Lesson 4.1 – Where Do I Start, What Should I Know
This is Lesson 4.1 (“Where do I Start? What Should I know?”) from the National FFA Agri-Entrepreneurship Program, Unit 4. It introduces students to key financial planning terms (such as breakeven point, variable and fixed costs, COGS, contribution margin, net profit, and various financial statements) needed to create financial documents for an enterprise, and walks through the key steps and funding sources for beginning the entrepreneurial process. The lesson includes scripted instruction, e-Moment activities, student handouts (AS.1 and AS.2), and an evaluation with answer key.
At a glance
- Learning objectives
-
- Define the necessary terms to create financial documents related to their enterprise.
- Identify the key steps to beginning the entrepreneurial process.
- Time required
- 60 minutes
- Materials
-
- Writing Surface
- Writing utensil
- Copies of AS.1 for each student
- Copies of AS.2 for each student
- Copies of the evaluation for each student if utilized
- Overhead and/or projector
- Precepts
- P. Technical/Function Skills in Agriculture; N. Decision making (N2. Demonstrate problem solving skills); C. Vision (C2. Conceptualize ideas); J. Mental Growth (J1. Think critically, J4. Solve problems)
- Key Terms
- Breakeven Point, Economics of One Unit (EOU), Variable Costs, Fixed Costs, Cost of Goods Sold (COGS), Contribution Margin, Depreciation, Inflation, Net Profit, Interest
- Resources
- National FFA Organization. Essential Learnings materials. 2003; Elliott, Jack. AgriBusiness Decisions and Dollars. 1999; Zimmerer, Thomas, and Scarborough, Norman. Entrepreneurship and New Venture Formation. 1996; Birley, Sue and Muzyka, Dan. Mastering Entrepreneurship. 2000.
- Unit
- 4
- Lesson
- 4.1
Downloads & Links
Aligned Standards
National Standards
- NSS-EC.9-12.11Money
- NSS-EC.9-12.14Entrepreneurs