Description
The National Content Standards for Entrepreneurship Education
The National Content Standards for Entrepreneurship
Education
Correlation to
Virtual Business – Restaurant
NEE Standard Virtual Businesiling 3.0
NEE Standard Virtual Business - Restaurant
I. ENTREPRENEURIA S!IS
A. Entrepreneurial Process ???
B. Entrepreneurial Traits & Behaviors ???
II. REA"# S!IS
C. Business Foundations ???
D. Communications & Interpersonal Skills ???
E. Digital Skills ??
F. Economics ???
. Financial !iterac" ?
#. Pro$essional Development ??
III. BUSINESS $UNCTI%NS
I. Financial %anagement ??
&. #uman 'esource %anagement ???
(. In$ormation %anagement ???
!. %arketing %anagement ???
%. )perations %anagement ???
*. 'isk %anagement
). Strategic %anagement ???
e&end'
? So(e Correlation to the S)ill
?? *i&h Correlation to the S)ill
??? Ver+ *i&h Correlation to the S)ill
The in$ormation $or this correlation +as $ound at the $ollo+ing +e, address during -./0.--1
http',,---.entre-ed.or&,Standards.Tool)it,standards.detail.ht(
Cop"right 2c3 0..4 ," the Consortium $or Entrepreneurship Education
Entrepreneurial S)ills
The Processes and Traits,Beha/iors associated -ith
entrepreneurial success.
A
Entrepreneurial Processes
5nderstands concepts and processes
associated +ith success$ul
entrepreneurial per$ormance
Virtual Business - Restaurant
"isco/er+
A..- E6plain the need $or entrepreneurial
discover"
A..0 Discuss entrepreneurial discover"
processes
A..7 Assess glo,al trends and opportunities
A..4 Determine opportunities $or venture
creation
A..8 Assess opportunities $or venture
creation
A..9 Descri,e idea:generation methods
A..; enerate venture ideas
A..< Determine $easi,ilit" o$ ideas
All =irtual Business : 'estaurant lessons and
pro>ects allo+ the students to e6amine all
aspects o$ starting a ,usiness? running the
,usiness? and making decisions to ma6imi@e
pro$ita,ilit". Students are encouraged to
continuall" anal"@e $inancial data. Pre:
reading? reading and mathematical e6ercises
simulate all aspects o$ the entrepreneurial
process.
Concept "e/elop(ent
A..A Descri,e entrepreneurial planning
considerations
A.-. E6plain tools used ," entrepreneurs
$or venture planning
A.-- Assess start:up reBuirements
A.-0 Assess risks associated +ith venture
A.-7 Descri,e e6ternal resources use$ul to
entrepreneurs during concept development
• Market Research
• Location Selection
• Financial Statements
• Menu Design
• Pricing
• Purchasing
• Layout
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
A.-4 Assess the need to use e6ternal
resources $or concept development
A.-8 Descri,e strategies to protect
intellectual propert"
Resourcin&
A.-; Distinguish ,et+een de,t and eBuit"
$inancing $or venture creation
A.-< Descri,e processes used to acBuire
adeBuate $inancial resources $or venture
creation/start:up
A.-A Select sources to $inance venture
creation/start:up
A.0. E6plain $actors to consider in
determining a ventureCs human:resource
needs
A.0- Descri,e considerations in selecting
capital resources
A.00 AcBuire capital resources needed $or
the venture
A.07 Assess the costs/,ene$its associated
+ith resources
• Location Selection
• Financial Statements
• Layout
• Staffing
• Turnaround
• Restaurant Management
Actuali0ation
A.04 5se e6ternal resources to supplement
entrepreneurCs e6pertise
A.08 E6plain the comple6it" o$ ,usiness
operations
A.09 Evaluate risk:taking opportunities
A.0; E6plain the need $or ,usiness s"stems
and procedures
A.0< Descri,e the use o$ operating
procedures
A.0A E6plain methods/processes $or
All =irtual Business : 'estaurant lessons and
pro>ects allo+ the students to e6amine all
aspects o$ starting a ,usiness? running the
,usiness? and making ongoing decisions.
Students are encouraged to continuall"
anal"@e $inancial data and restaurant speci$ic
reports $or ma6imum pro$it.
organi@ing +ork $lo+
A.7. Develop and/or provide
product/service
A.7- 5se creativit" in ,usiness
activities/decisions
A.70 E6plain the impact o$ resource
productivit" on venture success
A.77 Create processes $or ongoing
opportunit" recognition
A.74 Adapt to changes in ,usiness
environment
*ar/estin&
A.78 E6plain the need $or continuation
planning
A.79 Descri,e methods o$ venture
harvesting
A.7; Evaluate options $or continued venture
involvement
A.7< Develop e6it strategies
• Financial Statements
• Turnaround
• Restaurant Mogul
B
Entrepreneurial Traits,Beha/iors
Understands the personal
traits,1eha/iors associated -ith
successful entrepreneurial
perfor(ance
Virtual Business - Restaurant
eadership
B..- Demonstrate honest" and integrit"
B..0 Demonstrate responsi,le ,ehavior
B..7 Demonstrate initiative
B..4 Demonstrate ethical +ork ha,its
B..8 E6hi,it passion $or goal attainment
All of the Virtual Business – Restaurant
lessons and ro!ects contain goals the
students should meet "ithin the
simulation# The lessons and ro!ects
ro$ide financial reorts% grahs% charts
and other data that may &e used for
resentations% ro!ects or team "ork#
B..9 'ecogni@e othersD e$$orts
B..; !ead other using positive statements
B..< Develop team spirit
B..A Enlist others in +orking to+ard a
shared vision
B.-. Share authorit"? +hen appropriate
B.-- =alue diversit"
Personal Assess(ent
B.-0 Descri,e desira,le entrepreneurial
personalit" traits
B.-7 Determine personal ,iases and
stereot"pes
B.-4 Determine interests
B.-8 Evaluate personal capa,ilities
B.-9 Conduct sel$:assessment to determine
entrepreneurial potential
• Market Research
• Location Selection
• Financial Statements
• Menu Design
• Pricing
• Purchasing
• Layout
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
Personal 2ana&e(ent
B.-; %aintain positive attitude
B.-< Demonstrate interest and enthusiasm
B.-A %ake decisions
B.0. Develop an orientation to change
B.0- Demonstrate pro,lem:solving skills
B.00 Assess risks
B.07 Assume personal responsi,ilit" $or
decisions
B.04 5se time:management principles
B.08 Develop tolerance $or am,iguit"
All of the Virtual Business – Restaurant
lessons and ro!ects re'uire students to
make decisions ertaining to their
&usiness and to analy(e the effect of
their decisions and utili(e ro&lem)
sol$ing skills to meet &oth the
simulation goals and their o"n ersonal
goals#
B.09 5se $eed,ack $or personal gro+th
B.0; Demonstrate creativit"
B.0< Set personal goals
Read+ S)ills
The 1asic 1usiness )no-led&e and s)ills that are
prere3uisites or co-re3uisites for 1eco(in& a
successful entrepreneur.
