Chapter Name: Analyse the viability of a selected idea/opportunity against specific screening variables
Description:Teaches systematic evaluation using criteria like market demand and competition.
Purpuse:To assess the feasibility of business ideas objectively.
Rational:Structured analysis reduces risks and enhances decision-making.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Analyse the viability of a selected idea/opportunity against specific screening variables
Learners should apply specific screening criteria (e.g., market size, profitability, legal requirements) to evaluate the potential of a business idea.
Assessment Questions
Assessment 1 : The aptitude, interests and values of the potential owner are screened for suitability to the new venture.
Learners must explain how they assess their personal suitability for a new business idea based on interests, skills, and values.
Assessment 2 : The market conditions are assessed to determine the viability of the new venture.
Learners must explain how to analyze market trends, demand, and other external factors to assess the potential success of the business idea.
Assessment 3 : An assessment is made of the competition the new venture is up against.
Learners must describe how to analyze the competitive landscape to evaluate the new venture’s chances of success.
Assessment 4 : 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.
Learners must explain how they will evaluate the availability and feasibility of securing necessary technology and resources for the new venture.