Research the viability of new venture ideas/opportunities Online

Research the viability of new venture ideas/opportunities

Learn how to critically assess new business ideas and opportunities to ensure they are practical, profitable, and sustainable. This course is ideal for aspiring entrepreneurs, business owners, start-up teams, and anyone involved in launching or developing new ventures.

Before investing time and resources, it’s crucial to evaluate whether a business idea can succeed. This course teaches you structured methods to research market needs, analyse competition, understand customer behaviour, and assess financial feasibility—giving you the insight to make informed decisions.

You will learn how to:

  • Research and analyse business opportunities effectively

  • Identify potential challenges and success factors

  • Gather relevant market, customer, and financial information

  • Evaluate new ideas using structured criteria

  • Present findings to support funding or decision-making

This course helps you turn good ideas into viable opportunities by teaching you how to back your instincts with solid research and analysis.

This unit standard is aimed at learners who wish to identify and screen new ideas and opportunities to establish and participate in a new venture. The qualifying learner is capable of finding information about different industry sectors, explaining the purpose of potential new ventures; identifying characteristics of successful ventures and evaluating new venture opportunities. The qualifying learner can identify and assess their business ideas/opportunities for a new venture. Analyse the viability of a selected idea/opportunity against specific screening variables. Research the potential of a particular idea/opportunity as a new venture. Analyse a range of risks associated with a new venture. Evaluate new venture ideas/opportunities based on research findings.

Course Content

  • An own business is discussed in terms of its advantages and disadvantages for the owner, the labour market, and the business sector
  • Sources and methods of access to general and commercial business information are identified for the proposed business venture
  • Reasons for selecting or rejecting a particular new venture idea/opportunity are explained with examples
  • Essential features of the new venture are identified in terms of market share, sales volume, asset value, and extent of independence from outside control
  • The aptitude, interests and values of the potential owner are screened for suitability to the new venture
  • The market conditions are assessed to determine the viability of the new venture
  • An assessment is made of the competition the new venture is up against
  • The access to relevant technology and other resources needed for the new venture is analysed to aid a decision on the viability of the new venture
  • A personal profile of an entrepreneur is matched to the type of work, product or service that has potential as a new venture to ensure compatibility
  • Training needs to ensure success of the new venture are identified for all persons involved in the venture
  • Market research is conducted including analysis of demand for the product/service and competitor analysis
  • The most suitable location of the new venture is investigated to aid a decision on the location of the new venture
  • Constraints on trade and applicable by-laws are investigated to ensure that there are no legal obstacles to the establishment of the new venture
  • The concept of risk management is explained with examples
  • The potential risks and factors that may threaten the new venture are identified and analysed with a view to eliminating and/or minimising themThe risks associated with being an employer are explained
  • The possible measures to reduce risk are explained with examples from a real or simulated new venture
  • The insurance and security needs associated with risks in the new venture are investigated
  • Criteria are established for evaluating the success of a new venture.
  • A preliminary evaluation of the proposed new venture is produced in the form of a written report, using the identified criteria.
  • Non-accredited: Short course only  
  • Duration: 1h 30m
  • Delivery: Classroom/Online/Blended
  • Access Period: 12 Months 
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