Updated on: 14-12-2024 Many people dream about starting their own business and being an entrepreneur.
This is a challenging undertaking and requires much thought and ultimately hard work.
Firstly, a good idea for a product or service is needed, one which will be attractive to
customers, which will fill a gap in the market and offer something that competitors
have not thought about, a unique selling point. You must consider many different
aspects of starting the business and do your research and planning thoroughly.
You need to think about the skills you could bring to the business, along with the
physical resources and financial resources needed. You must identify the target
audience, the people who will buy the product or service, and conduct research to
confirm that the target market will be interested in the idea. You need a promotional
plan, and should consider how and who you will market the idea to. You must consider
how best to fund the business so that the start-up is successful and will go on to make a
profit. Finance is often the area where many entrepreneurs face the most problems and
risks. You need to be aware of the risks and make financial calculations.
A business must abide by the law, and you need to identify the legal constraints and
regulations it must comply with. There are organisations which will give guidance and
advice to a start-up and you need to know where to turn to, especially in the early days.
In this unit you will develop the knowledge and techniques to plan a small business
enterprise. You will develop planning, research, presentation and communication skills
which will help you progress in your career choice. You will have a chance to reflect
on your skills and think about your strengths and weaknesses.