Business Plan Project Grading Rubric
Criteria: Excellent (40-50), Good (30), Satisfactory (20), Needs Improvement (10).
Understanding of Business Fundamentals: Demonstrates a thorough understanding of business fundamentals through accurate and insightful responses. | Shows a good understanding of basic business concepts with minor inaccuracies. | Displays basic understanding with significant gaps. | Lacks understanding of basic business concepts and principles. |
Identification of Business Opportunities: Identifies a variety of viable business opportunities linked closely to personal interests and community needs. | Identifies some business opportunities, though connections to interests or community needs are weaker. | Lists few business opportunities with vague relevance to personal interests or community needs. | Struggles to identify business opportunities or link them to personal interests or community needs. |
Market Analysis: Conducts a detailed and realistic market analysis demonstrating deep insight into the potential market. | Conducts a market analysis with some useful insights but lacks detail in certain areas. | Market analysis is performed but is overly basic and lacks insight. | Fails to perform or provides a very poor and unrealistic market analysis. |
Financial Planning: Detailed and realistic financial projections, including start-up costs, operating expenses, and potential income. | Reasonable financial projections but may lack detail or realism in certain areas. | Basic financial projections provided but with significant inaccuracies or unrealistic figures. | Inadequate or missing financial projections. |
Assessment of Strengths and Weaknesses: Accurately assesses and applies their strengths and weaknesses to the chosen business opportunity. | Good assessment of strengths and weaknesses but with less clear application to the business opportunity. | Basic assessment of strengths and weaknesses but with limited relevance to the business. | Fails to effectively assess or relate strengths and weaknesses to the business opportunity. |
Creativity and Innovation: Shows exceptional creativity in the concept and approach to the business plan. | Displays creativity but may follow more conventional paths. | Some creativity is shown, but largely follows traditional ideas. | Lacks creativity, with no new ideas or approaches demonstrated. |
Resourcefulness: Utilizes a variety of resources effectively to enhance the business plan. Includes detailed information from credible sources. | Makes use of resources with some effective information included. | Uses limited resources that add minimal value to the business plan. | Fails to effectively use resources or sources information poorly. |
Goals Setting: Sets detailed, realistic, and challenging personal and business goals. | Sets clear goals but may not be particularly challenging or detailed. | Sets basic goals, with some lacking in detail or realism. | Sets vague or unrealistic goals, or fails to set comprehensive goals.
Problem Solving: Identifies a clear problem and proposes innovative solutions that are well-tailored to the problem. | Identifies a problem and proposes suitable solutions but with less innovation. | Identifies a basic problem but offers only generic solutions. | Fails to identify a clear problem or provide effective solutions. |
Completion and Presentation: All sections are thoroughly completed with a clear, organized, and professional presentation. | Most sections are completed with a fairly organized presentation. | Some sections are incomplete; the presentation lacks some organization. | Many sections are incomplete or missing; the presentation is disorganized or unclear. |
All 20 vocabulary words were properly used in the students' presentation. BONUS Points: 50
Notes -
- Each section is worth up to 50 points.
- The maximum score is 500 points.
- Teachers can adjust the point values or criteria based on specific class objectives or student needs.
- Consider incorporating peer review or group discussion to provide feedback and enhance learning outcomes.
This rubric ensures that students are evaluated on critical aspects of the entrepreneurial process, encouraging them to engage deeply with each component of the business plan project.
Students will copy, answer, and analyze the following:
1. I enjoy working with numbers Y/N
2. I enjoy working outdoors Y/N
3. I enjoy working with my hands Y/N
4. I enjoy selling. Y/N
5. I prefer working alone. Y/N
6. I like supervising other people. Y/N
7. I like knowing exactly what I am supposed to do. Y/N
8. List at least 5 of your skills.
9. List at least 5 of your strengths.
10. List at least 5 of your weaknesses.
Characteristics of Successful Entrepreneurs.
Researchers have identified several characteristics that distinguish successful entrepreneurs from those that fail. How would you rate yourself and a scale of 1-5?
