Entrepreneurship+Webquest

**An Internet WebQuest on Entrepreneurship**

Groups:

Introduction
> This webquest is designed around several different components. In the first section, each group will create a business plan to apply and govern the group in creating a photography store. The next section will comprise of funding and evaluating materials needed to set up a store, while the final section is to advertise and promote the store in various formats.

> Think of this as an actual business. A real world experience if you will. The webquest will allow you to work through the process of setting up a business. Each part of the webquest will give your company a different aspect to complete.

The Quest
> What does it take to start a photography business?

The Process and Resources
> TASK:

> You have decided to set up a photography company with a few of your friends. You each have an equal amount of money 2,000 dollars to bring into the company. You and your friends desire to set up a store in Iowa, therefore you must incorporate your business before you can open the store. There are different aspects to the business process, for each step you must complete the requirements and your final presentation, a PowerPoint overview or a Prezi, will need to include the details from each step. The store must be a photography shop, make sure to complete your incorporation papers as well as your business plan.

> Your final project will be a complete Business Plan Evaluation and will include

> 1.Goals of the store (Operating Agreement, Officers, purpose)

> 2. Incorporation Documents (Download, print, complete, 'file')

> 3. A financial analysis (Use Excel)

> 4.Materials needed and cost

> 5.A marketing strategy

> You will also need to be prepared to create a presentation using PowerPoint or Prezi to the class to introduce your company to the class. We might become possible investors! Should you choose to take out a loan or sell stock you need to look at your class as possible investors.

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Phase 1 - Background: Something for Everyone
> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Preview: > <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Explore all the websites to become familiar with terms and internet.

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Phase 2 - Looking Deeper from Different Perspectives
> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">INSTRUCTIONS:

> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">1. Individuals or pairs from your larger WebQuest team will explore one of the roles below.

> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">2. Read through the files linked to your group. If you print out the files, underline the passages that you feel are the most important. If you look at the files on the computer, copy sections you feel are important by dragging the mouse across the passage and copying / pasting it into a word processor or other writing software.

> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">3. Note: Remember to write down or copy/paste the URL of the file you take the passage from so you can quickly go back to it if you need to to prove your point.

> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">4. Be prepared to focus what you've learned into one main opinion that answers the Big Quest(ion) or Task based on what you have learned from the links for your role.

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">5. All information gathered can be included into your PPT or Prezi.

Incorporation
>> Use the Internet information linked below to answer these questions specifically related to Incorporation:

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">These questions should be answered as apart of your business plan

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">1. What documents are needed to incorporate your business in the state of IA?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">a. Download, Print and complete these documents.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">2. How much will it cost to incorporate your business?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">3. What type of entity will your business become?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">4. What is the name of your business?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">5. Is this name available?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">6. How will be the acting manager?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">7. How is this going to be decided?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">8. Is your company going to sell shares/stock?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">9. Will you need a loan?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">10. Where can you get a loan?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">11. What are the components of a Business Plan?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">12. What does your company need to create a business plan?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">After completing these questions, use MS word to begin the creation your business plan for your company. Make sure to have you documents for Incorporation completed.


 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Secretary of State- Iowa] - Use for setting up corporations in Iowa. Incorporation papers available online.
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Small Business Administration] - Small Business Administration website. Gather information on setting up a business and what's in a business plan.
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Starting a Small Business Advice] - Tips for starting a small business.
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Forms of Ownership] - Compare and Contrast the different types of Entities.

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Finances
>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Use the Internet information linked below to answer these questions specifically related to Finances:

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Search the areas to find answers to the following questions:

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">1. What is the difference between debt financing and equity financing?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">2. Find and discuss three different types of grants used in small business formation.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">3. Calculate the start-up costs for the business.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">4. What is a cash flow statement?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">5. What ten things should you track to maintain a solvent business?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">6. Discuss the basic concepts of payroll management.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">7. Define the major terms involved with business accounting such as:

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">a. accruals

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">b. advertising

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">c. balance sheet

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">d. capital

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">e. current assets

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">f. current liabilities

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">g. accumulated depreciation

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">h. depreciation

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">i. expenses

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">j. fixed assets

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">k. gross profit

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">l. long term liabilities

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">m. net assets

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">n. net current assets

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">o. net profit

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">p. profit & loss

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">q. sales

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">8. Compare and contrast accounting software and make a recommendation based on your research.


