Glencoe Accounting

Unit 1: Introduction to Accounting

WebQuest Internet Project

Risks and Rewards

TEACHER NOTES

In this project, students will explore the opportunities, risks, and rewards of small business ownership. They will prepare a report that includes information on making a business plan, raising money, and potential startup problems. The differences between a new business and a franchise will be examined. In addition, students will assess their own entrepreneurial traits.

The Guidance section of this WebQuest project contains questions that would be applicable for a whole-class discussion and for generating interdisciplinary connections. If you prefer, have each student research only one of the questions and add the information he or she finds to the final presentation of their WebQuest.

Several Web sites are included in the project to help students complete the WebQuest project. Encourage students to find additional sites and to share those sites with other students.

ANSWERS

  • Entrepreneurs are extremely self-directed and resourceful. They are highly organized, have great energy and imagination, and can turn a dream into a real business. Strong marketing and accounting knowledge is also helpful to the individual who wishes to own and operate a business.
  • Before starting a business, entrepreneurs must find and raise startup capital. This often requires creating a business plan and researching the competition, expected expenses, and potential for revenue. The owner must ensure that he or she has adequate expertise in the field and is willing to take the risks associated with business ownership.
  • Answers will vary, but may include businesses like sports equipment rentals, retail electronics, fast food restaurants, video games stores, or apparel stores.
  • The U.S. is a free enterprise system in which people are free to produce the goods and services they choose. People are drawn to the idea of creating products or services and enjoying the profits from their labors.

CHAPTER ANSWERS

Chapter 1

Running a successful business will likely require long work hours, an ability to effectively market your services, solid communication skills, motivation, and energy.

Chapter 2

Answers will vary.

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