using this definition of entrepreneurship:An entrepreneur is an innovator who establishes a new business offering new orexisting products or services for the reward of profit. Entrepreneurs have strongbeliefs about market opportunities and willingly accept a high level of personal,professional and financial risk. An entrepreneur possesses a variety of differentcharacteristics that provide a skill set for achieving success and a high level ofreward.¾Compare the items on the pretest survey to the definition listed above, and then help thestudents gauge their own interest in entrepreneurship.¾The Overhead Master: Entrepreneurial Traits will assist the teacher in helping studentsfocus on the nature of entrepreneurship. Drawing attention to the pretest survey items,students will gain understanding of the nature of those individuals in our economy thatinnovate and take risks so that products and services are offered in our economy.¾Students will select a name from Handout II: A List of Famous Entrepreneurs, whichcontains a list of well-known firms and their original owner. Then they will prepare afive-minute oral presentation on this entrepreneur.¾Key Components of the Assignment:o This assignment will require library and/or Internet research.o Encourage the students to use visual aids, including the product itself or a facsimile.o Students should stress the particular trait or characteristic that was dominant in theentrepreneur they chose.o Students should include an annotated list of all research materials used in theirpresentations.¾Use a grading rubric (like the one suggested) to assess the students’ presentations.Suggested Websites¾¾¾¾Famous Entrepreneurs: eneurs/Famous Inventors: http://inventors.about.com/library/bl/bl1 1.htmSuccess Stories: An Annotated Bibliography of Famous eurs.shtmlBiography.com: http://www.biography.com/search/index.jspInside the VaultFall 2004Page 1 of 2

Inside the Vault EntrepreneurshipHandout I—A Pretest SurveyName:Date:Mark your choice according to the legend below. Please answer these questions honestly; thereis really no right or wrong answer.Strongly Agree (SA)Agree (A)Strongly Disagree (SD)Disagree (D)No Opinion (NO)SAANO SDDI enjoy working hard in order to achieve my goals.Most businesses are started by knowledgeable people.Entrepreneurs need a creative skill to find workablesolutions.Never showing discouragement is the mark of a successfulentrepreneur.I feel that I am aggressive in acting on my ideas.I usually have good concentration and am not easilydistracted.Self discipline is one of my strong points.I feel best when I am in control of the game, discussion orsituation.Job security will be an important concept in my future.I like it when my ideas are used by others.I feel good about risk-taking.I love to work long hours if I know that I will benefit.I can handle pressure.I don't often engage in risky behaviors.I usually take responsibility for my actions.Family life is an important idea for me.I feel that I am self-motivated.Inside the VaultFall 2004Page 1 of 2

Inside the Vault EntrepreneurshipStrongly Agree (SA)Agree (A)Strongly Disagree (SD)Disagree (D)No Opinion (NO)SAANO SDDI feel that I can easily get along with others.I often encourage others to do their best.I possess some technical ability to start my own business.I am loyal to my family and friends.I have the mental drive to succeed.I have the physical drive to succeed.I have self-confidence in my own abilities.Innovation is the key to success in a business.I prefer to work for myself.I have the talent to analyze complex situations and drawlogical conclusions.I enjoy working for someone else.I can clearly focus on my goals and objectives.Part of success in business is pure luck.Problems for me are a challenge rather than a frustration.I like being a winner in the spotlight.I like interaction with people of all ages.I want to own and operate my own business in the future.Inside the VaultFall 2004Page 1 of 2

Inside the Vault EntrepreneurshipHandout II: A List of Famous EntrepreneursAll of the people listed below have a unique history, By studying their lives, we can discover thetraits that made them successful entrepreneurs; they can become role models we can follow.Choose one of these business people and be prepared to present a five-minute oral report on thisperson’s life and the characteristics he or she used to become successful. Think about the:¾ product or service,¾ costs and method of production, and¾ market served.Entrepreneur’s NameJeff BezosJay Van AndeAlphonse BuschSteve WozniakSteven JobsThomas ArmstrongA. P. GianniniP. T. BarnumOlive BeechWilliam E. BoeingMichael DellWalt DisneyThomas MonaghanDonald W DouglasSteven SpielbergBill RosenbergGeorge EastmanPierre OmidyarEstee LauderWilly AmosWilliam FarahFred SmithHenry FordAlfred P. SloanKing GilletteGloria VanderbiltJoyce HallMilton HersheyDavid HewlettThomas WatsonThomas Watson, Sr.Inside the VaultFirmAmazon.comAmwayAnheuser BuschApple ComputerApple ComputerArmstrong Floor and TileBank of AmericaBarnum & Bailey CircusBeech AircraftBoeing AircraftDell ComputersDisney StudiosDomino's PizzaDouglas AircraftDreamWorks StudioDunking DonutsEastman KodakEBayEstee Lauder CosmeticsFamous Amos CookiesFarah Men’s WearFederal ExpressFord Motor CompanyGeneral MotorsGillette RazorsGloria Vanderbilt EnterprisesHallmark CardsHershey ChocolateHewlett PackardIBMIBMFall 2004Page 1 of 2

