Planning for business success
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Introduction
Students learn why business planning is important to business success and the components of a business plan. They apply their knowledge by developing a business plan for a hypothetical business. This learning provides an important foundation for understanding government as an external factor affecting businesses.
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.
Content descriptions
Economics and Business Knowledge and Understanding
Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018).
Economics and Business Skills
Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES025).
Student learning resources
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Planning for business success
Developing a business plan
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.
- As a class, read the explainer.
Alternatively, have students read the explainer individually or in pairs and encourage them to take notes using the Cornell note taking system. - Students individually complete the worksheet.