Apply innovative thinking to the development of a small business?
This Unit Standard is aimed at giving the learners a fundamental understanding of the importance of innovation in business success. The learner will gain knowledge of specific techniques for releasing creativity in the development of a viable business venture.
It will also address the behavioural (psycho-social) barriers that contribute to failure in starting and sustaining an enterprise
Session 1: Develop specific techniques for releasing creativity in developing ideas/opportunities
Step 4: Questions for: Develop specific techniques for releasing creativity in developing ideas/opportunities
Session 2: Determine the role of innovation in the development and growth of a new venture.
Step 4 Question for: Determine the role of innovation in the development and growth of a new venture.
Session 3: Apply principles and practices of innovation to the development and growth of a new venture
Step 4 Questions for: Apply principles and practices of innovation to the development and growth of a new venture.
Assignment 1
Produce business plans for a new venture
SESSION 1. Identify, gather and analyse the relevant information needed to compile a plan for a new venture
Step 5 Question on: Identify, gather and analyse the relevant information needed to compile a plan for a new venture.
SESSION 2: Formulate an ethical framework for the operational plans of a venture.
Step 5 QUESTION ON SESSION 2
Assignments 3
SESSION 3. Establish and priorities business, financial and/or operations goals and objectives for new venture
SESSION 4. Design and present business, financial and/or marketing plans based on a budget for a new venture.
Tender to secure business for a new venture
SESSION 1. Identify information sources of available business and new markets that can be accessed.
Step 6 QUESTIONS FOR SESSION 1
SESSION 2. Analyse tender documents for viability in the new venture context.
Step 6 QUESTION FOR SESSION 2
SESSION 3. Calculate costs, revenue and profits of a specific tender
SESSION 4. Complete tender documentation.
Step 6 QUESTION FOR SESSION 3 + 4
Research the viability of new venture ideas/opportunities
SESSION 1. Identify and assess own business ideas/opportunities for a new venture.
Step 7 QUESTION FOR SESSION 1
SESSION 2. Analyse the viability of a selected idea/opportunity against specific screening variables
Step 7 QUESTION FOR SESSION 2
SESSION 3. Research the potential of a particular idea/opportunity as a new venture
Step 7 QUESTION FOR SESSION 3
SESSION 4. Analyse a range of risks associated with a new venture
Step 7 QUESTION FOR SESSION 4
SESSION 5. Evaluate new venture ideas/opportunities based on research findings
Step 7 QUESTION FOR SESSION 5
Demonstrate an understanding of an entrepreneurial profile
SESSION 1. Entrepreneurship is discussed in terms of employment opportunities
Step 8 QUESTION FOR SESSION 1
SESSION 2. Describe the characteristics of a successful entrepreneur
Step 8 QUESTION FOR SESSION 2
SESSION 3. Develop individual entrepreneurial characteristics
Step 8 QUESTION FOR SESSION 3
SESSION 4. Explain methods to enhance an entrepreneurial profile
Step 8 QUESTION FOR SESSION 4
Implement an action plan for a new venture
SESSION 1. Design an action plan for a new venture.
Step 9 QUESTION FOR SESSION 1
SESSION 2. Set up business premises and operational systems.
Step 9 QUESTION FOR SESSION 2
SESSION 3. Implement business financial systems.
Step 9 QUESTION FOR SESSION 3
SESSION 4. Identify the risks associated with the new venture.
Step 9 QUESTION FOR SESSION 4