Start a Business, Turn Your Idea into a Real Opportunity
Have a business idea but not sure where to start? This course will guide you through the process of exploring, researching, and assessing your ideas to see if they can become real business opportunities. You’ll learn how to spot gaps in the market, understand your target audience, and evaluate whether your idea is both practical and profitable. Perfect for aspiring entrepreneurs ready to take the first step.
What is researching the viability of new venture ideas?
Researching the viability of new venture ideas means carefully exploring whether a business idea has the potential to succeed. It involves looking at the market, understanding customer needs, studying competitors, and checking if the idea is realistic, affordable, and profitable. This process helps you make informed decisions before investing time and money into starting a business.
Why take this course on new venture viability?
This course helps you avoid costly mistakes by teaching you how to evaluate your business ideas before launching. You’ll learn how to research the market, understand your competition, assess risks, and decide whether your idea is worth pursuing. It’s perfect for anyone who wants to start a business with confidence and a clear plan for success.
What you'll gain from this course:
- Learn to analyze new business ideas and opportunities
- Understand how to conduct basic market and competitor research
- Assess the financial and operational feasibility of a venture
- Make informed decisions based on risk, demand, and value
Description
This online course is designed for entrepreneurs, business students, and aspiring innovators who want to build sustainable and profitable ventures. You’ll learn how to conduct target market analysis, evaluate competitors, identify customer pain points, and refine your business concept. With real-world examples and flexible online access, you’ll gain practical knowledge to validate your business idea with confidence.
How to Validate a Business Idea
Validating a business idea requires structured steps — starting with identifying the problem you’re solving, understanding your target audience, and gathering feedback through surveys, interviews, or prototypes. This course walks you through every stage, teaching you how to refine your concept using data, insights, and testing tools to ensure your idea is worth pursuing.
Course Content
- An own business is discussed in terms of its advantages and disadvantages for the owner, the labour market, and the business sector
- Sources and methods of access to general and commercial business information are identified for the proposed business venture
- Reasons for selecting or rejecting a particular new venture idea/opportunity are explained with examples
- Essential features of the new venture are identified in terms of market share, sales volume, asset value, and extent of independence from outside control
- The aptitude, interests and values of the potential owner are screened for suitability to the new venture
- The market conditions are assessed to determine the viability of the new venture
- An assessment is made of the competition the new venture is up against
- The access to relevant technology and other resources needed for the new venture is analysed to aid a decision on the viability of the new venture
- A personal profile of an entrepreneur is matched to the type of work, product or service that has potential as a new venture to ensure compatibility
- Training needs to ensure success of the new venture are identified for all persons involved in the venture
- Market research is conducted including analysis of demand for the product/service and competitor analysis
- The most suitable location of the new venture is investigated to aid a decision on the location of the new venture
- Constraints on trade and applicable by-laws are investigated to ensure that there are no legal obstacles to the establishment of the new venture
- The concept of risk management is explained with examples
- The potential risks and factors that may threaten the new venture are identified and analysed with a view to eliminating and/or minimising themThe risks associated with being an employer are explained
- The possible measures to reduce risk are explained with examples from a real or simulated new venture
- The insurance and security needs associated with risks in the new venture are investigated
- Criteria are established for evaluating the success of a new venture.
- A preliminary evaluation of the proposed new venture is produced in the form of a written report, using the identified criteria.
- Non-accredited: Short course only
- Duration: 1h 30m
- Delivery: Classroom/Online/Blended
- Access Period: 12 Months