1. Successful entrepreneurs are independent. They want to make their own decisions and do something they enjoy.
2. Successful entrepreneurs are self-confident. Entrepreneurs make all the decisions. They must have the confidence to make choices alone and bounce back from a poorly made decision.
3. Successful entrepreneurs have determination and perseverance. Entrepreneurs persist through hard times until goals are met.
4. Successful entrepreneurs are goal oriented. They know what they want, and they can focus on achieving it.
5. Successful entrepreneurs have a need to achieve and to set high standards for themselves. They are constantly setting challenging new goals.
6. Successful entrepreneurs are creative. They think of new ways to market their businesses and are always looking for new solutions to problems.
7. Successful entrepreneurs can act quickly. They are not afraid to make quick decisions when necessary, which helps them beat their competitors.
8. My employees can count on me to make sure that they get paid first and I can count on myself to be able to pay your own bills?
Here is a list of vocabulary words that align with the content of the business plan project covering essential business and entrepreneurial concepts:
1. Entrepreneurship - The activity of setting up a business and taking on financial risks in the hope of profit.
2. Market Analysis - The evaluation of the market for a product or service, including demographics, competitors, and consumer preferences.
3. Financial Planning - The process of estimating the capital required and determining its competition. It is the process of framing financial policies in relation to procurement, investment, and administration of funds of an enterprise.
4. Business Opportunities - Identifiable business practices or processes that could be utilized to make money, often characterized by a new demand or the potential profitability of a product or service.
5. Start-up Costs - Expenses incurred during the process of setting up a new business.
6. Operating Expenses - Costs that a business incurs through its normal business operations.
7. Strengths and Weaknesses - Positive and negative attributes internal to an organization or individual that are within control.
8. Risk Management - The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.
9. Revenue - The income that a business has from its normal business activities, usually from the sale of goods and services to customers.
10. Profit Margin - A measure of profitability that is calculated by finding the net profit as a percentage of the revenue.
11. Resource Allocation - The process of assigning and managing assets in a manner that supports an organization's strategic goals.
12. Creative Problem Solving - A way of solving problems or identifying opportunities when conventional thinking has failed.
13. Goal Setting- The process of deciding what you want to accomplish and devising a plan to achieve the result you desire.
14. Self-Assessment - An evaluation or judgment of one’s own capabilities, skills, and behavior.
15. Peer Review - The evaluation of work by one or more people of similar competence to the producers of the work, which maintains standards, improves performance, and provides credibility.
16. Competitive Advantage - A condition or circumstance that puts a company in a favorable or superior business position.
17. Demographics - Statistical data relating to the population and particular groups within it.
18. Innovation - The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
19. Scalability - The capability of a system to increase its total output under an increased load when resources are added.
20. Sustainability - The ability to be maintained at a certain rate or level, especially regarding environmental or economic practices that do not lead to depletion of the resources.
These vocabulary words provide a broad foundation of key concepts that students will encounter and utilize throughout the business plan project, helping the students to better understand and articulate their business ideas and plans.
Business Plan Project:
Find a business that appeals to you - that you would enjoy owning or create a business that you would like to own. Analyze the potential success of the business. Assess each business idea by asking yourself the following questions:
1. Is there a market in my community for this kind of business?
2. Will people buy my product or service?
3. How much money would it take to start this business?
4. Will I be able to borrow that much money?
5. How many hours a week is it likely to take to run this business?
6. Am I willing to commit that much time?
7. What are the risks associated with this business?
8. What is the rate of business failure?
9. Does my background prepare me to run this kind of business?
10. Do most people who own this kind of business have more experience than I do?
11. How much money could I make running this business?
12. Does this business match my skill set?
13. What community concern or problem does this business solve?
14. Compare differant opportunities.
This activity will help you identify a business opportunity that may be right for you. You will use this business idea for the "Build Your Business Plan Project" throughout the course.
1. Divide a sheet of paper into two columns. In the first column, list all your interests. In the second column, list business opportunities that relate to each interest.
2. Make a list of your strengths and weaknesses and compare it with your list of business opportunities. For which business opportunities would your strengths match up best?
