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Lesson Objective
At the completion of this lesson, students will be able to distinguish between the various risks and
disadvantages of being an entrepreneur with the various rewards and advantages that come with the
career.
Concepts
CTE Concept(s)
Concept of Private Enterprise
Economic Concept(s)
Entrepreneurship
Standards/Benchmarks
Michigan Career and Technical Education
Segment 12
I.D.3 Explain economic systems in which marketing activities are performed.
Michigan Department of Education High School Content Expectations
Social Studies: Economics
1.1.2 Entrepreneurship. Identify the risks, returns and other characteristics of entrepreneurship that
bear on its attractiveness as a career.
Supplies Needed
Student Handout 1 Why do some businesses succeed and others fail? (1 per student)
Student Handout 2 Entrepreneurial Risks and Rewards (1 per group of 16 cut
squares)
Student Handout 3 Employ Yourself Be an Entrepreneur Survey (1 per student)
Student Handout 4 Entrepreneurial Matchup (1 per student)
Student Handout Answer Key 4 Entrepreneurial Matchup Key
Student Handout 5 Entrepreneurship Narrative (1 per student)
Presentation 1 Entrepreneur Risks and Rewards
Video 1 Kramer Pizza Pie Endeavour (3:33)
https://www.youtube.com/watch?v=b9o7DFFimKo&feature=kp
Video 2 Cliff Claven Videographer Endeavour (7:25)
https://www.youtube.com/watch?v=rIAgkOpIGYc
A. Show Video 1: Kramer and the Pizza Pie Endeavour. After video, brainstorm characteristics
that describe entrepreneurship.
Student Handout 1: Why do some businesses succeed and others fail? (1 per student)
A. Distribute Student Handout 1: Why do some businesses succeed and others fail?
1. Have students read the warm-up activity and write their comments/responses on the
handout.
A. Provide each student a blank sheet of paper to create a two panel foldable.
1. Instruct students to fold the paper into thirds with the two flaps meeting in
front to create a two panel foldable.
2. On the left cover of the foldable they are to write, ENTREPRENEUR RISKS and on the
right cover of the foldable write, ENTREPRENEUR REWARDS.
B. Students are to research and identify the different risks (disadvantages) and rewards
(advantages) of being an entrepreneur.
C. OPTIONAL: Teacher lecture using the Presentation 1: Entrepreneur Risks and Rewards with
students taking notes in foldable.
RISKS REWARDS
Business Failure (Personal Loss) Accumulation of Wealth
Long Hours Control of Time
Stress Personal Freedom
Limited Skills Personal Satisfaction
A. Divide class into groups of two, depending on class size. (divide class by 16)
B. Cut Student Handout 2: Entrepreneurial Risks and Rewards into sixteen (16) individual cards
for distribution.
1. Each group will be given a card with a situation, belief, or attitude written on it.
C. Using an easel and flip chart pad (or just writing on a white board or chalk board), create a t-
chart with two headers RISKS and REWARDS that is displayed in front of class.
D. Each group should discuss and match their given reasons to the proper category on the board.
E. One at a time, each group should bring their card up to the board and tape it under the proper
category. Have students justify how their current situation applies to the category.
F. Teacher should end the activity by identifying how being an entrepreneur presents its own set
of challenges/obstacles and rewards that a person who is not self-employed would not have
to face.
B. Students should match given reasons why someone may want to start their own business with
related potential rewards (advantages).
7. Formal assessment.
B. Students will write a narrative, describing various risks and rewards, associated with opening
their own business.
Standards
Lesson Title
So, you want to own your own business?
Lesson Objective
At the completion of this lesson, students will be able to distinguish between the various risks and
disadvantages of being an entrepreneur with the various rewards and advantages that come with
the career.
Standards/Benchmarks
Michigan Career and Technical Education
Segment 12
I.D.3 Explain economic systems in which marketing activities are performed.
Michigan Department of Education High School Content Expectations
Social Studies: Economics
1.1.2 Entrepreneurship. Identify the risks, returns and other characteristics of entrepreneurship
that bear on its attractiveness as a career.
MBA Research Performance Indicators
Identify the impact of small business/entrepreneurship (EC:065) (CS)
Explain the concept of private enterprise (EC:009, EC LAP 15) (CS)
Determine factors affecting business risk (EC:011, EC LAP 3) (CS)
Explain the concept of competition (EC:012, EC LAP 8) (CS)
References
Econedlink.org
VIDEOS:
https://www.youtube.com/watch?v=b9o7DFFimKo&feature=kp
https://www.youtube.com/watch?v=rIAgkOpIGYc