Best of Young Entrepreneur Foundation Blog – Part 1

This multi-part series features some of our most popular posts of all time. The Best Of series celebrates the re-launch of our Entrepreneur in the Classroom Free Curriculum. It’s updated, and is available to you here, free brought to you by an award-winning professor and curriculum designer.
In addition to our free curriculum, use our blog posts like a mini-curriculum element for with up and coming entrepreneurs, or for a training discussion during the last 20 minutes of your company’s meeting.

Today’s theme: Thinking Big.

How Small Businesses Can Protect Ideas: Trademarks, Servicemarks, Patents, and Copyrights

101 of patent, trademark, servicemark, and copyright for small business and entrepreneurs. A discussion of patent “bullying” and protecting your patent, protection your reputation, and does social media change the landscape for patents, copyrights, and trademarks?

The World is Flat #4: How Generation Y is Going Global

This series from the NFIB Young Entrepreneur Foundation focuses on young leaders and their reflections on business. We start with Amber Hunnicutt, student at the George Washington University and intern for The Hot Mommas Project

#3-How Entrepreneurs Are Surviving the Financial Crisis

Entrepreneurial skills are good ones to have, especially during a slow economy. This series focuses on the top survival tips from successful entrepreneurs on getting through the crisis. In this post we feature Marty Janis President & CEO, Atlantic Services Group (www.AtlanticServicesGroup.com). The company provides valet, transportation, garage management, and maintenance services.

The #1 Piece of Business Knowledge Entrepreneurs Wish They Knew – Part 2

This is the second part of a series fueled by a single question asked to successful entrepreneurs:

“What is the #1 piece of business information you wish you had known when you were younger?”

Today’s answer: That entrepreneurship was an option for me.

Start Now: 4 Reasons to Start a New Business in a Slow Economy

4 Reasons to Start a New Business in a Slow Economy plus links to tips on making money and growing in a down economy, plus classroom exercises on finance and the financial crisis.

Favorites roundup: Top 5 Free Teaching Tools for Educators, Entrepreneurs, Parents

A top 5 list of free business resources for educators, entrepreneurs, and parents.

The Financial Crisis and Small Business in the Classroom – Part 3

This is the third of a 4-part series on small business and the financial crisis.  (See post #1 and post #2). The major teaching points and exercises in this series are based on an interview with the Acting Director of the Small Business Administration, Sandy K. Baruah (see this video).

Today’s topic: Financial Statements 101 & an Introduction to Debt and Equity.

Among other key tips for small business, Sandy K. Baruah – SBA Acting Administrator – noted that in obtaining credit your business’s current financial situation is important.  70% of small businesses report having problems obtaining credit. Banks want to know: Will you be able to pay back your loan?

Suggested Exercises:

Level A. Engage students in an overview discussion about the importance of understanding a business’s finances using the following articles as a starting point:

Credit crisis for small business

Financial literacy is hot (see bottom of earlier post)

This article from Business Week runs through a laundry list of items for small business owners to look into regarding their banks, insurance carriers, and the like. However, the big takeaway is for business owners to be prepared to handle decreased confidence in the economy which can impact spending.

Level B. Complete a financial exercise in the EITC curriculum or other “financial statement 101″-type template.  Discuss debt/equity and financial statement sections. Debt, Equity, and Financial Statements: Module 3, Slides 23 to 30 (Option: Exercise 3-4 PDF, Part 2) & Slides 44 to 52

See Entrepreneur in the Classroom (EITC) Module 3 for more on financial statement exercises. (EITC free curriculum)

Entrepreneurship at Home and School – The Learning Success Plan

What is a Learning Success Plan? It was developed by Pat Cooley -  technology entrepreneur and member of Entrepreneurs Organization.  Pat generously agreed to share his one-page system for tracking his kids’ academic performance and goals.  He calls it their “Learning Success Plan.” It has three major components:

a. His child’s current classes, and grades in each class.

b. The key success factor (one for each class) to maintain or improve their grade.

c. An overall goal, such as “I want to watch Monday night football” or “I want to earn my parents’ respect and trust so I can travel abroad.” This statement is the motivation for achieving their goals and getting good grades.

This chart might be helpful and interesting for:

1. Entrepreneurship beginners – the Learning Success Plan is a great example of entrepreneurial traits (something that may not be 100% familiar) to a home and school setting (something that is 100% familiar).

2. For advanced educators, students, and entrepreneurs – the Learning Success Plan is a great example of how to apply entrepreneurial systems outside of the workplace.

Entrepreneurial thinking is everywhere, and this is another example.

For more on entrepreneurial traits, see Entrepreneur in the Classroom (EITC) Module 1 (Powerpoint slides 15 to 20). Here is the link to the EITC free curriculum.

Interactive Business Game – Johnny Money – Is LIVE and FREE!

The simulated business game – Johnny Money – has rolled out. (Click here for story). Guess what? It’s free.  Find a few quotes from users at the bottom of this post.  Caution: Apparently it’s quite addictive.  Find the Johnny Money game HERE.

Tip: Use the below links as a 2-in-1: Read about Johnny Money game and continue to explore these sites for resources great for educators, students, and entrepreneurs.

You Tube Demo on using Johnny Money

Exploring further: Type “entrepreneurship” into the search box at the top of the You Tube site.

SBTV.com (Small Business Television) on Johnny Money

Exploring further: Click on the topics at the left side bar ranging from “marketing” to “management” to “pain in the workplace.” (We’re assuming this last one is not about the need for better lumbar support).

As a wrap up, here is what members of the blogging/gaming/and social media community are saying.

mtlehman Sep 14th, 2008 at 3:11 pm

Awesome game. It offers a brief view into the business world without having to worry about the true financial backing. In the end, it gives you access to a business in a matter of minutes rather than years. What a great way to learn the ropes!

ElisaQuick323 Sep 14th, 2008 at 5:54 pm

What a cool idea! I think it would help people, like myself, who are CLUELESS about such things as owning a business!

Source: www.ThinkBeta.com/blog