C
Business $oundations
5nderstands $undamental ,usiness
concepts that a$$ect ,usiness decision
making
Virtual Business - Restaurant
Business Concepts
C..- E6plain the role o$ ,usiness in societ"
C..0 Descri,e t"pes o$ ,usiness activities
C..7 E6plain t"pes o$ ,usinesses
C..4 E6plain opportunities $or creating
added value
C..8 Determine issues and trends in
,usiness
C..9 Descri,e crucial elements o$ a Bualit"
culture/continuous Bualit" improvement
C..; Descri,e the role o$ management in
the achievement o$ Bualit"
C..< E6plain the nature o$ managerial ethics
C..A Descri,e the need $or and impact o$
ethical practices
• Menu Design
• Purchasing
• Layout
• Staffing
• Turnaround
• Restaurant Mogul
Business Acti/ities
C.-. E6plain marketing management and its
importance in a glo,al econom"
C.-- Descri,e marketing $unctions and
related activities
• Market Research
• Marketing
• Financial Statements
• Purchasing
• Layout
• Staffing
C.-0 E6plain the nature and scope o$
operations management
C.-7 E6plain the concept o$ management
C.-4 E6plain the concept o$ $inancial
management
C.-8 E6plain the concept o$ human
resource management
C.-9 E6plain the concept o$ risk
management
C.-; E6plain the concept o$ strategic
management
• Location Selection
• Menu Design
• Pricing
• Turnaround
• Restaurant Mogul
D
Co((unications and Interpersonal
S)ills
5nderstands concepts? strategies?
and s"stems needed to interact
e$$ectivel" +ith others
Virtual Business - Restaurant
$unda(entals of Co((unication
D..- E6plain the nature o$ e$$ective
communications
D..0 Appl" e$$ective listening skills
D..7 5se proper grammar and voca,ular"
D..4 'ein$orce service orientation through
communication
D..8 E6plain the nature o$ e$$ective ver,al
communications
D..9 Address people properl"
D..; #andle telephone calls in a
,usinesslike manner
D..< %ake oral presentations
D..A E6plain the nature o$ +ritten
All of the Virtual Business – Restaurant
lessons and ro!ects ro$ide financial
reorts% grahs% charts and other data
that may &e used for resentations%
ro!ects or team "ork#
communications
D.-. Erite ,usiness letters
D.-- Erite in$ormational messages
D.-0 Erite inBuiries
D.-7 Erite persuasive messages
D.-4 Prepare simple +ritten reports
D.-8 Prepare comple6 +ritten reports
D.-9 5se communications
technologies/s"stems 2e.g.? e:mail? $a6es?
voice mail? cell phones? etc.3
Staff Co((unications
D.-; Follo+ directions
D.-< E6plain the nature o$ sta$$
communication
D.-A ive directions $or completing >o,
tasks
D.0. Conduct sta$$ meetings
All of the Virtual Business – Restaurant
lessons and ro!ects re'uire that the
students follo" the directions listed
"ithin the simulation#
Ethics in Co((unication
D.0- 'espect the privac" o$ others
D.00 E6plain ethical considerations in
providing in$ormation
4roup 5or)in& Relationships
D.07 Treat others $airl" at +ork
D.04 Develop cultural sensitivit"
D.08 Foster positive +orking relationships
D.09 Participate as a team mem,er
All of the Virtual Business – Restaurant
lessons and ro!ects ro$ide financial
reorts% grahs% charts and other data
that may &e used for resentations%
ro!ects or team "ork#
"ealin& -ith Conflict
D.0; Demonstrate sel$:control
D.0< Sho+ empath" $or others
D.0A 5se appropriate assertiveness
D.7. Demonstrate negotiation skills
D.7- #andle di$$icult customers/clients
D.70 Interpret ,usiness policies to
customers/clients
D.77 #andle customer/client complaints
D.74 E6plain the nature o$ organi@ational
change
D.78 Descri,e the nature o$ organi@ational
con$lict
D.79 E6plain the nature o$ stress
management
E
"i&ital S)ills
5nderstands concepts and
procedures needed $or ,asic
computer operations
Virtual Business - Restaurant
Co(puter Basics
E..- 5se ,asic computer terminolog"
E..0 Appl" ,asic commands o$ operating
s"stem so$t+are
E..7 Emplo" desktop operating skills
E..4 Determine $ile organi@ation
E..8 Demonstrate s"stem utilities $or $ile
management
E..9 Compress or alter $iles
E..; 5se re$erence materials to access
in$ormation
Basic Skills* All Virtual Business )
Restaurant lessons and ro!ects are to
&e comleted using comuter
simulations#
Basic Skills + Alications* Financial
data is also e,orta&le to -,cel "here
additional analysis% "ritten reorts% and
resentations may &e generated $ia
Po"erPoint% .ord% and other
alications#
Reference* Students may use Virtual
Business "ritten materials as reference
for the comuter simulation#
E..< 5se menu s"stems
E..A 5se control panel components
E.-. Access date through various computer
drives
Co(puter Applications
E.-- Demonstrate ,asic search skills on the
Ee,
E.-0 Evaluate credi,ilit" o$ Internet
resources
E.-7 Demonstrate $ile management skills
E.-4 Communicate ," computer
E.-8 Solve routine hard+are and so$t+are
pro,lems
E.-9 )perate computer:related hard+are
peripherals
E.-; E6plain the nature o$ e:commerce
E.-< Descri,e the impact o$ the Internet on
,usiness
E.-A Develop ,asic +e,site
F
Econo(ics
Understands the econo(ic
principles and concepts
funda(ental to
entrepreneurship,s(all-1usiness
o-nership
Virtual Business - Restaurant
Basic Concepts
F..- Distinguish ,et+een economic goods
and services
F..0 E6plain the $actors o$ production
F..7 E6plain the concept o$ scarcit"
• Pricing
• Purchasing
• Turnaround
• Restaurant Mogul
F..4 E6plain the concept o$ opportunit"
costs
F..8 Descri,e the nature o$ economics and
economic activities
F..9 Determine $orms o$ economic utilit"
created ," ,usiness activities
F..; E6plain the principles o$ suppl" and
demand
F..< Descri,e the concept o$ price
Cost-Profit Relationships
F..A E6plain the concept o$ productivit"
F.-. Descri,e cost/,ene$it anal"sis
F.-- Anal"@e the impact o$
speciali@ation/division o$ la,or on
productivit"
F.-0 E6plain the concept o$ organi@ed la,or
and ,usiness
F.-7 E6plain the la+ o$ diminishing returns
F.-4Descri,e the concept o$ economies o$
scale
• Staffing
• Turnaround
• Restaurant Mogul
Econo(ic Indicators,Trends
F.-8 E6plain measures used to anal"@e
economic conditions
F.-9 E6plain the nature o$ the Consumer
Price Inde6
F.-; E6plain the concept o$ ross
Domestic Product
F.-< Determine the impact o$ ,usiness
c"cles on ,usiness activities
Econo(ic S+ste(s
F.-A E6plain the t"pes o$ economic s"stems
F.0. Descri,e the relationship ,et+een
• Financial Statements
• Menu Design
• Pricing
government and ,usiness
F.0- Assess impact o$ government actions
on ,usiness ventures
F.00 E6plain the concept o$ private
enterprise
F.07 Assess $actors a$$ecting a ,usinessDs
pro$it
F.04 Determine $actors a$$ecting ,usiness
risk
F.08 E6plain the concept o$ competition
F.09 Descri,e t"pes o$ market structures
F.0; Determine the impact o$ small
,usiness/entrepreneurship on market
economies
• Purchasing
• Layout
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
International Concepts
F.0< E6plain the nature o$ international
trade
F.0A Descri,e small:,usiness opportunities
in international trade
F.7. Determine the impact o$ cultural and
social environments on +orld trade
F.7- E6plain the impact o$ e6change rates
on trade
F.70 Evaluate in$luences on a nationalDs
a,ilit" to trade
G
$inancial iterac+
5nderstands personal mone":
management concepts? procedures?
and strategies
Virtual Business - Restaurant
2one+ Basics
..- E6plain $orms o$ $inancial e6change
2cash? credit? de,it? etc.3
..0 Descri,e $unctions o$ mone" 2medium
o$ e6change? unit o$ measure? store o$
value3
..7 Descri,e the sources o$ income
2+ages/salaries? interest? rent? dividends?
trans$er pa"ments? etc.3
..4 'ecogni@e t"pes o$ currenc" 2paper
mone"? coins? ,anknotes? government
,onds? treasur" notes? etc.3
..8 'ead and interpret a pa" stu,
..9 E6plain the time value o$ mone"
..; Descri,e costs associated +ith credit
..< E6plain legal responsi,ilities
associated +ith use o$ mone"
..A 5se mone" e$$ectivel"
$inancial Ser/ices
.-. Descri,e services provided ,"
$inancial institutions
.-- E6plain legal responsi,ilities o$
$inancial institutions
.-0 E6plain costs associated +ith use o$
$inancial services
.-7 Select $inancial institution
.-4 )pen account +ith $inancial institution
Personal 2one+ 2ana&e(ent
.-8 Set $inancial goals
.-9 Develop savings plan
.-; Develop spending plan
.-< %ake deposits to and +ithdra+als
All Virtual Business ) Restaurant lessons
and ro!ects re'uire the students to
continually monitor their financial
statements to make decisions for
ma,imum rofita&ility#
$rom account
.-A Complete $inancial instruments
.0. %aintain $inancial records
.0- 'ead and reconcile $inancial
statements
.00 Correct errors +ith account
.07 E6plain t"pes o$ investments
.04 Invest mone"
.08 Develop personal ,udget
.09 Build positive credit histor"
.0; Improve/repair credit+orthiness
H
Professional "e/elop(ent
5nderstands concepts and strategies
needed $or career e6ploration?
development? and gro+th
Virtual Business - Restaurant
Career Plannin&
#..- Evaluate career opportunities ,ased
on current/$uture econom"
#..0 Anal"@e emplo"er e6pectations in the
,usiness environment
#..7 E6plain the rights o$ +orkers
#..4 Select and use sources o$ career
in$ormation
#..8 Determine tentative occupational
interest
#..9 E6plain emplo"ment opportunities in
entrepreneurship
All of the Virtual Business – Restaurant
lessons and ro!ects allo" students to
e,lore the different asects of
managing their o"n &usiness "hich
may assist students in identifying
occuational interests
6o1-See)in& S)ills
#..; 5tili@e >o,:search strategies
#..< Complete a >o, application
#..A Intervie+ $or a >o,
#.-. Erite a $ollo+.up letter a$ter >o,
intervie+s
#.-- Erite a letter o$ application
#.-0 Prepare a resume
#.-7 Descri,e techniBues $or o,taining +ork
e6perience 2e.g.? volunteer activities?
internships3
#.-4 E6plain the need $or ongoing
education as a +orker
#.-8 E6plain possi,le advancement
patterns $or >o,s
#.-9 Determine skills needed to enhance
career progression
#.-; 5tili@e resources that can contri,ute to
pro$essional development 2e.g. trade
>ournals/periodicals? pro$essional/trade
associations? classes/seminars? trade
sho+s? and mentors3
#.-< 5se net+orking techniBues $or
pro$essional gro+th
Business $unctions
The 1usiness acti/ities perfor(ed 1+ entrepreneurs in
(ana&in& the 1usiness.
I $inancial 2ana&e(ent
5nderstands the $inancial concepts and
tools used in making ,usiness decisions
Virtual Business - Restaurant
Accountin&
I..- E6plain accounting standards 2AAP3
I..0 Prepare estimate/pro>ected income
• Financial Statements
• Turnaround
statement
I..7 Estimate cash:$lo+ needs
I..4 Prepare estimated/pro>ected ,alance
sheet
I..8 Calculate $inancial ratios
I..9 Determine and deposit pa"roll ta6es
I..; File ta6 returns
• Restaurant Mogul
$inance
I..< E6plain the purposes and importance o$
o,taining ,usiness credit
I..A %ake critical decisions regarding
acceptance o$ ,ank cards
I.-. Esta,lish credit policies
I.-- Develop ,illing and collection policies
I.-0 Descri,e use o$ credit ,ureaus
I.-7 E6plain the nature o$
overhead/operating e6penses
I.-4 Determine $inancing needed to start a
,usiness
I.-8 Determine risks associated +ith
o,taining ,usiness credit
I.-9 E6plain sources o$ $inancial assistance
I.-; E6plain loan evaluation criteria used ,"
lending institutions
I.-< Select sources o$ ,usiness loans
I.-A Esta,lish relationship +ith $inancial
institutions
I.0. Complete loan application process
I.0- Determine ,usinessDs value
2one+ 2ana&e(ent
I.00 Esta,lish $inancial goals and o,>ectives
I.07 Develop and monitor ,udget
I.04 %anage cash $lo+
I.08 E6plain the nature o$ capital investment
I.09 Foster a positive $inancial reputation
I.0; Implement procedures $or managing
de,t
I.0< Supervise/implement regular
accounting procedures and $inancial reports
All of the Virtual Business – Restaurant
lessons and ro!ects contain financial
goals for the students to meet#
• Financial Statements
• Turnaround
• Restaurant Mogul
J
*u(an Resource 2ana&e(ent
5nderstands the concepts? s"stems?
and strategies needed to acBuire?
motivate? develop? and terminate sta$$
Virtual Business - Restaurant
%r&ani0in&
&..- Develop a personnel organi@ational
plan
&..0 Develop >o, descriptions
&..7 Develop compensation plan/incentive
s"stems
&..4 )rgani@e +ork/pro>ects $or others
&..8 Delegate responsi,ilit" $or >o, tasks
• Staffing
• Turnaround
• Restaurant Mogul
Staffin&
&..9 &..9 Determine hiring needs
&..; 'ecruit ne+ emplo"ees
&..< Screen >o, applications/resumes
• Staffing
• Turnaround
• Restaurant Mogul
&..A Intervie+ >o, applicants
&.-. Select ne+ emplo"ees
&.-- *egotiate ne+:hireDs salar"/pa"
&.-0 Dismiss/Fire emplo"ee
Trainin&,"e/elop(ent
&.-7 )rient ne+ emplo"ees 2managementCs
role3
&.-4 Conduct training class/program
&.-8 Coach emplo"ees
2orale,2oti/ation
&.-9 E6hi,it leadership skills
&.-; Encourage team ,uilding
&.-< 'ecogni@e/re+ard emplo"ees
&.-A #andle emplo"ee
complaints/grievances
&.0. Ensure eBuita,le opportunities $or
emplo"ees
&.0- Build organi@ational culture
All of the Virtual Business – Restaurant
lessons and ro!ects ro$ide financial
reorts% grahs% charts and other data
that may &e used for resentations%
ro!ects or team "ork#
• Staffing
• Turnaround
• Restaurant Mogul
Assess(ent
&.00 Assess emplo"ee morale
&.07 Provide $eed,ack on +ork e$$orts
&.04 Assess emplo"ee per$ormance
&.08 Take remedial action +ith emplo"ee
&.09 Conduct e6it intervie+s
K
Infor(ation 2ana&e(ent
5nderstands the concepts? s"stems?
and tools needed to access? process?
maintain? evaluate? and disseminate
in$ormation $or ,usiness decision:
Virtual Business - Restaurant
making
Record )eepin&
(..- E6plain the nature o$ ,usiness records
(..0 %aintain record o$ dail" $inancial
transactions
(..7 'ecord and report sales ta6
(..4 Develop pa"roll record keeping s"stem
(..8 %aintain personnel records
(..9 %aintain customer records
• Financial Statements
• Turnaround
• Restaurant Mogul
Technolo&+
(..; E6plain +a"s that technolog" impacts
,usiness
(..< 5se Personal In$ormation
%anagement/Productivit" applications
(..A Demonstrate +riting/pu,lishing
applications
(.-. Demonstrate presentation applications
(.-- Demonstrate data,ase applications
(.-0 Demonstrate spreadsheet applications
(.-7 Demonstrate colla,orative/group+are
applications
(.-4 Determine ventureDs technolog" needs
All of the Virtual Business – Restaurant
lessons and ro!ects ro$ide financial
reorts% grahs% charts and other data
that may &e used for resentations%
ro!ects or team "ork#
Infor(ation Ac3uisition
(.-8 Select sources o$ ,usiness start:up
in$ormation
(.-9 Conduct an environmental scan to
o,tain marketing in$ormation
(.-; %onitor internal records $or marketing
in$ormation
• Market Research
• Turnaround
• Restaurant Mogul
(.-< Determine underl"ing customer
needs/$rustrations
L
2ar)etin& 2ana&e(ent
5nderstands the concepts?
