In the designing business context, students develop, apply, and extend the learning strands through the context of a ‘start-up’ business. Using design thinking and assumption-based planning tools students develop an idea for a product or service and investigate its potential viability. The iterative process of developing ideas enables students to pivot as they refine their initial assumptions and manage uncertainty. Students use a customer-focused approach in which they develop a deep understanding of customer needs. Using this customer-focused approach, students gather and analyse information to generate business intelligence and use it to identify potential commercial opportunities. Through the development of their proposed solution, students evaluate the potential success or failure of the solution in meeting customer needs. They communicate their plan to exploit this opportunity through tools and strategies such as business models, pitches, and business plans. Students focus on the same ‘start-up’ business in each learning strand.
In the designing business context, innovation is the process of finding and anticipating, and solving problems and needs that matter to customers. Students apply their knowledge and understanding of this process to identify and exploit a ‘start-up’ business opportunity. Students may work collaboratively to:
· develop and apply customer-focused approaches to identify and anticipate customer needs and problems worth solving
· explore these needs and problems, and build understanding of their customers through collecting, synthesising, and evaluating qualitative and quantitative data, such as surveys and statistical data (from ABS, and state and local government bodies such as Tourism SA)
· use a range of critical and creative thinking strategies to identify, test, and develop original solutions to customer needs or problems.
In the designing business context, students apply their skills in decision-making and project management using digital tools and traditional methods to track and manage the development of the ‘start-up’ business model. Students may work collaboratively to:
· explore the digital project management tools available to track and manage the development of the business model through mock-ups, prototypes, and/or storyboards
· manage the collection and processing of information generated from the other learning strands
· track their progress towards the development of a viable business, product, or service, including milestones, decision points, and assessment of risk
· respond to customer feedback or product testing to develop and refine a business model.
In the designing business context, students apply their skills in financial literacy and information management to record, interrogate, and interpret information in order to report business intelligence. To inform the development of a viable business model using this information, students may:
· use SWOT analysis and break-even analysis to examine proposed cost structures and revenue models to determine the total revenue and costs of the business
· use break-even analysis to identify if the business is commercially viable (on paper) or at risk of failing, and estimate the likely time needed for the business to return a profit
· manage the development of the business model using planning tools such as the Business Model Canvas
· synthesise, evaluate, and communicate information from a range of data sources to inform decision-making, such as customer surveys, idea generation, and evaluation cycle and user feedback
· develop a business plan and make a pitch to an investor or business partner.
In the designing business context, students apply their knowledge and understanding of global, local, and digital perspectives to consider the viability and responsibilities of a ‘start‑up’ business. Through stakeholder connections, students investigate ways in which a ‘start-up’ business can contribute and respond to local and/or global economic, environmental, and social issues.
Students explore the opportunities and challenges posed by digital and emerging technologies for a ‘start-up’ business. Students may apply this knowledge and understanding of global, local, and digital perspectives to:
· analyse the roles, responsibilities, and legal requirements of business, including Aboriginal and Torres Strait Islander perspectives
· explore the opportunities and challenges of operating in a socially and culturally diverse business environment
· connect with non-government organisations and engage in research to identify a need or social problem to which a business could respond
· use business intelligence to generate a range of viable options in response to economic, environmental, and social opportunities and challenges
· explore the potential intended and unintended consequences of economic conditions to develop sustainable and ethical business models
· identify, explore, and analyse ways to incorporate digital or emerging technologies to enhance the ‘start-up’ business model.
In the sustaining business context, students develop, apply, and extend the learning strands through the context of one or more established businesses. Through this context students develop an understanding that a strategic approach to sustaining a business is necessary to prevent decline. They focus on the skills, knowledge, and understanding required to sustain viable businesses.
In the sustaining business context, students apply their knowledge, understanding, and skills in the processes of innovation and design thinking to identify problems within an existing business(es) and develop a strategic approach to ensure its sustainability in the future. In this context students expand their understanding of customer-focused approaches to include all stakeholders. This approach enables them to investigate ways to solve problems, add value, and future-proof the business(es). Students may work collaboratively to:
· investigate industry trends and apply user-focused approaches to identify problems and propose solutions to sustain the business
· analyse and evaluate information to create business intelligence
· analyse and evaluate the use of digital and emerging technologies in future-proofing the business.
