Research suggests most people will have multiple careers during their working lives. It is highly likely that many of our students will choose a career path that involves running their own small business.
The Year 10 elective ‘Running a Small Business’ is a popular subject that allows students to learn the key skills to develop their entrepreneurial talents. Students spend a significant amount of time developing a formal business plan that incorporates key aspects such as product/service design, objectives for the business, assessment of competition, pricing, 'SWOT' analysis, marketing and financial reporting. When the business plan is complete they get the opportunity to run their business in the ‘real world’.
This year we also introduced a new initiative where students were invited to present their business concept to a formal panel. ‘The Pitch’ involved a brief three-minute presentation to a panel of three teachers; all of whom have had extensive business experience. Students were under ‘Shark Tank’ pressure to justify their business decisions.
Feedback for our students about this process proved invaluable. Many businesses modified their products, pricing and marketing and this significantly enhanced business operations and improved profitability.
Mr Stephen Warden