3. For which business opportunities would your weaknesses hurt your chances of success? Based on your strengths and weaknesses, cross out those business opportunities that do not match up with your list.
4. Assess your aptitudes, using the checklist from above, put a checkmark next to the business opportunities that relate to your aptitudes.
5. For the business opportunities remaining on your list, assess the advantages and disadvantages of each. Cross out any whose disadvantages outweigh its advantages.
6. Using the Internet, find and list sources of information that relate to the business opportunities that remain on your list. Locate at least one source for each business opportunity and write a sentence stating the type of information available from it. On your list, cross out business opportunities for which you could not find any information.
7. Choose one of the business opportunities remaining on your list. Which one is a best fit for you?
8. Set personal financial goals for a five-year period based on the business opportunity you choose. Be realistic.
9. Assume you will need to borrow money to get started. How much will you need to borrow?
10. Estimate both your income and expenses to determine the amount of profit you can expect to make.
11. Next, set nonfinancial goals you hope to achieve with this business. Be sure to include specific activities for each goal.
12. What problem does your business address or solve?
For a three-week student project using 90-minute blocks that meet every other day, it’s important to pace the activities so that students can delve deeper into each aspect of their business plans and receive adequate guidance and feedback. Here’s how you could structure the project:
Week 1 (Classes meet every other day)
Day 1: Introduction to Business Fundamentals and Project Overview**
- First 45 minutes: Introduce the basic principles of business and the goals of the business plan project.
- Next 45 minutes: Students fill out the personal aptitude checklist and list their interests.
Day 2: Identifying Business Opportunities
- First 45 minutes: Discuss how to spot business opportunities from personal interests and community needs.
- Next 45 minutes: Students start identifying potential business opportunities.
Day 3: Market Analysis
- Full Class: Teach students how to perform a market analysis. Begin research on potential markets for their chosen business ideas.
Week 2 (Classes meet every other day)
Day 4: Financial Planning - First 45 minutes: Introduction to financial concepts important for starting a business (e.g., start-up costs, operating expenses).
- Next 45 minutes: Students draft preliminary financial plans for their business ideas.
Day 5: Resource Gathering and Problem Solving
- First 45 minutes: Students look for and evaluate various resources to aid their business planning.
- Next 45 minutes: Focus on creative problem solving for potential challenges in their business plans.
Day 6: Strengths, Weaknesses, and Business Planning
- First 45 minutes: Students assess their own strengths and weaknesses as they relate to their business ideas.
- Next 45 minutes: Revision of business plans based on self-assessment and research done so far.
Week 3 (Classes meet every other day)
Day 7: Review and Peer Feedback
- Full Class: Conduct a peer review session. Students present their business plans in small groups and provide feedback to each other.
Day 8: Refinement and Final Adjustments
- First 45 minutes: Incorporate feedback and make final adjustments to the business plans.
- Next 45 minutes: Preparation for final presentations; focus on presentation skills and how to effectively communicate business ideas.
Day 9: Final Presentations
- Full Class: Students present their completed business plans to the class. Provide constructive feedback on each presentation.
Day 10: Discussion on Business Realities and Reflection
- First 45 minutes: Discuss the practical realities of running a business, including risks and how to manage them.
- Next 45 minutes: Students reflect on what they have learned throughout the project and discuss potential real-world application of their business plans.
Additional Elements -
- Homework: Assign research and writing tasks as homework to ensure students are prepared for each class and to keep the project moving forward on non-class days.
- Guest Speakers: If possible, invite local entrepreneurs to share their experiences and advice, which could be aligned with the days when students are focusing on specific topics like financial planning or market analysis.
- Online Collaboration: Encourage students to use online tools for collaboration on their business plans outside of class. This could include shared documents, project management tools, or discussion forums.
- Flexible Adjustments: Be ready to adapt the schedule based on student engagement and comprehension, particularly after the peer review session or presentations, to allow additional time for revision if needed.
This extended three-week schedule provides a comprehensive framework for students to develop a detailed understanding of each component of a business plan while also allowing time for in-depth research, feedback, and refinement.
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