The National Content Standards for Entrepreneurship Education- Detail

Copyright © 2004 by the Consortium for Entrepreneurship Education

Copyright NoticeThe National Content Standards for Entrepreneurship Education and related Toolkit are the property of the Consortium for Entrepreneurship Education. Individuals and organizations interested in developing new products, programs and initiatives to support entrepreneurship education are granted permission to download, copy, and use all or parts of the Standards and Toolkit on the condition that credit is given to: The Consortium for Entrepreneurship Education, Columbus, Ohio www.entre-ed.org

Copyright © 2004 by the Consortium for Entrepreneurship Education

Entrepreneurial SkillsThe Processes and Traits/Behaviors associated with entrepreneurial success.

A Entrepreneurial ProcessesUnderstands concepts and processes associated with successful entrepreneurial performance

DiscoveryA.01 Explain the need for entrepreneurial discoveryA.02 Discuss entrepreneurial discovery processesA.03 Assess global trends and opportunitiesA.04 Determine opportunities for venture creationA.05 Assess opportunities for venture creationA.06 Describe idea-generation methodsA.07 Generate venture ideasA.08 Determine feasibility of ideasConcept DevelopmentA.09 Describe entrepreneurial planning considerationsA.10 Explain tools used by entrepreneurs for venture planningA.11 Assess start-up requirementsA.12 Assess risks associated with ventureA.13 Describe external resources useful to entrepreneurs during concept developmentA.14 Assess the need to use external resources for concept development

A.15 Describe strategies to protect intellectual property

A.16 Use components of a business plan to define venture ideaResourcingA.17 Distinguish between debt and equity financing for venture creationA.18 Describe processes used to acquire adequate financial resources for venture creation/start-upA.19 Select sources to finance venture creation/start-upA.20 Explain factors to consider in determining a venture's human-resource needsA.21 Describe considerations in selecting capital resourcesA.22 Acquire capital resources needed for the ventureA.23 Assess the costs/benefits associated with resourcesActualizationA.24 Use external resources to supplement entrepreneur's expertiseA.25 Explain the complexity of business operationsA.26 Evaluate risk-taking opportunitiesA.27 Explain the need for business systems and proceduresA.28 Describe the use of operating proceduresA.29 Explain methods/processes for organizing work flowA.30 Develop and/or provide product/serviceA.31 Use creativity in business activities/decisionsA.32 Explain the impact of resource productivity on venture successA.33 Create processes for ongoing opportunity recognitionA.34 Adapt to changes in business environmentHarvestingA.35 Explain the need for continuation planningA.36 Describe methods of venture harvestingA.37 Evaluate options for continued venture involvementA.38 Develop exit strategies

BEntrepreneurial Traits/BehaviorsUnderstands the personal traits/behaviors associated with successful entrepreneurial performance

LeadershipB.01 Demonstrate honesty and integrityB.02 Demonstrate responsible behaviorB.03 Demonstrate initiativeB.04 Demonstrate ethical work habitsB.05 Exhibit passion for goal attainmentB.06 Recognize others' effortsB.07 Lead others using positive statementsB.08 Develop team spiritB.09 Enlist others in working toward a shared visionB.10 Share authority, when appropriateB.11 Value diversityPersonal AssessmentB.12 Describe desirable entrepreneurial personality traitsB.13 Determine personal biases and stereotypesB.14 Determine interestsB.15 Evaluate personal capabilitiesB.16 Conduct self-assessment to determine entrepreneurial potentialPersonal ManagementB.17 Maintain positive attitudeB.18 Demonstrate interest and enthusiasmB.19 Make decisionsB.20 Develop an orientation to changeB.21 Demonstrate problem-solving skillsB.22 Assess risksB.23 Assume personal responsibility for decisionsB.24 Use time-management principlesB.25 Develop tolerance for ambiguityB.26 Use feedback for personal growthB.27 Demonstrate creativityB.28 Set personal goals

Ready SkillsThe basic business knowledge and skills that are prerequisites

or co-requisites for becoming a successful entrepreneur.

