Introduction

This year’s Creative Expression contest asks students to consider the economic concepts and principles that help build the foundation for a successful business model. Capitalize on student creativity by inviting them to craft a business concept that will carefully evaluate the market, benefits, and risks associated with beginning a new, innovative business enterprise.

Council for Economic Education National Standards 14

Students will understand that:  Entrepreneurs are people who take the risks of organizing productive resources to make goods and services.  Profit is an important incentive that leads entrepreneurs to accept the risks of business failure. 

National Council for Social Studies National Standards: Theme 7, Production, Distribution, and Consumption

Because people have wants that often exceed the resources available to them, a variety of ways have evolved to answer such questions as: What is to be produced? How is production to be organized? How are goods and services to be distributed? What is the most effective allocation of the factors of production?

Economic Concepts

• Entrepreneurship
• Types of Business Ownership
• Benefits and Costs
• Economic Decision Making
• Productive Resources

Instructions

Students will draft a letter that provides an overview of an original business enterprise.  Each business described is to represent the students own work; not merely a reflection of an existing business plan.  In the letter, students should address the following questions. 

• What type of business do you plan to start?
• Why might this be a good time to open up this new business?
• How will your business be organized?
  (Type of business orgranization)
• Who are your customers?
• Who are your possible competitors?
• What is your marketing and sales strategy?
• How would providing capital for your business benefit an investor?
• What is the potential impact on the economy and you?
• What is the potential impact (risk/return) for the investor?
• Discuss the impact on the community...job creation, tax revenues, housing, schools, etc.

All research should be documented in a formal works cited page using MLA or APA format.  Students are to provide at least three referenced sources.  The letter is limited to a minimum of 2 pages, maximum of 3 pages typed using Times New Roman 10/12 font. The reference page is not included in the page count.

Wikipedia is not considered a credible reference for this assignment.  

Materials

Please consult reference tab for additional resources.  The grading rubric will assess the students based on how well they address each category contained in the guide.