Business Education

Entrepreneurship in Business Education

Business Education Standards  December 9, 2021 – 06:38 am
School on entrepreneurship

ENTREPRENEURSHIP focuses on recognizing a business opportunity, starting a business based on the recognized opportunity, and operating and maintaining that business. All students benefit from developing an appreciation for and understanding of entrepreneurship in our economy: most of the jobs (both professional and technical) created in recent years have been in the small business sector. Forecasts indicate that this trend will continue.

Entrepreneurial skills are necessary not only for students who will become entrepreneurs, but also for individuals working in the increasingly competitive corporate world. Entrepreneurship is a natural fit for business education because entrepreneurship integrates the functional areas of business—accounting, finance, marketing, and management—and the legal and economic environments in which any new venture operates.

Today, entrepreneurial ventures are particularly impacted by the development of technology and by the Internet and the rise of e-commerce. These updated standards reflect this impact with their inclusion of performance expectations related to

  • recognizing the importance of technology to business operations and performance;
  • surveying the range of electronic tools now available for business record keeping; and
  • using interactive Internet technologies (blogs, webcasts, etc.) to identify and solve various business problems, including developing a business “presence” on the Internet.

As As indicated in these standards, instruction in entrepreneurship begins with developing an appreciation for the “entrepreneurial mindset” and for the fundamentals of beginning a new business venture in students in intermediate and middle school grades, and then advancing to more abstract applications at the upper educational levels. Considering the ever-changing nature of the workplace, few subjects provide knowledge that is more valuable to all students across all curriculum areas, regardless of their career orientation

I. Entrepreneurs and Entrepreneurial Opportunities
Achievement Standard: Recognize that entrepreneurs possess unique characteristics and evaluate the degree to which one possesses those characteristics.

II. Marketing
Achievement Standard: Analyze customer groups and develop a plan to identify, reach, and keep customers in a specific target market.

III. Economics
Achievement Standard: Apply economic concepts when making decisions for an entrepreneurial venture.

IV. Finance
Achievement Standard: Use the financial concepts and tools needed by the entrepreneur in making business decisions.

V. Accounting
Achievement Standard: Recognize that entrepreneurs must establish, maintain, and analyze appropriate records to make business decisions.

VI. Management
Achievement Standard: Develop a management plan for an entrepreneurial venture.

VII. Global Markets
Achievement Standard: Analyze the effect of cultural differences, export/import opportunities, and trends on an entrepreneurial venture in the global marketplace.

VIII. Legal
Achievement Standard: Analyze how forms of business ownership, government regulations, and business ethics affect entrepreneurial ventures.

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