Stage 1 | Subject outline | version control

Business Innovation Stage 1
Subject outline

Version 3.0
For teaching in Australian and SACE International schools from January 2023 to December 2023.
For teaching in SACE International schools only from May/June 2022 to March 2023 and from May/June 2023 to March 2024.
Accredited in August 2018 for teaching at Stage 1 from 2019. 

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Stage 1 | Subject Outline | Subject description

Subject description

Business Innovation is a 10-credit subject or a 20-credit subject at Stage 1.

In Stage 1 Business Innovation, students begin to develop the knowledge, skills, and understandings to engage in business contexts in the modern world. In a time when design-led companies outperform other companies, students are immersed in the process of finding and solving customer problems or needs through design thinking and using assumption-based planning tools. The customer is at the centre of the innovation process and the generation of viable business products, services, and processes.

Initially, students may be guided through structured processes to develop their understanding of underlying problems or needs, and begin to propose and test hypotheses relating to the customer, problem, and solution. As students develop these skills, they will anticipate, find, and solve their own problems. These structured processes create a learning environment where risk is encouraged and provide an opportunity to pivot during the iterative process of proposing, developing, testing, and refining solutions.

Integral to learning through finding and solving complex, dynamic, real-world problems is the opportunity for students to work collaboratively. Working together, students are encouraged to build up ideas. They collect and analyse financial and business information that informs the process of proposing, developing, and testing solutions. In doing so, students develop and extend their financial awareness and skills in decision-making. Students apply these skills in the iterative development of business models for start-up and existing businesses, analysing data to inform the decision-making process, and communicating with a range of stakeholders.

Students consider the opportunities and challenges associated with start-up and existing businesses in the modern, connected world. They consider how digital and emerging technologies may present opportunities to enhance business models and analyse the responsibilities and impacts of proposed business models on global and local communities.


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Capabilities

The capabilities connect student learning within and across subjects in a range of contexts.

The SACE identifies seven capabilities.

Stage 1 | Subject outline | Capabilities | Literacy

Literacy

In this subject students extend and apply their literacy capability by, for example:

  • communicating the market potential of a product or service, or viable new global and local business
  • using product/service development tools such as the value proposition canvas to document observations and incorporate feedback
  • responding to information that confirms or denies their initial hypotheses and assumptions
  • communicating business information in order to provide business intelligence to the decision-making cycle
  • proposing, developing, and testing business communication strategies and tools to target identified customer segments and key stakeholders
  • selecting and using appropriate communication strategies and tools to engage effectively with students, co-workers, potential investors, and/or customers
  • collecting and synthesising business and customer information to analyse the problem through tools such as root cause analysis
  • communicating the existing and future revenue streams and cost structures associated with the business model.

Stage 1 | Subject outline | Capabilities | Numeracy

Numeracy

In this subject students extend and apply their numeracy capability by, for example:

  • developing and applying their financial awareness and ability to make informed decisions in rapidly changing, dynamic business environments
  • examining a range of revenue models, pricing strategies, and cost structures associated with their business model
  • determining cash flow requirements for a start-up business, including initial funding/capital and point of sale or terms of trade for customers
  • identifying metrics and key performance indicators that will be used to monitor the start up business model against planned expectations
  • identifying business information needs and implementing appropriate data collection strategies
  • using structured planning processes such as cost-benefit and stakeholder analyses
  • analysing and responding to business and financial information that confirms or denies their initial hypotheses and assumptions
  • assessing ongoing cash flow requirements of the business.

Stage 1 | Subject outline | Capabilities | ICT capability

Information and communication technology (ICT) capability

In this subject students extend and apply their ICT capability by, for example: 

  • exploring opportunities presented by digital or emerging technologies to enhance a business model 
  • proposing strategies for harnessing digital and emerging technologies within an existing business model 
  • analysing the digital factors that impact a business’s decision-making and affect its performance and strategies
  • analysing and evaluating the opportunities provided by digital and emerging technologies in ensuring the sustainability of a business.

