The two learning contexts provide real-world opportunities and environments in which students can develop and apply the skills, knowledge, understanding, and capabilities required to add value to a range of businesses.
In the start-up business context, students develop and apply their understanding of the learning strands through the context of a start-up business or a new product, service, or process. Through design thinking and assumption-based planning tools such as the Business Model Canvas, students engage in the process of identifying, exploring, and communicating the market potential of a product, service, or process, or viable new global and local business. Students may propose, develop, and test new products, services, or processes, or they may establish their own start-up business.
In the start-up business context, students develop and apply their skills in finding and solving problems that matter to customers. Initially, teachers may lead students through structured processes to develop students’ understanding of the underlying problems in order to propose and test customer, problem, and solution hypotheses. As students gain confidence, they extend their skills to collaboratively interrogate and manage the process of finding and solving problems themselves. Students may work collaboratively to:
engage in structured processes to develop an understanding of how specific customers experience the problem in order to develop insights into customer wants or needs
propose, develop, and test possible solutions with identified customer segments
collect and analyse information and feedback to inform the iterative process of proposing, developing, and testing solutions
use product/service development tools such as the value proposition canvas to document observations and incorporate feedback to test and refine solutions.
In the start-up business context, students develop and apply their financial awareness and ability to make informed decisions in rapidly changing, dynamic business environments. In this context, students develop and apply decision-making skills through the use of assumption-based planning tools such as the Business Model Canvas. Students learn to make conscious decisions to refine their business model by engaging with customers and key stakeholders. Students develop and apply their financial awareness by examining a range of potential revenue models, pricing strategies, and cost structures associated with their business model.
Initially, teachers may present problems or scenarios to develop students’ financial awareness and understanding of decision-making processes in relation to the start-up business model. As students gain confidence, they extend their skills to manage the iterative development of the business model themselves. Students may work collaboratively to:
propose, develop, and test possible revenue models and pricing strategies within the business model
analyse and communicate the cost structures associated with the business model
determine cash flow requirements for their start-up business, including initial funding/capital and point of sale or terms of trade for customers.
analyse and respond to information that confirms or denies their initial hypotheses and assumptions
explore and use decision-making strategies in a start-up business environment
identify metrics and key performance indicators that will be used to monitor the start-up business model against planned expectations.
In the start-up business context, students develop their ability to collect, manage, and analyse business information in order to inform decisions in relation to their business model development. Through the analysis of business information, students consider the viability and risk of failure of their business model. Students communicate this information to a range of stakeholders, including other students or co-workers, potential investors, and/or customers. Students may work collaboratively to:
identify business information needs and implement appropriate data collection strategies
analyse and communicate business information in order to provide business intelligence to the decision-making cycle
propose, develop, and test business communication strategies and tools to target identified customer segments and key stakeholders
select and use appropriate communication strategies and tools to engage effectively with other students, co-workers, potential investors, and/or customers.
In the start-up business context, students develop their knowledge and understanding of the opportunities and challenges associated with designing businesses in the modern, connected world. They explore collaboration through digital connections and the diverse social and cultural perspectives involved in global collaboration. Students draw on this understanding to consider the viability of a start-up business and identify opportunities to enhance the business model by exploring potential global, local, or digital connections. They consider the social and environmental needs of communities when developing the business model for a start-up business. Students may apply this knowledge and understanding of global, local, and digital connections to:
analyse the intended and unintended consequences of the proposed business model on global and local communities
connect with global and local communities to identify a need or social problem to which a business could respond
explore opportunities presented by digital or emerging technologies to enhance the business model.
In the existing business context, students develop and apply their understanding of the learning strands through the context of an existing business, product, or service. Teachers may present problems or scenarios relating to an existing business, product, or service, or they may choose to enable students to engage directly with local businesses.
Through a structured approach to business improvement and change management, students engage in the process of identifying new opportunities while exploring and communicating the costs and benefits in terms of the overall business model.
Where students have established their own business, this may form the focus of study in this context.
In the existing business context, students develop and apply their skills in finding and solving problems that matter to customers and stakeholders by proposing and testing solutions. As students gain confidence in the process, they extend their skills to work collaboratively to find and solve problems themselves. Students may work collaboratively to:
collect and synthesise business, customer, and other stakeholder information to analyse the problem through tools such as root-cause analysis
use business and customer information to iteratively propose and develop solutions
develop and apply strategies to test and refine proposed solutions, making effective decisions during the process.
In the existing business context, students develop and apply their financial awareness and ability to make informed decisions in complex, interconnected business environments.
In this context, students develop and apply decision-making tools through the use of structured planning processes such as cost-benefit and stakeholder analyses. Students propose, develop, test, and make conscious decisions to modify key hypotheses in relation to their proposed business improvement or change plan by engaging with customers and key stakeholders.
Students develop and apply their financial awareness by examining the existing revenue models, pricing strategies, and cost structures associated with the business model before proposing changes to enhance the overall viability.
As students gain financial awareness and understanding of the decision cycle, they extend their skills to manage the iterative development of the business model themselves. Students may work collaboratively to:
analyse and respond to business and financial information2 that confirms or denies their initial hypotheses and assumptions.
explore and use decision-making and change management strategies in relation to an existing business, product, or service
propose, develop, and test alternative revenue models and pricing strategies within the business model
analyse and communicate the existing and future revenue streams and cost structures associated with the business model
assess ongoing cash flow requirements of the business.
In the existing business context, students develop their ability to collect, manage, and analyse business information in order to inform decisions in relation to their business model development. Students use this business information to assess the risk associated with the business model. Students communicate this information to a range of stakeholders including other students or co-workers, potential investors, and/or customers. Students may work collaboratively to:
identify business information needs and implement appropriate data collection strategies
analyse and communicate business information in order to provide business intelligence to the decision-making cycle
propose, develop, and test business communication strategies and tools to target identified customer segments and key stakeholders
select and use appropriate communication strategies and tools to engage effectively with other students, co-workers, potential investors, and/or customers.
In the existing business context, students identify and explore existing and potential local and global connections within the context of an existing business, product, or service. Students consider digital and emerging technologies, sustainability, and ethics as they identify new connections and propose strategies for harnessing these within the existing business model. In their analysis students may:
analyse the global, local, and digital factors that impact the business’s decision-making and affects its performance and strategies
analyse the strengths, capabilities, and weaknesses of the business through analysis tools such as PESTLE
analyse the environmental sustainability and business ethics of proposed improvements to the business model
analyse and evaluate the continued effectiveness of the business in meeting a social or local need
analyse and evaluate the opportunities provided by digital and emerging technologies in ensuring the sustainability of the business.
2 Students may access financial information from sources such as: