Chapter Name: Apply principles and practices of innovation to the development and growth of a new venture
Description:Focuses on implementing innovative practices in planning and business operations.
Purpuse:To enable learners to apply creative strategies to real business challenges.
Rational:Encourages practical use of innovation for business success and growth.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Apply principles and practices of innovation to the development and growth of a new venture
Learners should implement innovative strategies and practices, such as adopting new technologies or business models, to foster business development and expansion.
Assessment Questions
Assessment 1 : Innovative thinking is applied to generate alternative ways the business can run its operations to cut costs and increase income.
Apply innovative thinking to identify alternative ways to run business operations, cut costs, and increase income.
Assessment 2 : Innovative thinking is applied to generate ways in which the business can generate more employment opportunities without putting the business at risk.
Use innovation to develop ways in which a business can generate more job opportunities without putting the business at risk.
Assessment 3 : Innovative thinking is used to generate ways in which the skills needs of employees can be addressed without risking the venture.
Apply innovative thinking to address the skill gaps of employees without jeopardizing the business.
Assessment 4 : Innovative thinking is applied to find ways to minimise the impact of opposition firms on the venture.
Use innovative thinking to minimize the negative impact of competitors or opposition firms on your venture.