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K–12 Standards

Business Innovation (2023)

Other Arkansas CTE sets

Students will discuss the value of professionalism and involvement in professional, academic, and leadership activities.1.0

  • 1

    Recognize and discuss the academic and professional benefits of participating in CTSOs and entrepreneurial organizations.1.1

    1. 1

      Students will identify benefits/resources provided by career and technical student organizations (e.g., FBLA and DECA) as well as professional organizations that are related to individual entrepreneurial fields of interest.1.1.1

    2. 2

      Students will explore opportunities for personal and professional growth and development that are presented through participation and membership in career related organizations: professional development, networking, knowledge & expertise, mentoring, etc.1.1.2

    3. 3

      Investigate CTSO competitive events and identify sources to help prepare for success in competitive events associated with entrepreneurship.1.1.3

  • 2

    Develop soft skill traits for entrepreneurship success.1.2

    1. 1

      Identify effective communication skills by comparing personal vs. business communication (e.g., letters, text messages, emails, etc.).1.2.1

    2. 2

      Understand the importance of professional dress and evaluate appropriate dress for CTSO conferences and business meetings.1.2.2

    3. 3

      Comprehend and explain the importance of punctuality, attendance, and deadlines.1.2.3

    4. 4

      Identify traits important to success (e.g., initiative, positive attitude, enthusiasm, self-confidence).1.2.4

    5. 5

      Discuss integrity and ethical leadership.1.2.5

    6. 6

      Identify and practice fundamental etiquette skills (e.g., introductions, handshakes, eye contact, posture, etc.).1.2.6

    7. 7

      Participate in soft skill evaluations.1.2.7

  • 3

    Understand and demonstrate the concept and importance of one’s digital presence.1.3

    1. 1

      Compare and contrast positive and negative social media presence.1.3.1

    2. 2

      Critique one’s own digital presence.1.3.2

Students will understand the foundational concepts regarding entrepreneurship.2.0

  • 1

    Understand entrepreneurship terminology.2.1

    1. 1

      Define entrepreneur and entrepreneurship.2.1.1

    2. 2

      Explain the similarities and differences between an entrepreneur and an employee and between an employer and entrepreneurship.2.1.2

    3. 3

      Explain the similarities and difference between an employer and entrepreneurship.2.1.3

    4. 4

      Identify and be able to explain the five P’s of marketing (product, price, promotion, place and people).2.1.4

    5. 5

      Research common types of entrepreneurships (e.g., buyer, small business, intrapreneurship, social, etc.)2.1.5

    6. 6

      Research similarities and differences between LLCs, Partnerships, DBAs, Co-Ops and non-profits.2.1.6

  • 2

    Analyze the benefits and risks of being an entrepreneur.2.2

    1. 1

      Identify benefits and risks of being an entrepreneur versus being an employee.2.2.1

    2. 2

      Analyze the benefits and risks of entrepreneurship versus being an employer.2.2.2

  • 3

    Assess the impact of entrepreneurship in the local economy.2.3

    1. 1

      Identify entrepreneurs in our local community.2.3.1

    2. 2

      Assess the impact of entrepreneurship on the local community and the local economy.2.3.2

    3. 3

      Discuss the difference between entrepreneurs and small business owners.2.3.3

    4. 4

      Research “cottage” food laws and be able to explain how they may impact beginning entrepreneurs.2.3.4

  • 4

    Understand skills and characteristics of entrepreneurs.2.4

    1. 1

      Research characteristics, traits, and behaviors of local, national, and international entrepreneurs in a variety of fields.2.4.1

    2. 2

      Identify skills and characteristics needed by successful entrepreneurs.2.4.2

    3. 3

      Examine your personal skills and characteristics and identify your strengths and weaknesses.2.4.3

    4. 4

      Determine skills and characteristics that you would need to supplement to be a successful entrepreneur.2.4.4

  • 5

    Understand how trends in society can impact business innovation.2.5

    1. 1

      Define social and environmental entrepreneurship.2.5.1

    2. 2

      Identify stakeholders and groups impacted by business and how businesses can impact a community.2.5.2

    3. 3

      Discuss ethical behavior and social responsibility associated with a business’ profits.2.5.3

  • 6

    Discuss economic, financial, and other factors that affect entrepreneurial success.2.6

    1. 1

      Define and describe the impact of economic factors on entrepreneurial success.2.6.1

    2. 2

      Define and describe the impact of natural disasters on entrepreneurial success.2.6.2

    3. 3

      Define and describe the impact of social factors on entrepreneurial success.2.6.3

    4. 4

      Define and describe the impact of environmental factors on entrepreneurial success.2.6.4

    5. 5

      Define and describe the impact of political conditions on entrepreneurial success.2.6.5

    6. 6

      Explore relationships and their importance (owner/employees, employee/employee, employee/customer, etc)2.6.6

