LO1: Identify and analyse the theories and concepts of entrepreneurship.
LO2: Recognise and analyse the essential elements of the entrepreneurial activities, including the role of the entrepreneur in stimulating economic growth, discovering business ideas, innovation, resource issues, business planning and strategies for growth.
LO3: Analyse and evaluate the opportunity recognition process of entrepreneurs.
LO4: Evaluate research relating to entrepreneurship, gender, ethnicity, family business and small business.
LO5: Apply analytical and enterprise skills in evaluating an entrepreneurial business.
Sim Venture Validate: Ideation You are required to evaluate and validate your own business idea by using Sim Venture Validates ideation section. This will help you think about real-world problems and solutions, helping you to brainstorm your own business ideas by using images and thinking about real-life problems. You are encouraged to WATCH short YouTube video, and this will help you to complete the assessment smoothly.
You are required to select six images on this page. To help you brainstorm, these images will become your Inspiration Bank. You are free to interpret the images however you wish. Only you can give them meaning; they do not have a fixed meaning. To make your choices more personal, you are encouraged to add your own images.
Select 6 images to answer these questions: Question 1. What do you enjoy doing? Question 2. What do you know how to do? Question 3. What do you care about?
Think of a problem for each of the six images you have chosen. The reason for this is that successful businesses solve problems. An opportunity can be found in every problem. For each image, you are required to write a problem. The problem can be big or small. Making something better or improving something small often leads to the creation of a great business.
STEP 3: Opportunities To Solutions (500 words) Now, you are required to come up with solutions. Every problem is an opportunity. It is possible to create value that people are willing to pay for if you solve that problem. Brainstorm 6 Solutions Look at the 6 problems that you came up with. Now brainstorm a business solution for each. This is a solution that customers might pay for
STEP 4: Select 3 Ideas (500 words) You have gone broad and envisioned six business ideas, so now you are asked to focus on your favourites. As a way of reducing the number of ideas from 6 to 3, you are required to use a set of criteria.
