Unit code                           F/508/0564

Unit level                           QCF Level 5/ NFQ Level 6/7

Credit value                       15

Introduction

This unit provides students with a practical understanding of what is required to successfully launch a new venture. It gives students an opportunity to work within a small team to fully plan the launch of a specific new venture idea. They will learn about and work through the stages of planning to launch the venture culminating in a group presentation of a launch plan. This will include an explanation of the idea, how it will attract customers and have competitive advantage. Students will develop a promotional plan to get it started, preparing a budget for launch and a cash flow forecast for the first 12–18 months of operation for the chosen venture.

Students will learn about the need for resourcefulness when starting a new venture, and will be able to identify and tap into personal networks which can offer a valuable source of knowledge, resources, advice and opportunities.

Learning Outcomes

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

1. Investigate the range of resources required to launch a new venture.
2. Assess the skills and capabilities required and how these might be acquired or developed.
3. Explain and justify appropriate promotional activities to support the launch.
4. Suggest an appropriate legal form and compile a budget for launch.