Entrepreneurship

Function:

Explains the process of identifying opportunities, organizing resources, and assuming risk to create value through new ventures.

Scenario:

A founder identifies a market gap, develops a solution, and takes responsibility for launching and managing a new business despite uncertainty.

Describe the nature of entrepreneurship (EN:039) (SP)

Function:

Defines the responsibilities, expectations, and skill sets required to successfully start and operate a business.

Scenario:

A business owner balances decision-making, risk-taking, leadership, and accountability while overseeing daily operations.

Explain the role requirements of entrepreneurs and owners (EN:040) (SP)

Function:

Describes how moral principles guide decision-making in venture creation and operation.

Scenario:

An entrepreneur evaluates whether profit-driven decisions align with honesty, fairness, and social responsibility.

Describe the use of business ethics in entrepreneurship (EN:044) (SP)

Function:

Explains how smaller firms can participate in cross-border exchange by identifying niche markets and competitive advantages.

Scenario:

A startup explores exporting products or sourcing materials internationally to expand market reach.

Describe small-business opportunities in international trade (EN:041) (SP)

Function:

Explains why actively searching for new ideas is essential to venture creation and long-term growth.

Scenario:

An entrepreneur continuously scans markets, customer needs, and trends to identify unmet demand.

Explain the need for entrepreneurial discovery (EN:001) (ON)

Function:

Describes structured approaches used to uncover viable business ideas.

Scenario:

A founder uses research, observation, and problem identification to generate potential venture concepts.

Discuss entrepreneurial discovery processes (EN:002) (ON)

Function:

Analyzes worldwide economic, technological, and social patterns to identify business opportunities.

Scenario:

A business evaluates emerging technologies and consumer behaviors across global markets.

Assess global trends and opportunities for business ventures (EN:003) (ON)

Function:

Identifies situations where new ventures can be created to meet unmet needs or solve problems.

Scenario:

An entrepreneur recognizes inefficiencies in an industry and considers launching a solution.

Determine opportunities for venture creation (EN:004) (ON)

Function:

Evaluates the attractiveness and potential success of identified business opportunities.

Scenario:

A founder analyzes market size, competition, and customer demand before committing resources.

Assess opportunities for venture creation (EN:005) (ON)

Function:

Produces original and feasible ideas that could be developed into business ventures.

Scenario:

A team brainstorms multiple potential products or services to address a specific market need.

Generate venture ideas (EN:006) (ON)

Function:

Determines whether a proposed venture idea is realistic, profitable, and sustainable.

Scenario:

An entrepreneur evaluates costs, resources, and risks before proceeding with development.

Determine feasibility of venture ideas (EN:038) (ON)

Function:

Identifies key factors that must be addressed when planning a new business venture.

Scenario:

A founder considers market demand, resources, competition, and operational requirements.

Describe entrepreneurial planning considerations (EN:007) (ON)

Function:

Explains frameworks and methods used to organize and evaluate venture ideas.

Scenario:

An entrepreneur uses structured planning tools to refine and test a business concept.

Explain tools used by entrepreneurs for venture planning (EN:008) (ON)

Function:

Evaluates what is required to successfully launch a business.

Scenario:

A startup assesses capital, skills, technology, and legal needs before opening.

Assess start-up requirements (EN:009) (ON)

Function:

Identifies potential threats that could impact the success of a new venture.

Scenario:

A business evaluates financial, market, operational, and competitive risks.

Assess risks associated with venture (EN:010) (ON)

Function:

Identifies external support systems that assist with venture development.

Scenario:

An entrepreneur seeks guidance, funding, or expertise from outside sources.

Describe external resources useful to entrepreneurs during concept development (EN:011) (ON)

Function:

Determines when outside expertise or support is necessary for success.

Scenario:

A founder decides whether internal skills are sufficient or external help is required.

Assess the need to use external resources for concept development (EN:012) (ON)

Function:

Selects legal and strategic methods to safeguard original ideas and innovations.

Scenario:

A startup chooses protections to prevent competitors from copying its product or brand.

Select strategies to protect intellectual property (EN:013) (ON)

Function:

Organizes and communicates the venture idea using a structured planning document.

Scenario:

An entrepreneur outlines goals, operations, and financial projections in a formal plan.

Use components of business plan to define venture idea (EN:014) (ON)

Function:

Explains how entrepreneurs secure funding to launch and grow ventures.

Scenario:

A founder explores loans, investors, and personal capital to finance the business.

