TAP> 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 …
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.
Duration: 1 Day
Curriculum
- 5 Sections
- 20 Lessons
- 1 Day
- Unit 1: Identify and assess own business ideas/opportunities for a new ventureASSESSMENT CRITERIA4
- 0.0An own business is discussed in terms of its advantages and disadvantages for the owner, the labour market, and the business sector
- 0.1Sources and methods of access to general and commercial business information are identified for the proposed business venture
- 0.2Reasons for selecting or rejecting a particular new venture idea/opportunity are explained with examples
- 0.3Essential features of the new venture are identified in terms of market share, sales volume, asset value, and extent of independence from outside control
- Unit 2: Analyse the viability of a selected idea/opportunity against specific screening variablesASSESSMENT CRITERIA4
- 0.0The aptitude, interests and values of the potential owner are screened for suitability to the new venture
- 0.1The market conditions are assessed to determine the viability of the new venture
- 0.2An assessment is made of the competition the new venture is up against
- 0.3The 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
- Unit 3: Research the potential of a particular idea/opportunity as a new ventureASSESSMENT CRITERIA5
- 0.0A 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
- 0.1Training needs to ensure success of the new venture are identified for all persons involved in the venture
- 0.2Market research is conducted including analysis of demand for the product/service and competitor analysis
- 0.3The most suitable location of the new venture is investigated to aid a decision on the location of the new venture
- 0.4Constraints on trade and applicable by-laws are investigated to ensure that there are no legal obstacles to the establishment of the new venture
- Unit 4: Analyse a range of risks associated with a new ventureASSESSMENT CRITERIA5
- 0.0The concept of risk management is explained with examples
- 0.1The potential risks and factors that may threaten the new venture are identified and analysed with a view to eliminating and/or minimising them
- 0.2The risks associated with being an employer are explained
- 0.3The possible measures to reduce risk are explained with examples from a real or simulated new venture
- 0.4The insurance and security needs associated with risks in the new venture are investigated
- Unit 5: Evaluate new venture ideas/opportunities based on research findings.ASSESSMENT CRITERIA2
Requirements
- Grade 11
- NQF Level 3
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Course Features
- Lectures 20
- Quizzes 0
- Duration 1 day
- Skill level All levels
- Language English
- Students 2140
- Assessments Yes