foundations of entrepreneurship

 Foundations of Entrepreneurship challenges members to demonstrate their understanding of key entrepreneurial concepts through an objective test. This event covers topics such as business planning, innovation, opportunity recognition, risk management, and the fundamentals of launching and managing a business venture.

Event Overview

Division: Collegiate
Event Type: Individual
Event Category: Objective Test, 100-multiple choice questions (breakdown of question by competencies below)
Objective Test Time: 50 minutes

Educational Alignments

Items Competitor Must Provide: Pencil, Computer, Photo Identification, Attire that meets the Florida FBLA Dress Code

Items FBLA Must Provide: Test login information

This event is intended for students who are early in their collegiate academic journey and just beginning their study of entrepreneurship. Only members who have completed no more than six credit hours on a semester schedule (or the equivalent number of quarter hours) of college-level entrepreneurship coursework by May 1, 2027, are eligible to compete.

 Competencies

·         Fundamentals of Entrepreneurship
·         Discovery Strategies
·         Business Venture Concepts
·         Business Venture Resources
·         New Business Venture Activities
·         Financial Management
·         Business Law and Regulations
·         Harvesting Strategies

Test questions are based on the knowledge areas and objectives outlined for this event. Detailed objectives can be found in the study guide included in these guidelines.

State

Eligibility

·         FBLA membership dues are paid by 11:59 pm Eastern Time on February 1st of the current program year.

·         Members must be registered for the SLC and pay the state conference registration fee in order to participate in competitive events.

·         Members must stay within the official FBLA housing block of the official FBLA hotel to be eligible to compete.

·         Each chapter may submit six students in this event.

·         On the state level, each member can compete in up to three different events in the following combinations: three objective tests OR two objective tests and one presentation OR two objective tests and one production or one objective test and two production OR one objective test, one presentation, and one production. Students may enter the Christopher Heider, Rob Kelleher, Who’s Who event, and one Chapter event (Community Service, State of the Chapter) in addition to their above chosen events.

·         Picture identification (physical or digital: driver’s license, passport, state-issued identification, or school-issued identification) matching the conference nametag is required when checking in for competitive events.

·         If competitors are late for an objective test, they may be either disqualified or permitted to begin late with no extension of the time as scheduled. This is at the discretion of the proctor.

·         Participants must adhere to the Florida FBLA dress code established by the Florida Board of Directors or they will not be permitted to participate in the competitive event.

Recognition

·         The number of competitors will determine the number of winners. The maximum number of winners for each competitive event on the state level is 4.

Event Administration

·         This event is an objective test administered prior to the SLC. Advisers will be sent information regarding testing requirements.

·         No reference or study materials may be brought to the testing site.

·         No calculators may be brought into the testing site; online calculators will be provided through the testing software.

Scoring

·         Ties are broken by comparing the correct number of answers to the last 10 questions on the test. If a tie remains, answers to the last 20 questions on the test will be reviewed to determine the winner. If a tie remains, the competitor who completed the test in a shorter amount of time will be ranked higher.

Americans with Disabilities Act (ADA)

·         FBLA complies with the Americans with Disabilities Act (ADA) by providing reasonable accommodations for competitors. Accommodation requests must be submitted through the conference registration system by the official registration deadline. All requests will be reviewed, and additional documentation may be required to determine eligibility and appropriate support.Penalty Points

·         Competitors may be disqualified if they violate the Competitive Event Guidelines or the Honor Code.

Electronic Devices

·        Unless approved as part of a documented accommodation, all cell phones, smartwatches, electronic devices, and headphones must be turned off and stored away before the competition begins. Visible devices during the event will be considered a violation of the FBLA Honor Code.

National

If competing at the National level, be sure to see the National guidelines at https://www.fbla.org/collegiate/competitive-events/


Study Guide: Knowledge Areas and Objectives

This study guide outlines the skills and knowledge assessed for this event. Objectives followed by a two-letter, three-digit code in parentheses are aligned to the National Business Administration Standards from MBA Research and Curriculum Center. Some objectives reference MBA Research’s Learning Activity Packages (LAPs), which are instructional resources with readings, activities, and assessments available exclusively to teacher advisers. For more information, visit MBAResearch.org/FBLA. 

