Chapter Name: Identify and assess own business ideas/opportunities for a new venture
Description:Encourages self-reflection and evaluation of personal business ideas.
Purpuse:To identify viable and personal business opportunities.
Rational:Self-assessment ensures alignment with personal strengths and market needs.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Identify and assess own business ideas/opportunities for a new venture
Learners should evaluate their own business ideas or opportunities for viability, considering factors like market demand, competition, and resources.
Assessment Questions
Assessment 1 : An own business is discussed in terms of its advantages and disadvantages for the owner, the labour market and the business sector.
Learners must analyze the pros and cons of their business idea from different perspectives.
Assessment 2 : Sources and methods of access to general and commercial business information are identified for proposed business venture.
Learners must describe how they will locate and use general and commercial business information to assess the viability of their new venture.
Assessment 3 : Reasons for selecting or rejecting a particular new venture idea/opportunity are explained with examples.
Learners must describe the reasons for selecting or rejecting a new business idea, providing examples of how they assessed the opportunity.
Assessment 4 : Essential features of the new venture are identified in terms of market share, sales volume, asset value, and extent of independence from outside control.
Learners must explain how they will assess essential features of their new venture, like market potential, financial size, and operational independence.