Standards Database Logo
Home | Browse | Search | Purpose | History | Process | Acknowledgment| Reference

 


 


Topic: Entrepreneurship/Innovation 

Economics

 Standard 1.  Understands that scarcity of productive resources requires choices that generate opportunity costs
  Level II (Grade 3-5)
   Benchmark 4.Knows that innovation is the introduction of an invention into a use that has economic value
    Knowledge/skill statements
     1.Knows the meaning of economic value
     2.Knows the difference between an invention and an innovation
   Benchmark 5.Knows that entrepreneurs are people who use resources to produce innovative goods and services they hope people will buy
    Knowledge/skill statements
     1.Knows that entrepreneurs are people who use resources to produce innovative goods and services
     2.Knows that entrepreneurs hope that people will buy their innovative goods and services
   Benchmark 6.Understands that entrepreneurs take the risk that people won’t buy their products or won’t pay enough for them to cover the entrepreneurs’ costs
    Knowledge/skill statements
     1.Understands that entrepreneurs take the risk that people won’t buy their products
     2.Understands that entrepreneurs take the risk that people won’t pay enough for their products to cover the entrepreneur’s costs
 Standard 4.  Understands basic features of market structures and exchanges
  Level IV (Grade 9-12)
   Benchmark 4.Understands that the introduction of new products and production methods by entrepreneurs is an important form of competition and source of technological progress and economic growth
    Knowledge/skill statements
     1.Understands that the introduction of new products and production methods by entrepreneurs is an important form of competition
     2.Understands that the introduction of new products and production methods by entrepreneurs is a source of technological progress

Business Education

 Standard 15.  Knows unique characteristics of an entrepreneur
  Level IV (Grade 9-12)
   Benchmark 1.Knows factors that contribute to a professional image (e.g., appearance, speech, writing, etiquette, integrity, ethics)
    Knowledge/skill statements
     1.Knows appearance contributes to a professional image
     2.Knows speech contributes to a professional image
     3.Knows writing contributes to a professional image
     4.Knows etiquette contributes to a professional image
     5.Knows integrity contributes to a professional image
     6.Knows ethics contributes to a professional image
   Benchmark 2.Knows that entrepreneurship relates to the capacity to take responsibility for one’s own future, to initiate creative ideas, develop them, and to carry them through into action in a determined manner
    Knowledge/skill statements
     1.Knows that entrepreneurship involves taking responsibility for one’s own future
     2.Knows that entrepreneurship involves initiating creative ideas
     3.Knows that entrepreneurship involves developing ideas
     4.Knows that entrepreneurship involves carrying ideas through into action in a determined manner
   Benchmark 3.Knows personal, social, family, and career advantages (e.g, personal achievement, enhanced community status, family involvement, greater career potential) and disadvantages (e.g., loss of personal time, loss of corporate resources, diminished family security, loss of job security) of owning a business
    Knowledge/skill statements
     1.Knows an advantage to owning a business is personal achievement
     2.Knows an advantage to owning a business is enhanced community status
     3.Knows an advantage to owning a business is family involvement
     4.Knows an advantage to owning a business is greater career potential
     5.Knows personal disadvantage of owning a business
     6.Knows social disadvantage of owning a business
     7.Knows family disadvantage of owning a business
     8.Knows career disadvantage of owning a business
     9.Knows a disadvantage to owning a business is loss of personal time
     10.Knows a disadvantage to owning a business is loss of corporate resources
     11.Knows a disadvantage to owning a business is diminished family security
     12.Knows a disadvantage to owning a business is loss of job security
 Standard 17.  Understands that cultural difference, export/import opportunities, and current trends in a global marketplace can affect an entrepreneurial venture
  Level IV (Grade 9-12)
   Benchmark 1.Knows that entrepreneurs wishing to do business in another culture must understands that language and behaviors used in the American culture will not always be useful in a foreign culture (e.g., slogans that don’t translate meaningfully or are insulting after translation)
    Knowledge/skill statements
     1.Knows that entrepreneurs wishing to do business in other cultures must understand the language differences of that culture compared to American culture
     2.Knows that entrepreneurs wishing to do business in other cultures must understand the behavior differences of that culture compared to American culture
     3.Knows American slogans that don’t translate to another culture meaningfully
     4.Knows American slogans that are insulting to another culture after translation
   Benchmark 3.Knows some reasons entrepreneurs would want to trade with other countries (e.g., prices of goods may be lower in other countries, competition in other countries may not be as intense, profit margins may be higher in other countries)
    Knowledge/skill statements
     1.Knows some reasons why entrepreneurs would want to trade with other countries
     2.Knows prices of goods may be lower in other countries
     3.Knows competition in other countries may not be as intense
     4.Knows profit margins may be higher in other countries
 Standard 18.  Understands how ethics, government, and different forms of business ownership affect the entrepreneurial venture
  Level IV (Grade 9-12)
   Benchmark 1.Knows that even though entrepreneurs may feel overwhelmed by the number and scope of government regulations, those regulations promote competition and protect various groups or society as a whole (e.g., government sets standards for pure food and drugs)
    Knowledge/skill statements
     1.Knows entrepreneurs may feel overwhelmed by the number of government regulations
     2.Knows entrepreneurs may feel overwhelmed by the scope of government regulations
     3.Knows that government regulations promote competition amongst entrepreneurs
     4.Knows that government regulations protect various groups or society as a whole
     5.Knows that the government sets standards for pure food and drugs
   Benchmark 7.Knows sources available to help entrepreneurs choose a form of ownership (e.g., attorneys, accountants, Small Business Administration, clubs)
    Knowledge/skill statements
     1.Knows sources available to help entrepreneurs choose a form of ownership
     2.Knows attorneys are a source available to help entrepreneurs choose a form of ownership
     3.Knows accountants are a source available to help entrepreneurs choose a form of ownership
     4.Knows the Small Business Administration is a source available to help entrepreneurs choose a form of ownership
     5.Knows clubs are a source available to help entrepreneurs choose a form of ownership