Thinking like an Entrepreneur

Lesson Content

• Lesson Plan Template:

  CTE Lesson Plan

• CTE Course Info and Benchmark Notes

  
  

  CTE-BUS.912.8215120.15.8 Develop a business plan

• Unit Outline

  
  

  This lesson is designed to be used with the case study, "The Story of Kalpavriksha." See CPALMS resource ID 214860.

• Career Connection

  
  

  This lesson is designed to prepare students for careers in any business sector, by emphasizing the importance of a sound business strategy. Through group discussions and presentations, students will learn to appreciate the significance of determining the right number of team members, understanding their responsibilities, and assessing the strengths and weaknesses of the business, along with discussing the overall strategy. Moreover, presenting their findings will help enhance their communication skills.

• Learning Objectives

  
  

  Students will be able to:

  1. Examine the case and explore different strategic approaches for the business.
  2. Work collaboratively to create and revise a business plan using constructive feedback.
  3. Design and present the business plan and evaluate the effectivness of the presentation.

• Prior Knowledge

  
  

  It will be beneficial if students are familiar with:

  1. Basic concept of management.
  2. Basic concept of business plan.
  3. Importance of strategy for business.
  4. Creating digital presentations.

• Guiding Questions

  
  
  1. What factors should be considered when starting a business?
  2. Why is a good business plan important for the success of any business?

• Procedure

  
  
  1. The teacher will begin the class by introducing key terms such as business, business plan, team formation, strategy and actions and risk in business. The teacher will say each term aloud, encouraging students to reply with their understandings of each term. A few students will be invited to share. If other students want to add to or counter a peer’s interpretation or definition, they will be encouraged to do so. At the end, the teacher will provide the meanings of the words.
  2. Following this, the teacher will pose a question to the students:
     • What are the potential risks that new businesses can face in their starting days?
     • As students share various ideas, this discussion will lay a solid foundation for the case study.
  3. Students will form their own groups, with each group consisting of no more than five members, to develop a business plan together. The teacher may rearrange students as needed and distribute printed copies of the case study, "The Story of Kalpavriksha," (see CPALMS Resource ID # 214860) for everyone to read individually. The teacher will initiate the discussion by asking, "What could the friends have done differently when developing the initial business plan?" Students will be allowed to share their thoughts.
  4. Each group will be tasked with selecting a fruit or vegetable of their choice, imagining that they are launching a business with that product and the group members are partners. The teacher will distribute the attached business plan worksheet where students will need to address the following:
     • Give the name of your business.
     • Define the team composition and outline the roles and responsibilities of each member.
     • Develop a business strategy. Discuss and write a strategic overview and at least two key actions to ensure success.
     • Identify any limitations and propose potential solutions that could contribute to the success of the business.
  5. Once the group discussions are complete, each group will be asked to present their findings digitally. The groups will create a presentation addressing the following questions. To manage time, the teacher will instruct students to limit their presentations to 5 slides:
     • Introduction/Front page
     • What are the roles of each team member?
     • What are two key strategies your group discussed?
     • What potential limitation and solution did your group identify?
     • Concluding slide.
     • By the end of this activity, several business ideas, strategies, and limitations will be shared.
  6. Once all presentations are completed, the teacher will ask students to provide feedback on each business presentation, thinking about how well the businesses were presented and how persuaded someone might be to invest in or support their business. Student feedback should include compliments (areas of strength, positive feedback) and questions (targeting information that might be missing, ideas to inlcude different information, questions about the business and so forth).
     • At least one student from each group, more is better, will then share why they found it persuasive, helping them understand the entrepreneurial way of thinking.
     • Teachers will ask the class to discuss what made a each presentation effective and the factors contributing to its effectiveness.
  7. With many ideas circulating at this stage, the teacher will encourage each group to consider whether they wish to revise anything in their initial business plan. Each group will meet to make revisions to be turned in and discussed in the next class period. Students will address the following questions in their revision:
     • Which strategy did you decide to add, and why did you think adding that would be helpful for your business?
     • This exercise will help students understand the core concepts of the lesson, particularly the importance of thinking like an entrepreneur and the need to adapt based on new insights for business success.

• Teacher Notes

  
  
  • Students will be reminded to respect their peers opinions and to maintain a professional tone in their communications, even if the discussion brings disagreements.
  • This lesson can be divided over 2 class period.