Entrepreneurship

Case

Specific cases are given during the conference. The case will be a decision‐making problem encountered by entrepreneurs in one or more of the following areas: business planning, human relations, financial management, or marketing.

Event Introduction

Entrepreneurship is a ‘Collaborative Object Test and Role Play Event’. These events consist of two parts: an objective test and an interactive role play. 

Scroll down for objective test subtopics.  

 

Guidelines

Two 4″ by 6″ not cards will be provided to each competitor and may be used during event preparation and performance. Information may be written on both sides of the note cards. Note cards will be collected after the presentation. 

No Additional Reference Materials Allowed 

Prep Time: 20 minutes

Performance Time: 7 minutes 

Subtopics

1.   Explain the benefits and liabilities of starting a business.

2.   Identify characteristics and technical skills needed by entrepreneurs.

3.    Evaluate the types of business ownership/organization structure and understand the advantages and disadvantages of each.

4.   Conduct initial feasibility study by identifying industry trends, competition, and market segment using various research techniques.

5.   Select a business opportunity based on research.

6.   Create a company vision, mission, and short- and/or long-term strategic goals and plans.

7.   Determine business start-up date and location.

8.   Develop and implement financial/budgeting plans including start-up costs and funding needed to begin the business.

9.   Develop an organizational chart with staffing/human resource plans including job descriptions and recruitment techniques.

10. Prepare a management plan that incorporates legal requirements, business protection, quality control, and operations.

1.  Select accounting system to apply good accounting practices.

2.  Plan and maintain a budget.

3.  Record business transactions to track business activities and manage cash and banking procedures.

4.  Collect and interpret financial data to prepare financial statements such as balance sheet, income statement, cash flow projections, and summary of sales and receipts.

5.  Interpret financial data and statements to develop short- and long-term budgetary plans, to determine point of profitability and viability, and to analyze cash flow forecast.

6.  Apply computational skills to computerized financial documents.

1.  Identify types of sources of credit and credit terms.

2.  Compare costs, qualifications, and procedures for various forms of credit.

3.  Describe concepts of risk management including factors that affect business risk and rate of return.

4.  Complete credit forms and applications.

5.  Discuss methods of solving credit problems.

6.  Describe concept of credit worthiness as it relates to credit records, ratings, reports, and laws.

7.  Identify and maintain records of the initial capital assets (current assets; investments; property, plant, and equipment; and intangible assets).

1.  Define the industry characteristics, major competitors, and market segment.

2.  Determine, maintain, and improve the marketing mix (product, price, place, and promotion).

3.  Apply strategies for determining and adjusting prices to maximize return and meet customer’s perceptions of value.

4.  Develop and deliver effective customer relation skills to provide good customer service.

5.  Establish selling philosophies to develop customer loyalty and profitability.

6.  Utilize standard processes to move, store, locate, and transfer ownership of goods and services.

7.  Disseminate information about products/services or firm to achieve a desired outcome for a product or service.

8.  Gather, access, synthesize, evaluate, and disseminate marketing information to make business decisions.

9.  Identify current business trends to recognize changes needed in business operation.

1.    Prepare organization chart and job descriptions to expedite workflow.

2.    Develop, explain, and maintain written personnel policies, rules and procedures including a grievance system, to ensure consistency and to help employees perform their jobs.

3.    Evaluate the effects of employee absenteeism, errors, or other negative employee relations on business productivity.

4.    Plan, develop, and implement employee orientation and ongoing training programs.

5.    Develop employee recruitment plan to obtain qualified employees.

6.    Develop and manage an organization’s salary administration and benefits program to service employees with options and benefits.

7.    Develop and implement a plan for evaluation of employee performance and productivity.

8.    Develop separation, termination, and transition procedures for processing employee personnel actions.

9.    Develop and communicate to employees the customer relations policy.

10.   Plan and manage work schedules and personnel to maximize operations.

11.   Maintain safe and healthful working conditions.

12.   Identify and explore career opportunities to create a professional growth and development plan.

13.   Exhibit positive work behaviors and personal qualities to enhance the work environment.

14.   Motivate and supervise personnel to achieve completion of projects and company goals.

1.   Demonstrate knowledge of the current state and federal regulations to apply the tax code professionally.

2.   Use tax preparation procedures to determine tax liability for the organization.

3.   Analyze tax structures and consequences to assist in business decision making.

4.   Establish a tax plan to incorporate the impact of tax consequences on business decisions.

5.   Apply regulations regarding employee/employer taxes.

6.   Complete and implement state sales tax requirements and regulations.

1.   Recognize the importance of union-management relationship and contracts to ensure business continuity.

2.   Examine federal, state, and local current events to determine their impact on the organization.

3.   Develop and implement a public relations program for the company.

4.   Apply ethical conduct in business relationships and community activities.

5.   Explain role of business in the community.

6.   Use appropriate methods to communicate business activities with the community and clients/customers.

1.    Define, interpret, and apply federal, state, and local regulations to small business ownership.

2.    Exhibit ethical conduct in business negotiations and decisions.

3.    Understand the role of government in business.

4.   Identify and keep current with laws and regulations that affect business practices.

1.   Select professional advisors, for example accountant, attorney, and insurance agent.

2.   Develop procedures for the legal review of documents and procedures, such as contracts.

3.   Develop procedures to retain records.

4.   Demonstrate knowledge of social, ethical, and legal issues for small businesses.

5.   Demonstrate knowledge and apply consumer protection laws.

6.   Explain expressed and implied warranties for sale of goods.

7.   Apply legal interpretations to employee situations, retention of records, safety and security issues, and financial data.