Stage 1 | Subject outline | Capabilities | Critical and Creative Thinking

Critical and creative thinking

In this subject students extend and apply their critical and creative thinking capability by, for example:

  • developing their understanding of the underlying problems in order to propose and test customer, problem, and solution hypotheses 
  • interrogating and managing the process of finding and solving problems themselves
  • proposing, developing, and testing possible solutions with identified customer segments
  • collecting and analysing information and feedback to inform the iterative process of proposing, developing, and testing solutions
  • developing and applying decision-making skills through the use of assumption-based planning tools such as the Business Model Canvas
  • exploring and using decision-making strategies in a start-up business environment
  • collecting, managing, and analysing business information in order to inform decisions in relation to their business model development
  • developing and applying strategies to test and refine proposed solutions, making effective decisions during the process
  • proposing, developing, testing, and making conscious decisions to modify key hypotheses in relation to their proposed business improvement or change plan 
  • proposing changes to enhance the overall viability of solutions
  • exploring and using decision-making and change management strategies in relation to an existing business, product, or service.

Stage 1 | Subject outline | Capabilities | Personal and social capability

Personal and social capability

In this subject students extend and apply their personal and social capability by, for example:

  • developing an understanding of how specific customers experience the problem or need in order to develop insights into customer wants or needs
  • refining their business model by engaging with customers and key stakeholders
  • extending their skills to independently manage the iterative development of the business model
  • as they gain confidence in the process, extending their skills to find and solve problems themselves
  • engaging effectively with students, co-workers, potential investors, and/or customers.

Stage 1 | Subject outline | Capabilities | Ethical understanding

Ethical understanding

In this subject students extend and apply their ethical understanding capability by, for example:

  • analysing the responsibilities and impact of the proposed business model on global and local communities
  • connecting with global and local communities to identify a need or social problem to which a business could respond
  • exploring the potential intended and unintended consequences of proposed business models
  • considering sustainability and ethics as they identify new global and local connections
  • analysing the strengths, capabilities, and weaknesses of the business through tools such as PESTLE analysis1
  • analysing and evaluating the continued effectiveness of the business in meeting a social or local need.

1 The acronym ‘PESTLE’ is used throughout the subject outline to represent PESTLE, PEEST, or STEEPLE.

Stage 1 | Subject outline | Capabilities | Intercultural understanding

Intercultural understanding

In this subject students extend and apply their intercultural understanding capability by, for example:

  • determining culturally appropriate responses to customer needs and problems
  • investigating ways in which business can respond to global economic, social, and environmental issues
  • developing their knowledge and understanding of the opportunities and challenges associated with designing businesses in the modern, connected world. 
  • analysing the responsibilities and impact of the proposed business model on global and local communities
  • connecting with global and local communities to identify a need or social problem to which a business could respond
  • exploring the potential intended and unintended consequences of proposed business models.

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Aboriginal and Torres Strait Islander knowledge, cultures, and perspectives

In partnership with Aboriginal and Torres Strait Islander communities, and schools and school sectors, the SACE Board of South Australia supports the development of high-quality learning and assessment design that respects the diverse knowledge, cultures, and perspectives of Indigenous Australians.

The SACE Board encourages teachers to include Aboriginal and Torres Strait Islander knowledge and perspectives in the design, delivery, and assessment of teaching and learning programs by:

  • providing opportunities in SACE subjects for students to learn about Aboriginal and Torres Strait Islander histories, cultures, and contemporary experiences
  • recognising and respecting the significant contribution of Aboriginal and Torres Strait Islander peoples to Australian society
  • drawing students’ attention to the value of Aboriginal and Torres Strait Islander knowledge and perspectives from the past and the present
  • promoting the use of culturally appropriate protocols when engaging with and learning from Aboriginal and Torres Strait Islander peoples and communities.  

Stage 1 | Subject outline | Learning requirements

Learning requirements

The learning requirements summarise the knowledge, skills, and understanding that students are expected to develop and demonstrate through their learning in Stage 1 Business Innovation.

In this subject, students are expected to:

  1. explore problems and generate possible solutions to meet customer problems or needs using a customer-focused approach
  2. develop and apply financial awareness and decision-making skills using assumption based planning tools
  3. respond to and apply business and financial information to develop and communicate business models 
  4. analyse and evaluate the effectiveness of business models 
  5. explore and analyse opportunities presented by digital and emerging technologies in business contexts
  6. apply communication and collaborative skills in business contexts.

Stage 1 | Subject outline | Content

Content

Stage 1 Business Innovation is a 10-credit subject or a 20-credit subject and is studied through the following two contexts:

  • start-up business
  • existing business.

Through these contexts, students develop and apply their understanding of the following learning strands:

  • finding and solving problems
  • financial awareness and decision-making
  • business information and communication
  • global, local, and digital connections.

