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Entrepreneurship Creating a Venture, Second Edition ONTARIO CURRICULUM CORRELATION Entrepreneurial Studies: Venture Planning Grade 12, College BDV4C Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Strand 1 CHALLENGES OF A VENTURE START-UP Overall Expectations • analyse the challenges and opportunities of the start-up phase of a business life cycle • compare the advantages enjoyed by young entrepreneurs with the challenges they face • evaluate the key components, appropriate formats, and presentation styles of venture plans Specific Expectations Start-up Challenges and Opportunities • explain the stages in the life cycle of a business • summarize the factors that contribute to the success or failure of a new venture (e.g., adequacy or inadequacy of capitalization, management and risk-management skills, technological skills and equipment, economic conditions, government policies, effects of globalization) • analyse the conditions (e.g., competitive, economic, demographic) facing ventures starting up in various markets Advantages and Challenges Related to Youth • summarize the advantages and disadvantages experienced by young entrepreneurs because of their youth • describe how young entrepreneurs might benefit from the specific advantages of youth • describe strategies to help entrepreneurs who face challenges because of their youth The Venture Plan • identify and describe the components of a venture plan • compare a number of business plans in terms of their content, thoroughness, clarity, organization, impact, and utility • describe an exemplary venture plan and explain why it is exemplary Textbook Chapter(s) 7, 12 3 7, 11 7 7, 9. 10, 11, 12 8 3 3 3 7, 11 11 (to be developed in workbook) 11 (to be developed in workbook) Page 1 of 7 Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Strand 2 VENTURE CONCEPTION Overall Expectations • summarize entrepreneurial opportunities in their community • evaluate entrepreneurial opportunities in their community in order to select one well suited to their interest, experience, and capabilities • generate ideas that match their selected entrepreneurial opportunity • assess the ideas to select the one most appropriate to a new venture concept • analyse the factors that would influence their selection of a specific venture concept Specific Expectations Identifying Entrepreneurial Opportunities • identify perceived problems in their communities • summarize what many people in their community might need or want • explain how things in their community could be improved • identify community needs, wants, and problems that they think could best be addressed by a not-for-profit venture and explain why they think so Evaluating Opportunities • relate needs, wants, and problems identified in their community to their own experience, knowledge, and abilities to solve or satisfy them • analyse the opportunities for creating a new venture that are most suited to their particular entrepreneurial abilities • assess the size of the potential target market for the new venture • determine the most promising opportunity for the student venture Generating Ideas • identify ways in which creative ideas can be generated (e.g., mind mapping, brainstorming) • describe the situations and conditions in which they tend to be most creative • list possible ideas for the identified opportunity Assessing Ideas • select one idea for a venture that they believe best addresses the identified opportunity • summarize what others think of their idea • determine whether others have tried this idea and evaluate the success of those attempts • describe the potential market for their idea (e.g., composition, size, degree of acceptance of the product or service) • decide whether their idea is feasible, is the best among alternatives, and is consistent with their interests and experience Textbook Chapter(s) 5, 8 8 8 8 7, 8 5, 8 8 5, 8 3 5 8 8 8 5 5 6, 8 8 8, 11 8 8 8 Page 2 of 7 Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective The Venture Concept • compare the various types of ventures (e.g., offering a service compared with producing a good, selling retail compared with selling wholesale) • compare the various forms of business ownership (e.g., sole proprietorship, partnership, corporation, cooperative, franchise) • determine the type of venture and form of business ownership most appropriate to their selected opportunity and idea • describe the elements of a mission statement (e.g., business philosophy, vision, goals, objectives) Page 3 of 7 Textbook Chapter(s) 9 (to be developed in workbook) 9 9 7 Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Strand 3 PREPARING FOR START-UP Overall Expectations • organize the information and sources of information needed for the successful start-up of a new venture • compare the possible sources of financing for their venture • analyse the resource needs of their venture • assess their ability to manage their venture • determine the ancillary requirements of the new venture Specific Expectations Information • establish a network of contacts that can help them collect the information they require for their new venture • identify public and private secondary sources of useful information (e.g., the Yellow Pages, local business directories, the Internet, government and industry statistical reports) • summarize the information they gather