Dr. Tigercrab 11th grade Entrepreneurship classObjective- SWBAT understand the basics of the entrepreneurial process and the be abledifferentiate between the organizational structures of a business. Students will learnthese objectives while they compile a business plan for our class business.A mixture between Dr. Pepper, Tigers Blood (the snow cone flavor) , and crab juice wasjust invented in our classroom. What is next? How do we turn our idea into a business?Go to http://www.entrepreneur.com/. In the top left portion of your screen there is a boxcalled “Starting a Business”. Click on View all, this shows an outline on starting abusiness. Click on Naming Your Business., than click on How to Name your BusinessRead the article in your group( all 4 pages) and decide on a name for our new business(To be used later). What is the name of our new business? :Why did you choose that name for our business? :Next, go to http://www.entrepreneur.com/homebasedbiz/article200730.html.Pick 5 of the 25 common traits for entrepreneurs that your group feels are most importantand discuss whether these traits will help or harm our team:List the traits you pick here and explain whether they are good or bad for our class.TraitGood or bad?
OWNERSHIPHead to http://www.nolo.com/legal-encyclopedia/business-ownership-structure-choose-best-29618.html. Find the 4 things that you need to consider when deciding what type ofownership structure our company is going to have. 1- 2- 3- 4-These next 3 websites are vitally important to the success or failure of our company.Read them carefully because our future is in your hands. We cannot let our Dr. Tigercrabfail.-http://dynamiclawyers.com/legal-areas/home/ontario-2/business/business-formation/general-partnership-pros-and-cons/List 5 pros of a partnership-
Which pro does your group feel is the most important?List 3 cons of a partnership-Read this bad boy next - http://smallbusiness.findlaw.com/business-structures/corporations/incorporate-pro-con.html.If a can of our mixture explodes ( because of the jam packed flavor) in the grocery storeand injures a 17 year old boy, who is responsible if we are a corporation? Is this a Pro orCon ? What if we are a partnership?Compare and contrast the pros from a partnership to those of a corporation.Maybe you want to start your own Dr. Tigercrab drink?http://smallbusiness.foxbusiness.com/entrepreneurs/2011/03/11/pros-cons-sole-proprietorship/Would I get a special break on my taxes if I were a sole proprietor ? Explain:Give an example of one way an entrepreneur can entice employees in a sole
proprietorship without paying them more? Is this a good idea or is working for peanutsnot worth it?After reading these three articles what structure do you think is best for our classroom?Does this article make you think different?http://www.entrepreneur.com/money/taxcenter/taxstrategiescolumnistdavidmeier/article63388.html#How many members is the max an LLC can have?How much of our health insurance for our employees would be tax deductible?As a member of the LLC am I allowed to pay myself for bottling our concoction?If I am a member of an LCC and we get sued, can my personal assets be taken away?Now that your group has decided on a structure. Lets get started. What do we do now?Go to this site http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business.List the 10 topics that the site deems as important before you start your business.
Go to the right side of the screen find the box titled “SBA Direct” and enter your zip codeto find the closest resource to your house. Where is your resource located? How far away is it?Lets put a plan together http://articles.bplans.com/writing-a-business-plan/a-standard-business-plan-outline/29.Restate the 8 elements we have to have in our business plan.
Discuss among your group which element is most important for Dr.Tigercrab product andlist it here :Scan over this website and distinguish the differences and similarities between the twobusiness plan sites. (What are the glaring differences, what do they have in common).Should we use one site over the other?http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/writing-business-plan/essential-elements-good-businesDistinguish the differences and similarities between the two business plan sites. (Whatare the glaring differences, what do they have in common). Should we use one site overthe other?This is just breaking the ice on business plans. The next unit we will go in depth onplanning for our Dr. Tigercrab.Answers:
1-http://www.entrepreneur.com/. What ever they decide it needs to be. Hope its creative. Ex. Striped Crab cola Should be a legitimate answer. We chose Srtiped Crab cola because of the stripeson the tiger. The name crab comes from one of the juices in the drink.2-http://www.entrepreneur.com/homebasedbiz/article200730.html.- Must use 5 of thefollowing. Do what you enjoy. Take what you do seriously. Plan everything. Manage money. Ask for the sale. Its all about the customer. Positive business image. Shameless self promotion. Get to know your customers. Use technology.Put together a top notch business team. Become know as an expert. Create a competitive advantage. Invest in yourself. Be accessible. Build a rock solid reputation. Sell benefits.
Get involved. Grab attention. Master the art of negations. Design a workspace for success. Get and stay organized. Take time off.Limit the number of hats you wear. Followw up constantly.3-http://www.nolo.com/legal-encyclopedia/business-ownership-structure-choose-best-29618.html Risks and liabilities. Formalities and expenses, Income Taxes. Investment needs.4-http://dynamiclawyers.com/legal-areas/home/ontario-2/business/business-formation/general-partnership-pros-and-cons/- at least 5 of the following. * shared financial risk; * continuity of cash flow when you are on vacation or ill; * additional sources of capital and clients; * broader management base; * division of labor; * ability to discuss all files with your partner; * ability to provide clients with different areas of expertise; and
* sharing cost of associates and support staff. Students should list and explain which item is most important.Cons- should be 3 listed. * divided authority; * hard to find suitable partners; * conflicts among partners; * liability for partners’ actions; and * less freedom to choose clients.5-http://smallbusiness.findlaw.com/business-structures/corporations/incorporate-pro-con.html. the owners of the corporation are not responsible. The corporation itself isresponsible. There is no liability for owners. It is a pro for a corporation. If it is apartnership than the people who are partners assume all liability. Compare and contrast Corporations do not have liability for owners. They can raise moneythrough stock compared to partnership where it is all their own money and liability. Thepower structure in a corporation is a lot more sound than that of a partnership. Thenumber of people limits a partnership.6-http://smallbusiness.foxbusiness.com/entrepreneurs/2011/03/11/pros-cons-sole-proprietorship/ Yes. You are not taxed twice. This is refereed to as double taxation. Its used justas an income tax. Founders stock.
Students should pick the structure they deem the best.7-http://www.entrepreneur.com/money/taxcenter/taxstrategiescolumnistdavidmeier/article63388.html# There is no max, but it must have more than 1. 100% No. Some states yes and some states no. But no for the most part.8-http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business. * Thinking About Starting * Finding a Mentor or Counselor * Writing a Business Plan * Establishing a Business * Preparing Your Finances * Loans, Grants & Funding * Business Law & Regulations * Marketing a New Business * Local Resources * Forms84123 salt lake community college is the closest to my house. 3.7 miles
9-http://articles.bplans.com/writing-a-business-plan/a-standard-business-plan-outline/29. 1. Executive Summary: Write this last. It’s just a page or two of highlights. 2. Company Description: Legal establishment, history, start-up plans, etc. 3. Product or Service: Describe what you’re selling. Focus on customer benefits. 4. Market Analysis: You need to know your market, customer needs, where they are,how to reach them, etc. 5. Strategy and Implementation: Be specific. Include management responsibilities withdates and budgets. Make sure you can track results. 6. Web Plan Summary: For e-commerce, include discussion of website, developmentcosts, operations, sales and marketing strategies. 7. Management Team: Describe the organization and the key management teammembers. 8. Financial Analysis: Make sure to include at the very least your projected Profit andLoss and Cash Flow tables.10-http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/writing-business-plan/essential-elements-good-busines The websites are almost exactly the same. One is a government website. This oneincludes sales and marketing as well as an appendix.