Students gain an understanding of fundamental business concepts and ideas, including:

  • the nature and structure of business
  • key business functions
  • forms of ownership and legal responsibilities.

This understanding is developed and applied through each of the learning strands.

These learning strands represent the knowledge, skills, understanding, and capabilities fundamental to the learning in the subject.

For a 10-credit subject, students study at least one context and all four learning strands.

For a 20-credit subject, students study both contexts and all four learning strands.


Stage 1 | Subject outline | Contexts

Contexts

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.

Stage 1 | Subject outline | Contexts | Start-up business

Start-up business

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.

Finding and solving problems

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.

Financial awareness and decision-making

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.

Business information and communication

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.

Global, local, and digital connections 

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.

Stage 1 | Subject outline | Contexts | Existing business

Existing business

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.

Finding and solving problems

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.

Financial awareness and decision-making

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.

Business information and communication

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.

Global, local, and digital connections 

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.

Students may access financial information from sources such as:


Stage 1 | Subject outline | Evidence of learning

Evidence of learning

Assessment at Stage 1 is school based.

The following assessment types enable students to demonstrate their learning in Stage 1 Business Innovation:

  • Assessment Type 1: Business Skills
  • Assessment Type 2: Business Pitch.

For a 10-credit subject, students should provide evidence of their learning through four assessments. Each assessment type should have a weighting of at least 20%. Students undertake:

  • three business skills tasks, one of which is a business model summary
  • one business pitch.

For a 20-credit subject, students should provide evidence of their learning through eight assessments. Each assessment type should have a weighting of at least 20%. Students undertake:

  • six business skills tasks, two of which are business model summaries
  • two business pitches.

Stage 1 | Subject outline | Assessment design criteria

Assessment design criteria

The assessment design criteria are based on the learning requirements and are used by teachers to:

  • clarify for the student what they need to learn
  • design opportunities for the student to provide evidence of his or her learning at the highest possible level of achievement.

The assessment design criteria consist of specific features that:

  • students should demonstrate in their learning
  • teachers look for as evidence that students have met the learning requirements.

For this subject the assessment design criteria are:

  • finding and solving problems
  • contextual application
  • analysis and evaluation.

The specific features of these criteria are described below.

The set of assessments, as a whole, must give students opportunities to demonstrate each of the specific features by the completion of study of the subject.

Finding and Solving Problems

The specific features are as follows:

FSP1 Explore problems or needs using a customer-focused approach.
FSP2 Generate possible solutions to problems or needs using a customer-focused approach. 

Contextual Application

The specific features are as follows:

CA1 Contextual application of financial awareness and decision-making skills. 
CA2 Application of business and financial information to develop and communicate business models.
CA3 Contextual application of communication and collaboration skills.

Analysis and Evaluation

The specific features are as follows:

AE1 Explore and analyse opportunities presented by digital and emerging technologies.
AE2 Evaluate the effectiveness of business models. 

Stage 1 | Subject outline | School assessment

School assessment

The school assessment component for Stage 1 Business Innovation consists of two assessment types:

  • Assessment Type 1: Business Skills
  • Assessment Type 2: Business Pitch.

Stage 1 | Subject outline | School assessment | Assessment Type 1: Business Skills

Assessment Type 1: Business Skills

Students undertake:

•    two business skills tasks and one business model summary for a 10-credit subject
•    four business skills tasks and two business model summaries for a 20-credit subject. 

The business skills tasks enable students to demonstrate their learning across all four learning strands.

Individual tasks within business skills may focus on one learning strand or on a combination of learning strands. The business skills tasks should cover the context(s) studied.

At least one business skills tasks should be a collaborative task. Students may work in a school or community-based group, or any other appropriate collaboration. They may collaborate face-to-face or in a digital environment including social media.

Across the set of business skills tasks, students demonstrate:

  • application of customer-focused approaches to explore and solve problems or needs
  • analysis of business and financial information and application of decision-making skills using assumption-based planning tools
  • development and evaluation of business models
  • analysis of the responsibilities and impact of business models on communities
  • analysis of opportunities presented by digital and emerging technologies
  • communication and collaborative skills.

