Students explore an alternative to starting a business from scratch – investing in a franchise. They begin by considering the pros and cons of a franchise and whether this form of business is an option that would fit their personality and needs. Students then research and analyze franchise opportunities, ultimately selecting one that they think they might be able to successfully operate in their own community. While making their choice, students consider a variety of factors including their personal interests and abilities, the reputation of the product or service, the franchisor’s ability and willingness to assist the franchisee, and market factors such as consumer demand and anticipated competition.
Throughout this lesson students take note of the role of risk and incentives as factors found in all entrepreneurial pursuits. They will analyze, compare and evaluate personal characteristics of entrepreneurs. They will also develop a greater self-understanding as they determine if they have the traits found in successful entrepreneurs. Finally, students set goals, which will help them to become more entrepreneurial.
The Sloan School of Business at Massachusetts Institute of Technology (MIT) hosts a yearly competition for the best business plan. It's not just your average science fair project. Many entrepreneurs have used the money they won in the MIT competition to turn a paper plan into reality. Marketplace host David Brancaccio talks with two students, Jeremy Bender and Obadiah Plante, who won the contest in May 2002 ([EEL-link id='1974' title='www.marketplace.org/shows/2002/05/16_mpp.html' ] - from 13:51 to 17:40).
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
Entrepreneurship Economics introduces high school students to entrepreneurship through a resource market simulation, which demonstrates how entrepreneurship promotes economic activity and benefits society.
11 out of 12 lessons from this publication relate to this EconEdLink lesson.
This publication contains lessons for teaching personal finance concepts to 9-12 students. Lessons for older students illustrate certain uses of more abstract representations.
4 out of 24 lessons from this publication relate to this EconEdLink lesson.
Focus: Understanding Economics in U.S. History uses a unique mystery-solving approach to teach U.S. economic history to your high school students.
2 out of 40 lessons from this publication relate to this EconEdLink lesson.