Dr. Janet Ratliff & Kelli Thompson Morehead State University BUILDING ENTREPRENEURIAL CAPACITY FOR THE FUTURE: A Model for Replication   Dr. Janet Ratliff & Kelli Thompson Morehead State University Morehead, KY SBAA Summer 2017

BACKGROUND Econ Education K-5 Mini Society from Kauffman Foundation Grant Focus on how our economic system works MSU Mission Regional Engagement Emphasis Middle School Students

MSU SERVICE REGION

PARTNERSHIP State & Federal Education Requirements MSU Regional Emphasis County/District Engagement within Region Teacher Buy In Kentucky Valley Educational Cooperative KVEC is a regional public education entity Focus on teaching, learning and leadership Address needs of rural school districts

MSU SERVICE REGION & PARTNER COUNTIES SERVED Breathitt Floyd Harlan Hazard Jackson Jenkins Johnson Knott Lee Magoffin Middlesboro Owsley Paintsville Pike Pikeville Wolfe

CURRICULUM ALIGNMENT Common Core Standards English/Language Arts Mathematics The Kentucky Assessment for Program Review Program Review for Practical Living

CURRICULUM-BOOK Economics and Entrepreneurship: Operating a Classroom Business in the Elementary and Middle School National Council on Economic Education ISBN# 978-1-56183-639-7 5 chapters – Getting Started Deciding What and How Many to Produce Producing the Product Marketing and Selling Closing the Business

FACULTY TRAINING Training (8:00 a.m. – 3:00 p.m.) KVEC Curriculum & other training materials (binder) Training treats teachers like students Transforms each year to meet new requirements of new grants Science, Technology, Engineering, and Math Specific Integrated Components Required – time, health, and community

IMPLEMENTATION What It Takes Commitment KVEC, MSU, Districts, Schools, Teachers Curriculum Applied Students Do Work & Complete on Time School / District Entrepreneurship Fair/Competition Regional Entrepreneurship Fair/Competition

IMPLEMENTATION BBA 350 (Entrepreneurship & Innovation) MSU On Campus Course Service Learning Component Student Coordination (90) Logistics (2 hour travel one way, 6 vans) Judging Paper & Pencil Customized Software Package Videography & Photography

THIS ENTREPRENEURIAL PROJECT A TIE INTO KVEC’s PROGRAMMING One of two programs within the STARS Students Transforming Appalachia with Real-World Solutions Appalachian Renaissance Initiative Race to the Top Grant

KVEC Basic Introduction Appalachian Renaissance Initiative https://youtu.be/iuCQNyFD6Nw

THE PROJECT ITSELF Project Based Inquiry/Learning with Capstone

INTEGRATED CURRICULUM Collaboration of all Curricular Areas Common Theme but Individual Projects Aligned to English/Language Arts, Math, Program Review Standards Project Based Learning

STUDENT WORK Students Self-Select a Business Goods or Services Determine Business Organization Sole Proprietor or Partnership No Corporations (explain reasoning) Business Plan/Data Notebook Written documents to organize their business Presentation Board An orderly visual aid highlighting key points

EVIDENCE Oral Presentations Prototype Marketing Examples Students delivering pitches for their business Prototype A tangible prototype (for students that have a product) Marketing Examples Student examples of posters, advertisements, etc.

INVOLVING OTHERS Business/Community Partners Partnerships to develop working relationships Purpose: To share, mentor, judge (if needed), or offer suggestions based on years of experience, critique ideas, good way to build and enhance school and community business relations.

STUDENT CAPSTONE Student orally presents project Business and Industry Partners (Judges) along with other supporters create a “Shark Tank” experience for students to defend/explain their project

CREATING THE PROJECT What do business and industry in my area want/need? How can I produce it cost effectively? How will I determine if there is a market? How much start up money will I need? Where will I get the loan? How much interest will I have to repay? How much will I need to charge to make a profit?

ENTREPRENEURSHIP CURRICULUM Business Plan Partnership Agreement Market Survey---Graph Marketing---Advertising (and costs associated) Loan Agreement Rental Agreement Product Cost Computation Sales Revenues Worksheet Calculations Profit Worksheet

TEACHER SUPPORT Provided Curriculum Collaborate with Other Content Teachers Social Studies – Where in the world was this good/service ever sold? Did it have an effect on the economy of the area? In what time period was it sold? What was the economy of that area like at the time? Are there major modes of transportation in that area to help with production?

TEACHER SUPPORT Science – English/Language Arts – Is there a chemical, mechanical, technological or agricultural reaction within my prototype? Can it be altered to be more efficient? English/Language Arts – Business description/rationale? (presenting) What marketing jingle, script or web-site was created? (writing)

TEACHER SUPPORT Math – Arts – Market survey graph? Profit/loss calculations? Interest on loan calculations? Rental agreement? Arts – Marketing signs and banners? Jingle (music)?

TEACHER SUPPORT Technology – Web-site creation? Advertising via social media? Brochure describing the project? (all English/LA)

TEACHER SUPPORT Partnerships with businesses (Program Review Evidence) – Assist students in finding a business? Willingness to mentor the student? Willingness to judge projects and provide constructive feedback?

TEACHER SUPPORT Kelli Thompson (KVEC) Dr. Janet Ratliff (MSU) Grant Support Booth Center for Entrepreneurship (MSU) Technology Support Prize Money for Student Winners 1st, 2nd, & 3rd place in Goods and Services by Grade Special Awards for Creativity, Technology and Social Entrepreneurship

OUR 2016 PROJECT  https://www.youtube.com/watch?v=DoqK-bDCauw

2013-2016 SUCCESSES Pilot Project began in 2013 with 1 county By 2016, 7 counties & 3 independent districts participated 2006 students participated 800 businesses were created Regional Competition showcased 232 businesses Service Learning Opportunities in the region were provided to approximately 230 MSU business students

HIGHLIGHTED BUSINESSES A & J Cosmetics Hours of research and development Multiple product range Exhibited profitable returns

HIGHLIGHTED BUSINESSES Asher’s Welding and Fabrication Product could be used by welders worldwide Predicted high profit margin New innovative product

VALUE OF THIS PROJECT OVERALL https://www.youtube.com/watch?v=k-R1qAFipIw

STUDENT LEARNING Students Gain Valuable Skills Students Take Advantage of Future Opportunities Student Technology Leadership Program Governor’s Academy for Entrepreneurship Future Problem Solving Lt. Governor’s Entrepreneurship Challenge

THANK YOU & QUESTIONS/ANSWERS MSU College of Business and Technology KVEC Booth Endowment Booth Center for Entrepreneurship SBAA