Business skills tasks may include, for example:

  • students develop a 30-day plan for their business, documenting the strategies and actions they would take to achieve a set objective
  • students write a short social-media campaign around a key milestone in their business
  • students map the phases of their business through start-up, growth, maturity, and decline on a timeline or storyboard
  • students analyse information on a business case presented to them and complete an assessment about what is working for the business and what is not
  • students identify and investigate an environmental or social need facing a community and recommend possible solutions to the board of a social enterprise. 

Business model summary

The business model summary will form the basis of Assessment Type 2: Business Pitch.

In readiness for Assessment Type 2: Business Pitch, students individually prepare a business model summary of a solution to a customer need or problem. The business model summary should be a maximum of 800 words if written, 5 minutes if oral, or the equivalent if multimodal. The business model summary includes:

  • a branding concept, including business name and tag line
  • the customer problem or need
  • proposed solution – product, service, or process
  • customer segment
  • competitor analysis 
  • marketing and distribution strategy
  • cost structure and revenue model.

For a 10-credit subject, the tasks as a set (including the business model summary) comprise a maximum of 2400 words if written, or 15 minutes if oral, or the equivalent if multimodal.

For a 20-credit subject, the tasks as a set (including the business model summaries) comprise a maximum of 4800 words if written, or 30 minutes if oral, or the equivalent if multimodal.

For this assessment type, students provide evidence of their learning primarily in relation to the following assessment design criteria:

  • finding and solving problems
  • contextual application
  • analysis and evaluation.

Stage 1 | Subject outline | School assessment | Assessment Type 2: Business pitch

Assessment Type 2: Business Pitch

For a 10-credit subject, students undertake one business pitch. For a 20-credit subject, students undertake two business pitches.

Students develop their business pitch within one context:

  • start-up business
  • existing business.

They demonstrate their learning across each of the four learning strands and use the information from the business model summary developed as part of Assessment Type 1: Business Skills to create their business pitch.

The business pitch has two parts:

  • a pitch to customers, investors, or stakeholders
  • an evaluation of customer feedback.

Business pitch

Students create and present a pitch to a panel of potential customers, investors, or stakeholders. The panel may comprise students, teachers, members of the school and/or local community, and business and industry representatives. They select elements of their business model summary that will influence customers, investors, or stakeholders to buy into their business proposal.

The pitch should be to a maximum of 2 minutes and presented in multimodal format. If students choose to present other supporting information from Assessment Type 1: Business Skills, this will not be assessed as part of the pitch.

Following the pitch, students participate in a plenary question and answer session with the panel, which includes feedback on aspects of the business model summary and pitch. Students may choose to seek additional feedback using a questionnaire.

Evaluation

Students present an evaluation of the success of their business proposal in meeting customer needs or addressing problems. This may include evaluation of the success of aspects including the proposed solution, marketing, and price. They use the customer feedback from the plenary session to inform their evaluation and suggest improvements to their business model.

The evaluation should be a maximum of 800 words if written, or 5 minutes if oral, or the equivalent if multimodal.

For this assessment type, students provide evidence of their learning primarily in relation to the following assessment design criteria:

  • contextual application
  • analysis and evaluation.

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Performance standards

The performance standards describe five levels of achievement, A to E.

Each level of achievement describes the knowledge, skills, and understanding that teachers refer to in deciding how well students have demonstrated their learning on the basis of the evidence provided.

During the teaching and learning program the teacher gives students feedback on their learning, with reference to the performance standards.

At the student’s completion of study of a subject, the teacher makes a decision about the quality of the student’s learning by:

  • referring to the performance standards
  • taking into account the weighting of each assessment type
  • assigning a subject grade between A and E.

Stage 1 | Subject outline | Performance standards

Performance standards

Stage 1 performance standards for Business Innovation can be viewed below. You can also download in Word format [DOC 45KB].

To learn more about what performance standards are, how they are used, and other general information, see performance standards and grades

  Finding and Solving Problems Contextual Application Analysis and Evaluation
A

Purposeful and sustained exploration of problems or needs using a customer-focused approach.
 
Creative generation of possible solutions to problems or needs using a customer-focused approach.

Highly effective contextual application of financial awareness and decision-making skills. 

Strategic application of business and financial information to develop and communicate business models. 

Perceptive contextual application of communication and/or collaboration skills.

Insightful exploration and analysis of opportunities presented by digital and emerging technologies. 

Insightful evaluation of the effectiveness of business models. 

B

Purposeful exploration of problems or needs using a customer-focused approach.
 
