Chapter Name: Research the potential of a particular idea/opportunity as a new venture
Description:Focuses on market research, customer needs, and industry trends.
Purpuse:To validate the market potential of business ideas.
Rational:Informed decisions increase the likelihood of success.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Research the potential of a particular idea/opportunity as a new venture
Learners are expected to conduct research to evaluate the potential of a specific idea or opportunity in the market.
Assessment Questions
Assessment 1 : A 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.
Learners must explain how they align their personal characteristics, skills, and values with a specific business opportunity to increase success.
Assessment 2 : Training needs to ensure success of the new venture are identified for all persons involved in the venture.
Learners must identify the training and development needs for themselves and their team to ensure success in the new venture.
Assessment 3 : Market research is conducted including analysis of demand for the product/service and competitor analysis.
Learners must describe the process of conducting market research, including demand analysis and competitor evaluation.
Assessment 4 : The most suitable location of the new venture is investigated to aid a decision on the location of the new venture.
Learners must explain how they will assess the ideal location for their business, considering factors like customer access and operational needs.
Assessment 5 : Constraints on trade and applicable by-laws are investigated to ensure that there are no legal obstacles to the establishment of the new venture.
Learners must identify and describe potential legal or regulatory barriers to setting up their business.