DECA Entrepreneurship and Small Business Management Cluster Performance indicators


Terms in this set (...)

Describe methods used to protect intellectual property
Copyrights, patents, trademarks
Describe legal issues affecting businesses
Disgruntled Employees, Discrimination/Harassment Cases, Immigration Audits, Copyright and Patent Issues, Dissatisfied Customers, etc.
Identify the basic torts relating to business enterprises.
For business: Civil wrongs, whether intentional or not, committed by or against an organization, including harm done to tangible assets
Describe the nature of legally binding contracts
A contract is an agreement between 2 or more parties to do, or refrain from doing, some action. A contract must have 3 things: an offer, acceptance, and consideration. One party must make a clearly stated offer to another party. The offer must be accepted. Something of value must be promised in exchange for a specific action or non-action.
Explain types of business ownership.
Sole proprietorship, Partnerships, C Corporations, Limited liability corporations, and S Corporations
Describe the nature of entrepreneurship
Entrepreneurship is the development of a business from the ground up, including coming up with an idea and turning it into a profitable business.
Explain role requirements of entrepreneurs
3 roles
1) set overall vision while considering individual desires
2) researching and selling as it evolves
3)setting operational assessments to measure progress and determine other opportunities
Describe small business opportunities in international trade
Purpose: bigger market, identify new ventures, larger customer base
Benefits: Increase sales, pay higher wages, employ more workers, increased productivity
Con: More staffing considerations to monitor foreign involvement
Explain the need for entrepreneurial discovery
Required to spur innovation and fulfill demands
Competition means businesses want to get ahead with new innovation
Discuss entrepreneurial discovery process
Identifying opportunities to fulfill a demand with a product/service by examining political(regulations), social, demographic, and technological changes
Determine opportunities for venture creation
Identify a need, look at rends, conduct research, address issues
Assess global trends and opportunities for global ventures
Considering all aspects of a possible venture, with factors such as feasibility, predictions, and benefits and disadvantages
Generate venture ideas
Come up with new opportunities for business which may entail some risk
Determine feasibility of venture ideas
Do a TMMD analysis(Time, money, the market, and determination or passion)
Describe entrepreneurial planning considerations
Funds, resources, labor, ie. finance, resource, and human capital

Also differentiate between strategic and tactical planning
Explain tools used by entrepreneurs for venture planning
SWOT, Market, Competition, Environment, Sensitivity(how will one thing affect another) Analyses
Assess start-up requirements
Finance, market, timing, competition, product/service, team
Assess risks associated with venture
Industry, Market, Product, and Financial risk
Describe external resources useful to entrepreneurs during concept development
This means research, internal and external resources
Assess the need to use external resources for concept development
Cannot be contained solely in what business knows - cannot use solipsism
Describe strategies to protect intellectual property
Patents, trademarks, copyrights, trade secrets

Also, for internal: hire lawyer, discuss proper etiquette for confidential information
Use components of business plan to define venture idea
Paul &
Describe processes used to acquire adequate financial resources for venture creation/start-up
Networking, Contracts, requesting proposals
Select sources to finance venture creation/start-up
Personal funds, Patient capital, venture capital, crowdfunding, grants
Explain factors to consider in determining a ventures human-resources needs
Production, management, communications, partners, and can these help growth, along with can they be paid enough
Explain considerations in making the decision to hire staff
-Skills, experience, mindset, communication skills, written materials ex. references, resume, documentation
Describe considerations in selecting capital resources
-Productivity, affordability, ease of access, sustainability
Identify capital resources needed for the venture
-What is need to produce product/service?
-These help improve productivity
Assess the costs/benefits associated with resources
Pros/cons of human, natural, capital, and time resources
Use external resources to supplement entrepreneur's expertise
-Resources that you need that come from a source outside business
-Means that your business will be subject to market price changes
Explain the complexity of business operations
Stakeholders, infrastructure, and tech, and other things are involved to make business function
Evaluate risk-taking opportunities
Basically feasibility of a risk
Explain the need for business systems and procedures
For foster emotional relationships and productivity
Describe the use of operating procedures
Provide baseline, and make sure regulations are met
Explain methods/processes for organizing workflow
Be able to identify how to reach goal
Develop and/or provide product/service
Supply product/service to customer, kind of involves marketing functions
Use creative problem-solving in business activities/decisions
-Think outside of the box
-have multiple solutions ***** imp. for role play
-have detailed plan
Explain impact of resource productivity on venture success
How does productivity of individual resources affect the goals of the venture/business
Create processes for ongoing opportunity recognition
Benchmarks, external help, specializations
Develop plan to invest resources into improving current products or creating new ones
Make an operations plan, address low earning products
Adapt to changes in business environments
consider Internal vs. external environments, identify changes and how to adapt
Explain the need for continuation planning
To ensure lasting productivity and stay ahead of potential threats
Describe methods of venture harvesting
-sell business
-IPO - most profitable
Evaluate options for continues venture involvement
-officialize team
-find ways to bring in fresh ideas/brainstorming sessions
Develop exit strategies
Merger acquisition, IPO, passing on, full liquidation