C Business FoundationsUnderstands fundamental business concepts that affect business decision making

Business ConceptsC.01 Explain the role of business in societyC.02 Describe types of business activitiesC.03 Explain types of businessesC.04 Explain opportunities for creating added valueC.05 Determine issues and trends in businessC.06 Describe crucial elements of a quality culture/continuous quality improvementC.07 Describe the role of management in the achievement of qualityC.08 Explain the nature of managerial ethicsC.09 Describe the need for and impact of ethical business practicesBusiness ActivitiesC.10 Explain marketing management and its importance in a global economy

C.11 Describe marketing functions and related activitiesC.12 Explain the nature and scope of operations managementC.13 Explain the concept of managementC.14 Explain the concept of financial managementC.15 Explain the concept of human resource managementC.16 Explain the concept of risk managementC.17 Explain the concept of strategic management

D Communications and Interpersonal SkillsUnderstands concepts, strategies, and systems needed to interact effectively with others

Fundamentals of CommunicationD.01 Explain the nature of effective communicationsD.02 Apply effective listening skillsD.03 Use proper grammar and vocabularyD.04 Reinforce service orientation through communicationD.05 Explain the nature of effective verbal communicationsD.06 Address people properlyD.07 Handle telephone calls in a businesslike mannerD.08 Make oral presentationsD.09 Explain the nature of written communicationsD.10 Write business lettersD.11 Write informational messagesD.12 Write inquiriesD.13 Write persuasive messagesD.14 Prepare simple written reportsD.15 Prepare complex written reportsD.16 Use communications technologies/systems (e.g., e-mail, faxes, voice mail, cell phones, etc.)Staff CommunicationsD.17 Follow directionsD.18 Explain the nature of staff communicationD.19 Give directions for completing job tasksD.20 Conduct staff meetingsEthics in CommunicationD.21 Respect the privacy of othersD.22 Explain ethical considerations in providing informationGroup Working RelationshipsD.23 Treat others fairly at workD.24 Develop cultural sensitivityD.25 Foster positive working relationshipsD.26 Participate as a team memberDealing with ConflictD.27 Demonstrate self controlD.28 Show empathy for othersD.29 Use appropriate assertivenessD.30 Demonstrate negotiation skillsD.31 Handle difficult customers/clientsD.32 Interpret business policies to customers/clientsD.33 Handle customer/client complaintsD.34 Explain the nature of organizational changeD.35 Describe the nature of organizational conflictD.36 Explain the nature of stress management

E Digital SkillsUnderstands concepts and procedures needed for basic computer operations

Computer BasicsE.01 Use basic computer terminologyE.02 Apply basic commands of operating system software

E.03 Employ desktop operating skills

E.04 Determine file organizationE.05 Demonstrate system utilities for file managementE.06 Compress or alter filesE.07 Use reference materials to access informationE.08 Use menu systemsE.09 Use control panel componentsE.10 Access data through various computer drivesComputer ApplicationsE.11 Demonstrate basic search skills on the WebE.12 Evaluate credibility of Internet resourcesE.13 Demonstrate file management skillsE.14 Communicate by computerE.15 Solve routine hardware and software problemsE.16 Operate computer-related hardware peripheralsE.17 Explain the nature of e-commerceE.18 Describe the impact of the Internet on businessE.19 Develop basic website

FEconomicsUnderstands the economic principles and concepts fundamental to entrepreneurship/small-business ownership

