§-Business Innovation Q&A
SA · SACE Board← Business Innovation
Business Innovation Q&A by dot point
A short Q&A bank for every SA Business Innovation syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
Business and Society
Create and apply business intelligence from data to develop and evaluate business models and plans.
Analyse and evaluate the opportunities and challenges that digital and emerging technologies pose for a business.
Analyse and evaluate the social, economic, environmental and ethical impacts of a local or global business.
Identify intellectual property and legal requirements relevant to protecting and operating a venture.
Apply project management and decision-making tools and strategies to plan and deliver a venture in a business context.
Business Model
Select and justify a revenue model and pricing strategy that captures value and supports a viable business model.
Use the Business Model Canvas to map and evaluate how a business creates, delivers and captures value.
Define customer segments and design a value proposition that fits their needs, using the Value Proposition Canvas.
Financials and Testing
Assess the financial viability of a venture using start-up costs, break-even analysis and a cash flow forecast.
Evaluate sources of finance and select appropriate funding for the start-up and growth of a venture.
Test and validate the riskiest assumptions of a business idea using lean experiments and a minimum viable product.
Idea Generation
Apply design thinking and ideation techniques to generate and select innovative solutions to a defined problem.
Apply empathy research methods such as interviews, observation and empathy maps to understand customer problems and needs.
Identify business opportunities by researching customer needs, market gaps and emerging trends.
Use primary and secondary market research and trend analysis to identify gaps and opportunities for a venture.
Pitching, Prototyping and Review
Plan and deliver a persuasive pitch that communicates the value proposition and business case to stakeholders.
Create and iterate prototypes of a product or service to test, demonstrate and refine the value proposition.
Review feedback and performance to refine the business idea and communicate decisions and the business plan.
Construct a business plan that communicates the opportunity, model, market, financials and implementation for a venture.