Showing

Showing - Money and enterprise

Showing Web ImageIn the Showing or intensive stage, Aboriginal and Torres Strait Islander students engage in applied learning and demonstrate their financial literacy skills through projects, events, and enterprise planning/delivery. Students showcase their creativity and innovation and demonstrate skills in opportunity mapping, market analysis, business planning and alliance building. They also work with experts, coaches and role models through incursions, excursions, industry placements and interactions with guest speakers.

To support teachers in engaging students with this unit, the following are provided:

  • An overview of the Showing stage
  • Community and cultural considerations
  • Scene setting scenario to inform and support discussion
  • Four units comprising focus questions and suggested activities.

This material is intended to be used as a starting point to generate teaching and learning opportunities that are relevant, authentic and reflect students' cultural and community contexts and learning needs.

The suggested activities could be used exactly as described, or might provide ideas that inspire teachers to develop alternative activities that meet the specific learning needs of their students.

The complete Showing Stage is also available for download.

Overview

There are four units in the Showing stage. Although presented as separate units, it is envisioned that some of the activities within the units will be ongoing and simultaneous. For example, students could gain an understanding of credit and loans while developing ideas for establishing a business or enterprise.

  • More Money - Building on the learning that has taken place in the Growing stage, the concept of 'invisible money' is expanded to include considerations of credit, loans and investment. Students identify the pitfalls of using credit for purchases, investigate the issues that can arise in communities as a result of credit and loans, research the range of loans and credit available and learn how to identify trusted sources of information.
  • Money Plans - Starting a business or enterprise requires detailed planning.  In this unit students learn about a number of factors that need to be considered prior to going into business. Students investigate the factors that contribute to successful business models.
  • Enterprising Ideas - Students explore the key elements of establishing a business or enterprise. Students learn how to progress an idea or concept by developing a business plan, identifying and utilising support networks, marketing the business and meeting the needs of customers/clients.
  • Your Enterprise - Students showcase their learning by launching their business to the school or broader community. Through this process students learn about the important governance matters that are required for any successful business. They investigate issues such as staffing, contracts, management structure, and ethical and legal requirements.

Vocabulary

In undertaking activities in the Showing stage, students may need to develop an understanding of the following terminology and concepts.

  • Profit, loss, debt, supply, demand, success, fees, compound interest
  • Network, clients
  • Pitfalls, risk analysis, quality, brand, image, venture, social enterprise
  • Optional, feasible, feasibility, reliable, reliability, accountability, co-operative
  • False claims, marketing strategies
  • Innovation, governance, management structure
  • Reputation
  • Payroll, overheads, employees, staff

Learning intentions

Share the Learning outcomes of this stage with students and encourage discussion. Students need to know about the importance of these learnings and how the following activities will help them meet the learning intentions of the stage.

By the end of the Showing stage students will:

  • know about loans and investments, business structures and benefits of enterprise.
  • be able to identify and explain the key factors to starting and running a successful business and where to find help to do this.
  • understand how funds can be generated for individual and community wellbeing by operating a business.
  • understand that local producers and entrepreneurs have the potential to support and help communities

Enduring understandings

  • Establishing a small business can be a complex process and unique to the individual business and circumstances
  • The success of a business is dependent on planning, goal setting, market research and wise use of available finances
  • Products and services have many hidden costs associated with their production and delivery
  • Learn from the experiences of successful business operators

Prior knowledge required

To undertake activities in the Showing stage students:

  • should become increasingly familiar with the above vocabulary
  • will be familiar with the concept of social enterprise
  • will know about contracts and their purpose
  • be aware of scams and safety and ethics around online transactions
  • will require experience with digital technologies,  researching and using information on the internet
  • should understand fractions and percentages and be able to calculate basic percentages
  • should be familiar with and create basic spreadsheets
  • invisible money - Eftpos, credit and debit cards
  •  should have a clear understanding of money, value, needs and wants and consumer choices

Students will use their literacy and numeracy skills developed in previous stages to navigate the activities in this stage as well as their knowledge of money and handling money gained in the Knowing Stage. The broader concepts of protecting your money and making money work to help create wellbeing for communities gained in the Growing Stage will also be utilised in the Showing stage.

