Assessing personal business ideas/opportunities for a new venture, analysing their viability against specific screening variables, researching the potential of a selected idea/opportunity, analysing associated risks, and evaluating new venture ideas/opportunities based on research findings are crucial steps in making informed decisions and optimising the chances of success in a new business endeavor.
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