In the sustaining business context, students apply their skills in decision-making and project management to review the business and make recommendations to ensure the business is sustainable. Students may:
· analyse the sustainability, strengths, capabilities, and weaknesses of the business through tools such as SWOT analysis
· develop an action plan to maintain strengths, respond to problems, and manage risk identified in the SWOT analysis
· manage the collection and processing of information generated from the other learning strands
· track progress towards milestones and decision points
· use continuous feedback to inform responsive decision-making.
In the sustaining business context, students apply their skills in financial literacy and information management to consider financial statements and develop KPIs as inputs into the decision-making process. In creating business intelligence, students may:
· use tools such as SWOT analysis or PESTLE to review the existing business plan, including cash flow, debtors, and financial ratios, and so provide inputs into the decision‑making process and assessment of risk
· synthesise, evaluate, and communicate non-financial information from a range of data sources to inform decision-making (e.g. staff well-being surveys, employee turnover data, customer satisfaction)
· analyse and communicate financial information to measure performance against the KPIs
· identify, explore, and communicate areas of risk.
In the sustaining business context, students identify and explore local and global conditions and the implication of these for the sustainability of one or more existing businesses. Students consider digital and emerging technologies, sustainability, and ethics as they investigate ways to ensure commercial viability and social responsibility. In their analysis, students may:
· analyse the global, local, and digital factors that impact the business’ decision-making and affect its performance and strategies
· analyse the strengths, capabilities, and likelihood of failure of the business through tools such as PESTLE analysis
· analyse the opportunities and challenges of collaborating in culturally, linguistically, and socially diverse teams
· evaluate the impact of changing legislation frameworks (e.g. award rates, equal opportunity requirements, free-trade agreements, Native Title)
· 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.
In the transforming business context, students develop, apply, and extend the learning strands through managing change in an existing business context. Students use business intelligence and user-focused processes to identify opportunities to transform existing businesses. Transformation may take the form of new products, services, processes, business models, and/or markets. Students consider the impact of this proposed transformation on other elements of the business.
In the transforming business context, students apply their knowledge, understanding, and skills in the processes of innovation and design thinking to develop a new product or service or improve a process with a focus on growth or transformation of the business. Students may work collaboratively to:
· apply customer-focused approaches to identify ways to diversify or renew products or services to add value to the existing business
· explore these products or services through the collection, synthesis, and evaluation of qualitative and quantitative data to understand changing customer needs
· research and develop more effective employment, management, and/or communication processes, financial decision-making, and methods of production
· use a range of critical and creative thinking strategies to identify, test, and develop products, services, and/or processes in response to changing customer needs
· introduce processes to generate ideas to promote and manage an innovative culture within an existing business.
In the transforming business context, students apply their skills in decision-making and project management, using tools to track and manage the transformation of established businesses. They consider the management of people during the transformation of business. Students may:
· track their progress towards the transformation of existing business models, including milestones and decision points and assessment of risk
· manage the collection and processing of information generated from the other learning strands to inform decision-making
· identify and apply change management tools and strategies to ensure successful transitions for a business and its stakeholders during transformation
· use continuous feedback to inform responsive decision-making.
In the transforming business context, students apply their skills in financial literacy and information management to identify ways to transform an existing business, product, service, process, or business model. Students apply their knowledge of budgets and feasibility, business plans, and financial information to:
· devise a plan to transform the business, identifying inputs and associated actions
· use outcomes from break-even or cost-benefit analyses to identify the KPIs to be monitored as part of the transformation plan
· use cost-benefit analysis to analyse and evaluate the impact of digital and emerging technologies on the transformation
· prepare and present a plan for transformation to potential investors or stakeholders.
In the transforming business context, students investigate the environmental, social, and economic factors impacting the business transformation. They apply their knowledge and understanding of ethical, responsible, and sustainable practices and government compliance to:
· analyse and evaluate the legal, corporate governance, and social responsibility implications of the business transformation
· identify opportunities for the business to meet emerging local or global needs
· analyse and evaluate the opportunities provided by digital and emerging technologies in ensuring the growth and scalability of the business.