Eight business skills students learn by dreaming up their own business
I have often wondered what it would be like to either own and run my own business (basically be my own boss) or what it would be like to invent and develop something. This semester, students in the Introduction to Business class are getting the opportunity to do both. I'm challenging my students to become teen entrepreneurs and develop their own teen-based business. They have also partnered up in a “Shark Tank” type of competition to come up with an invention with their partner to research, develop, produce, and market.
Students start on their entrepreneurial journey by selecting and planning their own teen-based business. Once the business is chosen, students combine their entrepreneurship and computer application skills to create a professional, comprehensive business plan and supporting marketing materials that promote their business. In the end, students will possess the skills and know-how to be the next up-and-coming entrepreneur.
The goal of the simulation is to provide students with hands-on practice in developing the following skills:
- Computer applications, including word processing, spreadsheets, digital publishing, presentations, database, and website development (optional)
- Creating financial statements
- Technical writing
- Entrepreneurial skills and concepts
- Owning and running a business
- Marketing and promotion
Students will also develop and refine their Shark Tank inventions. Near the end of the semester, teams will present their inventions to a panel of their peers who will then decide whether they are willing to invest in a particular invention or company while gaining ownership of a certain percentage of the company. These skills and experiences will lead our students to become the best future entrepreneurs that they can be!