Community and cultural considerations

In delivering this stage of learning, teachers will need to consider a number of Aboriginal and Torres Strait Islander cultural and community factors. The overarching challenge, and opportunity, for teachers is to make learning about the basics of money and business meaningful. This can be achieved by relating learning to Aboriginal and Torres Strait Islander family circumstances, community values, world views, and lived experiences.

Facilitate learning experiences (including through project-based learning and entrepreneurial education) that allow Aboriginal and Torres Strait Islander students to demonstrate their community enterprise and event planning skills.

The following seven guiding ideas provide support to teach consumer and financial literacy through the Showing stage in a way that is meaningful and empowering for Aboriginal and Torres Strait Islander students.  These ideas support the incorporation of community and cultural considerations in a learning context. They provide an opportunity for Aboriginal and Torres Strait Islander people from within the school and in the broader community to share stories and experience with students especially where values are highlighted ensuring student understanding is reflective of their community.

Guiding ideas

Following are seven guiding ideas to support your teaching of consumer and financial literacy through the Showing stage in a way that is meaningful and empowering for Aboriginal and Torres Strait Islander students.

CONNECT with community & cultural identity

Within communities there are often a number of Aboriginal and Torres Strait Islander organisations that like any business require financial management procedures, business planning, and organisational governance on an ongoing basis. This includes land councils, housing cooperatives, health organisations, and family and youth services. There are also 'mainstream' organisations that are involved in banking, loans, credit and investment. Teachers could facilitate relationships with these organisations so that Aboriginal and Torres Strait Islander students are exposed to real-life examples of business operations, governance processes and money management strategies.

BUILD on your students' real-life experiences

Capitalise on the experiences and interests of your students. For example, if students are aware of, or interested in, car loans then put into place learning experiences that inform students of the opportunities and traps in borrowing money. Teachers can facilitate online learning experiences whereby students research and make inquiries about car loans. Teachers may also like to draw upon community experiences and that of students' family or friends involved in business or enterprising activities.

GATHER information about prior experiences with money

Teachers can use questioning and observation to learn about the students interests in regards to creating a business or community organisation. For instance, teachers could facilitate learning experiences whereby students take stock of the services that already exist in the community and identify gaps in goods and services. (Refer to showcases and ideas developed in the Market and Yarning activities in the Knowing and Growing stages). Teachers could then support students in scenario planning or futures mapping. This encourages students to think creatively about the future of the community and how it could be strengthened through community enterprise.

RECOGNISE the power of story

Aboriginal and Torres Strait Islander societies are founded on narrative-based cultures. The power of story has shaped lore, identity, law and connection to country. In contemporary teaching, story-telling can be used as a powerful learning tool to share experiences, explore students' insights and differing perspectives, find meaning, and shape ethics and morals. Where appropriate, teachers use story-telling to teach abstract concepts by referring to cultural knowledge and experiences. Teachers can also assist students to consider how they might develop a business venture by inviting community leaders to talk about their experiences in starting a business or establishing/strengthening a community enterprise.

REINFORCE cultural values of sharing

In some communities, the connection between money and culture may not be immediately apparent and may be seen as incongruent and inconsistent with community values.

However, by working from an Aboriginal and Torres Strait Islander values-system point of view, teachers can help connect these dots. In class, teachers can help to reinforce an Aboriginal and Torres Strait Islander cultural message that 'money can be used for sharing and caring.' This goes to the heart of an Aboriginal and Torres Strait Islander ethos of reciprocity, sharing, and looking after each other. By working from this moral principle, students begin to appreciate that money can be a resource for community wellbeing, not just individual wealth. Students can further develop their appreciation of sharing by studying the way in which community cooperatives are developed and managed.

EMBRACE diversity

Social and cultural diversity will exist among your group of Aboriginal and Torres Strait Islander

students and care must be taken to avoid stereotyping. As with all students, Aboriginal and Torres Strait Islander students will enter school with differing interests and varying degrees of prior knowledge/skill. Due to historical factors, such as the Stolen Generations, they may also enter school with varying degrees of cultural understanding and sense of identity.

Aboriginal and Torres Strait Islander students often have shared cultural values and social experiences, including a world view that is shaped by their Aboriginal and Torres Strait Islander identity, a deep sense of obligation to family, and similar upbringings in places of poverty and financial hardship. Use these realisations and understandings to facilitate learning experiences that resonate with all students. Inviting a diverse range of guest speakers is one way in which students will see and appreciate diversity in the community.