from primary and secondary sources Financing • analyse the consequences of overestimating or underestimating the capital needed to launch their venture • estimate the amount of capital that would be required to launch their venture • identify the advantages and disadvantages of various sources of capital for their new venture • propose an effective strategy for raising capital for their venture Resources • determine the human resources (e.g., types of employees) and related supports (e.g., benefit plans, training programs) their venture would require • specify the physical resources their venture would require (e.g., office or work space, equipment, and machinery) • differentiate between the resources required by their venture that are categorized as fixed costs, and those that are variable costs Management • establish clear, measurable, short- and long-term plans for themselves and their venture • describe the style of leadership most appropriate for managing their venture • propose the most productive way to organize the people and tasks for their new venture • describe how people, tasks, and resource use would be supervised effectively • determine the records (including financial records) that should be kept and maintained for their venture Textbook Chapter(s) 8, 11 10 9 9 9,11 8 8, 11 11 10 10 10 10 9 9 9 9, 12 9 9 9 9, 10 Page 4 of 7 Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective • determine how computer software could be used to maintain accurate business records for their venture Legal Requirements • determine the legal requirements and estimated costs of establishing the form of business ownership for their venture (e.g., sole proprietorship, partnership, corporation) • describe the process for registering the business name as required by law • identify municipal requirements regarding possible sites for their venture (e.g., local zoning regulations, licensing requirements, by-laws) • describe how they would obtain patent, copyright, and/or trademark protection • compare the types and costs of insurance available for their venture Textbook Chapter(s) 9 9 5 9 5 9 Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Page 5 of 7 Objective Strand 4 TARGETING CUSTOMERS Overall Expectations • describe the potential customers for their venture • analyse strategies (e.g., pricing, promotion, distribution) for marketing their product or service • analyse the impact of competition on their venture (e.g., on new opportunities, on future growth, on pricing policies) • explain the importance of forecasting sales for various time frames Promotional Strategies • develop an initial promotional strategy to launch their venture • develop a promotional strategy to help them establish and maintain an identity for their venture • evaluate the responses to their strategy in order to determine whether and what changes are necessary Growth Strategies • describe their vision of success for their venture after one year, three years, and five years • compare the advantages and disadvantages of pursuing continuous growth as a goal for a business venture • describe effective growth strategies used by other entrepreneurs • analyse growth strategies that could be incorporated by the new venture (e.g., offering new products or services, developing new pricing policies, finding new channels of distribution) • prepare a cost/benefit analysis of possible expansion strategies (e.g., franchising, acquisition of a competitor’s business, establishing new branches) Textbook Chapter(s) 8 8 8 10 8 (to be developed in workbook) 8 (to be developed in workbook) 11 9, 12 12 12 12 12 Page 6 of 7 Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Strand 5 DEVELOPING A VENTURE PLAN Overall Expectations • produce the production plan, marketing plan, human resources plan, management plan, and financial plan that are most appropriate for the proposed venture Textbook Chapter(s) • incorporate the production plan, marketing plan, human resources plan, management plan, and financial plan in an overall venture plan, using appropriate computer software • summarize the responses to their venture plan from peers, teachers, advisers, relatives, community members, potential investors or lenders, and experts in the field • assess the probability of the new venture’s success on the basis of a revised and final venture plan Specific Expectations Developing the Plan • determine the components of their venture plan • develop the appropriate production, marketing, human resources, management, and financial components of their venture plan Drafting the Plan • compare models of venture-planning frameworks • compare various types of computer software developed to assist venture planning • generate a draft version of their venture plan using appropriate software Evaluating the Plan • identify the individuals in their school or community who could assess their venture plan (e.g., peers, teachers, advisers, investors, bankers, relatives • organize ways for selected individuals to respond to their venture plan • determine the revisions that should be made to their venture plan on the basis of their responses Producing the Plan • produce a revised and final version of their venture plan • determine whether or not they will pursue the venture, in light of their evaluation 11 7, 8, 9, 10, 11 11 11 7, 11 7, 8, 9, 10, 11 11 (to be developed in workbook) 11 11 8, 11 11 11 11 11 Page 7 of 7