Unit 27: Identifying Entrepreneurial Opportunities

Unit code                           Y/508/0540

Unit level                           QCF Level 5/ NFQ Level 6/7

Credit value                       15


The role of the entrepreneur is to weigh up opportunities, threats and personal capacity to translate an opportunity into a business idea. This unit provides students with an understanding of where new venture ideas come from and gives them the opportunity to investigate and evaluate a new venture idea.

Students will explore concepts of innovation and creativity and develop creative abilities. They will learn about and use methods and frameworks to help develop and assess venture ideas, including defining product/service benefits, identifying target customers and understanding the industry and competitors from the perspective of a new entrant. They will learn about market research and apply primary and secondary research techniques to investigate a personal entrepreneurial idea and make an assessment of whether it is likely to be a commercially viable business or social enterprise proposition.

Learning Outcomes

By the end of this unit a student will be able to:

  1. Evaluate possible sources for a new and innovative business idea.
  2. Explain the choice of a specific entrepreneurial idea for investigation and the market gap that it addresses.
  3. Use primary and secondary data to identify market potential.
  4. Evaluate the entrepreneurial idea in the context of the market and competitors and make an assessment of potential viability.