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: http://www.ThinkBeta.com/blog

Getting started

Looking for ways to get started? Read about the Entrepreneur in the Classroom (EITC) curriculum, register, and consider starting with our EITC alternative exercises. These are great if:

1. You are not familiar with entrepreneurship

2. Your group/class is not familiar with entrepreneurship

3. You are working with/teaching a group of high-energy people and need to keep their interest

4. All of the above

Ready to dive in for the full meal deal? Register for our free Entrepreneur in the Classroom curriculum and peruse the three modules.

Click here to subscribe to this blog.

What’s hot?

Financial literacy

Social media: Check out top entrepreneurship blogs at http://www.alltop.com

The case for entrepreneurship

Welcome to our blog

Welcome to the blog for the NFIB Young Entrepreneur Foundation.  (See “About” for more on us.  The goal for this blog is to serve as a gathering place for:

- Educators – Both using our curriculum (link to curriculum) and educators interested in entrepreneurship, in general.

- Future entrepreneurs – Young entrepreneurs seeking learning tools and forums.

- Current entrepreneurs – Providing advice and insight about the real world of entrepreneurship.

Email our author with your ideas for blog content….the most popular topics will be featured in weekly posts.

Click here to subscribe to this blog.