Characteristics of successful businesses
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Introduction
Students develop a basic understanding of the indicators of business success in relation to each business function, such as meeting tax obligations as part of operational management.
Achievement standard
By the end of Year 7, students describe the interdependence of consumers and producers in the market. They explain the importance of short- and long-term planning to individual and business success and identify different strategies that may be used. They describe the characteristics of successful businesses and explain how entrepreneurial capabilities contribute to this success. Students identify the reasons individuals choose to work and describe the various sources of income that exist.
When researching, students develop questions and gather data and information from different sources to investigate an economic or business issue. They interpret data to identify trends. They propose alternative responses to an issue and assess the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar problems. Students develop and present conclusions using appropriate texts, terms and concepts. They identify the effects of their decisions and the possible effects of alternative actions.
Student learning resources
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What is a successful business?
Indicators of business success
How successful is this business?
Suggested activity sequence
This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group. If you assign this activity to a class, your students will be assigned all student resources on their 'My learning' page. You can also hand-pick the resources students are assigned by selecting individual resources when you add a work item to a class in 'My classes'.
- Brainstorm a list of successful businesses and why they are successful.
- As a class, read the explainer.
- Discuss with students the different aspects of a business and the indicators of success.
- Students complete the interactive, followed by the worksheet.
- Students outline the characteristics of a successful business in no more than 150 words.