CELEBRATE achievement

Quality teaching in Aboriginal and Torres Strait Islander contexts means adopting a strengths-based approach to teaching and learning. This means that you will be continually building upon what students know, as opposed to highlighting what they do not know. Adopt a 'two way learning' approach to your teaching, whereby you share your knowledge and experiences about financial literacy while students share their knowledge and experience with you and their peers.

Quality teaching in Aboriginal and Torres Strait Islander contexts also means that teachers will be positively reinforcing cultural identity. This could mean that students undertake a major project in which they envisage and test a business plan that could contribute to desirable future outcomes for the community. 

Scene setting scenario

Context

This scenario has been developed to provide a real life context that could frame the unit and the learning opportunities as well as generate discussion on developing an understanding of money and specific cultural aspects of money relevant to this stage.

Teachers are encouraged to adapt the scenario to suit the level and learning of their students.

An Elders' Community Group has come to your school and has asked young people for their help. The Chairperson explains, "We need the next generation to come up with ideas that will bring more jobs, healthy people, protect the environment and make the community strong".

The Elders' Community Group wants a blueprint (strategy) that grows:

  • The number of jobs in the community
  • The amount of money in each family and clan group
  • Privately run businesses
  • Community run enterprises that improve community wellbeing and environmental sustainability.

Work in student groups to develop ideas that could help the Elders' Community Group achieve their aim. Consider how you would you go about making these ideas happen?

Note for teachers

This scenario is all about entrepreneurialism. It requires creativity, problem solving, group work, and business planning.

Students will need to consider economic and job growth, as well as how to strengthen the community and protect the environment. Activities from previous units may support work on this scenario.

There isn't a right or wrong response.

Students need to justify why they have reached their decision and consider the advantages/positives and disadvantages/negatives of their decisions.

Unit 1 - More Money

In order to build upon the learning that has taken place in the Growing stage, the concept of invisible money is further developed in relation to credit, loans and investment. This has direct relevance to business and enterprise. Students also investigate the types of community issues that can be created by credit and loans and learn how to identify trusted sources of information.

Focus questions

Focus questions are provided as a guide to assist teachers to engage students in the key concepts addressed in the unit with a view to addressing the learning intentions of this stage. Teachers can use guided questioning to establish student levels of knowledge and awareness of credit.

Building understanding

  • What is credit?
  • What are some different types of credit?
  • What are the pros and cons of accessing credit?
  • What is the cost of credit?
  • What is a loan?
  • When is it a good idea to access a loan?
  • What is investment?
  • How can we get money to grow?
  • Why would we give money away?
  • What terminology about credit, loans and investment do we need to learn?

Aboriginal and Torres Strait Islander experience with money

  • How are Aboriginal and Torres Strait Islander communities affected by the giving and sharing of money?
  • What are the forms of loans and credit specific to some Aboriginal and Torres Strait Islander communities?
  • What issues do some Aboriginal and Torres Strait Islander communities face? - Book up, humbugging, rent verses buy. (Where this relates to a community)
  • How do loans and credit relate to your community?
  • Should we critically consider marketing claims? - Buy now, Pay later.
  • What are the ethical and legal issues with advertising?
  • How would the community benefit from its members 'giving away' money?  - explore the cultural aspects of sharing and other situations E.g. donating.

Personal experience with money

  • Where can I access reliable/trusted information about money? Who can I trust to give the right information about loans etc.?
  • How could I share reliable information with my community?
  • What are the pros and cons of borrowing / lending money? Rent vs Buy?
  • Do I need money to set up a business? How would I get this money?
  • Have you ever made a donation? What was it, to whom did you donate and why?

Suggested Activities

After consultation and discussion with students (using the focus questions provided as prompts) teachers could select activities from the following topics:

  • Credit and loans
  • Interest rates
  • Credit, loans, you and community
  • Influences on spending
  • Growing money - interest and investment
  • Worksheets - Credit cards, Interest-free deals, Payday loans, Rent vs buy, Personal loans

The following activities and worksheets help students gain an understanding of the various forms of credit and loans, and when they should be used. Students also learn about the factors that need to be considered prior to using credit or taking out a loan. Knowing how to manage debt is important, especially considering that there are common pit-falls, pros and cons to credit and loans, both personally and in relation to operating a business.

These activities can be used exactly as described, or might inspire teachers to develop alternative activities that meet the specific needs of their students.

