Venture Creation NQF Level 4
MODULE 2 - Researching the viability of new venture ideas or opportunities

Activity 2.2:
Identify and assess your own business ideas or opportunities for a new venture. Complete this task using the following headings:

- Discuss your own business in terms of its advantages and disadvantages for the owner, the labor market, and the business sector.
- Identify sources and methods of access to general and commercial business information for the proposed business venture.
- Explain the reasons for selecting or rejecting a particular new venture idea or opportunity, with examples.
- Identify the essential features of the new venture in terms of market share, sales volume, asset value, and extent of independence from outside control.

Question

19-06-2024
Business

Answered

Venture Creation NQF Level 4
MODULE 2 - Researching the viability of new venture ideas or opportunities

Activity 2.2:
Identify and assess your own business ideas or opportunities for a new venture. Complete this task using the following headings:

- Discuss your own business in terms of its advantages and disadvantages for the owner, the labor market, and the business sector.
- Identify sources and methods of access to general and commercial business information for the proposed business venture.
- Explain the reasons for selecting or rejecting a particular new venture idea or opportunity, with examples.
- Identify the essential features of the new venture in terms of market share, sales volume, asset value, and extent of independence from outside control.

Answer :

Final answer:

Before starting a local business, evaluating factors like market demand, raw materials, labor, and transportation is crucial for informed decisions. The enterprise type should be selected based on market insights, personal skills, and available resources. Researching market share, sales volume, asset value, and independence level is vital for assessing the viability of a new venture.

Explanation:

Factors to Consider Before Starting a Local Business:

Before going into business locally, factors such as potential market demand, raw material availability, suitable labor, and transportation options need to be assessed. Investigating these aspects helps in making informed decisions about launching a new venture.

Selection of Enterprise Type:

The particular type of enterprise is selected based on various factors like market trends, personal interests, skills, and resources available. Understanding the market, competition, and overall industry landscape plays a crucial role in deciding the type of business to start.

Investigating Business Viability:

Researching the viability of a new venture involves analyzing market share, sales volume, asset value, and level of independence. These essential features help determine the potential success and sustainability of the new business idea.

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