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VICBusiness ManagementQuick questions
Unit 1: Planning a business
Quick questions on Sources of business ideas and the entrepreneurial mindset (VCE Business Management Unit 1)
15short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is where business ideas come from?Show answer
The study design names four broad sources.
What is the entrepreneurial mindset?Show answer
The entrepreneurial mindset combines:
What is methods to identify business opportunities?Show answer
Customer research. Direct conversations with potential customers about their problems. Modern entrepreneurs use lean-startup methods - identifying assumptions, designing minimum-viable-products (MVPs), testing with real users, iterating.
What is the role of an entrepreneur?Show answer
The entrepreneur is the person who starts, owns and risks capital in a new business venture. Beyond the legal-economic definition, the entrepreneur's role includes:
What is worked Australian examples?Show answer
Melanie Perkins and Cliff Obrecht, Canva. Founded 2013 in Perth. Recognised the market gap for simple design tools. Built Canva on the freemium model. As of FY24, Canva is one of the highest-valued Australian-founded technology businesses globally.
What is customer research?Show answer
Direct conversations with potential customers about their problems. Modern entrepreneurs use lean-startup methods - identifying assumptions, designing minimum-viable-products (MVPs), testing with real users, iterating.
What is market analysis?Show answer
Quantitative analysis of market size, growth rates, segmentation and competition. ABS, IBISWorld and CSIRO reports are useful starting points for Australian markets.
What is trend analysis?Show answer
Tracking emerging social, technological, regulatory or environmental trends. Recent waves include digital health, climate-tech, AI applications, the silver economy (services for older Australians), and Indigenous-led business.
What is personal network?Show answer
Talking to people in different industries, sectors and roles. Ideas often emerge from cross-pollination between domains.
What is hackathons, incubators and accelerators?Show answer
Structured environments that surface and develop ideas. Startmate, Antler, BlueChilli and university-based accelerators (Melbourne Accelerator Program, UNSW Founders) have launched many Australian businesses.
What is melanie Perkins and Cliff Obrecht, Canva?Show answer
Founded 2013 in Perth. Recognised the market gap for simple design tools. Built Canva on the freemium model.
What is mike Cannon-Brookes and Scott Farquhar, Atlassian?Show answer
Founded 2002 in Sydney. Built Jira to serve a need they saw in software-development teams. Atlassian IPO'd on the NASDAQ in 2015 and listed on the ASX in 2024.
What is suzanne Santos and Dennis Paphitis, Aesop?Show answer
Founded 1987 in Melbourne. Built a premium skincare brand around personal experience in hair-and-beauty retail. Sold to L'Oreal in 2023 for approximately US$2.5 billion.
What is simon Griffiths, Who Gives a Crap?Show answer
Founded 2012 in Melbourne. Built a socially-conscious toilet-paper subscription business with 50 percent of profits donated to sanitation programs.
What is plan?Show answer
Pick Melanie Perkins (Canva); walk through the identification and validation process.