processes? and s"stems needed to
determine and satis$" customer
needs/+ants/e6pectations? meet
,usiness goals/o,>ectives? and create
ne+ product/service ideas
Virtual Business - Restaurant
Product,Ser/ice Creation
!..- E6plain methods to generate a
product/service idea
!..0 enerate product/service ideas
!..7 Assess opportunities $or import
su,stitution
!..4 Determine product/service to $ill
customer need
!..8 Determine initial $easi,ilit" o$
product/service ideas
!..9 Plan product/service mi6
!..; Choose product name
!..A Develop strategies to position
product/service
!.-. Build ,rand/image
!.-- Evaluate customer e6perience
• Market Research
• Menu Design
• Location Selection
• Pricing
• Purchasing
• Layout
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
2ar)etin&-infor(ation 2ana&e(ent
!.-0 E6plain the concept o$ market and
market identi$ication
!.-7 Descri,e the role o$ situation anal"sis
in the marketing
lanning process
!.-4 Determine market segments
• Market Research
• Menu Design
• Marketing
• Turnaround
• Restaurant Mogul
!.-8 Select target markets
!.-9 Conduct market anal"sis
!.-; E6plain the concept o$ marketing
strategies
!.-< Descri,e the nature o$ marketing
planning
!.-A Set a marketing ,udget
!.0. Develop a marketing plan
!.0- %onitor and evaluate per$ormance o$
marketing plan
Pro(otion
!.00 Descri,e the elements o$ the
promotional mi6
!.07 Calculate advertising media costs
!.04 Select advertising media
!.08 Prepare a promotional ,udget
!.09 Develop promotional plan $or a
,usiness
!.0; Erite a ne+s release
!.0< ),tain pu,licit"
!.0A Select salesromotion options
!.7. Erite sales letters
!.7- %anage online 2+++3 activities
!.70 Evaluate e$$ectiveness o$ advertising
• Marketing
• Turnaround
• Restaurant Mogul
Pricin&
!.77 Calculate ,reakeven point
!.74 E6plain $actors a$$ecting pricing
decisions
• Pricing
• Turnaround
• Restaurant Mogul
!.78 Esta,lish pricing o,>ectives
!.79 Select pricing strategies
!.7; Set prices
!.7< Ad>ust prices to ma6imi@e pro$ita,ilit"
Sellin&
!.7A AcBuire product in$ormation $or use in
selling
!.4. Anal"@e product in$ormation to identi$"
product $eatures and ,ene$its
!.4- Prepare $or the sales presentation
!.40 Esta,lish relationship +ith
client/customer
!.47 Determine customer/client needs
!.44 Determine customerCs ,u"ing motives
$or use in selling
!.48 Di$$erentiate ,et+een consumer and
organi@ational ,u"ing ,ehavior
!.49 'ecommend speci$ic product
!.4; Convert customer/client o,>ections into
selling points
!.4< Close the sale
!.4A Demonstrate suggestion selling
!.8. Plan $ollo+ up strategies $or use in
selling
!.8- Process sales documentation
!.80 Prospect $or customers
!.87 Plan strategies $or meeting sales
• Market Research
• Menu Design
• Turnaround
• Restaurant Mogul
Buotas
!.84 Anal"@e sales reports
!.88 Train sta$$ to support sales e$$orts
!.89 Anal"@e technolog" $or use in the sales
$unction
!.8; %anage online sales process
M
%perations 2ana&e(ent
5nderstands the processes and
s"stems implemented to $acilitate
dail" ,usiness operations.
Virtual Business - Restaurant
Business S+ste(s
%..- Plan ,usiness la"out
%..0 Determine eBuipment needs
%..7 Document ,usiness s"stems and
procedures
%..4 Esta,lish operating procedures
%..8 Develop pro>ect plans
%..9 Anal"@e ,usiness processes and
procedures
%..; Implement Bualit" improvement
techniBues
%..< Evaluate productivit" o$ resources
%..A %anage computer:,ased operating
s"stems
• Layout
• Purchasing
• Turnaround
• Restaurant Mogul
Channel 2ana&e(ent
%.-. Select ,usiness location
%.-- Select distri,ution channels
%.-0 Develop and implement order:
$ul$illment processes
• Location Selection
• Restaurant Mogul
Purchasin&,Procure(ent
%.-7 E6plain the ,u"ing process
%.-4 Descri,e the nature o$ ,u"er
reputation and vendor relationships
%.-8 Esta,lish compan" ,u"ing/purchasing
policies
%.-9 Conduct vendor search
%.-; Choose vendors
%.-< *egotiate contracts +ith vendors
%.-A Place orders
%.0. Barter +ith vendors
• Purchasing
• Turnaround
• Restaurant Mogul
"ail+ %perations
%.0- Schedule sta$$
%.00 %aintain inventor" o$
products/supplies
%.07 )rgani@e shipping/receiving
• Staffing
• Turnaround
• Restaurant Mogul
N
Ris) 2ana&e(ent
5nderstands the concepts? strategies?
and s"stems that ,usinesses
implement and en$orce to minimi@e
loss
Virtual Business - Restaurant
Business Ris)s
*..- Descri,e t"pes o$ ,usiness risk
*..0 Determine +a"s that small ,usinesses
protect themselves against loss
*..7 Esta,lish controls to prevent
em,e@@lement/the$t
*..4 Esta,lish and implement s"stems to
protect customer/emplo"ee con$identialit"
*..8 Determine ,usinessDs lia,ilities
*..9 E6plain +a"s to trans$er risk
*..; ),tain insurance coverage
*..< Develop strategies to protect computer
2digital3 data
*..A Develop securit" policies and
procedures
*.-. Esta,lish sa$et" policies and
procedures
*.-- Protect assets $rom creditors
*.-0 Esta,lish parameters $or sta$$
responsi,ilit"/authorit"
*.-7 Develop continuation plan
e&al Considerations
*.-4 E6plain legal issues a$$ecting
,usinesses
*.-8 Protect intellectual propert" rights
*.-9 Select $orm o$ ,usiness o+nership
*.-; ),tain legal documents $or ,usiness
operations
*.-< Descri,e the nature o$ ,usinessesC
reporting reBuirements
*.-A Adhere to personnel regulations
*.0. Implement +orkplace regulations
2including )S#A? ADA3
*.0- Develop strategies $or
legal/government compliance
O
Strate&ic 2ana&e(ent
5nderstands the processes?
strategies? and s"stems needed to
Virtual Business - Restaurant
guide the overall ,usiness
organi@ation
Plannin&
)..- Conduct SE)T anal"sis
)..0 Conduct competitive anal"sis
)..7 Evaluate ,usiness acBuisition options
)..4 Develop compan" goals/o,>ectives
)..8 Develop ,usiness mission
)..9 Forecast income/sales
)..; Conduct ,reak:even anal"sis
)..< Develop action plans
)..A Develop ,usiness plan
• Restaurant Mogul
Controllin&
).-. 5se ,udgets to control operations
).-- Develop e6pense:control plans
).-0 Anal"@e cash:$lo+ patterns
).-7 Interpret $inancial statements
).-4 Anal"@e operating results in relation to
,udget/industr"
).-8 Track per$ormance o$ ,usiness plan
• Financial Statements
• Purchasing
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
doc_871986258.pdf
The National Content Standards for Entrepreneurship Education
The National Content Standards for Entrepreneurship
Education
Correlation to
Virtual Business – Restaurant
NEE Standard Virtual Businesiling 3.0
NEE Standard Virtual Business - Restaurant
I. ENTREPRENEURIA S!IS
A. Entrepreneurial Process ???
B. Entrepreneurial Traits & Behaviors ???
II. REA"# S!IS
C. Business Foundations ???
D. Communications & Interpersonal Skills ???
E. Digital Skills ??
F. Economics ???
. Financial !iterac" ?
