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Eileen’s spending is out of control! Can you help her? Eileen’s situation Eileen is paid $60 pocket money each week. She is responsible for paying all her bus fares, sporting fees, phone credit and things she wants. She needs to save for the school camp but never seems to have money left over at the end of each week. In fact, each week she borrows money to pay for her bus fares. She’s desperate to find a solution. School camp is going to cost…

Use the relevant workbooks in the Interactive budget templates to complete either option 1 or 2 below (you can do both if time permits). Option 1 Create your own budget by completing the first column of the budget workbook in the interactive budget templates. Add categories if you need.  Track your income and spending over the next month. How well did you stay within your budget? What will you change next month? Is your budget balanced, or…

Goal setting is important. When we can envisage our desired outcome, it helps us to remain focused and give our best. If we plan our goals and write them down, we are more likely to achieve them and less likely to feel overwhelmed. There are 3 different types of goals: short-term goals – can be achieved in less than 1 year medium-term goal – can be achieved within 1 to 3 years long-term goals – can be reached in more than 3 years. Sometimes…

A successful business is a business that realises its goals, intentions, or objectives. The indicators of a successful business may include: profitability customer satisfaction staff morale achievement of organisational, financial, social and/or environmental objectives. The following table identifies the indicators of success for each business function. Table 1: Indicators of business success by business function…

Read the following scenario then answer the questions that follow. Scenario Jo and Sam decided to quit their jobs and start a business selling imported jewellery. They knew where to go to buy cheap jewellery and there seemed to be a market for jewellery in their local suburb – there were 4 other stores that seemed to be always busy. They travelled overseas and used most of their savings to buy jewellery to sell. They leased a small shop at…

Why plan? The first step to business success is planning. Businesses need to make plans for the short- and long-term that will help them successfully achieve their objectives. Developing a business plan will help you to: start your business by acquiring the finances you need give your business direction, define objectives and map out strategies that will achieve your goals evaluate your business performance and continually improve your…

Refer to Planning for business success – Explainer Fred currently makes money from friends and family by walking their dogs. Fred wants to turn this hobby into a business. Explain to him why he should begin this venture by writing a business plan. Include all the reasons why business plans are important. Let’s write a very basic business plan for Fred’s new dog walking business. The explainer has information on what to include in…

Part 1: Deciding on entrepreneurial capabilities In groups, decide on the meaning of each quality listed in table 1. Underline the unfamiliar words and research their meaning. Identify those qualities you think are important to entrepreneurialism – highlight them. From these, select the top 10 entrepreneurial capabilities. Share your short list with another group and discuss any differences between each group’s list. Both groups agree on…