Honors‐Ready Entrepreneurship - Level 4 3CR

Program-of-Study Exam: Badge holder demonstrated an understanding of complex strategic decision-making skills and knowledge needed by entrepreneurs and small-business owners. Skills and concepts assessed focus on business law, channel management, communication skills, channel management, economics, emotional intelligence, entrepreneurship, financial analysis, human-resources management, information management, marketing-information management, market planning, operations, pricing, product/service management, professional development, promotion, selling, and strategic management.

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Business Law (BL)

Standard: Understands business’s responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions

Performance Indicators:
Describe legal issues affecting businesses (BL:001) (SP)
Explain types of business ownership (BL:003, BL LAP 1) (CS)
Select form of business ownership (BL:006, BL LAP 2) (ON)
Explain the nature of human resources regulations (BL:007) (SU)
Explain the nature of workplace regulations (including OSHA, ADA) (BL:008) (SU)

Channel Management (CM)

Standard: Understands the concepts and processes needed to identify, select, monitor, and evaluate sales channels

Performance Indicators:
Explain the nature and scope of channel management (CM:001, CM LAP 2) (CS)
Explain the nature of channels of distribution (CM:003, CM LAP 1) (CS)
Select channels of distribution (CM:010) (MN)

Communication Skills (CO)

Standard: Understands the concepts, strategies, and systems used to obtain and convey ideas and information

Performance Indicators:
Employ communication styles appropriate to target audience (CO:084) (CS)
Defend ideas objectively (CO:061) (CS)
Handle telephone calls in a businesslike manner (CO:114) (CS)
Participate in group discussions (CO:053, QS LAP 29) (CS)
Explain the nature of effective written communications (CO:016) (CS)
Select and utilize appropriate formats for professional writing (CO:088) (CS)
Edit and revise written work consistent with professional standards (CO:089) (CS)
Write professional e-mails (CO:090) (CS)
Write business letters (CO:133) (CS)
Write informational messages (CO:039) (CS)
Write inquiries (CO:040) (CS)
Explain the nature of staff communication (CO:014) (CS)
Choose appropriate channel for workplace communication (CO:092) (CS)
Participate in a staff meeting (CO:063) (CS)
Write persuasive messages (CO:031) (SP)
Write executive summaries (CO:091) (SP)
Prepare simple written reports (CO:094) (SP)

Customer Relations (CR)

Standard: Understands the techniques and strategies used to foster positive, ongoing relationships with customers

Performance Indicators:

Explain the nature of positive customer relations (CR:003, CR LAP 1) (CS)

Economics (EC)

Standard: Understands the economic principles and concepts fundamental to business operations

Performance Indicators:
Distinguish between economic goods and services (EC:002, EC LAP 10) (CS)
Explain the concept of economic resources (EC:003, EC LAP 14) (CS)
Describe the concepts of economics and economic activities (EC:001, EC LAP 6) (CS)
Determine economic utilities created by business and marketing activities (EC:004, EC LAP 13) (CS)
Explain the principles of supply and demand (EC:005, EC LAP 11) (CS)
Describe the functions of prices in markets (EC:006, EC LAP 12) (CS)
Explain the types of economic systems (EC:007, EC LAP 17) (CS)
Explain the concept of private enterprise (EC:009, EC LAP 15) (CS
Identify factors affecting a business’s profit (EC:010, EC LAP 2) (CS)
Determine factors affecting business risk (EC:011, EC LAP 3) (CS)
Explain the concept of competition (EC:012, EC LAP 8) (CS)
Explain the role of business in society (EC:070, EC LAP 20) (CS)
Describe types of business activities (EC:071, EC LAP 19) (CS)
Explain the organizational design of businesses (EC:103, EC LAP 23) (SP)
Discuss the global environment in which businesses operate (EC:104, EC LAP 22) (SP)
Describe factors that affect the business environment (EC:105, EC LAP 26) (SP)
Explain the nature of business ethics (EC:106, EC LAP 21) (SP)
Explain how organizations adapt to today’s markets (EC:107, EC LAP 25) (SP)
Determine the relationship between government and business (EC:008, EC LAP 16) (CS)
Describe the nature of taxes (EC:072) (SP)
Explain the concept of productivity (EC:013, EC LAP 18) (CS)
Analyze impact of specialization/division of labor on productivity (EC:014, EC LAP 7) (SP)
Explain the concept of organized labor and business (EC:015, EC LAP 5) (SP)
Explain the impact of the law of diminishing returns (EC:023) (SP)
Describe the economic impact of inflation on business (EC:083) (SP)
Explain the concept of Gross Domestic Product (GDP) (EC:017, EC LAP 1) (SP)
Discuss the impact of a nation’s unemployment rates (EC:082) (SP)
Explain the economic impact of interest-rate fluctuations (EC:084) (SP)
Determine the impact of business cycles on business activities (EC:018, EC LAP 9) (SP)
Explain the nature of global trade (EC:016, EC LAP 4) (SP)
Describe the determinants of exchange rates and their effects on the domestic economy (EC:100) (SP)
Discuss the impact of culture and social issues on global trade (EC:045, EC LAP 24) (SP)
Identify the impact of small business/entrepreneurship on market economies (EC:065) (CS)
Describe small-business opportunities in international trade (EC:066) (SP)

