Unit code: F/507/1623 : Developing and Launching a New Business

Unit Aims

The aim of the unit is to better understand what makes a good business idea and how this idea can be translated into an effective business plan for a new start-up business. It offers practical insight into the business start-up process by allowing learners to finding ideas, test demand for those ideas and communicate those ideas in a business plan.

The unit requires the Learner to identify and champion a business idea though the development stages, proving its viability to delivering a business plan.

Learning Outcomes and Assessment Criteria

Learning Outcomes

When awarded credit for this unit, a learner will:

Assessment Criteria

Assessment of this learning outcome will require a learner to demonstrate that they can:

1. Demonstrate business planning skills

1.1 Develop a business plan based upon understanding of its component parts.

1.2 Take a business idea and refine it to exploit qualified opportunities.

1.3 Develop a schedule, budget and resource allocations for a business.

2. Produce evidence of the viability of a business idea.

2.1 Prove market need for a business idea.

2.2 Show how competitive advantage can be gained for a business idea.

2.3 Identify an appropriate approach to managing an enterprise based upon a business idea and plan.

3. Prepare a working business model and plan

3.1 Prove market demand from customers.

3.2. Show how demand can be satisfied profitably.

3.3 Create a management plan to set and run the business.

Teaching and Learning Strategy

The unit offers a review of the role and format of a business plan at the start-up stage. From this, learners will be expected to develop their own business plan for a start-up.