Business and Finance has been an exciting addition to the curriculum for Year 7 and Year 8 this year, and its impact has been quite significant. In the first semester, students delved into the fundamentals of why and how businesses operate, while also grasping important financial concepts such as profit and loss, as well as assets and liabilities.
Equally vital, they learned how to evaluate a product destined for the market, using the renowned “4Ps” framework, which covers product, price, place, and promotion. Furthermore, they applied SWOT analysis (assessing strengths, weaknesses, opportunities, and threats) to analyze the positioning of products they were personally familiar with, such as iPhones, trainers, and supermarkets.
At King`s Oak British International, we strongly believe that business education isn’t merely theoretical; it’s a practical endeavor, and our students have been actively engaging in hands-on learning. They were divided into teams and tasked with choosing a product or products to sell at a school Halloween stall. This decision-making process required input from all team members, resulting in spirited debates to reach a final choice. Ahead of the event, the student “traders” submitted detailed reports outlining the discussions leading to their decision and demonstrating the importance of making a profit through a budget income statement.
Our creative students offered a wide array of products at the Halloween stall, including multi-colored bracelets, cakes, muffins, cake pops, sandwiches, and even a skill game with the chance to win prizes by hitting targets. The mini-Halloween Fair was a huge success, well-attended by both students and parents. It’s worth noting that some groups achieved impressive turnovers, reaching well into three figures.
With the knowledge and experience gained from their first venture into the world of business, our students are well-prepared to tackle the grand challenge of a Christmas Fair. We are excited to see how they will excel and further develop their entrepreneurial skills in this upcoming endeavor. Business and Finance has indeed been a valuable addition to our Key Stage 3 curriculum, and we anticipate even more remarkable achievements in the future.