Emotional Intelligence (EI)

Standard: Understands techniques, strategies, and systems used to foster self-understanding and enhance relationships with others

Performance Indicators:
Explain ethical considerations in providing information (EI:038) (SP)
Persuade others (EI:012) (SP)
Demonstrate negotiation skills (EI:062, EI LAP 8) (SP)
Explain the nature of stress management (EI:028) (SP)
Use consensus-building skills (EI:011, EI LAP 19) (SP)
Motivate team members (EI:059) (SP)
Maintain collaborative partnerships with colleagues (EI:061) (SP)
Explain the impact of political relationships within an organization (EI:034) (SP)
Give elevator pitch (SP)

Entrepreneurship

Standard: Understands the concepts, processes, and skills associated with identifying new ideas, opportunities, and methods and with creating or starting a new project or venture

Performance Indicators:
Explain the need for entrepreneurial discovery (EN:001) (ON)
Discuss entrepreneurial discovery processes (EN:002) (ON)
Assess global trends and opportunities for business ventures/products (EN:003) (ON)
Determine opportunities for venture/product creation (EN:004) (ON)
Assess opportunities for venture/product creation (EN:005) (ON)
Generate venture/product ideas (EN:006) (ON)
Determine feasibility of venture/product ideas (EN:038) (ON)
Describe entrepreneurial planning considerations (EN:007) (ON)
Explain tools used by entrepreneurs for venture planning (EN:008) (ON)
Assess start-up requirements (EN:009) (ON)
Assess risks associated with venture (EN:010) (ON)
Describe external resources useful to entrepreneurs during concept development (EN:011) (ON)
Assess the need to use external resources for concept development (EN:012) (ON)
Describe strategies to protect intellectual property (EN:013) (ON)
Use components of business plan to define venture idea (EN:014) (ON)
Select sources to finance venture creation/start-up (EN:016) (ON)
Explain factors to consider in determining a venture’s human-resources needs (EN:017) (ON)
Explain considerations in making the decision to hire staff (EN:018) (ON)
Describe considerations in selecting capital resources (EN:019) (ON)
Identify capital resources needed for the venture (EN:020) (ON)
Assess the costs/benefits associated with resources (EN:021) (ON)
Use external resources to supplement entrepreneur’s expertise (EN:022) (ON)

Financial Analysis (FI)

Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources

Performance Indicators:
Describe the need for financial information (FI:579) (CS)
Explain the concept of accounting (FI:085, FI LAP 5) (CS)
Explain the role of finance in business (FI:354, FI LAP 7) (CS)
Obtain insurance coverage (FI:082) (ON)
Explain the nature of risk management (FI:084, FI LAP 8) (SP)
Maintain record of daily financial transactions (MN)
Describe the nature of cash flow statements (FI:091, FI LAP 6) (SP)
Explain the nature of balance sheets (FI:093) (SP)
Describe the nature of income statements (FI:094, FI LAP 4) (SP)
Prepare a pro forma cash flow statement (MN)
Prepare a pro forma balance sheet (FI:511) (MN)
Develop a pro forma income statement (FI:510) (MN)
Explain the purposes and importance of obtaining business credit (FI:023) (ON)
Make critical decisions regarding acceptance of bank cards (FI:040) (ON)
Determine financing needed for business operations (FI:043) (ON)
Identify risks associated with obtaining business credit (FI:041) (ON)
Explain sources of financial assistance (FI:031) (ON)
Develop critical banking relationships (FI:039) (ON)
Explain loan evaluation criteria used by lending institutions (FI:034) (ON)
Complete loan application package (FI:033) (ON)
Develop company’s/department’s budget (FI:099) (MN)

Human Resources Management (HR)

Standard: Understands the tools, techniques, and systems that businesses use to plan, staff, lead, and organize its human resources

