What are the steps of starting a business?

Lesson Content

• Lesson Plan Template:

  CTE Lesson Plan

• CTE Course Info and Benchmark Notes

  
  

  Program Title (as applicable):

  Business Management and Analysis

  Course Title:

  Business and Entrepreneurial Principles

  Course Number:

  8215120

  Career Cluster:

  Business Management and Administration

  CIP Number:

  0552070110

  Course Type:

  Career Preparatory CTE Standard(s) and Benchmark(s):

  21.05 List the advantages and disadvantages of each form of business ownership

• Unit Outline

  
  

  This lesson is designed to be used with the case study, “To Start or Not Start a Business.” See CPALMS resource ID#209238.

• Career Connection

  
  

  This lesson incorporates the career-building skills of proper communication, the importance of networking and conducting research. These are important to business management because it is important to have team building, leadership and decision-making, clear vision and strategy, and ethical and legal considerations.

• Learning Objectives

  
  

  Students will be able to:

  • Research the advantages and disadvantages of sole proprietorship, partnership, and corporation.
  • Discuss the advantages and disadvantages of sole proprietorship, partnership, and corporation.

• Prior Knowledge

  
  

  Students should be familiar with/able to:

  • Working as a team.
  • Communicating with group members.
  • Conducting research online.
  • An awareness of different types of business ownership.

• Guiding Questions

  
  
  • What will you need to start a business of your own?
  • What personal assets does a business owner need to consider?
  • What are the tax benefits of different types of businesses?
  • What is the incentive of owning a business?

• Procedure

  
  
  1. Begin by introducing the lesson with the question, “What are the advantages and disadvantages of owning a business?” Have students share out their ideas.
     • Provide students with the vocabulary handout (see attachments) to begin reviewing important terms related to the lesson.
  2. Have the class decide if they were to start a business, would they want to start a sole proprietorship, partnership, or corporation. Have students refer to the vocabulary handout as needed in order to help them make their decision.
  3. Provide students with the case study, “To Start or Not Start a Business,” (see CPALMS resource ID#209238). After students read the case study, have the students consider and respond to the following discussion questions.
     • How do Jeff and Nick’s combined experiences provide an advantage to opening a business?
     • What issues or challenges might Jeff and Nick have in opening a new business?
     • What advantages or opportunities would Jeff and Nick have in opening a new business?
  4. Pass out a copy of the Business Justification handout to each student. Ensure students also have access to technology. Explain to students that they will research more in-depth the advantages and disadvantages of the different types of business ownership. Students will use the handout to answer the question “Which form of business ownership should Jeff and Nick consider?”.
     • As students conduct research, ensure they are using the information they find to complete the handout. Students should provide multiple justifications for choosing a specific business model and use their research as their supporting evidence to fill out the handout.
  5. Have students form groups and discuss their ideas on the research they gathered. Students should share their recommendations for the type of business that Jeff and Nick should start.
     • Groups can be based on the chosen business model or random groups.
  6. To close the lesson, poll the students by having students raise their hands to show which type of business they recommend for Jeff and Nick. Have students share out their justifications for the different types of ownership. As a class, determine the best recommendation for Jeff and Nick.

• Teacher Notes

  
  
  • Teachers can find information for businesses and Florida labor laws at the State of Florida website at www.stateofflorida.com.

• Optional

  
  

  Formative Assessment Idea:

  • Use student research to formatively assess student understanding of the different types of business ownership and vocabulary terms.