Important Notice Regarding Test Preparation 

MBA Research materials are not required to study for or prepare for FBLA competitive event tests. MBA Research provides curriculum and instructional resources directly to teachers and does not administer or manage individual student testing or competition participation. 

Note for members and parents: All questions related to tests, study materials, scores, or competition guidelines should be directed to the local FBLA adviser. Only teacher advisers should contact MBA Research directly. 

Fundamentals of Entrepreneurship (10 test items)  

  1. Describe the nature of entrepreneurship (EN:039) (SP)  

  2. Explain the role requirements of entrepreneurs and owners (EN:040) (SP)  

  3. Describe the use of business ethics in entrepreneurship (EN:044, LAP-EN-044) (SP)  

  4. Describe small-business opportunities in international trade (EN:041) (SP)  

  

Discovery Strategies (15 test items)  

  1. Explain the need for entrepreneurial discovery (EN:001) (ON)  

  2. Discuss entrepreneurial discovery processes (EN:002) (ON)  

  3. Assess global trends and opportunities for business ventures (EN:003) (ON)  

  4. Determine opportunities for venture creation (EN:004) (ON)  

  5. Assess opportunities for venture creation (EN:005) (ON)  

  6. Generate venture ideas (EN:006) (ON)  

  7. Determine feasibility of venture ideas (EN:038, LAP-EN-038) (ON)  

  

Business Venture Concepts (20 test items)  

  1. Describe entrepreneurial planning considerations (EN:007) (ON)  

  2. Explain tools used by entrepreneurs for venture planning (EN:008) (ON)  

  3. Assess start-up requirements (EN:009) (ON)  

  4. Assess risks associated with venture (EN:010) (ON) Describe external resources useful to entrepreneurs during concept development (EN:011) (ON)  

  5. Assess the need to use external resources for concept development (EN:012) (ON)  

  6. Select strategies to protect intellectual property (EN:013) (ON)  

  7. Use components of business plan to define venture idea (EN:014) (ON) 

    Business Venture Resources (15 test items)

    1. Describe processes used to acquire adequate financial resources for venture creation/start-up (EN:015) (ON)  

    2. Select sources to finance venture creation/start-up (EN:016) (ON)  

    3. Explain factors to consider in determining a venture's human-resources needs (EN:017) (ON)  

    4. Explain considerations in making the decision to hire staff (EN:018) (ON)  

    5. Describe considerations in selecting capital resources (EN:019) (ON)  

    6. Identify capital resources needed for the venture (EN:020) (ON)  

    7. Assess the costs/benefits associated with resources (EN:021) (ON)  

New Business Venture Activities (25 test items)  

  1. Establish banking procedures (EN:042) (ON)  

  2. Use external resources to supplement entrepreneur's expertise (EN:022) (ON)  

  3. Explain the complexity of business operations (EN:023) (ON)  

  4. Establish line of credit (EN:043) (ON)  

  5. Evaluate risk-taking opportunities (EN:024) (ON)  

  6. Explain the need for business systems and procedures (EN:025) (ON)  

  7. Describe the use of operating procedures (EN:026) (ON)  

  8. Explain methods/processes for organizing workflow (EN:027) (ON)  

  9. Develop and/or provide product/service (EN:028) (ON)  

  10. Use creative problem-solving in business activities/decisions (EN:029) (ON)  

  11. Explain the impact of resource productivity on venture success (EN:030) (ON)  

Business Law and Regulations (5 test items)  

  1. Explain the nature of tax regulations on business (BL:009) (ON)  

  2. Develop strategies for legal/government compliance (BL:011) (ON)  

  3. Describe legal issues affecting businesses (BL:001) (SP)  

Harvesting Strategies (10 test items)  

  1. Explain the need for continuation planning (EN:034) (ON)  

  2. Describe methods of venture harvesting (EN:035) (ON)  

  3. Evaluate options for continued venture involvement (EN:036) (ON)  

  4. Develop exit strategies (EN:037) (ON)