This lesson introduces students to the elements of successful business start-ups; the advantages and disadvantages of sole proprietorships, partnerships and corporations; and the methods used by entrepreneurs for funding their businesses.
Entrepreneurship Pathways from Ohio Department of Education
Unit 17: Entrepreneurial Processes
17.1 Identify and explore entrepreneurial opportunities.
17.2 Determine viability of the business opportunity.
17.3 Obtain resources needed for the venture.
17.4 Evaluate options for business involvement.
Distribute Types of Business Organizations handout (or use as a transparency or PowerPoint slide). Review with students the three types of business organizations. Using organizations from your local community, give students examples of each type. Stress that although the corporation is usually used by large businesses, there are many more sole proprietorships than any other type of business organization.
Distribute the Advantages and Disadvantages of Types of Ownership handout (or use as a transparency or PPT slide). Review the information with the students. Emphasize the legal liability, tax obligations and financial responsibilities for the business owner of each type of business organization.
Divide the class into groups. Ask each group to compile a list of questions it would like to ask an entrepreneur about his or her business.
Ask the groups to share their lists. Make the questions visible to the students.
Invite several entrepreneurs to the next class. Try to include entrepreneurs representing the different types of business organizations in the group. Ask each to briefly discuss their business using the first seven questions on the Entrepreneurship Interview Guide. Provide students with time to ask the questions they compiled of each entrepreneur and to record answers on the guide.