Showing Stage - Unit 1 Suggested Activities

Unit 2 - Money Plans

What is a business?

Starting a business or enterprise requires detailed planning. This unit steps students through a number of factors that need to be considered prior to going into business. This process teaches students about the factors involved in developing a successful business model. 

'Business' can mean a private individually-run business, or a collectively-run business, or a community controlled social enterprise that is run like a business but the objective is community wellbeing not individual profit such as an art cooperative or community health centre.

Focus questions

Focus questions are provided as a guide to assist teachers to engage students in the key concepts addressed throughout the unit. Teachers can use guided questioning to establish student levels of knowledge and awareness of money.

Building understanding

  • Why do people start businesses?
  • What issues need to be considered when thinking about starting a business?
  • Who can help develop a business model?
  • What is market research?
  • Is there a need for this business or social enterprise?
  • Are there any businesses or community enterprises similar to the one you would like to start?
  • Who is your customer?
  • Why would the business be successful?
  • What types of business models are there? - Community, not for profit, etc., service-oriented
  • Is your community missing any types of community organisations and/or businesses?
  • What services or products would be of benefit to the community?

Aboriginal and Torres Strait Islander experience with money

  • How did Aboriginal and Torres Strait Islander people get what they wanted and needed in the past (before money)?
  • How do Aboriginal and Torres Strait Islander people get what they want and need today?
  • Who are some of the Aboriginal and Torres Strait Islander role models in your community that have developed and successfully run businesses or community enterprises?
  • What are the differences and similarities between a private business and a community cooperative (or collectively run social enterprise)?
  • What issues and challenges have been identified in businesses and community organisations that were not successful?

Personal experience with money

  • Have you or any members of your family been involved in a business of any form?
  • What do you expect when you are a customer of a business?

Suggested Activities

After consultation and discussion with students (using the focus questions provided as prompts) teachers could further explore what is required to establish a business or enterprise (e.g. planning and an understanding of the market) using activities on the following topics:

  • Local business
  • Business basics
  • Understanding who can help
  • Examples of successful businesses

This unit explores how to scope-out a business venture and the initial steps that should be taken. It encourages students to engage with the local community by identifying the range of ventures/businesses in the community and speaking with business owners.  Students then develop their own business idea/concept and investigate its feasibility. Students prioritise their ideas according to those that best support the needs of their community.

Showing Stage - Unit 2 Suggested Activities

Unit 3 - Enterprising Ideas

This unit considers the key elements of establishing a business or enterprise. Students are given the opportunity to progress their business/enterprise idea by developing a business plan, identifying and utilising support networks and marketing the business.

Focus questions

Focus questions are provided as a guide to assist teachers to engage students in the key concepts addressed throughout the unit. Through guided questioning, teachers can establish their students' level of understanding about what is involved in starting a business.

Building understanding

  • How do we start to develop a business?
  • What do we need to know? Do?
  • What is a business plan?
  • What are the key elements in a business plan?
  • Will my business aim to make a profit or surplus?
  • What will happen with the profit or surplus?

Aboriginal and Torres Strait Islander experience with money

  • How will the business enlist support from our community?
  • Consider the impact that some businesses have on Aboriginal and Torres Strait Islander communities.
  • Where can Aboriginal and Torres Strait Islander communities go for support in creating and managing a business or community enterprise?

Personal experience with money

  • How will my business make money / cover costs?
  • How will I promote my business? What marketing strategies will I use?
  • As a customer, what is important to you when dealing with a business?
  • What would customers expect when they access your business?

Suggested Activities

Starting and operating a business can be rewarding and challenging. The establishment phase of setting up a new enterprise is usually the most complex because there are so many factors to consider. However, this phase is very important and significantly influences whether or not the business is successful.

This unit focuses on developing the business ideas that were created in the previous unit, so that they include a business plan and marketing strategy. Focus in this unit will be on the first two stages of the Aboriginal and Torres Strait Islander Business Australia's business life cycle: preparation and start up (see diagram below).

After consultation and discussion with students (using the focus questions provided as prompts) teachers could select activities from the following topics which are covered in more detail in the unit:

  • The business life cycle
  • Is starting a business for you?
  • Business planning
  • Making a plan
  • Making money
  • Promotion and marketing

These activities can be used exactly as described, or they can be used to develop alternative activities that meet the specific needs of students.