Inside the Vault EntrepreneurshipEntrepreneur’s NameGordon MooreJohn JohnsonDonna KaranHarlan SandersPaul OrfaleaBud HadfieldLevi StraussLiz ClaiborneLockheed BrothersJ. W. MarriottMartha StewartMary Kay AshRay KrocJames McDonnellBill GatesPaul AllenJohn QueenyBerry GordyDebbie FieldsRobert PittmanEdwin LandDavid SarnoffRichard W. SearsHerb KelleherJohn D. RockefellerHoward SchultzFred DeLucaCarl SwansonCharles TandyAnita RoddickHenry LuceDonald TrumpTed TurnerJames CaseyAndrew CarnegieAl NeuharthRichard BransonRobert VlasicSam Moore WaltonWayne HuizengaJean NidetchInside the VaultFirmIntelJohnson Publishing (Ebony Magazine)Karan FashionsKentucky Fried ChickenKinko’s CopyingKwik KopyLevi Strauss & Co.Liz Claiborne ClothingLockheed AircraftMarriott HotelsMartha Stewart. Inc.Mary Kay oft, Charter CommunicationsMonsantoMotown RecordsMrs. Fields CookiesMTVPolaroid CameraRCASearsSouthwest AirlinesStandard OilStarbucksSubwaySwanson Frozen FoodsTandy / Radio ShackThe Body ShopTime/ LifeTrump EnterprisesTurner Broadcasting, CNNUPSUS SteelUSA TodayVirgin AtlanticVlasic PicklesWal-MartWaste Management, Blockbuster VideoWeight WatchersFall 2004Page 1 of 2

Inside the Vault EntrepreneurshipEntrepreneurial Traits¾ Independence the desire to be your own boss.¾ Self Discipline the way we train ourselves to meet certain goals.¾ Concentration “sticking” it out through distractions to get the job done.¾ Persistence never showing discouragement, always thinking of new ways to approacha problem and acting on your ideas.¾ Creativity the ability to come up with clever, workable solutions.¾ Businesslike Attitude possessing the knowledge of your chosen business and havingthe savvy to conduct business.¾ Hard Work being capable of doing the work and enjoying it.¾ Motivation the mental and physical drive to succeed, to accomplish chosen tasks onyour own terms.¾ Confidence having a firm belief in your own capabilities and your chances of success.¾ Willingness to Take Risk the readiness to sacrifice your own security, if need be, inorder to accomplish your goals.¾ Human-Relation Skills the ability to get along with others, to inspire cooperation,confidence and loyalty¾ Communication Skills the ability to express yourself and to understand others so thatideas can be shared.¾ Technical Ability the expertise to produce the goods and services of your business.¾ Ability to Make Decisions the talents to analyze complex situations and drawconclusions that will make the business succeed.Inside the VaultFall 2004Page 1 of 1

Inside the Vault EntrepreneurshipGrading Rubic Oral PresentationsFamous EntrepreneursStudent’s Name:Entrepreneur Selected:Grade Awarded:Item/Skill EvaluatedPresentation skillsScoreCommentsAssessment of visual(s)usedConnection tocharacteristics discussedList of ResearchMaterials submittedQuality of ResearchOverall PresentationInside the VaultFall 2004Page 1 of 1

Inside the Vault Entrepreneurship Inside the Vault Fall 2004 Page 1 of 2 ¾ The teacher can initiate the lesson using this definition of entrepreneurship: An entrepreneur is an innovator who establishes a new business offering new or existing products or services for the reward of profit. Entrepreneurs have strong beliefs about market opp