Resources for Educators
Contributed by Deborah K. Noppen LVN, LMT, MTI of the Milan Institute in San Antonio, TX
I assign students a project where they plan their own individual business which is a curriculum requirement to do as homework.
But more challenging and fun is I assign groups to form a partnership. It really helps them learn the importance of working well with others. I give them basic parameters with as little information as possible, just enough to get them started, (e.g., your partnership will have 3 fixed locations; or your business provides mobile out calls and corporate wellness). From that point the rest is up to them to figure out their income, whether the other therapists are employees or independent contractors, what compensation is, what are the hours of operation, what are the start-up cost and monthly operating expenses. It is very eye-opening for them and they always think of a few questions that are out of the box!
Then they have mock visits to ask for money from a lender.
THEN! This may sound crazy but I have the groups sabotage each other’s businesses so that the original planners can be aware of their businesses weaknesses. They love this activity and become quite animated as they work out their differences of opinion.