Principles of Entrepreneurship - Standard - Level 3

Badge holder demonstrated understanding and skills in areas that include business law, economics, entrepreneurship, information management, professional development, strategic management, channel management, market planning, pricing, product/service management, and promotion.

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Instructional Area: Business Law (BL)

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

Performance Element: Acquire knowledge of business ownership to establish and continue business operations.

Performance Indicators:
BL:003 Explain types of business ownership (CS) LAP-BL-001
BL:006 Select form of business ownership (ON) LAP-BL-002

Instructional Area: Economics (EC)

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

Performance Element: Understand economic systems to be able to recognize the environments in which businesses function.

Performance Indicators:
EC:065 Identify the impact of small business/entrepreneurship on market economies (CS)

Instructional Area: Entrepreneurship (EN)

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 Element: Employ entrepreneurial discovery strategies to generate feasible ideas for business ventures/products.

Performance Indicators:
EN:001 Explain the need for entrepreneurial discovery (ON)
EN:002 Discuss entrepreneurial discovery processes (ON)
EN:003 Assess global trends and opportunities for business ventures/products (ON)
EN:004 Determine opportunities for venture/product creation (ON)
EN:006 Generate venture/product ideas (ON)
EN:038 Determine feasibility of venture/product ideas (ON)

Instructional Area: Information Management (NF)

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

Performance Element: Acquire information to guide business decision-making.

Performance Indicators:
MN:187 Identify sources of business start-up information (SP)
NF:015 Conduct an environmental scan to obtain business information (SP) LAP-NF-002

Instructional Area: Professional Development (PD)

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

Performance Element: Participate in career-planning to enhance job-success potential.

Performance Indicators:
PD:066 Explain career opportunities in entrepreneurship (CS) LAP-PD-004
PD:067 Conduct self-assessment to determine entrepreneurial potential (CS)

Instructional Area: Strategic Management (SM)

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

Performance Element: Utilize planning tools to guide organization’s/department’s activities.

Performance Indicators:
SM:008 Develop company goals/objectives (ON)

Instructional Area: Channel Management (CM)

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

Performance Element: Acquire foundational knowledge of channel management to understand its role in marketing.

Performance Indicators:
CM:001 Explain the nature and scope of channel management (CS) LAP-CM-002
CM:003 Explain the nature of channels of distribution (CS) LAP-CM-001

Performance Element: Manage channel activities to minimize costs and to determine distribution strategies.

Performance Indicators:
CM:010 Select channels of distribution (MN)

Instructional Area: Market Planning (MP)

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

Performance Element: Develop marketing strategies to guide marketing tactics.

Performance Indicators:
MP:001 Explain the concept of marketing strategies (CS) LAP-MP-002

Performance Element: Select target market appropriate for product/business to obtain the best return on marketing investment (ROMI).

Performance Indicators:
MP:003 Explain the concept of market and market identification (CS) LAP-MP-003
MP:004 Identify market segments (MN)
MP:005 Select target market (MN)

Performance Element: Employ marketing-information to develop a marketing plan.

Performance Indicators:
MP:007 Explain the nature of marketing plans (SP) LAP-MP-001
MP:008 Explain the role of situation analysis in the marketing planning process (SP)
MP:009 Conduct market analysis (market size, area, potential, etc.) (MN)
MP:010 Conduct SWOT analysis for use in the marketing planning process (MN) LAP-MP-004
MP:012 Conduct competitive analysis (MN)
MP:013 Explain the nature of sales forecasts (SP) LAP-MP-005
MP:014 Forecast sales for marketing plan (MN)
MP:015 Set marketing goals and objectives (MN)
MP:016 Select marketing metrics (MN)
MP:017 Set marketing budget (MN)
MP:018 Develop marketing plan (MN)

Instructional Area: Pricing (PI)

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

Performance Element: Develop a foundational knowledge of pricing to understand its role in marketing.

Performance Indicators:
PI:001 Explain the nature and scope of the pricing function (SP) LAP-PI-002
PI:002 Explain factors affecting pricing decisions (SP) LAP-PI-003

Performance Element: Employ pricing strategies to determine optimal prices.

Performance Indicators:
PI:019 Determine cost of product (breakeven, ROI, markup) (MN)
PI:006 Calculate break-even point (MN)
PI:007 Set prices (MN)

Instructional Area: 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 Element: Acquire a foundational knowledge of product/service management to understand its nature and scope.

Performance Indicators:
PM:001 Explain the nature and scope of the product/service management function (SP) LAP-PM-017

Performance Element: Generate venture/product ideas to contribute to ongoing business success.

Performance Indicators:
PM:127 Identify methods/techniques to generate a venture/product idea (SP)

Performance Element: Employ product-mix strategies to meet customer expectations.

Performance Indicators:
PM:003 Explain the concept of product mix (SP) LAP-PM-003
PM:130 Identify product to fill customer need (MN)
PM:006 Plan product mix (MN)
PM:036 Determine services to provide customers (MN)

Performance Element: Position venture/product to acquire desired business image.

Performance Indicators:
PM:042 Describe factors used by marketers to position ventures/products (SP) LAP-PM-019
PM:272 Identify company’s unique selling proposition (MN) LAP-PM-016
PM:131 Choose venture/product name (ON)

Instructional Area: 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 Element: Acquire a foundational knowledge of promotion to understand its nature and scope.

Performance Indicators:
PR:001 Explain the role of promotion as a marketing function (CS) LAP-PR-002
PR:002 Explain the types of promotion (CS) LAP-PR-004
PR:003 Identify the elements of the promotional mix (SP) LAP-PR-001

Performance Element: Manage promotional activities to maximize return on promotional investments.

Performance Indicators:
PR:097 Develop promotional plan for a business (MN)