Entrepreneurship: Planning to Stay in Business
This activity is part of the Workforce Education Learning Activities Bank, an interactive resource of work-related basic skills lessons for use by instructors in the workplace or in traditional adult education programs and by adult learners. All activities within the bank were developed with the appropriate Secretary’s Commission on Achieving Necessary Skills (SCANS), Equipped for the Future (EFF), and GED skills and standards in mind. It is the fifth activity in a five-part project consisting of: (1) Entrepreneurship: How to begin; (2) Entrepreneurship: Is it for me?; (3) Entrepreneurship: What business am I in?; (4) Entrepreneurship: Will it work?; and (5) Entrepreneurship: Planning to stay in business. Learners will write the last three sections of a business plan for their hypothetical businesses. They will develop a timetable for when their businesses will reach certain goals, investigate the costs of starting their business, and estimate their profit for the first three months of operation. Small Business Administration resources that will replace the ones listed in the lesson include:
- “Starting a Business” www.sba.gov/category/navigation-structure/starting-managing-business/starting-business
- “Writing a Business Plan” www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/writing-business-plan
- Podcasts www.sba.gov/category/navigation-structure/counseling-training/online-small-business-training/starting-business/podcasts
- Video “SBA Delivering Success: Planning & Research” www.sba.gov/content/sba-delivering-success-planning-research
The activity on planning, research, estimation, and computation is taught within the career pathways context of the Business Management and Administration career cluster. Students will be able to: (1) Demonstrate the ability to plan; (2) Use math to solve problems and communicate concepts; (3) Learn through research; and (4) Make decisions.