On Friday the 23rd October, students studying World of Money in Years 9 and 10 will be hosting Market Day. Students were challenged to use their entrepreneurial skills to start a new ‘business’ with only $20 capital start-up. While most students decided on the tried and tested Market Day stalls such as sausage sizzles and baked good, there were a number of students who really thought outside of the box with their ideas; these students are the future entrepreneurs for Australia.
In the World of Money classes, we have been using business case studies to demonstrate how businesses have to innovate and evolve to suit the market. COVID has been an extraordinary catalyst for change in the business world, both in Australia and globally. Many businesses have innovated and changed their products to seek opportunities in the new post-COVID market. For example, Adelaide-based signage company Visual.com has moved from making signage to making desks, they saw a gap in the market as students and workers working from home needed to assemble home offices. Spot, the Boston Dynamics robot dog, was made to count visitors and help enforce social distancing rules in a park in Singapore. A Japanese company has just released a vending machine where buttons no longer have to be touched. These are just a few of the many new products that are now on offer due to the new post-COVID market.
As some businesses have had to change, the importance of small business and entrepreneurs to society has not. Entrepreneurship and small businesses are very important to economic growth and development. Studies show that long term economic growth and prosperity require entrepreneur participation (McKeever, Anderson, and Jack 2014). Further, small business employed 44% of all people employed in the private sector in Australia in 2018 (Gilfillan, 2020). Entrepreneurs who start successful businesses provide employment, can improve our standard of living and have positive flow-on effects to other businesses through the development of new products and technologies. We should be encouraging our children, and giving them the opportunity to practice and demonstrate their entrepreneurial skills; Market Day is a great way to do this.
Head of HASS