Plan a Small Business
There are no Work Samples available for this Activity.
Description of activity
In groups of TWO students are to create their own small business. Each business will start with $50,000. Students will also prepare and present a 10-minute talk on their business.
[Time allowed: approximately three 50-minute periods.]
Context
This activity is part of elective topic 11, Running a Business, where the topic focus states ‘students become actively engaged in planning, organising and running a small business and develop strategies to address problems as they arise’. Students have engaged with the core topics in Commerce and can apply that learning in a business environment.
The activity builds on the research and analysis skills developed earlier in the course and applies them to the running of a (hypothetical) small business. This activity requires the students to conduct effective research and planning for success in the operation of a business. The students are required to communicate the results of the business operation in both oral and written forms.
This activity takes place over three 50-minute lessons with some time spent conducting business research as an entrepreneur, and additional time analysing business information and communicating their successes and failures in the business.
Areas for Assessment
- Knowledge of commerce
Knowledge and understanding of consumer, financial, business, legal and employment matters - Skills in commerce
Skills in decision-making, problem-solving, research, communication and working independently and collaboratively
Outcomes
A student:
5.1 applies consumer, financial, business, legal and employment concepts and terminology in a variety of contexts
5.5 evaluates options for solving commercial and legal problems and issues
5.7 researches and assesses commercial and legal information using a variety of sources
5.9 works independently and collaboratively to meet individual and collective goals within specified timelines.
Criteria for assessing learning
(These criteria would normally be communicated to students with the activity.)
Students will be assessed on their ability to demonstrate understanding of the issues associated with small business, in addressing the following topics:
1. Identify the type of small business:
- legal structure
- type of industry
- product or service to be offered.
2. Description of the business:
- size
- layout.
3. Characteristics and skills required of a good business manager:
4. Employees:
- number of workers
- workers' duties
- working hours
5. Marketing
- target market and the marketing mix (4Ps)
- SWOT.
6. Accounting and finance
- balance sheet
- profit and loss statements
- cash flow
- cost of the business (stock, running costs, furniture and fittings, rent)
- assets
- prices/mark-up.