#. Pro$essional Development ??
III. BUSINESS $UNCTI%NS
I. Financial %anagement ??
&. #uman 'esource %anagement ???
(. In$ormation %anagement ???
!. %arketing %anagement ???
%. )perations %anagement ???
*. 'isk %anagement
). Strategic %anagement ???
e&end'
? So(e Correlation to the S)ill
?? *i&h Correlation to the S)ill
??? Ver+ *i&h Correlation to the S)ill
The in$ormation $or this correlation +as $ound at the $ollo+ing +e, address during -./0.--1
http',,---.entre-ed.or&,Standards.Tool)it,standards.detail.ht(
Cop"right 2c3 0..4 ," the Consortium $or Entrepreneurship Education
Entrepreneurial S)ills
The Processes and Traits,Beha/iors associated -ith
entrepreneurial success.
A
Entrepreneurial Processes
5nderstands concepts and processes
associated +ith success$ul
entrepreneurial per$ormance
Virtual Business - Restaurant
"isco/er+
A..- E6plain the need $or entrepreneurial
discover"
A..0 Discuss entrepreneurial discover"
processes
A..7 Assess glo,al trends and opportunities
A..4 Determine opportunities $or venture
creation
A..8 Assess opportunities $or venture
creation
A..9 Descri,e idea:generation methods
A..; enerate venture ideas
A..< Determine $easi,ilit" o$ ideas
All =irtual Business : 'estaurant lessons and
pro>ects allo+ the students to e6amine all
aspects o$ starting a ,usiness? running the
,usiness? and making decisions to ma6imi@e
pro$ita,ilit". Students are encouraged to
continuall" anal"@e $inancial data. Pre:
reading? reading and mathematical e6ercises
simulate all aspects o$ the entrepreneurial
process.
Concept "e/elop(ent
A..A Descri,e entrepreneurial planning
considerations
A.-. E6plain tools used ," entrepreneurs
$or venture planning
A.-- Assess start:up reBuirements
A.-0 Assess risks associated +ith venture
A.-7 Descri,e e6ternal resources use$ul to
entrepreneurs during concept development
• Market Research
• Location Selection
• Financial Statements
• Menu Design
• Pricing
• Purchasing
• Layout
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
A.-4 Assess the need to use e6ternal
resources $or concept development
A.-8 Descri,e strategies to protect
intellectual propert"
Resourcin&
A.-; Distinguish ,et+een de,t and eBuit"
$inancing $or venture creation
A.-< Descri,e processes used to acBuire
adeBuate $inancial resources $or venture
creation/start:up
A.-A Select sources to $inance venture
creation/start:up
A.0. E6plain $actors to consider in
determining a ventureCs human:resource
needs
A.0- Descri,e considerations in selecting
capital resources
A.00 AcBuire capital resources needed $or
the venture
A.07 Assess the costs/,ene$its associated
+ith resources
• Location Selection
• Financial Statements
• Layout
• Staffing
• Turnaround
• Restaurant Management
Actuali0ation
A.04 5se e6ternal resources to supplement
entrepreneurCs e6pertise
A.08 E6plain the comple6it" o$ ,usiness
operations
A.09 Evaluate risk:taking opportunities
A.0; E6plain the need $or ,usiness s"stems
and procedures
A.0< Descri,e the use o$ operating
procedures
A.0A E6plain methods/processes $or
All =irtual Business : 'estaurant lessons and
pro>ects allo+ the students to e6amine all
aspects o$ starting a ,usiness? running the
,usiness? and making ongoing decisions.
Students are encouraged to continuall"
anal"@e $inancial data and restaurant speci$ic
reports $or ma6imum pro$it.
organi@ing +ork $lo+
A.7. Develop and/or provide
product/service
A.7- 5se creativit" in ,usiness
activities/decisions
A.70 E6plain the impact o$ resource
productivit" on venture success
A.77 Create processes $or ongoing
opportunit" recognition
A.74 Adapt to changes in ,usiness
environment
*ar/estin&
A.78 E6plain the need $or continuation
planning
A.79 Descri,e methods o$ venture
harvesting
A.7; Evaluate options $or continued venture
involvement
A.7< Develop e6it strategies
• Financial Statements
• Turnaround
• Restaurant Mogul
B
Entrepreneurial Traits,Beha/iors
Understands the personal
traits,1eha/iors associated -ith
successful entrepreneurial
perfor(ance
Virtual Business - Restaurant
eadership
B..- Demonstrate honest" and integrit"
B..0 Demonstrate responsi,le ,ehavior
B..7 Demonstrate initiative
B..4 Demonstrate ethical +ork ha,its
B..8 E6hi,it passion $or goal attainment
All of the Virtual Business – Restaurant
lessons and ro!ects contain goals the
students should meet "ithin the
simulation# The lessons and ro!ects
ro$ide financial reorts% grahs% charts
and other data that may &e used for
resentations% ro!ects or team "ork#
B..9 'ecogni@e othersD e$$orts
B..; !ead other using positive statements
B..< Develop team spirit
B..A Enlist others in +orking to+ard a
shared vision
B.-. Share authorit"? +hen appropriate
B.-- =alue diversit"
Personal Assess(ent
B.-0 Descri,e desira,le entrepreneurial
personalit" traits
B.-7 Determine personal ,iases and
stereot"pes
B.-4 Determine interests
B.-8 Evaluate personal capa,ilities
B.-9 Conduct sel$:assessment to determine
entrepreneurial potential
• Market Research
• Location Selection
• Financial Statements
• Menu Design
• Pricing
• Purchasing
• Layout
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
Personal 2ana&e(ent
B.-; %aintain positive attitude
B.-< Demonstrate interest and enthusiasm
B.-A %ake decisions
B.0. Develop an orientation to change
B.0- Demonstrate pro,lem:solving skills
B.00 Assess risks
B.07 Assume personal responsi,ilit" $or
decisions
B.04 5se time:management principles
B.08 Develop tolerance $or am,iguit"
All of the Virtual Business – Restaurant
lessons and ro!ects re'uire students to
make decisions ertaining to their
&usiness and to analy(e the effect of
their decisions and utili(e ro&lem)
sol$ing skills to meet &oth the
simulation goals and their o"n ersonal
goals#
B.09 5se $eed,ack $or personal gro+th
B.0; Demonstrate creativit"
B.0< Set personal goals
Read+ S)ills
The 1asic 1usiness )no-led&e and s)ills that are
prere3uisites or co-re3uisites for 1eco(in& a
successful entrepreneur.
