Measuring financial (money) resources launches the discussion to the startup’s personal balance sheet. Inventory of personal assets and debt is imperative to a risk-taker. Subsequent modules expand the online studies into the other aspects of financial literacy. Module 1: Start Where You Are is a preface to Module 2: Introduction to the Financial Documents—the business balance sheet, income statement and cash flow statement (see Module 2 for further information).
The early focus in Module 1 requires the student entrepreneur to commit to researching and writing their business plan. Learning from prior classroom observations, the authors realized it was imperative that the student completes a business plan template. The authors have researched available educational materials that are free and in public domain. References to these free resources aids in positive student outcomes. They also researched the Indiana Department of Education (IDOE) State Standards for guidance in the development phase. Module 2: Introduction to Financial Documents exceeds the department’s requirements.
The Entrepreneurial Recipe Online™ (ERO™) addresses the need for financial literacy among fledgling entrepreneurs. Thirty years ago, Donald F. Connelly participated on a writing team with three distinguished Purdue University professors. After two years of classroom field-testing the original self-published manuscript, The Creative Young Entrepreneur was purchased in classroom quantities nationally and managed by a major secondary education publisher. It was deemed a SUCCESS!
Today, Mr. Connelly and his writing partner, Ms. Ingrid Rounds Hardy, are offering the innovative entrepreneurship curriculum online in stand-alone module format. Module 1: Start Where You Are approaches business ownership from a logical starting point. Mr. Connelly’s philosophy as an educator and owner of five family business startups is simply to identify and measure the first-time entrepreneur’s resources: Mind, Muscle, and Money.
All modules are offered in three downloadable PDFs: as a textbook, student workbook, and instructor’s resource manual (that helps guide the classroom teacher or homeschool parent).
Case studies, Khan Academy (www.khanacademy.org) videos, Small Business Administration (SBA) (www.sba.gov), created napkin drawings (www.danroam.com), SCORE (www.score.org) and the Internal Revenue Service (IRS) (www.irs.gov).