Business Education Standards - Virtual Enterprise

ENTREPRENEURSHIP focuses on recognizing a business opportunity, starting a business based on the recognized opportunity, and operating and maintaining that business. Entrepreneurship is a natural fit for business education because entrepreneurship integrates the functional areas of business-accounting, finance, marketing, and management-and the legal and economic environments in which a new venture operates.
 
As with many areas of business education, entrepreneurship has a general education as well as a professional education component. All students benefit from developing an appreciation for and understanding of entrepreneurship in our economy: most of the jobs (both professional and technical) created in recent years have been in the small business sector. Forecasts indicate that this trend will continue.
 
Thinking like an entrepreneur, then, is important, since many of today's students will start their own businesses or work closely with entrepreneurs. Being able to recognize new business opportunities is necessary not only for entrepreneurs but also for individuals working in the increasingly competitive corporate world.
 
Instruction in entrepreneurship begins with developing the fundamentals in the lower educational grades and advancing to more abstract applications at the upper educational levels, as indicated in these standards. Considering the changing nature of the workplace, few subjects provide knowledge that is more valuable to all students, regardless of their career orientation.
 
Below is an overview of the achievement standards for the entrepreneurship content area. Each achievement standard states the understanding and competency students should attain. Each achievement standard has corresponding performance expectations. Each performance expectation delineates what students need to do to exhibit the knowledge and the skills required to meet the achievement standard. The corresponding performance expectations for each achievement standard are detailed in the publication.
 
I. Entrepreneurs and Entrepreneurial Opportunities
Achievement Standard: Recognize that entrepreneurs possess unique characteristics and evaluate the degree to which one possesses those characteristics.
 
II. Marketing
Achievement Standard: Analyze customer groups and develop a plan to identify, reach, and keep customers in a specific target market.
 
III. Economics
Achievement Standard: Apply economic concepts when making decisions for an entrepreneurial venture.
 
IV. Finance
Achievement Standard: Use the financial competencies needed by an entrepreneur.
 
V. Accounting
Achievement Standard: Recognize that entrepreneurs must establish, maintain, and analyze appropriate records to make business decisions.
 
VI. Management
Achievement Standard: Develop a management plan for an entrepreneurial venture.
 
VII. Global Markets
Achievement Standard: Analyze the effect of cultural differences, export/import opportunities, and trends on an entrepreneurial venture in the global marketplace.
 
VIII. Legal
Achievement Standard: Analyze how forms of business ownership, government regulations, and business ethics affect entrepreneurial ventures.
 
IX. Business Plans
Achievement Standard: Develop a business plan.
 
From the National Standards for Business Education © 2001 by the National Business Education Association, 1914 Association Drive, Reston, VA 20191.
 

Business Education Standards - Virtual Enterprise

INTERNATIONAL BUSINESS is an area of the business education curriculum that commands center stage in today's global economy. The international business standards focus on
  • Raising awareness of the interrelatedness of one country's political policies and economic practices on another
  • Learning to improve international business relations through appropriate communication strategies
  • Understanding the global business environment-that is, the interconnected-ness of cultural, political, legal, economic, and ethical systems
  • Exploring basic concepts underlying international finance, management, marketing, and trade relations
Identifying forms of business ownership and international business opportunities
Students may find this discipline complex and confusing if political and business events are presented as separate and random occurrences. A more effective approach is to help students see how one phenomenon creates another, and how one event starts a "ripple effect" throughout the world. In this way, students gain the ability to analyze world economic trends and their impact on financial decisions with a reasonable degree of accuracy.
 
The study of international business is best implemented early in students' educational backgrounds and should be steadily reinforced to ensure that students graduate with the ability to use these skills effectively in global organizations.
 
Below is an overview of the achievement standards for the international business content area. Each achievement standard states the understanding and competency students should attain. Each achievement standard has corresponding performance expectations. Each performance expectation delineates what students need to do to exhibit the knowledge and the skills required to meet the achievement standard. The corresponding performance expectations for each achievement standard are detailed in the publication.
 
I. Foundations of International Business
Achievement Standard: Explain the role of international business; analyze how it impacts business at all levels (including the local, state, national, and international levels).
 
II. The Global Business Environment
Achievement Standard: Describe the interrelatedness of the social, cultural, political, legal, and economic factors that shape and impact the international business environment.
 
III. International Business Communication
Achievement Standard: Apply communication strategies necessary and appropriate for effective and profitable international business relations.
 
IV. Global Business Ethics
Achievement Standard: Describe the environmental factors that define what is considered ethical business behavior in a global business environment.
 
V. Organizational Structures for International Business Activities
Achievement Standard: Identify forms of business ownership and entrepreneurial opportunities available in international business.
 
VI. International Trade Relations
Achievement Standard: Relate balance of trade concepts to the import/export process.
 
VII. International Management
Achievement Standard: Analyze special challenges in operations and human resource management in international business.
 
VIII. International Marketing
Achievement Standard: Apply marketing concepts to international business situations.
 
IX. International Finance
Achievement Standard: Explain the concepts, role, and importance of international finance and risk management.
 
 
From the National Standards for Business Education © 2001 by the National Business Education Association, 1914 Association Drive, Reston, VA 20191.