Basic ConceptsF.01 Distinguish between economic goods and servicesF.02 Explain the factors of productionF.03 Explain the concept of scarcityF.04 Explain the concept of opportunity costsF.05 Describe the nature of economics and economic activitiesF.06 Determine forms of economic utility created by business activitiesF.07 Explain the principles of supply and demandF.08 Describe the concept of priceCost-Profit RelationshipsF.09 Explain the concept of productivityF.10 Describe cost/benefit analysisF.11 Analyze the impact of specialization/division of labor on productivityF.12 Explain the concept of organized labor and businessF.13 Explain the law of diminishing returnsF.14 Describe the concept of economies of scaleEconomic Indicators/TrendsF.15 Explain measures used to analyze economic conditionsF.16 Explain the nature of the Consumer Price IndexF.17 Explain the concept of Gross Domestic ProductF.18 Determine the impact of business cycles on business activitiesEconomic SystemsF.19 Explain the types of economic systemsF.20 Describe the relationship between government and businessF.21 Assess impact of government actions on business venturesF.22 Explain the concept of private enterprise

F.23 Assess factors affecting a business's profitF.24 Determine factors affecting business riskF.25 Explain the concept of competitionF.26 Describe types of market structuresF.27 Determine the impact of small business/entrepreneurship on market economiesInternational ConceptsF.28 Explain the nature of international tradeF.29 Describe small-business opportunities in international tradeF.30 Determine the impact of cultural and social environments on world tradeF.31 Explain the impact of exchange rates on tradeF.32 Evaluate influences on a nation's ability to trade

G Financial LiteracyUnderstands personal money-management concepts, procedures, and strategies

Money BasicsG.01 Explain forms of financial exchange (cash, credit, debit, etc.)G.02 Describe functions of money (medium of exchange, unit of measure, store of value)

G.03 Describe the sources of income (wages/salaries, interest, rent, dividends, transfer payments, etc.)

G.04 Recognize types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.)

G.05 Read and interpret a pay stubG.06 Explain the time value of moneyG.07 Describe costs associated with creditG.08 Explain legal responsibilities associated with use of moneyG.09 Use money effectivelyFinancial ServicesG.10 Describe services provided by financial institutionsG.11 Explain legal responsibilities of financial institutionsG.12 Explain costs associated with use of financial servicesG.13 Select financial institutionG.14 Open account with financial institutionPersonal Money ManagementG.15 Set financial goalsG.16 Develop savings planG.17 Develop spending planG.18 Make deposits to and withdrawals from accountG.19 Complete financial instrumentsG.20 Maintain financial recordsG.21 Read and reconcile financial statementsG.22 Correct errors with accountG.23 Explain types of investmentsG.24 Invest moneyG.25 Develop personal budgetG.26 Build positive credit historyG.27 Improve/repair creditworthiness

H Professional DevelopmentUnderstands concepts and strategies needed for career exploration, development, and growth

Career PlanningH.01 Evaluate career opportunities based on current/future economyH.02 Analyze employer expectations in the business environmentH.03 Explain the rights of workersH.04 Select and use sources of career information

H.05 Determine tentative occupational interestH.06 Explain employment opportunities in entrepreneurshipJob-Seeking SkillsH.07 Utilize job-search strategiesH.08 Complete a job applicationH.09 Interview for a jobH.10 Write a follow-up letter after job interviewsH.11 Write a letter of applicationH.12 Prepare a résuméH.13 Describe techniques for obtaining work experience (e.g., volunteer activities, internships)H.14 Explain the need for ongoing education as a workerH.15 Explain possible advancement patterns for jobsH.16 Determine skills needed to enhance career progression

H.17 Utilize resources that can contribute to professional development (e.g., trade journals/ periodicals, professional/trade associations, classes/seminars, trade shows, and mentors)

H.18 Use networking techniques for professional growth

Business FunctionsThe business activities performed by entrepreneurs in managing the business.