C
Business $oundations
5nderstands $undamental ,usiness
concepts that a$$ect ,usiness decision
making
Virtual Business - Restaurant
Business Concepts
C..- E6plain the role o$ ,usiness in societ"
C..0 Descri,e t"pes o$ ,usiness activities
C..7 E6plain t"pes o$ ,usinesses
C..4 E6plain opportunities $or creating
added value
C..8 Determine issues and trends in
,usiness
C..9 Descri,e crucial elements o$ a Bualit"
culture/continuous Bualit" improvement
C..; Descri,e the role o$ management in
the achievement o$ Bualit"
C..< E6plain the nature o$ managerial ethics
C..A Descri,e the need $or and impact o$
ethical practices
• Menu Design
• Purchasing
• Layout
• Staffing
• Turnaround
• Restaurant Mogul
Business Acti/ities
C.-. E6plain marketing management and its
importance in a glo,al econom"
C.-- Descri,e marketing $unctions and
related activities
• Market Research
• Marketing
• Financial Statements
• Purchasing
• Layout
• Staffing
C.-0 E6plain the nature and scope o$
operations management
C.-7 E6plain the concept o$ management
C.-4 E6plain the concept o$ $inancial
management
C.-8 E6plain the concept o$ human
resource management
C.-9 E6plain the concept o$ risk
management
C.-; E6plain the concept o$ strategic
management
• Location Selection
• Menu Design
• Pricing
• Turnaround
• Restaurant Mogul
D
Co((unications and Interpersonal
S)ills
5nderstands concepts? strategies?
and s"stems needed to interact
e$$ectivel" +ith others
Virtual Business - Restaurant
$unda(entals of Co((unication
D..- E6plain the nature o$ e$$ective
communications
D..0 Appl" e$$ective listening skills
D..7 5se proper grammar and voca,ular"
D..4 'ein$orce service orientation through
communication
D..8 E6plain the nature o$ e$$ective ver,al
communications
D..9 Address people properl"
D..; #andle telephone calls in a
,usinesslike manner
D..< %ake oral presentations
D..A E6plain the nature o$ +ritten
All of the Virtual Business – Restaurant
lessons and ro!ects ro$ide financial
reorts% grahs% charts and other data
that may &e used for resentations%
ro!ects or team "ork#
communications
D.-. Erite ,usiness letters
D.-- Erite in$ormational messages
D.-0 Erite inBuiries
D.-7 Erite persuasive messages
D.-4 Prepare simple +ritten reports
D.-8 Prepare comple6 +ritten reports
D.-9 5se communications
technologies/s"stems 2e.g.? e:mail? $a6es?
voice mail? cell phones? etc.3
Staff Co((unications
D.-; Follo+ directions
D.-< E6plain the nature o$ sta$$
communication
D.-A ive directions $or completing >o,
tasks
D.0. Conduct sta$$ meetings
All of the Virtual Business – Restaurant
lessons and ro!ects re'uire that the
students follo" the directions listed
"ithin the simulation#
Ethics in Co((unication
D.0- 'espect the privac" o$ others
D.00 E6plain ethical considerations in
providing in$ormation
4roup 5or)in& Relationships
D.07 Treat others $airl" at +ork
D.04 Develop cultural sensitivit"
D.08 Foster positive +orking relationships
D.09 Participate as a team mem,er
All of the Virtual Business – Restaurant
lessons and ro!ects ro$ide financial
reorts% grahs% charts and other data
that may &e used for resentations%
ro!ects or team "ork#
"ealin& -ith Conflict
D.0; Demonstrate sel$:control
D.0< Sho+ empath" $or others
D.0A 5se appropriate assertiveness
D.7. Demonstrate negotiation skills
D.7- #andle di$$icult customers/clients
D.70 Interpret ,usiness policies to
customers/clients
D.77 #andle customer/client complaints
D.74 E6plain the nature o$ organi@ational
change
D.78 Descri,e the nature o$ organi@ational
con$lict
D.79 E6plain the nature o$ stress
management
E
"i&ital S)ills
5nderstands concepts and
procedures needed $or ,asic
computer operations
Virtual Business - Restaurant
Co(puter Basics
E..- 5se ,asic computer terminolog"
E..0 Appl" ,asic commands o$ operating
s"stem so$t+are
E..7 Emplo" desktop operating skills
E..4 Determine $ile organi@ation
E..8 Demonstrate s"stem utilities $or $ile
management
E..9 Compress or alter $iles
E..; 5se re$erence materials to access
in$ormation
Basic Skills* All Virtual Business )
Restaurant lessons and ro!ects are to
&e comleted using comuter
simulations#
Basic Skills + Alications* Financial
data is also e,orta&le to -,cel "here
additional analysis% "ritten reorts% and
resentations may &e generated $ia
Po"erPoint% .ord% and other
alications#
Reference* Students may use Virtual
Business "ritten materials as reference
for the comuter simulation#
E..< 5se menu s"stems
E..A 5se control panel components
E.-. Access date through various computer
drives
Co(puter Applications
E.-- Demonstrate ,asic search skills on the
Ee,
E.-0 Evaluate credi,ilit" o$ Internet
resources
E.-7 Demonstrate $ile management skills
E.-4 Communicate ," computer
E.-8 Solve routine hard+are and so$t+are
pro,lems
E.-9 )perate computer:related hard+are
peripherals
E.-; E6plain the nature o$ e:commerce
E.-< Descri,e the impact o$ the Internet on
,usiness
E.-A Develop ,asic +e,site
F
Econo(ics
Understands the econo(ic
principles and concepts
funda(ental to
entrepreneurship,s(all-1usiness
o-nership
Virtual Business - Restaurant
Basic Concepts
F..- Distinguish ,et+een economic goods
and services
F..0 E6plain the $actors o$ production
F..7 E6plain the concept o$ scarcit"
• Pricing
• Purchasing
• Turnaround
• Restaurant Mogul
F..4 E6plain the concept o$ opportunit"
costs
F..8 Descri,e the nature o$ economics and
economic activities
F..9 Determine $orms o$ economic utilit"
created ," ,usiness activities
F..; E6plain the principles o$ suppl" and
demand
F..< Descri,e the concept o$ price
Cost-Profit Relationships
F..A E6plain the concept o$ productivit"
F.-. Descri,e cost/,ene$it anal"sis
F.-- Anal"@e the impact o$
speciali@ation/division o$ la,or on
productivit"
F.-0 E6plain the concept o$ organi@ed la,or
and ,usiness
F.-7 E6plain the la+ o$ diminishing returns
F.-4Descri,e the concept o$ economies o$
scale
• Staffing
• Turnaround
• Restaurant Mogul
Econo(ic Indicators,Trends
F.-8 E6plain measures used to anal"@e
economic conditions
F.-9 E6plain the nature o$ the Consumer
Price Inde6
F.-; E6plain the concept o$ ross
Domestic Product
F.-< Determine the impact o$ ,usiness
c"cles on ,usiness activities
Econo(ic S+ste(s
F.-A E6plain the t"pes o$ economic s"stems
F.0. Descri,e the relationship ,et+een
• Financial Statements
• Menu Design
• Pricing
government and ,usiness
F.0- Assess impact o$ government actions
on ,usiness ventures
F.00 E6plain the concept o$ private
enterprise
F.07 Assess $actors a$$ecting a ,usinessDs
pro$it
F.04 Determine $actors a$$ecting ,usiness
risk
F.08 E6plain the concept o$ competition
F.09 Descri,e t"pes o$ market structures
F.0; Determine the impact o$ small
,usiness/entrepreneurship on market
economies
• Purchasing
• Layout
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
International Concepts
F.0< E6plain the nature o$ international
trade
F.0A Descri,e small:,usiness opportunities
in international trade
F.7. Determine the impact o$ cultural and
social environments on +orld trade
F.7- E6plain the impact o$ e6change rates
on trade
F.70 Evaluate in$luences on a nationalDs
a,ilit" to trade
G
$inancial iterac+
5nderstands personal mone":
management concepts? procedures?
and strategies
Virtual Business - Restaurant
2one+ Basics
..- E6plain $orms o$ $inancial e6change
2cash? credit? de,it? etc.3
..0 Descri,e $unctions o$ mone" 2medium
o$ e6change? unit o$ measure? store o$
value3
..7 Descri,e the sources o$ income
2+ages/salaries? interest? rent? dividends?
