Active learning ideas
Risk and Reward introduces students to the fundamental trade-off at the heart of entrepreneurship. They explore the financial risks, such as losing personal savings or going into debt, alongside the non-financial risks like stress and strain on personal relationships. Conversely, they examine the rewards, including profit, independence, and the satisfaction of seeing an idea come to fruition.
Activity 01
Divide the class into two sides. One side argues that financial profit is the primary motivator for entrepreneurs, while the other argues that personal independence and 'being your own boss' is more valuable, using real-life examples to back their claims.
What are the main risks of starting a business?
Activity 02
Students are given a set amount of 'start-up capital' and a series of business scenarios with varying levels of risk and reward. They must choose which path to take and explain their reasoning to a partner before the 'outcome' is revealed by the teacher.
How do entrepreneurs calculate potential rewards?
Activity 03
Display profiles of various entrepreneurs, from local small business owners to global figures. Students move around the room to identify one major risk each person took and one specific reward they achieved, noting if the reward was financial or personal.
Why might independence be considered a reward?
A few notes on teaching this unit
Watch Out for These Misconceptions
Risk is always a bad thing in business.
Risk is a necessary component of growth and innovation. Without taking calculated risks, rewards cannot be earned. Active role-plays where students act as 'investors' can help them see risk as a factor to be managed rather than avoided.
The only reward for starting a business is money.
Many entrepreneurs are driven by social change, flexibility, or passion. Collaborative investigations into social enterprises can help students identify a wider range of non-financial rewards.
Methods used in this brief
The Dynamic Nature of Business
Students explore why new business ideas come about and how changes in technology and customer needs affect business. They will analyse how businesses adapt to survive in a competitive market.
8 methodologies
The Role of Business Enterprise
Students investigate the purpose of business enterprise and the role of the entrepreneur. They will look at how entrepreneurs organise resources to produce goods and services.
8 methodologies