Home > States > Texas Essential Knowledge and Skills (TEKS) > Chapter 124. Marketing Education > (c) Knowledge and skills.

§124.12. Entrepreneurship (One-Half to One Credit).

Source: The provisions of this §124.12 adopted to be effective September 1, 1998, 22 TexReg 5130.

(c) Knowledge and skills.

  • (1) The student knows business concepts and how business satisfies economic needs. The student is expected to:
    1. categorize business activities as production, marketing, management, or finance;
    2. describe the interdependence each business activity has with marketing;
    3. explain the concept of personal responsibility;
    4. explain the impact of an international economy on entrepreneurial ventures;
    5. describe advantages and disadvantages of various forms of business ownership; and
    6. describe advantages and disadvantages of buying an existing business.
    Teach This Standard
  • (2) The student knows the importance of marketing as well as the functions of marketing. The student is expected to:
    1. explain the marketing concept;
    2. explain how each component of the marketing mix contributes to successful entrepreneurial ventures;
    3. describe advantages and disadvantages of market segmentation and mass marketing; and
    4. develop marketing strategies for a proposed marketing plan.
    Teach This Standard
  • (3) The student knows that successful entrepreneurial ventures depend on preliminary analysis and planning. The student is expected to:
    1. demonstrate an understanding of components of a business plan; and
    2. develop, explain, and defend a plan for a new business.
    Teach This Standard
  • (4) The student applies math concepts in entrepreneurship. The student is expected to:
    1. perform calculations involving money, time, space, materials, and data;
    2. interpret charts and graphs to make informed decisions;
    3. determine price, profit, cost, and break-even point; and
    4. read, calculate, and interpret data found in financial reports.
    Teach This Standard
  • (5) The student knows how to use self-development techniques and interpersonal skills to accomplish business objectives. The student is expected to:
    1. identify and practice effective interpersonal and team-building skills; and
    2. participate in leadership and career development activities (such as DECA and local chambers of commerce).
    Teach This Standard
  • (6) The student knows that management is the process of achieving goals through the use of human resources, technology, and material resources. The student is expected to:
    1. identify levels of management; and
    2. compare and contrast management styles.
    Teach This Standard
  • (7) The student knows that entrepreneurship requires continual self-assessment, research, and preparation. The student is expected to:
    1. collect and analyze self-assessment information, including interests, aptitudes, and personal traits; and
    2. research and assess opportunities for business ventures.
    Teach This Standard
  • (8) The student knows the impact and value of diversity. The student is expected to:
    1. identify the effect of languages other than English on an entrepreneurial venture;
    2. explain how cultural diversity affects entrepreneurship; and
    3. identify how diversity affects entrepreneurship.
    Teach This Standard
  • (9) The student knows that entrepreneurial opportunities begin with a working knowledge of economic concepts. The student is expected to:
    1. identify economic wants and needs;
    2. use information about supply and demand to predict their influence on entrepreneurial activities;
    3. explain the role productivity plays in an economy;
    4. describe competition and its relationship to private enterprise and entrepreneurship;
    5. analyze competitive strengths and weaknesses of an entrepreneurial venture; and
    6. investigate laws and regulations that impact entrepreneurial and ongoing businesses.
    Teach This Standard
  • (10) The student knows that international economic factors affect business planning. The student is expected to:
    1. identify strategies for entering international markets; and
    2. compare and contrast how situations can influence the entrepreneur's selection of strategies.
    Teach This Standard
  • (11) The student knows that distribution involves activities associated with the physical movement or transfer of ownership of products from producer to consumer. The student is expected to:
    1. identify activities associated with transportation, storage, product handling, and inventory control;
    2. explain how distribution can add value to goods, services, and ideas; and
    3. determine costs associated with distribution.
    Teach This Standard
  • (12) The student knows that financial planning is necessary for the entrepreneur's success and solvency. The student is expected to:
    1. explain the impact of financial planning on entrepreneurial decisions;
    2. research financial options available to meet entrepreneurial needs; and
    3. identify the financial impact of changes in economic conditions.
    Teach This Standard
  • (13) The student knows that offering consumer credit encourages the sale of goods, services, and ideas. The student is expected to:
    1. identify types of consumer credit;
    2. recommend types of consumer credit a business might offer; and
    3. develop a credit policy.
    Teach This Standard
  • (14) The student knows that marketing research is a specific inquiry to solve a problem. The student is expected to:
    1. identify benefits and limitations of marketing research;
    2. identify components of the marketing research process; and
    3. explain how to use the marketing research process in order to identify potential markets, analyze demand, forecast sales, and make other decisions.
    Teach This Standard
  • (15) The student knows that pricing has policies, objectives, and strategies. The student is expected to:
    1. develop and analyze pricing objectives;
    2. compare and contrast pricing policies for an entrepreneurial venture; and
    3. recommend appropriate pricing strategies.
    Teach This Standard
  • (16) The student knows the effects of credit on price and profit. The student is expected to:
    1. explain risks and benefits to entrepreneurs when accepting and extending credit; and
    2. describe how credit affects profit and the negotiated price.
    Teach This Standard
  • (17) The student knows the importance of managing the pricing structure. The student is expected to:
    1. communicate the differences among pricing structures for goods, services, and ideas; and
    2. develop a pricing structure for an entrepreneurial venture.
    Teach This Standard
  • (18) The student knows elements and processes of product planning. The student is expected to:
    1. describe stages of new-product planning;
    2. define the term "product mix;" and
    3. identify stages of the product life cycle for new or existing products.
    Teach This Standard
  • (19) The student knows the process for development, implementation, and evaluation of a promotional plan. The student is expected to:
    1. explain the concept of promotional mix;
    2. describe the interrelationship of visual merchandising, public relations and publicity, personal selling, and sales promotion with advertising; and
    3. apply evaluation strategies to determine promotional campaign effectiveness.
    Teach This Standard
  • (20) The student knows that purchasing usually occurs in a continuous cycle. The student is expected to:
    1. explain how entrepreneurs identify needs;
    2. describe the process of selecting suppliers and sources; and
    3. analyze and discuss selection of goods and services based on a new business' operational needs.
    Teach This Standard
  • (21) The student knows that entrepreneurial risk is the possibility of loss or failure. The student is expected to:
    1. categorize business risks as human, natural, and economic;
    2. classify business risks as pure or speculative, controllable or uncontrollable, and/or insurable or noninsurable;
    3. explain security precautions, as well as health, safety, and worker welfare regulations; and
    4. analyze examples of business risks to recommend and defend risk management strategies.
    Teach This Standard
  • (22) The student knows the role of selling. The student is expected to:
    1. discuss the role of selling in an entrepreneurial venture;
    2. analyze internal and external environmental factors that influence selling; and
    3. develop and apply strategies for determining customer needs and wants.
    Teach This Standard

Need to find a specific content standard for Texas? Search for over 4408 standards as listed by the Texas Education Agency in SchooNoodle. Standards are organized by state and subject - whether you are looking for something in grade 6 St. Patrick's Day activities or pre-school integer lesson plans, SchooNoodle has it all.

Once you locate the standard, it's easy to find a multitude of new ideas to incorporate into your lesson plans. Check out the 666 sites already rated. Or, if you find a new site that you like, rate it, so other teachers can see your favorites! All of this is provided gratis. Thanks for visiting SchooNoodle. We hope to see you back soon.

Back Button
We'd like to hear from you.
©2009 SchooNoodle, a RaddOnline™ product.
Schoonoodle It Button
Integrate: Schoonoodle It
All About SchooNoodle
About Us
Privacy Policy