Performance Indicators:
Discuss the nature of human resources management (HR:410, HR LAP 35) (CS)
Orient new employees (HR:360) (CS)
Discuss factors that impact human resources management (e.g., availability of qualified employees, alternative staffing methods, employment laws/regulations, company policies/procedures, compensation and benefit programs, staff diversity, etc.) (HR:415) (SP)
Describe planning techniques used in the hiring process (e.g., succession planning, forecasting, etc.) (HR:416) (SP)
Develop job descriptions (MN)
Determine hiring needs (HR:353) (SU)
Recruit new employees (HR:498) (SU)
Screen job applications/résumés (HR:354) (SU)
Interview job applicants (HR:355) (SU)
Select and hire new employees (HR:356) (SU)
Schedule employees (HR:497) (SU)
Explain the role of training and human resources development (HR:362) (SU)
Conduct training class/program (HR:392) (SU)
Assess employee performance (HR:368) (SU)

Information Management (NF)

Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making

Performance Indicators:
Discuss the nature of information management (NF:110, NF LAP 3) (CS)
Identify sources of business start-up information (MN:187) (SP)
Describe current business trends (NF:013) (SP)
Conduct an environmental scan to obtain business information (NF:015, NF LAP 2) (SP)
Establish specifications for selecting hardware/software systems (NF:091) (MN)
Determine venture’s information technology needs (NF:012) (MN)
Describe the nature of business records (NF:001, NF LAP 1) (SP)

Marketing (MK)

Standard: Understands the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives

Performance Indicators:
Explain marketing and its importance in a global economy (MK:001, MK LAP 4) (CS)
Describe marketing functions and related activities (MK:002, MK LAP 1) (CS)
Develop strategies to market the organization to potential employees (MK:021) (MN)

Marketing-Information Management (NF)

Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making

Performance Indicators:
Identify industry/economic trends that will impact business activities (IM:363) (MN)
Analyze market needs and opportunities (IM:302) (MN)
Estimate market share (IM:350) (MN)

Market Planning (MP)

Standard: Understands the concepts and strategies utilized to determine and target marketing strategies to a select audience

Performance Indicators:
Explain the concept of marketing strategies (MP:001, MP LAP 2) (CS)
Explain the concept of market and market identification (MP:003; MP LAP 3) (CS)
Identify market segments (MP:004) (MN)
Select target market (MP:005) (MN)
Explain the nature of marketing plans (MP:007, MP LAP 1) (SP)
Explain the role of situation analysis in the marketing planning process (MP:008) (SP)
Conduct market analysis (market size, area, potential, etc.) (MP:009) (MN)
Conduct SWOT analysis for use in the marketing planning process (MP:010, IM LAP 8) (MN)
Conduct competitive analysis (MP:012) (MN)
Explain the nature of sales forecasts (MP:013) (SP)
Forecast sales for marketing plan (MP:014) (MN)
Set marketing goals and objectives (MP:015) (MN)
Select marketing metrics (MP:016) (MN)
Set marketing budget (MP:017) (MN)
Develop marketing plan (MP:018) (MN)

Operations (OP)

Standard: Understands the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning

Performance Indicators:
Explain the nature of operations (OP:189, OP LAP 3) (CS)
Explain the nature and scope of purchasing (OP:015, OP LAP 2) (CS)
Explain the concept of production (OP:017,OP LAP 4) (CS)
Explain the nature of overhead/operating costs (OP:024) (SP)
Identify potential safety issues (OP:151) (MN)
Establish safety policies and procedures (OP:012) (MN)
Identify potential security issues (OP:154) (MN)
Establish policies to protect company information and intangibles (OP:155) (MN)
Purchase inventory/supplies (SP)
Select vendors (OP:161) (SP)
Maintain vendor/supplier relationships (OP:241) (SP)
Negotiate terms with vendors in business (OP:337) (SP)
Develop lists of sources (e.g. approved, preferred, partnered, certified, disqualified) (OP:254) (SP)
Conduct vendor/supplier search (OP:242) (SP)
Describe crucial elements of a quality culture (OP:019) (SP)
Describe the role of management in the achievement of quality (OP:020) (MN)
Establish efficient operating systems (OP:022) (MN)
Negotiate lease or purchase of facility (OP:028) (MN)
Plan maintenance program (OP:033) (MN)

Pricing (PI)

Standard: Understands concepts and strategies utilized in determining and adjusting prices to maximize return and meet customers' perceptions of value

Performance Indicators:
Explain the nature and scope of the pricing function (PI:001, PI LAP 2) (SP)
Explain factors affecting pricing decisions (PI:002, PI LAP 3) (SP)
Determine cost of product (breakeven, ROI, markup) (PI:019) (MN)
Calculate break-even point (PI:006, PI LAP 4) (MN)
Establish pricing objectives (PI:044) (MN)
Select pricing policies (PI:068) (MN)
Set prices (PI:007) (MN)

Product/Service Management (PM)

Standard: Understands the concepts and processes needed to obtain, develop, maintain, and improve a product or service mix in response to market opportunities

