Activity Introduction

Quick summary: $20 Boss is an entrepreneurship program for secondary school students. It builds enterprise skills and teaches students how to be entrepreneurial. In this lesson, students will read about real-life examples of businesses that failed, then work in teams to find out some of the influences over the success of a business. Students will then create a budget for their business and use it to forecast the profit their business should make. Teams will then make a decision about what they will do with any profits they make from their business.

 

Foundation for Young Australians logo

This lesson has been developed in partnership with the Foundation for Young Australians. 
FYA is all about backing the next generation of young people who are going to rethink the world and create a better future.

 

Learning intentions
Students will:

  • understand how to budget for their business
  • understand the concepts of income, cost and profit
  • be able to project and assess the financial success of their business

Enterprise skills in action:

Critical thinkingFinancial literacyProblem solving
Project management Teamwork    


Australian Curriculum Mapping

Content descriptions:
Mathematics
Year 7

  • Identify and investigate issues involving numerical data collected from primary and secondary sources (ACMSP169)

Year 8

  • Solve problems involving profit and loss, with and without digital technologies (ACMNA189)

HASS – Economics and Business
Year 7

  • Develop questions about an economic or business issue or event, and plan and conduct an investigation or project (ACHES021)
  • Characteristics of entrepreneurs and successful businesses (ACHEK019)
  • Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES025)
  • Present evidence-based conclusions using economics and business language and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions (ACHES026)

Year 8

  • Develop questions about an economic or business issue or event, and plan and conduct an investigation or project (ACHES032)
  • Gather relevant data and information from a range of digital, online and print sources (ACHES033)
  • Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES036)
  • Present evidence-based conclusions using economics and business language and concepts in a range of appropriate formats, and reflect on the consequences of alternative actions (ACHES037)

Year 9

  • Why and how people manage financial risks and rewards in the current Australian and global financial landscape (ACHEK040)
  • The nature of innovation and how and why businesses seek to create and maintain a competitive advantage in the market, including the global market (ACHEK041)
  • Develop questions and hypotheses about an economic or business issue or event, and plan and conduct an investigation (ACHES043)
  • Apply economics and business knowledge, skills and concepts in familiar, new and hypothetical situations (ACHES047)
  • Present reasoned arguments and evidence-based conclusions in a range of appropriate formats using economics and business conventions, language and concepts (ACHES048)

Year 10

  • Factors that influence major consumer and financial decisions and the short and long-term consequences of these decisions (ACHEK053)
  • The ways businesses respond to changing economic conditions and improve productivity through organisational management and workforce management (ACHEK054)
  • Analyse data and information in different formats to explain cause-and-effect relationships, make predictions and illustrate alternative perspectives (ACHES057)
  • Apply economics and business knowledge, skills and concepts in familiar, new and hypothetical situations (ACHES059)
  • Present reasoned arguments and evidence-based conclusions in a range of appropriate formats using economics and business conventions, language and concepts (ACHES060)

Syllabus outcomes: C4.1, C4.4, C4.7, C5.1, C5.2, C5.7

Relevant parts of Year 7 Mathematics achievement standards: They solve problems involving percentages and all four operations with fractions and decimals. They compare the cost of items to make financial decisions.
Relevant parts of Year 8 Mathematics achievement standards: Students solve problems involving profit and loss.

Relevant parts of Year 7 HASS achievement standards: Students apply economics and business knowledge, skills and concepts to familiar problems. They develop and present conclusions using appropriate texts, terms and concepts. They identify the effects of their decisions and the possible effects of alternative actions.
Relevant parts of Year 8 HASS achievement standards: They apply economics and business knowledge, skills and concepts to familiar and unfamiliar problems. Students develop and present evidence-based conclusions using appropriate texts, subject-specific language and concepts. They identify the effects of an economic or business decision and the potential consequences of alternative actions.
Relevant parts of Year 9 HASS achievement standards: Students explain the importance of managing financial risks and rewards and analyse the different strategies that may be used. They generate alternative responses to an issue and use cost-benefit analysis and appropriate criteria to propose a course of action. They apply economics and business knowledge, skills and concepts to familiar, unfamiliar and hypothetical problems. Students develop and present evidence-based conclusions and reasoned arguments using appropriate texts, subject-specific language and concepts. They analyse the effects of economic and business decisions and the potential consequences of alternative actions.
Relevant parts of Year 10 HASS achievement standards: Students generate alternative responses to an issue, taking into account multiple perspectives. They use cost-benefit analysis and appropriate criteria to propose and justify a course of action. They apply economics and business knowledge, skills and concepts to familiar, unfamiliar and complex hypothetical problems. Students develop and present evidence-based conclusions and reasoned arguments incorporating different points of view. They use appropriate texts, subject-specific language, conventions and concepts. They analyse the intended and unintended effects of economic and business decisions and the potential consequences of alternative actions.

General capabilities: Literacy, Numeracy, Critical and Creative Thinking, Personal and Social Capability, ICT Capability.

Topic: Enterprise Learning.

Unit of work: $20 Boss.

Time required: 180 mins.

Level of teacher scaffolding: Medium – guide students through lesson activities.

Resources required: Student Worksheets – one copy per student. Device capable of presenting a video to the class.
Budget template handout, Team Contract. Optional: World Cafe Instructions

You’ll need a few other things to run $20 Boss in your school:

Keywords: Budget, income, costs, profit, enterprise skills, ideation, creativity, 21st century skills, innovation, entrepreneur, group work, team, project based learning, real-world learning, financial literacy, $20 Boss, Foundation for Young Australians, New Work Order, job skills.

Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.

Worksheets

Teacher Worksheet

Teacher preparation

Learning intentions
Students will:

  • understand how to budget for their business
  • understand the concepts of income, cost and profit
  • be able to project and assess the financial success of their business

Success criteria
Students can:

  • create a business budget
  • forecast their business profits

Teacher content information: $20 Boss is an immersive entrepreneurship program for secondary school students. Students use $20 of start-up capital to create, launch and operate their venture over the course of a school term. Teachers are supported through a comprehensive toolkit that enables end-to-end delivery in the classroom. All materials are aligned to the Australian Curriculum. The $20 Boss program is the largest entrepreneurship program in Australia. In just three years over 27,750 students across Australia in over 500 secondary schools have participated.

WHY TAKE PART? THE NEW WORK ORDER IS HERE! The future of work is going to be very different for

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Student Worksheet

Thought starter: Profit can be for good. 

  1. After watching the lesson overview video, note down what you remember seeing and hearing here:

CASE STUDIES:
All of these companies were at one point bankrupt (or very close to it) because they mismanaged their finances.

  • Quiksilver, renowned surf brand that invented boardshorts, was unable to keep up with competitor brand Billabong and trend brands including H&M, with their sales projections being so far off they posted a loss (where a business spends more than it earns) of $309m in 2015.
  • Dick Smith Electronics had too much stock, and didn’t monitor their market closely, so were unable to sell all the products they had.
  • Pie Face had mounting debt, tried to expand too soon and had too many stores in central locations.

What happened to Apple?
Apple started in the garage of friends Steve Jobs and Steve Wozniak in 1976. For over 30 years, Apple was a manufacturer of personal computers, but a series of decisions and deviatio

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