trans$er pa"ments? etc.3
..4 'ecogni@e t"pes o$ currenc" 2paper
mone"? coins? ,anknotes? government
,onds? treasur" notes? etc.3
..8 'ead and interpret a pa" stu,
..9 E6plain the time value o$ mone"
..; Descri,e costs associated +ith credit
..< E6plain legal responsi,ilities
associated +ith use o$ mone"
..A 5se mone" e$$ectivel"
$inancial Ser/ices
.-. Descri,e services provided ,"
$inancial institutions
.-- E6plain legal responsi,ilities o$
$inancial institutions
.-0 E6plain costs associated +ith use o$
$inancial services
.-7 Select $inancial institution
.-4 )pen account +ith $inancial institution
Personal 2one+ 2ana&e(ent
.-8 Set $inancial goals
.-9 Develop savings plan
.-; Develop spending plan
.-< %ake deposits to and +ithdra+als
All Virtual Business ) Restaurant lessons
and ro!ects re'uire the students to
continually monitor their financial
statements to make decisions for
ma,imum rofita&ility#
$rom account
.-A Complete $inancial instruments
.0. %aintain $inancial records
.0- 'ead and reconcile $inancial
statements
.00 Correct errors +ith account
.07 E6plain t"pes o$ investments
.04 Invest mone"
.08 Develop personal ,udget
.09 Build positive credit histor"
.0; Improve/repair credit+orthiness
H
Professional "e/elop(ent
5nderstands concepts and strategies
needed $or career e6ploration?
development? and gro+th
Virtual Business - Restaurant
Career Plannin&
#..- Evaluate career opportunities ,ased
on current/$uture econom"
#..0 Anal"@e emplo"er e6pectations in the
,usiness environment
#..7 E6plain the rights o$ +orkers
#..4 Select and use sources o$ career
in$ormation
#..8 Determine tentative occupational
interest
#..9 E6plain emplo"ment opportunities in
entrepreneurship
All of the Virtual Business – Restaurant
lessons and ro!ects allo" students to
e,lore the different asects of
managing their o"n &usiness "hich
may assist students in identifying
occuational interests
6o1-See)in& S)ills
#..; 5tili@e >o,:search strategies
#..< Complete a >o, application
#..A Intervie+ $or a >o,
#.-. Erite a $ollo+.up letter a$ter >o,
intervie+s
#.-- Erite a letter o$ application
#.-0 Prepare a resume
#.-7 Descri,e techniBues $or o,taining +ork
e6perience 2e.g.? volunteer activities?
internships3
#.-4 E6plain the need $or ongoing
education as a +orker
#.-8 E6plain possi,le advancement
patterns $or >o,s
#.-9 Determine skills needed to enhance
career progression
#.-; 5tili@e resources that can contri,ute to
pro$essional development 2e.g. trade
>ournals/periodicals? pro$essional/trade
associations? classes/seminars? trade
sho+s? and mentors3
#.-< 5se net+orking techniBues $or
pro$essional gro+th
Business $unctions
The 1usiness acti/ities perfor(ed 1+ entrepreneurs in
(ana&in& the 1usiness.
I $inancial 2ana&e(ent
5nderstands the $inancial concepts and
tools used in making ,usiness decisions
Virtual Business - Restaurant
Accountin&
I..- E6plain accounting standards 2AAP3
I..0 Prepare estimate/pro>ected income
• Financial Statements
• Turnaround
statement
I..7 Estimate cash:$lo+ needs
I..4 Prepare estimated/pro>ected ,alance
sheet
I..8 Calculate $inancial ratios
I..9 Determine and deposit pa"roll ta6es
I..; File ta6 returns
• Restaurant Mogul
$inance
I..< E6plain the purposes and importance o$
o,taining ,usiness credit
I..A %ake critical decisions regarding
acceptance o$ ,ank cards
I.-. Esta,lish credit policies
I.-- Develop ,illing and collection policies
I.-0 Descri,e use o$ credit ,ureaus
I.-7 E6plain the nature o$
overhead/operating e6penses
I.-4 Determine $inancing needed to start a
,usiness
I.-8 Determine risks associated +ith
o,taining ,usiness credit
I.-9 E6plain sources o$ $inancial assistance
I.-; E6plain loan evaluation criteria used ,"
lending institutions
I.-< Select sources o$ ,usiness loans
I.-A Esta,lish relationship +ith $inancial
institutions
I.0. Complete loan application process
I.0- Determine ,usinessDs value
2one+ 2ana&e(ent
I.00 Esta,lish $inancial goals and o,>ectives
I.07 Develop and monitor ,udget
I.04 %anage cash $lo+
I.08 E6plain the nature o$ capital investment
I.09 Foster a positive $inancial reputation
I.0; Implement procedures $or managing
de,t
I.0< Supervise/implement regular
accounting procedures and $inancial reports
All of the Virtual Business – Restaurant
lessons and ro!ects contain financial
goals for the students to meet#
• Financial Statements
• Turnaround
• Restaurant Mogul
J
*u(an Resource 2ana&e(ent
5nderstands the concepts? s"stems?
and strategies needed to acBuire?
motivate? develop? and terminate sta$$
Virtual Business - Restaurant
%r&ani0in&
&..- Develop a personnel organi@ational
plan
&..0 Develop >o, descriptions
&..7 Develop compensation plan/incentive
s"stems
&..4 )rgani@e +ork/pro>ects $or others
&..8 Delegate responsi,ilit" $or >o, tasks
• Staffing
• Turnaround
• Restaurant Mogul
Staffin&
&..9 &..9 Determine hiring needs
&..; 'ecruit ne+ emplo"ees
&..< Screen >o, applications/resumes
• Staffing
• Turnaround
• Restaurant Mogul
&..A Intervie+ >o, applicants
&.-. Select ne+ emplo"ees
&.-- *egotiate ne+:hireDs salar"/pa"
&.-0 Dismiss/Fire emplo"ee
Trainin&,"e/elop(ent
&.-7 )rient ne+ emplo"ees 2managementCs
role3
&.-4 Conduct training class/program
&.-8 Coach emplo"ees
2orale,2oti/ation
&.-9 E6hi,it leadership skills
&.-; Encourage team ,uilding
&.-< 'ecogni@e/re+ard emplo"ees
&.-A #andle emplo"ee
complaints/grievances
&.0. Ensure eBuita,le opportunities $or
emplo"ees
&.0- Build organi@ational culture
All of the Virtual Business – Restaurant
lessons and ro!ects ro$ide financial
reorts% grahs% charts and other data
that may &e used for resentations%
ro!ects or team "ork#
• Staffing
• Turnaround
• Restaurant Mogul
Assess(ent
&.00 Assess emplo"ee morale
&.07 Provide $eed,ack on +ork e$$orts
&.04 Assess emplo"ee per$ormance
&.08 Take remedial action +ith emplo"ee
&.09 Conduct e6it intervie+s
K
Infor(ation 2ana&e(ent
5nderstands the concepts? s"stems?
and tools needed to access? process?
maintain? evaluate? and disseminate
in$ormation $or ,usiness decision:
Virtual Business - Restaurant
making
Record )eepin&
(..- E6plain the nature o$ ,usiness records
(..0 %aintain record o$ dail" $inancial
transactions
(..7 'ecord and report sales ta6
(..4 Develop pa"roll record keeping s"stem
(..8 %aintain personnel records
(..9 %aintain customer records
• Financial Statements
• Turnaround
• Restaurant Mogul
Technolo&+
(..; E6plain +a"s that technolog" impacts
,usiness
(..< 5se Personal In$ormation
%anagement/Productivit" applications
(..A Demonstrate +riting/pu,lishing
applications
(.-. Demonstrate presentation applications
(.-- Demonstrate data,ase applications
(.-0 Demonstrate spreadsheet applications
(.-7 Demonstrate colla,orative/group+are
applications
(.-4 Determine ventureDs technolog" needs
All of the Virtual Business – Restaurant
lessons and ro!ects ro$ide financial
reorts% grahs% charts and other data
that may &e used for resentations%
ro!ects or team "ork#
Infor(ation Ac3uisition
(.-8 Select sources o$ ,usiness start:up
in$ormation
(.-9 Conduct an environmental scan to
o,tain marketing in$ormation
(.-; %onitor internal records $or marketing
in$ormation
• Market Research
• Turnaround
• Restaurant Mogul
(.-< Determine underl"ing customer
needs/$rustrations
L
2ar)etin& 2ana&e(ent
5nderstands the concepts?
