7th Grade Intro To Entrepreneurship Lesson Plan

Topic: Intro to Entrepreneurship

Objectives & Outcomes

• To understand the basics of economics and how they relate to entrepreneurship (supply & demand , needs & wants)
• To become familiar with different types of entrepreneurship (e.g. startups vs. small businesses vs. large businesses) and the role of entrepreneurs in each type.
• To understand the steps involved in becoming an entrepreneur (e.g. idea generation, business planning, launching a business)

Materials

• A whiteboard and markers
• Handouts on the basics of economics and different types of entrepreneurship

Warm-Up

• Ask students to share what they know about entrepreneurship. Write their responses on the whiteboard.
• Next, ask students to share any family members or friends who are entrepreneurs. Write their names on the whiteboard.
• Explain that today we will be learning more about what it means to be an entrepreneur and the different types of entrepreneurship that exist.

Direct Instruction

• Begin by discussing the basic concept of supply and demand and how it relates to the economy. Explain that when supply is low and demand is high, prices are likely to be higher, and when supply is high and demand is low, prices are likely to be lower.
• Next, introduce the concept of needs and wants. Explain that when people are talking about their needs, they are referring to things that are necessary for survival, such as food, water, and shelter. When people are talking about their wants, they are referring to things that are not necessary but would be nice to have, such as a new smartphone or a trip to Hawaii.
• Discuss how entrepreneurs look at the needs and wants of people in their community and how they try to come up with creative solutions to meet those needs and wants.
• Next, introduce the different types of entrepreneurship. You can use the following definitions as a guide:
• Solo entrepreneurship: An individual who is launching a business on their own without any partners.
• Partnership entrepreneurship: Two or more individuals who are launching a business together as partners.
• Small business entrepreneurship: A business that is small in size and scope, typically with fewer than 100 employees.
• Large business entrepreneurship: A business that is large in size and scope, typically with more than 100 employees.
• Entrepreneurship in different industries: An entrepreneur can launch a business in any industry, including the following examples:
• Technology: An entrepreneur who is launching a business in the technology industry might come up with a creative new app or website that aims to solve a problem or meet a need.
• Consumer goods: An entrepreneur who is launching a business in the consumer goods industry might come up with a creative new product that aims to solve a problem or meet a need.
• Service: An entrepreneur who is launching a business in the service industry might come up with a creative new way to provide a service that aims to solve a problem or meet a need.
• After discussing the different types of entrepreneurship, have students share any ideas for businesses that they might have or that they have seen in their communities.

Guided Practice

• Next, have students work in small groups to come up with a business idea that meets the following criteria:
• The business needs to be something that they could actually see themselves launching someday.
• The business needs to be in a realistic and sustainable industry.
• The business needs to solve a problem or meet a need in the community.

After each group has come up with a business idea, have them present their idea to the class and discuss the strengths and weaknesses of their idea.

Independent Practice

• For independent practice, have students work on a project-based entrepreneurship activity. One idea could be to have them come up with a business plan for their group's business idea and present it to the class. Another idea could be to have them actually launch their business in a real-life context (e.g. by setting up a booth at a local event or creating a website).

Closure

• Review the main points of the lesson and discuss any questions or challenges that students may have had while working on their projects.
• Remind students of the importance of entrepreneurship in creating jobs and wealth in a economy and encourage them to continue thinking about ways they could become entrepreneurs themselves someday.

Assessment:

• Observe students during the independent practice activity to see if they are able to accurately apply the principles of economics and entrepreneurship in their projects.
• Collect and grade the presentations that students give on their independent practice project.