Planning a New Business Venture

Unit Aims

The aim of the unit is to develop business planning skills. These skills can be applied to either a small micro enterprise or a new venture within an existing company. To use these skills effectively learners will need to develop an understanding of business types and those factors that determine the success or otherwise of any new venture, including research of the market, how to develop the business case and how to pitch it.

Learning Outcomes

1 Understand the different types of business organisations

1.1 Analyse the potential benefits, limitations and risks associated with different types of business organisations

1.2 Analyse sources of finance for different types of business organisations

1.3 Evaluate the legal considerations relevant to planning a business venture

2 Understand factors that determine market potential

2.1 Analyse market conditions that impact on setting up a new business venture

2.2 Analyse gaps in the market for potential products

2.3 Analyse target markets for a business venture

3 Be able to develop a business case

3.1 Develop the mission, vision, aims and objectives of the business

3.2 Interpret external factors to justify need for your business product

3.3 Specify the business product to meet needs

3.3 Propose business structures and systems that will deliver business aims and objectives

3.4 Produce business planning forecasts based on targets

3.5 Identify business responses if targets not met

4 Be able to pitch a business proposal

4.1 Pitch for funding for a business proposal

4.2 Present documentation to support your pitch