Mostly creative generation of possible solutions to problems or needs using a customer-focused approach. 

Effective contextual application of financial awareness and decision-making skills. 

Purposeful application of business and financial information to develop and communicate business models. 

Well-considered contextual application of communication and/or collaboration skills.

Well-considered exploration and analysis of opportunities presented by digital and emerging technologies. 

Well-considered evaluation of the effectiveness of business models.

C

Considered exploration of problems or needs using a customer-focused approach.
 
Some creativity in generation of possible solutions to problems or needs using a customer-focused approach. 

Some effectiveness in application of financial awareness and decision-making skills.
 
Competent application of business and financial information to develop and communicate business models. 

Considered contextual application of communication and/or collaboration skills. 

Considered exploration and analysis of opportunities presented by digital and emerging technologies. 

Competent evaluation of the effectiveness of business models.

D

Superficial exploration of problems or needs using a customer-focused approach.
 
Some generation of possible solutions to problems or needs using a customer-focused approach.

Developing financial awareness and decision-making skills. 

Inconsistent application of business and financial information to develop and communicate business models. 

Contextual application of communication and/or collaboration skills. 

Some exploration and description of opportunities presented by digital and emerging technologies. 

Some description of and reflection on the effectiveness of business models. 

E

Limited exploration of problems or needs using a customer-focused approach. 

Attempted generation of possible solutions to problems or needs using a customer-focused approach.

Emerging financial awareness and decision-making skills. 

Attempted application of business and financial information to develop and communicate business models. 

Limited application of communication and/or collaboration skills.

Attempted exploration and description of opportunities presented by digital and emerging technologies. 

Description of the effectiveness of business models.


Stage 1 | Subject outline | Glossary of terms

Glossary of terms

assumption-based planning — a method of project management that begins with identifying and testing the biggest assumptions about a business and adjusting plans and decisions accordingly. 

break-even analysis — a method of calculating how much a business needs to sell to cover costs. 

business intelligence — the result of collecting, analysing, and evaluating data to produce actionable information to aid in decision-making; for example, identifying bestselling products and poorly selling products. 

business model — the plan a business has for its successful operation, which identifies sources of revenue, the intended customer base, products, and details of financing. 

Business Model Canvas — a template used to develop new or evaluate existing business models and used to help a business align its strategies in a more effective and efficient way. 

business plan — the plan a business uses to describe the strategies it will use to achieve its goals (usually identified in the business model). 

corporate social responsibility (CSR) — an approach to business that aims to sustainably deliver economic, social, and environmental benefits to all stakeholders. 

cost structure — the fixed and variable costs incurred by a business.  

crowd funding — the practice of raising money (usually small amounts) from a large number of people through social media platforms. 

customer-focused approach — putting the perspectives and needs of customers at the centre of business decision-making. 

design thinking — an iterative process that draws on logic and creativity in order to solve problems and identify, test, and refine actionable solutions. 

digital and emerging technologies — new, innovative technologies that can change or influence business. 

digital tools — software programs or web-based resources that make tasks more efficient. 

financial awareness — the ability to recognise and develop an understanding of key financial information including revenue models, pricing strategies, cost structures, and cash flow requirements. 

Get Keep Grow Strategy — marketing or customer relations strategies designed to attract, retain, and increase the number of customers.  

human-centred design — a creative approach to problem-solving that puts customer or stakeholder perspectives at the forefront of the process. 

infographic — a visual representation of information and data designed to make concepts understandable at a glance. 

key performance indicator (KPI) — a measurable value that demonstrates how effectively a business is achieving its goals and/or objectives. 

Lean Start-up Process — a streamlined process for developing businesses and products using testing and validation of hypotheses. The process of receiving feedback from customers quickly and often reduces financial risk. 

pain point — something that bothers or inconveniences a customer, a problem waiting for a solution; for example, it takes too long to order take away food. 

PESTLE/PEEST/STEEPLE — acronyms for factors that can impact a business and affect its decision-making processes: political, economic, environmental, social, technological, legal and ethical. 

SWOT — an acronym for strengths, weaknesses, opportunities, and threats. 

validation board — a tool to help entrepreneurs stay focused while undertaking a Lean Start-up Process. 

value proposition — a proposition that articulates why customers will choose the product or service of a business instead of that of competitors. 


Stage 1 | Subject outline | Subject changes

Summary of subject changes

Any changes to this subject will be recorded here.