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Entrepreneurship

Section 1: Business Operations

SECTION DESCRIPTION
In these lessons, students explore parts of a business, learn how a franchise works, discover the difference between investing in a startup business versus a franchise, and create the steps necessary to open both a company and a franchise.

FOCUS QUESTIONS FOR THIS SECTION

  • How do businesses make decisions?

  • What are the components of a business?

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LESSON OBJECTIVES

  • Describe the relationship between vendors and business owners.

  • Explain that businesses seek to maximize profits when they purchase intermediate goods and services at a price that allows them to sell final goods and services at a maximum profit.

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LESSON OBJECTIVE

  • Explain that businesses make decisions to try to be profitable, but they incur both fixed and variable costs. 

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LESSON OBJECTIVES

  • Describe how franchises operate.

  • Evaluate the pros and cons of investing in a franchise.

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 LESSON OBJECTIVES

  • Compare the ways customers experience a small business versus a corporate franchise.

  • Debate the merits of starting a small business from scratch versus investing in a corporate franchise.

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LESSON OBJECTIVES

  • Plan details for the opening of an original small business or a corporate franchise.

  • Construct a full-color diagram on poster board or with presentation software.

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