Performance Indicators:
Explain the nature and scope of the product/service management function (PM:001, PM LAP 17) (SP)
Identify methods/techniques to generate a venture/product idea (PM:127, PM LAP 11) (SP)
Adjust idea to create functional venture/product (PM:204) (MN)
Explain the concept of product mix (PM:003, PM LAP 3) (SP)
Describe the nature of product bundling (PM:041) (SP)
Identify product to fill customer need (PM:130) (MN)
Plan product mix (PM:006) (MN)
Determine services to provide customers (PM:036) (MN)
Describe factors used by marketers to position ventures/products (PM:042) (SP)
Explain the nature of product/service branding (PM:021, PM LAP 6) (SP)
Explain the role of customer service in positioning/image (PM:013, PM LAP 1) (MN)
Identify company’s unique selling proposition (PM:272, PM LAP 16) (MN)
Develop positioning concept for a new product idea (PM:228) (SP)
Communicate core values of product/service (PM:214) (SP)
Identify product’s/service’s competitive advantage (PM:246) (SP)
Develop strategies to position products/services (PM:043) (MN)
Choose venture/product name (PM:131) (ON)
Select business location (PM:132) (ON)
Explain the nature of corporate branding (PM:206) (SP)
Describe factors used by businesses to position corporate brand (PM:207) (SP)
Develop strategies to position corporate brands (PM:208) (MN)
Create a product/brand plan (PM:218) (MN)

Promotion (PR)

Standard: Understands the concepts and strategies needed to communicate information about products, services, images, and/or ideas to achieve a desired outcome

Performance Indicators:
Explain the role of promotion as a marketing function (PR:001, PR LAP 2) (CS)
Explain the types of promotion (PR:002, PR LAP 4) (CS)
Identify the elements of the promotional mix (PR:003, PR LAP 1) (SP)
Explain types of advertising media (PR:007, PR LAP 3) (SP)
Describe word-of-mouth channels used to communicate with targeted audiences (PR:247) (SP)
Explain the nature of direct marketing channels (PR:089) (SP)
Identify communications channels used in sales promotion (PR:249) (SP)
Explain communications channels used in public-relations activities (PR:250) (SP)
Explain the nature of a promotional plan (PR:073) (SP)
Develop promotional plan for a business (PR:097) (MN)
Write copy for advertisements (PR:368) (SP)
Write content for use on the website (PR:370) (SP)
Write content for use in social media (PR:371) (SP)
Buy ad space/time (PR:104) (SP)
Write a press release (PR:057) (SP)
Obtain publicity (PR:055) (MN)
Promote good/service/idea (SP)

Professional Development (PD)

Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career

Performance Indicators:
Set personal goals (PD:018; QS LAP 22, PD LAP 16) (CS)
Explain the need for innovation skills (PD:126) (CS)
Make decisions (PD:017; QS LAP 2, PD LAP 10) (CS)
Demonstrate problem-solving skills (PD:077; QS LAP 26, PD LAP 17) (CS)
Use time-management skills (PD:019, OP LAP 1) (SP)
Demonstrate appropriate creativity (PD:012) (SP)
Identify sources of career information (PD:022) (CS)
Identify tentative occupational interest (PD:023) (CS)
Explain employment opportunities in business (PD:025, PD LAP 15) (CS)
Utilize job-search strategies (PD:026) (PQ)
Complete a job application (PD:027) (PQ)
Interview for a job (PD:028) (PQ)
Write a follow-up letter after job interviews (PD:029) (CS)
Write a letter of application (PD:030) (CS)
Prepare a résumé (PD:031) (CS)
Describe techniques for obtaining work experience (e.g., volunteer activities, internships, etc.) (PD:032) (PQ)
Explain the need for ongoing education as a worker (PD:033) (PQ)
Explain possible advancement patterns for jobs (PD:034) (PQ)
Explain career opportunities in entrepreneurship (PD:066, PD LAP 4) (CS)
Conduct self-assessment to determine entrepreneurial potential (PD:067) (CS)

Selling (SE)

Standard: Understands the concepts and actions needed to determine client needs and wants and respond through planned, personalized communication that influences purchase decisions and enhances future business opportunities

Performance Indicators:
Sell good/service/idea to individuals (SE:046) (SP)

Strategic Management (SM)

Standard: Understands tools, techniques, and systems that affect a business's ability to plan, control, and organize an organization/department

Performance Indicators:
Explain the concept of management (SM:001, SM LAP 3) (CS)
Develop company goals/objectives (SM:008) (ON)
Define business mission (SM:009) (ON)
Explain the nature of business plans (SM:007, SM LAP 1) (MN)
Develop a personnel organizational plan (MN:042) (MN)
Explain external planning considerations (SM:011) (MN)
Identify and benchmark key performance indicators (e.g., dashboards, scorecards, etc.) (SM:027) (MN)
Develop action plans (SM:012) (ON)
Develop business plan (SM:013, SM LAP 2) (ON)