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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…

For this activity, you will work in groups of 4. Your group’s task is to investigate answers to the following questions: How do people derive an income? (For example, employment, self-employment, assets, superannuation, government allowance.) Why do people work? (For example, to earn money, to buy things they need or want, for independence, to learn, to gain skills, to make friends, to contribute to society, to be happy.) How do people work…

Everyone is different. Some people are natural savers, some are natural spenders and others are somewhere in between.Read the following profiles of young people your age.Profile 1:Tim is 13 years old. His parents give him $20 pocket money each week. He spends $30 a month on a pre-paid phone, and if his credits expire, he waits for the next month to arrive before he tops up. He also budgets $20 a month for entertainment. His parents buy his…