processes? and s"stems needed to
determine and satis$" customer
needs/+ants/e6pectations? meet
,usiness goals/o,>ectives? and create
ne+ product/service ideas
Virtual Business - Restaurant
Product,Ser/ice Creation
!..- E6plain methods to generate a
product/service idea
!..0 enerate product/service ideas
!..7 Assess opportunities $or import
su,stitution
!..4 Determine product/service to $ill
customer need
!..8 Determine initial $easi,ilit" o$
product/service ideas
!..9 Plan product/service mi6
!..; Choose product name
!..A Develop strategies to position
product/service
!.-. Build ,rand/image
!.-- Evaluate customer e6perience
• Market Research
• Menu Design
• Location Selection
• Pricing
• Purchasing
• Layout
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
2ar)etin&-infor(ation 2ana&e(ent
!.-0 E6plain the concept o$ market and
market identi$ication
!.-7 Descri,e the role o$ situation anal"sis
in the marketing
lanning process!.-4 Determine market segments
• Market Research
• Menu Design
• Marketing
• Turnaround
• Restaurant Mogul
!.-8 Select target markets
!.-9 Conduct market anal"sis
!.-; E6plain the concept o$ marketing
strategies
!.-< Descri,e the nature o$ marketing
planning
!.-A Set a marketing ,udget
!.0. Develop a marketing plan
!.0- %onitor and evaluate per$ormance o$
marketing plan
Pro(otion
!.00 Descri,e the elements o$ the
promotional mi6
!.07 Calculate advertising media costs
!.04 Select advertising media
!.08 Prepare a promotional ,udget
!.09 Develop promotional plan $or a
,usiness
!.0; Erite a ne+s release
!.0< ),tain pu,licit"
!.0A Select sales
romotion options!.7. Erite sales letters
!.7- %anage online 2+++3 activities
!.70 Evaluate e$$ectiveness o$ advertising
• Marketing
• Turnaround
• Restaurant Mogul
Pricin&
!.77 Calculate ,reakeven point
!.74 E6plain $actors a$$ecting pricing
decisions
• Pricing
• Turnaround
• Restaurant Mogul
!.78 Esta,lish pricing o,>ectives
!.79 Select pricing strategies
!.7; Set prices
!.7< Ad>ust prices to ma6imi@e pro$ita,ilit"
Sellin&
!.7A AcBuire product in$ormation $or use in
selling
!.4. Anal"@e product in$ormation to identi$"
product $eatures and ,ene$its
!.4- Prepare $or the sales presentation
!.40 Esta,lish relationship +ith
client/customer
!.47 Determine customer/client needs
!.44 Determine customerCs ,u"ing motives
$or use in selling
!.48 Di$$erentiate ,et+een consumer and
organi@ational ,u"ing ,ehavior
!.49 'ecommend speci$ic product
!.4; Convert customer/client o,>ections into
selling points
!.4< Close the sale
!.4A Demonstrate suggestion selling
!.8. Plan $ollo+ up strategies $or use in
selling
!.8- Process sales documentation
!.80 Prospect $or customers
!.87 Plan strategies $or meeting sales
• Market Research
• Menu Design
• Turnaround
• Restaurant Mogul
Buotas
!.84 Anal"@e sales reports
!.88 Train sta$$ to support sales e$$orts
!.89 Anal"@e technolog" $or use in the sales
$unction
!.8; %anage online sales process
M
%perations 2ana&e(ent
5nderstands the processes and
s"stems implemented to $acilitate
dail" ,usiness operations.
Virtual Business - Restaurant
Business S+ste(s
%..- Plan ,usiness la"out
%..0 Determine eBuipment needs
%..7 Document ,usiness s"stems and
procedures
%..4 Esta,lish operating procedures
%..8 Develop pro>ect plans
%..9 Anal"@e ,usiness processes and
procedures
%..; Implement Bualit" improvement
techniBues
%..< Evaluate productivit" o$ resources
%..A %anage computer:,ased operating
s"stems
• Layout
• Purchasing
• Turnaround
• Restaurant Mogul
Channel 2ana&e(ent
%.-. Select ,usiness location
%.-- Select distri,ution channels
%.-0 Develop and implement order:
$ul$illment processes
• Location Selection
• Restaurant Mogul
Purchasin&,Procure(ent
%.-7 E6plain the ,u"ing process
%.-4 Descri,e the nature o$ ,u"er
reputation and vendor relationships
%.-8 Esta,lish compan" ,u"ing/purchasing
policies
%.-9 Conduct vendor search
%.-; Choose vendors
%.-< *egotiate contracts +ith vendors
%.-A Place orders
%.0. Barter +ith vendors
• Purchasing
• Turnaround
• Restaurant Mogul
"ail+ %perations
%.0- Schedule sta$$
%.00 %aintain inventor" o$
products/supplies
%.07 )rgani@e shipping/receiving
• Staffing
• Turnaround
• Restaurant Mogul
N
Ris) 2ana&e(ent
5nderstands the concepts? strategies?
and s"stems that ,usinesses
implement and en$orce to minimi@e
loss
Virtual Business - Restaurant
Business Ris)s
*..- Descri,e t"pes o$ ,usiness risk
*..0 Determine +a"s that small ,usinesses
protect themselves against loss
*..7 Esta,lish controls to prevent
em,e@@lement/the$t
*..4 Esta,lish and implement s"stems to
protect customer/emplo"ee con$identialit"
*..8 Determine ,usinessDs lia,ilities
*..9 E6plain +a"s to trans$er risk
*..; ),tain insurance coverage
*..< Develop strategies to protect computer
2digital3 data
*..A Develop securit" policies and
procedures
*.-. Esta,lish sa$et" policies and
procedures
*.-- Protect assets $rom creditors
*.-0 Esta,lish parameters $or sta$$
responsi,ilit"/authorit"
*.-7 Develop continuation plan
e&al Considerations
*.-4 E6plain legal issues a$$ecting
,usinesses
*.-8 Protect intellectual propert" rights
*.-9 Select $orm o$ ,usiness o+nership
*.-; ),tain legal documents $or ,usiness
operations
*.-< Descri,e the nature o$ ,usinessesC
reporting reBuirements
*.-A Adhere to personnel regulations
*.0. Implement +orkplace regulations
2including )S#A? ADA3
*.0- Develop strategies $or
legal/government compliance
O
Strate&ic 2ana&e(ent
5nderstands the processes?
strategies? and s"stems needed to
Virtual Business - Restaurant
guide the overall ,usiness
organi@ation
Plannin&
)..- Conduct SE)T anal"sis
)..0 Conduct competitive anal"sis
)..7 Evaluate ,usiness acBuisition options
)..4 Develop compan" goals/o,>ectives
)..8 Develop ,usiness mission
)..9 Forecast income/sales
)..; Conduct ,reak:even anal"sis
)..< Develop action plans
)..A Develop ,usiness plan
• Restaurant Mogul
Controllin&
).-. 5se ,udgets to control operations
).-- Develop e6pense:control plans
).-0 Anal"@e cash:$lo+ patterns
).-7 Interpret $inancial statements
).-4 Anal"@e operating results in relation to
,udget/industr"
).-8 Track per$ormance o$ ,usiness plan
• Financial Statements
• Purchasing
• Staffing
• Marketing
• Turnaround
• Restaurant Mogul
doc_871986258.pdf