Strategic thinking skills of entrepreneurs – SWOT analysis
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Introduction
Entrepreneurs are always looking for new methods to fulfil their business goals and enhance operations, and a SWOT analysis is a fantastic approach to get started. Students learn that a SWOT analysis is a key strategic tool used by entrepreneurs and apply this strategic thinking to select a hypothetical business to start. In doing so, they deploy the skills demonstrated by entrepreneurs and explain factors that contribute to success, such as seeing and taking advantage of an opportunity.
Achievement standard
By the end of Year 7, students describe how decisions are made to allocate limited resources to individuals and communities in an economy. They describe the reasons businesses exist and types of businesses, and identify how entrepreneurial characteristics contribute to the success of a business. They describe the reasons individuals choose to work, how they may derive an income and the types of work that exist. Students identify the rights and responsibilities of individuals and businesses in terms of products and services.
Students develop questions to investigate an economic and business issue. They locate, select and organise data and information from sources. They interpret information and data to identify economic and business issues, trends or effects. They develop a response and identify potential costs and benefits. Students use economic and business knowledge, concepts, terms and sources to create descriptions and explanations.
Content descriptions
Economics and Business Knowledge and Understanding
Characteristics of entrepreneurs and how these influence the success of a business.(AC9HE7K03)
Economics and Business Skills
Develop a response to an economic and business issue, identifying potential costs and benefits.(AC9HE7S04)
Create descriptions and explanations, using economic and business knowledge, concepts and terms, and referencing information and data from sources. (AC9HE7S05)
Teacher resources
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SWOT analysis
Student learning resources
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Which business will I choose?
Writing paragraphs in Economics
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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.
- Display and explain how to conduct a SWOT analysis using the visualiser.
- Students individually complete the worksheet.
- Discuss with students which business venture they chose and why.
- Brainstorm why strategic thinking and tools such as a SWOT contribute to business success. Examples include:
- Help entrepreneurs achieve their goals or ‘big ideas’ by informing business planning, including start-ups and regular strategic planning reviews.
- Help entrepreneurs respond to issues, identify opportunities (such as a start-up or introducing a new product or service to the market) or make meaningful changes to the business to ensure success.
- Students write a paragraph on why strategic thinking and using tools such as a SWOT are important entrepreneurial skills and how these skills contribute to the success of a business.
Refer students to the paragraph model