  • 7

    Understand the purpose for and develop a business plan.2.7

    1. 1

      Define a business plan and explain its purpose.2.7.1

    2. 2

      Describe the four major parts of a business plan (business description, management plan, marketing plan and financial plan) and locate examples of each.2.7.2

    3. 3

      Explain the impact of various types of competition on a small business and how this must be addressed in financial planning.2.7.3

    4. 4

      Describe the importance of a business plan to potential investors and lenders.2.7.4

    5. 5

      Design parts of a business plan given data.2.7.5

Students will understand the impact and role of information technology in business.3.0

  • 1

    Compare and contrast proper and improper use of email, phones, texts, video conferencing, social media, commercials, and printed materials.3.1

    1. 1

      Discuss proper and improper use of email, phones, video conferencing, and texts to promote the products produced by a business.3.1.1

    2. 2

      Use informational materials, websites, social media, and commercials to define proper and improper use of informational technology in business.3.1.2

    3. 3

      Use email, phones, texts, video conferencing, social media, commercials, and printed materials to review various effective and ineffective communication for a variety of audiences and purposes.3.1.3

Students will identify revenue, expenses and liabilities that occur in entrepreneurships.4.0

  • 1

    Discuss taxes, insurance, and common deductions.4.1

    1. 1

      Discuss payroll taxes (Social Security, FICA, Medicare) and tax rates associated with each in relationship to each versus matching contributions.4.1.1

    2. 2

      Discuss common employment deductions (e.g., medical insurance, dental insurance, retirement, and life insurance. )4.1.2

    3. 3

      Discuss property taxes, unemployment taxes, income taxes, commercial automobile insurance, liability insurance, workers compensation insurance, and other common liabilities and expenses.4.1.3

    4. 4

      Determine sales tax on products (like office supplies and clothing) and services (like janitorial or landscaping).4.1.4

    5. 5

      Understand and calculate markups, markdowns, and discounts and their effect on a product’s price and the profitability of an entrepreneurship.4.1.5

Students will understand how profits/losses occur in business based on goods, services, and buyer motivation5.0

  • 1

    Understand how profits and losses occur by developing an income statement.5.1

    1. 1

      Define revenue and identify various ways that revenue can be obtained by a business and the importance of keeping personal and business funds separate at all times.5.1.1

    2. 2

      Define expenses and identify various ways that expenses can be obtained by a business and the importance of receipts and keeping up with records.5.1.2

    3. 3

      Define profit and loss.5.1.3

    4. 4

      Create an income statement given data to determine a company’s profit or loss.5.1.4

  • 2

    Recognize characteristics of goods, services, and buyer motivation.5.2

    1. 1

      Define and differentiate between goods and services.5.2.1

    2. 2

      Classify products as goods, services, or hybrid products.5.2.2

    3. 3

      Examine how consumer behavior influences a business’ marketing decisions.5.2.3

    4. 4

      Discuss buyer motivation: rational, patronage, emotional, convenience, and impulse.5.2.4

    5. 5

      Identify how competition, or lack of competition, impact the consumer.5.2.5

Students will design an entrepreneurship that could be established in their community through an in-class simulation activity.6.0

  • 6

    Students will design an entrepreneurship that could be established in their community through an in-class simulation activity.6.0

Based on your own interests and characteristics, select a category for your start-up entrepreneurship.6.1.1

  • 1

    Based on your own interests and characteristics, select a category for your start-up entrepreneurship.6.1.1

Assess your selection and outline a business plan for your startup company.6.1.2

  • 2

    Assess your selection and outline a business plan for your startup company.6.1.2

Present and support your business plan to your facilitator/classmates; redesign your plan if necessary.6.1.3

  • 3

    Present and support your business plan to your facilitator/classmates; redesign your plan if necessary.6.1.3

Perform a financial analysis to determine startup funds needed and develop a plan to identify investors.6.1.4

  • 4

    Perform a financial analysis to determine startup funds needed and develop a plan to identify investors.6.1.4

Determine the best location for your company in your community.6.1.5

  • 5

    Determine the best location for your company in your community.6.1.5

Research and rate suppliers to support your entrepreneurship.6.1.6

  • 6

    Research and rate suppliers to support your entrepreneurship.6.1.6

Execute required local, state, and federal paperwork to startup your company.6.1.7

  • 7

    Execute required local, state, and federal paperwork to startup your company.6.1.7

Given obstacles, advantages, and day-to-day activities presented by your facilitator/classmates, devise solutions to keep your business operating.6.1.8

  • 8

    Given obstacles, advantages, and day-to-day activities presented by your facilitator/classmates, devise solutions to keep your business operating.6.1.8

Prepare a presentation to report final conclusions about your entrepreneurship’s success/failure.6.1.9

  • 9

    Prepare a presentation to report final conclusions about your entrepreneurship’s success/failure.6.1.9

Frequently asked questions

What grade levels do these standards cover?
Grade 5, Grade 6, Grade 7, and Grade 8

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