Showing Stage - Unit 3 Suggested Activities

Unit 4 - Your Enterprise

Students launch their business by presenting it to the school or broader community. In doing this, students must consider important governance matters. In this unit, students will investigate issues such as staffing, contracts, management structure and ethical and legal requirements.

Focus questions

Building understanding

  • Who will run the business?
  • What are the legal and ethical considerations in regards to my business?
  • What government requirements are there for my business e.g. superannuation, tax, business registration?
  • What is a contract?
  • What staff will I need?
  • How will my staff be paid?
  • How will I select and employ staff?
  • Who should sit on my management board?

Aboriginal and Torres Strait Islander experience with money

  • How will my business impact the broader community? Its social dimension? Its physical environment?

Personal experience with money

  • How will I ensure staff are happy and suited to the business?

Your Enterprise Challenge 

Present the business model to the community, complete with mock-ups of advertisements as were created in Activity sixteen and role-plays of transactional activities and various elements of running the business.

Build on and strengthen your marketing plan from activity sixteen. Use various media, such as radio, film and posters, to devise and present an advertising campaign for your business venture.

Business website

Develop your business website. Consider that customers may wish to purchase your product online. Explore online safety if credit and debit cards are being used for purchases.

  • How will your customers be protected in an online environment?
  • How will your business be protected in an online environment?
  • How will you ensure your customers are clear on what the product is and does?

For further information see:

https://www.moneysmart.gov.au/scams

https://www.staysmartonline.gov.au/

Refer to Knowing and Growing to further explore ethics and safety online.

Suggested Activities

After consultation and discussion with students (using the focus questions provided as prompts) teachers could select activities from the following topics which are covered in more detail in the unit:

  • The business life cycle
  • Is starting a business for you?
  • Business planning
  • Making a plan
  • Making money
  • Promotion and marketing

These activities can be used exactly as described, or they can be used to develop alternative activities that meet the specific needs of students.

Showing Stage - Unit 4 Suggested Activities

Curriculum Links

Knowing Growing Showing is a flexible resource which provides a progression of learning across the three stages. Although some activities align with year levels in the Australian Curriculum, activities can be adapted to meet the learning needs of students across all year levels.

The general capabilities also provide a useful avenue to personalise learning so that teaching and learning programs take account of students' current levels of learning, strengths, goals and interests, and individual learning needs. Teachers can use the general capabilities to target their teaching and learning programs so that they meet the learning needs of their students using age-appropriate content.

The Knowing Growing Showing resource is strongly linked to several aspects of all general capabilities. This mapping identifies which elements of each capability the Knowing Growing Showing resource supports. Depending on student learning and individual learning needs, teachers can choose the level for each identified element to develop in their students.

The activities in the resource can be adapted to support or extend students' development of the general capabilities in the elements that have been identified.

Showing - Australian Curriculum Learning Areas mapping
Showing  - Australian Curriculum General Capabilities mapping
Showing - National Consumer and Financial Literacy mapping

Additional resources

Business.gov

https://www.business.gov.au/

WA Small Business Development Corporation

https://www.smallbusiness.wa.gov.au/small-business-development-corporation-home-page/

Australian Tax Office

https://www.taxsuperandyou.gov.au

Indigenous Business Australia

http://www.iba.gov.au/business-ownership/

Indigenous Governance Toolkit

http://toolkit.aigi.com.au/toolkit/2-0-culture-and-governance

Indigenous Business and the law Factsheet

http://www.iba.gov.au/wp-content/uploads/2013/09/Law-Way_-Indigenous-business-and-the-law-booklet.pdf

Video - 10 Reasons Boards Fail

https://www.youtube.com/watch?v=fsSIoGaF-8A

Business templates

Bizkids.com

NT - Youth Business Awards

https://education.nt.gov.au/news/2016/youth-business-awards

Qld - Buy Smart

https://www.qld.gov.au/law/laws-regulated-industries-and-accountability/queensland-laws-and-regulations/fair-trading-services-programs-and-resources/buy-smart-competition/

Plan Your Own Enterprise Competition

https://www.cpaaustralia.com.au/become-a-cpa/network/whats-in-it-for-me/plan-your-own-enterprise-competition

ABW Enterprise Education  - including an annual international competition "The Global Enterprise Challenge"

http://www.abw.org.au/programs/secondary-school-program-years-9-to-12.php


Last updated: 24 Jan 2017