Describe processes used to acquire adequate financial resources for venture creation/start-up (EN:015) (ON)

Function:

Chooses appropriate funding sources based on risk, control, and cost.

Scenario:

A business decides between borrowing money or seeking investors.

Select sources to finance venture creation/start-up (EN:016) (ON)

Function:

Identifies workforce requirements necessary to operate the venture effectively.

Scenario:

A startup determines how many employees and what skills are needed.

Explain factors to consider in determining a venture's human-resources needs (EN:017) (ON)

Function:

Evaluates whether hiring employees is necessary or beneficial at a given stage.

Scenario:

An entrepreneur weighs workload, cost, and scalability before hiring.

Explain considerations in making the decision to hire staff (EN:018) (ON)

Function:

Evaluates equipment, technology, and physical assets required for operations.

Scenario:

A venture selects machinery or systems needed to deliver products or services.

Describe considerations in selecting capital resources (EN:019) (ON)

Function:

Identifies physical and financial assets required to operate the business.

Scenario:

A startup lists tools, equipment, and facilities needed to begin operations.

Identify capital resources needed for the venture (EN:020) (ON)

Function:

Analyzes trade-offs between costs and benefits of required resources.

Scenario:

A founder compares expense levels with expected returns before investing.

Assess the costs/benefits associated with resources (EN:021) (ON)

Function:

Establishes financial systems necessary to manage business funds.

Scenario:

A new venture opens accounts and sets up financial controls.

Establish banking procedures (EN:042) (ON)

Function:

Uses outside expertise to complement the entrepreneur's skill set.

Scenario:

A founder relies on consultants or advisors to support operations.

Use external resources to supplement entrepreneur's expertise (EN:022) (ON)

Function:

Explains why managing a venture requires coordination of multiple systems and functions.

Scenario:

An entrepreneur balances operations, finances, and customer needs simultaneously.

Explain the complexity of business operations (EN:023) (ON)

Function:

Evaluates when taking calculated risks is justified.

Scenario:

A business considers expansion opportunities with uncertain outcomes.

Evaluate risk-taking opportunities (EN:024) (ON)

Function:

Explains why structured systems are necessary for consistency and efficiency.

Scenario:

A company develops standardized processes as it grows.

Explain the need for business systems and procedures (EN:025) (ON)

Function:

Describes how formal guidelines improve operational consistency.

Scenario:

A venture documents steps for handling orders and customer service.

Describe the use of operating procedures (EN:026) (ON)

Function:

Explains how work is structured to improve efficiency and productivity.

Scenario:

A business organizes tasks to minimize delays and duplication.

Explain methods/processes for organizing workflow (EN:027) (ON)

Function:

Creates or delivers offerings that generate value for customers.

Scenario:

A startup launches its product or service to the market.

Develop and/or provide product/service (EN:028) (ON)

Function:

Applies innovative thinking to overcome challenges and improve outcomes.

Scenario:

An entrepreneur finds alternative solutions when initial plans fail.

Use creative problem-solving in business activities/decisions (EN:029) (ON)

Function:

Explains how efficient use of resources affects success.

Scenario:

A business maximizes output while minimizing waste.

Explain the impact of resource productivity on venture success (EN:030) (ON)

Function:

Establishes systems to continuously identify new opportunities.

Scenario:

A company regularly evaluates market feedback and trends.

Create processes for ongoing opportunity recognition (EN:031) (ON)

Function:

Plans reinvestment to improve existing offerings or create new ones.

Scenario:

A venture allocates profits toward innovation and improvement.

Develop plan to invest resources into improving current products or creating new ones (EN:032) (ON)

Function:

Responds strategically to external and internal changes.

Scenario:

A business adjusts strategy due to market or technological shifts.

Adapt to changes in business environment (EN:033) (ON)

Function:

Explains why planning for the future of the venture is necessary.

Scenario:

An owner prepares for leadership transition or sale.

Explain the need for continuation planning (EN:034) (ON)

Function:

Describes methods used to exit or transfer ownership.

Scenario:

A founder considers selling, merging, or passing on the business.

Describe methods of venture harvesting (EN:035) (ON)

Function:

Evaluates options for remaining involved after exit or transition.

Scenario:

An entrepreneur decides whether to stay as advisor or leave completely.

Evaluate options for continued venture involvement (EN:036) (ON)

Function:

Creates structured plans for leaving or transferring the venture.

Scenario:

A business develops a clear exit strategy to maximize value.

Develop exit strategies (EN:037) (ON)