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Planning a New Business VentureUnit 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 Outcomes1 Understand the different types of business organisations1.1 Analyse the potential benefits, limitations and risks associated with different types of business organisations1.2 Analyse sources of finance for different types of business organisations1.3 Evaluate the legal considerations relevant to planning a business venture2 Understand factors that determine market potential2.1 Analyse market conditions that impact on setting up a new business venture2.2 Analyse gaps in the market for potential products2.3 Analyse target markets for a business venture3 Be able to develop a business case3.1 Develop the mission, vision, aims and objectives of the business3.2 Interpret external factors to justify need for your business product3.3 Specify the business product to meet needs3.3 Propose business structures and systems that will deliver business aims and objectives3.4 Produce business planning forecasts based on targets3.5 Identify business responses if targets not met4 Be able to pitch a business proposal4.1 Pitch for funding for a business proposal4.2 Present documentation to support your pitch
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