 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Small Business Financing] - Where and how your company can get money.
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Business Finance] - What loans are available.
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Financial yardsticks to a small business.]- Financial information for small businesses.
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Basic Accounting] - Information on Accounting principles and proceedures.

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Equipment
>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Use the Internet information linked below to answer these questions specifically related to Equipment:

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Using the websites above, answer the following questions. While answering the questions, make a list of materials that you will need. Make sure you categorize the materials. (Digital camera products and accessories, Film camera accessories, Lens, Film, Paper, Chemicals…)

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">1. Define an SLR camera.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">2. What is the difference between digital photography and film photography?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">3. What is film speed?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">4. How does the shutter speed affect your pictures?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">5. How does the aperture affect your pictures?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">6. Do all cameras have the same shutter speed range?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">7. Do all lens have the same aperture range?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">8. What types of chemicals will you need for C-41 process of developing film?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">9. What types of chemicals will you need for the RA-4 process of developing paper?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">10. What is the difference between a zoom lens and a macro lens?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">11. List five accessories you may need for a digital camera?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">12. What is a point and shoot camera?


 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Eastman Kodak Company] - Information on products
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Canon] - Product information for Canon Cameras.
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Fuji Film Corporation] - Fuji Product information
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Nikon Corporation]- Information on Nikon Products

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Marketing
>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Use the Internet information linked below to answer these questions specifically related to Marketing:

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">1. List five marketing categories and how they would be beneficial to our photo shop.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">2. What is a marketing strategy?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">3. In what type advertising would you see a banner ad?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">4. What are the four “P’s” of the marketing mix?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">5. What are five of the many pricing strategies?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">6. List three marketing jobs we might need to employ in our business.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">7. Why do we need those three marketing jobs?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">8. Why is establishing a target market important?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">9. Explain the difference in marketing and advertising.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">10. Draw the promotions cycle.

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">11. Do all products go through “the Product Life Cycle” (PLC)?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">12. Which of the four Channel Intermediaries would be most beneficial to our business?

>> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">13. Compare and contrast marketing research and market research.


 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Larry Chase’s Search Engine for Marketers] - Information on Marketing
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|Marketing at About.com] - Marketing information
 * <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">[|The Marketing Teacher] - Marketing Information PPT on basic marketing principles, buyer behavior, products, pricing, and other marketing information.

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Phase 3 - Debating, Discussing, and Reaching Consensus
> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">You have all learned about a different part of Entrepreneurship. Now group members come back to the larger WebQuest team with expertise gained by searching from one perspective. You must all now answer the Task / Quest(ion) as a group. Use information, pictures, movies, facts, opinions, etc. from the Webpages you explored to complete your business plan. Your WebQuest team should complete the Incorporation papers, business plan and PowerPoint presentation.

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Phase 4 - Real World Feedback
> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Now is the time to bring your presentation to the investors and the public. Your group should complete a presentation using your business plan and marketing plan to influence future investors to purchase stock and influence potential shoppers.

<span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">Conclusion
> <span style="color: #000066; font-family: Arial,Helvetica,sans-serif; font-size: medium;">So is an elephant smooth, rough, soft, or hard? Well, when you're blindfolded and only *looking* at one part, it's easy to come up with an answer that may not be completely right. It's the same for understanding a topic as broad or complex as Entrepreneurship: when you only know part of the picture, you only know part of the picture. Now you all know a lot more. Nice work. You should be proud of yourselves! How can you use what you've learned to see beyond the black and white of a topic and into the grayer areas? What other parts of Entrepreneurship could still be explored? Remember, learning never stops.