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  1. 1. Entrepreneurship Creating a Venture, Second Edition ONTARIO CURRICULUM CORRELATION Entrepreneurial Studies: Venture Planning Grade 12, College BDV4C
  2. 2. Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Textbook Chapter(s) Strand 1 CHALLENGES OF A VENTURE START-UP Overall Expectations • analyse the challenges and opportunities of the start-up 7, 12 phase of a business life cycle • compare the advantages enjoyed by young entrepreneurs 3 with the challenges they face • evaluate the key components, appropriate formats, and 7, 11 presentation styles of venture plans Specific Expectations Start-up Challenges and Opportunities • explain the stages in the life cycle of a business 7 • summarize the factors that contribute to the success or 7, 9. 10, 11, 12 failure of a new venture (e.g., adequacy or inadequacy of capitalization, management and risk-management skills, technological skills and equipment, economic conditions, government policies, effects of globalization) • analyse the conditions (e.g., competitive, economic, 8 demographic) facing ventures starting up in various markets Advantages and Challenges Related to Youth • summarize the advantages and disadvantages 3 experienced by young entrepreneurs because of their youth • describe how young entrepreneurs might benefit from the 3 specific advantages of youth • describe strategies to help entrepreneurs who face 3 challenges because of their youth The Venture Plan • identify and describe the components of a venture plan 7, 11 • compare a number of business plans in terms of their 11 (to be developed in workbook) content, thoroughness, clarity, organization, impact, and utility • describe an exemplary venture plan and explain why it is 11 (to be developed in workbook) exemplary Page 1 of 7
  3. 3. Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Textbook Chapter(s) Strand 2 VENTURE CONCEPTION Overall Expectations • summarize entrepreneurial opportunities in their 5, 8 community • evaluate entrepreneurial opportunities in their 8 community in order to select one well suited to their interest, experience, and capabilities • generate ideas that match their selected 8 entrepreneurial opportunity • assess the ideas to select the one most appropriate 8 to a new venture concept • analyse the factors that would influence their 7, 8 selection of a specific venture concept Specific Expectations Identifying Entrepreneurial Opportunities • identify perceived problems in their communities 5, 8 • summarize what many people in their community 8 might need or want • explain how things in their community could be 5, 8 improved • identify community needs, wants, and problems that 3 they think could best be addressed by a not-for-profit venture and explain why they think so Evaluating Opportunities • relate needs, wants, and problems identified in their 5 community to their own experience, knowledge, and abilities to solve or satisfy them • analyse the opportunities for creating a new venture 8 that are most suited to their particular entrepreneurial abilities • assess the size of the potential target market for the 8 new venture • determine the most promising opportunity for the 8 student venture Generating Ideas • identify ways in which creative ideas can be 5 generated (e.g., mind mapping, brainstorming) • describe the situations and conditions in which they 5 tend to be most creative • list possible ideas for the identified opportunity 6, 8 Assessing Ideas • select one idea for a venture that they believe best 8 addresses the identified opportunity • summarize what others think of their idea 8, 11 • determine whether others have tried this idea and 8 evaluate the success of those attempts • describe the potential market for their idea (e.g., 8 composition, size, degree of acceptance of the product or service) • decide whether their idea is feasible, is the best 8 among alternatives, and is consistent with their interests and experience Page 2 of 7
  4. 4. Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Textbook Chapter(s) The Venture Concept • compare the various types of ventures (e.g., offering 9 (to be developed in workbook) a service compared with producing a good, selling retail compared with selling wholesale) • compare the various forms of business ownership 9 (e.g., sole proprietorship, partnership, corporation, cooperative, franchise) • determine the type of venture and form of business 9 ownership most appropriate to their selected opportunity and idea • describe the elements of a mission statement (e.g., 7 business philosophy, vision, goals, objectives) Page 3 of 7
  5. 5. Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Textbook Chapter(s) Strand 3 PREPARING FOR START-UP Overall Expectations • organize the information and sources of information 8, 11 needed for the successful start-up of a new venture • compare the possible sources of financing for their 10 venture • analyse the resource needs of their venture 9 • assess their ability to manage their venture 9 • determine the ancillary requirements of the new 9,11 venture Specific Expectations Information • establish a network of contacts that can help them 8 collect the information they require for their new venture • identify public and private secondary sources of 8, 11 useful information (e.g., the Yellow Pages, local business directories, the Internet, government and industry statistical reports) • summarize the information they gather from primary 11 and secondary sources Financing • analyse the consequences of overestimating or 10 underestimating the capital needed to launch their venture • estimate the amount of capital that would be required 10 to launch their venture • identify the advantages and disadvantages of various 10 sources of capital for their new venture • propose an effective strategy for raising capital for 10 their venture Resources • determine the human resources (e.g., types of 9 employees) and related supports (e.g., benefit plans, training programs) their venture would require • specify the physical resources their venture would 9 require (e.g., office or work space, equipment, and machinery) • differentiate between the resources required by their 9 venture that are categorized as fixed costs, and those that are variable costs Management • establish clear, measurable, short- and long-term 9, 12 plans for themselves and their venture • describe the style of leadership most appropriate for 9 managing their venture • propose the most productive way to organize the 9 people and tasks for their new venture • describe how people, tasks, and resource use would 9 be supervised effectively • determine the records (including financial records) 9, 10 that should be kept and maintained for their venture Page 4 of 7
  6. 6. Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Textbook Chapter(s) • determine how computer software could be used to 9 maintain accurate business records for their venture Legal Requirements • determine the legal requirements and estimated costs 9 of establishing the form of business ownership for their venture (e.g., sole proprietorship, partnership, corporation) • describe the process for registering the business 5 name as required by law • identify municipal requirements regarding possible 9 sites for their venture (e.g., local zoning regulations, licensing requirements, by-laws) • describe how they would obtain patent, copyright, 5 and/or trademark protection • compare the types and costs of insurance available 9 for their venture
  7. 7. Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Page 5 of 7 Objective Textbook Chapter(s) Strand 4 TARGETING CUSTOMERS Overall Expectations • describe the potential customers for their venture 8 • analyse strategies (e.g., pricing, promotion, 8 distribution) for marketing their product or service • analyse the impact of competition on their venture 8 (e.g., on new opportunities, on future growth, on pricing policies) • explain the importance of forecasting sales for various 10 time frames Promotional Strategies • develop an initial promotional strategy to launch their 8 (to be developed in workbook) venture • develop a promotional strategy to help them establish 8 (to be developed in workbook) and maintain an identity for their venture • evaluate the responses to their strategy in order to 11 determine whether and what changes are necessary Growth Strategies • describe their vision of success for their venture after 9, 12 one year, three years, and five years • compare the advantages and disadvantages of 12 pursuing continuous growth as a goal for a business venture • describe effective growth strategies used by other 12 entrepreneurs • analyse growth strategies that could be incorporated 12 by the new venture (e.g., offering new products or services, developing new pricing policies, finding new channels of distribution) • prepare a cost/benefit analysis of possible expansion 12 strategies (e.g., franchising, acquisition of a competitor’s business, establishing new branches) Page 6 of 7
  8. 8. Entrepreneurship: Creating a Venture, Second Edition Ontario Curriculum Correlation Grade 12, College Preparation (BDV4C) Objective Textbook Chapter(s) Strand 5 DEVELOPING A VENTURE PLAN Overall Expectations • produce the production plan, marketing plan, human 7, 8, 9, 10, 11 resources plan, management plan, and financial plan that are most appropriate for the proposed venture • incorporate the production plan, marketing plan, 11 human resources plan, management plan, and financial plan in an overall venture plan, using appropriate computer software • summarize the responses to their venture plan from 11 peers, teachers, advisers, relatives, community members, potential investors or lenders, and experts in the field • assess the probability of the new venture’s success 11 on the basis of a revised and final venture plan Specific Expectations Developing the Plan • determine the components of their venture plan 7, 11 • develop the appropriate production, marketing, 7, 8, 9, 10, 11 human resources, management, and financial components of their venture plan Drafting the Plan • compare models of venture-planning frameworks 11 (to be developed in workbook) • compare various types of computer software 11 developed to assist venture planning • generate a draft version of their venture plan using 11 appropriate software Evaluating the Plan • identify the individuals in their school or community 8, 11 who could assess their venture plan (e.g., peers, teachers, advisers, investors, bankers, relatives • organize ways for selected individuals to respond to 11 their venture plan • determine the revisions that should be made to their 11 venture plan on the basis of their responses Producing the Plan • produce a revised and final version of their venture 11 plan • determine whether or not they will pursue the venture, 11 in light of their evaluation Page 7 of 7