Florida SS.4.FL.1.7
The Standard
Entrepreneurs are people who start new businesses. Entrepreneurs do not know if their new businesses will be successful and earn a profit. Identify ways in which starting a business is risky for entrepreneurs.
Florida Next Generation Sunshine State Standards for Social Studies
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students name risks people face when opening a business, such as losing money, having few customers, or paying unexpected costs. They explain how those risks can prevent a business from earning a profit.
What Mastery Looks Like
- Given a business example, students can identify at least two specific risks and explain each one. They can tell the difference between money earned from sales and profit left after costs.
Common Misconceptions
- Students may think every business earns a profit or that many sales always mean success. They may also think owners risk only money, overlooking time, supplies, debt, and lost income.
How to Assess It
- Exit ticket: Jordan spends $200 to open a snack stand, but rainy weather keeps customers away. Name two risks Jordan faced and explain why profit is uncertain.
Lesson moves
Ways to Teach It
Give groups play money, supply cards, and hidden customer cards to simulate opening a lemonade stand and compare profits or losses.
Ask students to write: Would you spend your savings on a new business if success was uncertain? Explain two possible risks.
Play a risk sorting game where students classify business cards as customer, cost, competition, weather, or time risks.
Examine a local restaurant menu and list costs the owner pays before knowing how many customers will visit.
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Printable SS.4.FL.1.7 Worksheet
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Related Standards
- SS.4.E.1.1
Identify entrepreneurs from various demographic backgrounds who have influenced Florida and local economy.
- SS.8.FL.6.1
Analyze the fact that personal financial risk exists when unexpected events can damage health, income, property, wealth, or future opportunities.
- SS.7.E.2.4
Identify entrepreneurs from various gender, social, and ethnic backgrounds who started a business seeking to make a profit.
- SS.4.FL.1.6
Describe ways that people who own a business can earn a profit, which is a source of income.
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