- Research the viability of new venture ideas/opportunities

Course Purpose

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.

What you’ll learn

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.