I Financial ManagementUnderstands the financial concepts and tools used in making business decisions

AccountingI.01 Explain accounting standards (GAAP)I.02 Prepare estimated/projected income statementI.03 Estimate cash-flow needsI.04 Prepare estimated/projected balance sheetI.05 Calculate financial ratiosI.06 Determine and deposit payroll taxesI.07 File tax returnsFinanceI.08 Explain the purposes and importance of obtaining business creditI.09 Make critical decisions regarding acceptance of bank cardsI.10 Establish credit policiesI.11 Develop billing and collection policiesI.12 Describe use of credit bureausI.13 Explain the nature of overhead/operating expensesI.14 Determine financing needed to start a businessI.15 Determine risks associated with obtaining business creditI.16 Explain sources of financial assistanceI.17 Explain loan evaluation criteria used by lending institutionsI.18 Select sources of business loansI.19 Establish relationship with financial institutionsI.20 Complete loan application processI.21 Determine business's valueMoney ManagementI.22 Establish financial goals and objectivesI.23 Develop and monitor budgetI.24 Manage cash flowI.25 Explain the nature of capital investmentI.26 Foster a positive financial reputationI.27 Implement procedures for managing debt

I.28 Supervise/implement regular accounting procedures and financial reports

JHuman Resource ManagementUnderstands the concepts, systems, and strategies needed to acquire, motivate, develop, and terminate staff

OrganizingJ.01 Develop a personnel organizational planJ.02 Develop job descriptionsJ.03 Develop compensation plan/incentive systemsJ.04 Organize work/projects for othersJ.05 Delegate responsibility for job tasksStaffingJ.06 Determine hiring needsJ.07 Recruit new employeesJ.08 Screen job applications/résumésJ.09 Interview job applicantsJ.10 Select new employeesJ.11 Negotiate new-hire's salary/payJ.12 Dismiss/Fire employeeTraining/DevelopmentJ.13 Orient new employees (management's role)J.14 Conduct training class/programJ.15 Coach employeesMorale/MotivationJ.16 Exhibit leadership skillsJ.17 Encourage team buildingJ.18 Recognize/reward employeesJ.19 Handle employee complaints/grievancesJ.20 Ensure equitable opportunities for employeesJ.21 Build organizational cultureAssessmentJ.22 Assess employee moraleJ.23 Provide feedback on work effortsJ.24 Assess employee performanceJ.25 Take remedial action with employeeJ.26 Conduct exit interviews

KInformation ManagementUnderstands the concepts, systems, and tools needed to access, process, maintain, evaluate, and disseminate information for business decision-making

Record keepingK.01 Explain the nature of business recordsK.02 Maintain record of daily financial transactionsK.03 Record and report sales taxK.04 Develop payroll record keeping systemK.05 Maintain personnel recordsK.06 Maintain customer recordsTechnologyK.07 Explain ways that technology impacts businessK.08 Use Personal Information Management/Productivity applicationsK.09 Demonstrate writing/publishing applicationsK.10 Demonstrate presentation applicationsK.11 Demonstrate database applicationsK.12 Demonstrate spreadsheet applicationsK.13 Demonstrate collaborative/groupware applicationsK.14 Determine venture's technology needs

Information AcquisitionK.15 Select sources of business start-up informationK.16 Conduct an environmental scan to obtain marketing informationK.17 Monitor internal records for marketing informationK.18 Determine underlying customer needs/frustrations

LMarketing ManagementUnderstands the concepts, processes, and systems needed to determine and satisfy customer needs/wants/expectations, meet business goals/objectives, and create new product/service ideas

Product/Service CreationL.01 Explain methods to generate a product/service ideaL.02 Generate product/service ideasL.03 Assess opportunities for import substitutionL.04 Determine product/service to fill customer needL.05 Determine initial feasibility of product/service ideasL.06 Plan product/service mixL.07 Choose product nameL.08 Determine unique selling propositionL.09 Develop strategies to position product/serviceL.10 Build brand/imageL.11 Evaluate customer experienceMarketing-information ManagementL.12 Explain the concept of market and market identificationL.13 Describe the role of situation analysis in the marketing-planning processL.14 Determine market segmentsL.15 Select target marketsL.16 Conduct market analysisL.17 Explain the concept of marketing strategiesL.18 Describe the nature of marketing planningL.19 Set a marketing budgetL.20 Develop marketing planL.21 Monitor and evaluate performance of marketing planPromotionL.22 Describe the elements of the promotional mixL.23 Calculate advertising media costsL.24 Select advertising mediaL.25 Prepare a promotional budgetL.26 Develop promotional plan for a businessL.27 Write a news releaseL.28 Obtain publicityL.29 Select sales-promotion optionsL.30 Write sales lettersL.31 Manage online (www) activitiesL.32 Evaluate effectiveness of advertisingPricingL.33 Calculate breakeven pointL.34 Explain factors affecting pricing decisionsL.35 Establish pricing objectivesL.36 Select pricing strategiesL.37 Set pricesL.38 Adjust prices to maximize profitabilitySellingL.39 Acquire product information for use in sellingL.40 Analyze product information to identify product features and benefits

