Evaluate the
entrepreneurial idea in the context of the market and competitors and make an
assessment of potential viability
Methods of Evaluation:
- Evaluation of ideas using SWOT based on evidence from macro-environment, market and competitor analysis.
- Objective assessment of the idea to judge whether it is likely to be viable as a business or social enterprise proposition.
Unit
27: Set Assignment / Scenario
As
a graduate you are seeking to set up your own start-up business. You have had
several ideas but only one can be viable. In preparing a pitch to present to
financial investors you will provide the background to your sources of
inspiration and the market research you have undertaken to support taking the
idea forward.
Evaluate the
entrepreneurial idea in the context of the market and competitors and make an assessment
of potential viability
P5. Apply
a SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea.
P6. Evaluate
the competitive and market environments in which the idea will be launched to assess
potential viability.
M4. Critically
evaluate a specific entrepreneurial idea in the context of the marketplace and competition.
D4. Formulate
valid conclusions and justified recommendations on how a specific
entrepreneurial idea can be developed, managed and sustained within the
competitive market place.
