Chapter Name: Identify, gather and analyse the relevant information needed to compile a plan for a new venture
Description:Focuses on research, market analysis, and data collection for planning.
Purpuse:To lay a foundation for informed and strategic business decisions.
Rational:A well-researched plan increases the likelihood of business success.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Identify, gather and analyse the relevant information needed to compile a plan for a new venture
Learners are expected to conduct thorough research and analysis to gather relevant data for developing a comprehensive business plan.
Assessment Questions
Assessment 1 : The purpose and importance of a business plan is discussed in terms of its contribution to a successful business.
Learners must explain the importance of a business plan in achieving business success, outlining its role in guiding the venture.
Assessment 2 : The different elements of a successful business plan are listed and described with examples.
Learners must describe the essential elements of a business plan, providing examples of each.
Assessment 3 : Information on the resources needed and procedures to be followed to achieve the plan is compiled.
Learners must compile detailed information on the resources (financial, human, physical) and procedures necessary to implement the business plan.
Assessment 4 : The industry specific and legal requirements for own venture are identified and explained in terms of how they will affect the venture.
Learners must describe how they will identify and explain the industry-specific and legal requirements that affect their venture.