L.41 Prepare for the sales presentationL.42 Establish relationship with client/customer

L.43 Determine customer/client needs

L.44 Determine customer's buying motives for use in sellingL.45 Differentiate between consumer and organizational buying behaviorL.46 Recommend specific productL.47 Convert customer/client objections into selling pointsL.48 Close the saleL.49 Demonstrate suggestion sellingL.50 Plan follow up strategies for use in sellingL.51 Process sales documentationL.52 Prospect for customersL.53 Plan strategies for meeting sales quotasL.54 Analyze sales reportsL.55 Train staff to support sales effortsL.56 Analyze technology for use in the sales functionL.57 Manage online sales process

M Operations ManagementUnderstands the processes and systems implemented to facilitate daily business operations.

Business SystemsM.01 Plan business layoutM.02 Determine equipment needsM.03 Document business systems and proceduresM.04 Establish operating proceduresM.05 Develop project plansM.06 Analyze business processes and proceduresM.07 Implement quality improvement techniquesM.08 Evaluate productivity of resourcesM.09 Manage computer-based operating systemsChannel ManagementM.10 Select business locationM.11 Select distribution channelsM.12 Develop and implement order-fulfillment processesPurchasing/ProcurementM.13 Explain the buying process

M.14 Describe the nature of buyer reputation and vendor relationships

M.15 Establish company buying/purchasing policiesM.16 Conduct vendor searchM.17 Choose vendorsM.18 Negotiate contracts with vendorsM.19 Place ordersM.20 Barter with vendorsDaily OperationsM.21 Schedule staffM.22 Maintain inventory of products/suppliesM.23 Organize shipping/receiving

NRisk ManagementUnderstands the concepts, strategies, and systems that businesses implement and enforce to minimize loss

Business RisksN.01 Describe types of business risk

N.02 Determine ways that small businesses protect themselves against lossN.03 Establish controls to prevent embezzlement/theftN.04 Establish and implement systems to protect customer/employee confidentialityN.05 Determine business's liabilitiesN.06 Explain ways to transfer riskN.07 Obtain insurance coverageN.08 Develop strategies to protect computer (digital) dataN.09 Develop security policies and proceduresN.10 Establish safety policies and proceduresN.11 Protect assets from creditorsN.12 Establish parameters for staff responsibility/authorityN.13 Develop continuation plan

Legal ConsiderationsN.14 Explain legal issues affecting businessesN.15 Protect intellectual property rightsN.16 Select form of business ownershipN.17 Obtain legal documents for business operationsN.18 Describe the nature of businesses' reporting requirementsN.19 Adhere to personnel regulationsN.20 Implement workplace regulations (including OSHA, ADA)N.21 Develop strategies for legal/government compliance

OStrategic ManagementUnderstands the processes, strategies, and systems needed to guide the overall business organization

PlanningO.01 Conduct SWOT analysisO.02 Conduct competitive analysisO.03 Evaluate business acquisition optionsO.04 Develop company goals/objectivesO.05 Develop business missionO.06 Forecast income/salesO.07 Conduct break-even analysisO.08 Develop action plansO.09 Develop business planControllingO.10 Use budgets to control operationsO.11 Develop expense-control plansO.12 Analyze cash-flow patternsO.13 Interpret financial statements

O.14 Analyze operating results in relation to budget/industryO.15 Track performance of business plan Copyright © 2004 by the Consortium for Entrepreneurship Education