Unit 28: “Launching a new venture” provides students with services and the practical information necessary to successfully begin a social enterprise or new business. This unit focuses on practical learning, demanding students to cooperate in short tasks in teams to complete the plan and establish specific ideas of a venture.

Students start by crucial their venture idea and examining the short business plan environment, including finding the target client through market research and competitor investigation (like using Porter’s 5 forces). They study to decide between tangible (e.g. equipment, premises) and intangible (e.g. intellectual, skills, property) resources; moreover, social, financial capital and human crucial for launch.

• Abilities and skills:
  The unit highlights the significance of obtaining and developing capabilities and the skills essential for the new start-up. This includes developing, managing risk, adapting, and credibility to change. Students are exposed to thoughts like “bootstrapping” (using affordable cost) and the “slender start-up” process, which emphasises proficiency and decreasing waste. Networking is emphasised as an essential resource of support, giving access, opportunities, and resources through each informal and formal connections.
• Promotional strategy:
  Learners develop a promotional idea personalised to their venture, including designing a business identity, name selection, and developing an online presence. They discover profitable promotional techniques, blogs, digital marketing, and social media. Consider the pros and cons of registration trademarks. The marketing, pricing and mixing plans are also designed to make sure the ventures attract and stand out to customers.
• Legal structure and budgeting:
  The unit provides learners to make an exhaustive economic analysis for the introduction. The first 12 to 18 months of action, including break-even and scenario analysis calculations. They also estimate and select the suitable legal form of their venture (e.g. partnership, social enterprise, limited company or sole trader), clarify that their suggestions are the venture`s essential basis.
• Application practical:
  The final thought of this unit, learners utilise their studies by designing a comprehensive idea to launch, terminating in a presentation of group. These methods create their financial planning, skills of team work, and resourcefulness. Making sure that they are great developed to circumnavigate the challenges of establishing a fresh venture in the original world.

Unit Aims

The main aims of the unit 28 launching a new venture are demonstrated here:

• Identify and investigate the resources rangers, whether it is human, required tangible, or intangible, to launch successfully with a social enterprise or a new business.
• To develop and assess the significant capabilities and skills required for supporting the launch, including the leverage potential and resourcefulness with personal networking of opportunities, advice and knowledge.
• To justify and design the appropriate strategies and activities of promotion for attracting customers and establishing a competitive benefit for new ventures.
• To generate a comprehensive cash flow and budget forecast for the initial months and launch of operation, and choose an appropriate legislative venture structure.

Learning Outcomes

Here are the learning outcomes of the unit 28 launching a new venture, where the learners can explore potent concepts of business, such as:

LO1: Investigate the range of resources required to launch a new venture.

The main focus of this outcome is to recognise the mandatory resources for initiating new business. It caters tangible resources for example technology equipment and premises with intangible assets including key skills brand reputation and intellectual property. Human resource including scaled employees are also significant. Students will identify the performance competition target market and determination with required resources to attain competitive benefits and supporting implementation of successful venture.

LO2: Assess the skills and capabilities required and how these might be acquired or developed.

The students will identify the significant capabilities and skills to launch a mentor such as financial management, marketing and leadership. They will acquire the way to internalise these skills with the help of personal development requirements and training. The significance of risk management, credibility of building and change adaptation is focused. Moreover, it also provides cost-effective strategies and leverages networks such as the lean start-up procedure and bootstrapping.

LO3: Explain and justify appropriate promotional activities to support the launch.

The main requirement of this outcome is to make students able to justify and identify the channels and activities of promotion. It will effectively provide an introduction to innovative ventures to the target market. It includes the development of a promotional plan which can include digital marketing, public relations, sales promotion and advertisement. The plan must be designed with the goals of the venture, customer preferences and budget that ensure maximum influence and engagement of customers during the pre-launch and launch phases.

LO4: Suggest an appropriate legal form and compile a budget for launch.

Learners should have a recommendation of an appropriate legal structure for the innovative ventures. These mentors include limited companies that emphasised objectives and needs, partnership and sole proprietorship. They also make a very detailed budget with details that include itemised cash flow on monthly forecasting for a face-free launch and initial operational month from 12 to 18. It will certify or potent financial planning with the support of well-informed decision-making.

Assessment Criteria

The assessment criteria of unit 28 launching a new venture is associated to the learning outcomes of the Business HND qualification according to Pearson set.

LO1: Investigate the range of resources required to launch a new venture.

• 1.1 Investigate new venture, identifying specific target markets and undertaking competitive analysis.
• 1.2 Determine specific tangible and intangible resources that would be required for the launch of a new venture.
• 1.3 Produce a credible proposal to launch a new venture.
• 1.4 Apply a range of methods and techniques for competitive analysis to justify how to achieve competitive advantage.
• 1.5 Discuss the strengths and weaknesses of the new venture and determine areas of risk.
• 1.6 Develop a detailed proposal that demonstrates critical analysis and reflection of the competitive environment with supporting contingency planning to minimise risk.

LO2: Assess the skills and capabilities required and how these might be acquired or developed.

• 2.1 Assess the skills and capabilities required to launch a new venture and how they are acquired or developed.
• 2.2 Explore the range of skills and capabilities required for the launch and critically assess how they might be acquired or developed, applying appropriate methods.
• 2.3 Critically discuss supporting costs and timescales required for acquiring and/or developing the skills and capabilities of a launch team.

LO3: Explain and justify appropriate promotional activities to support the launch.

• 3.1 Explain different promotional activities and channels that will support the launch and justify their choice.
• 3.2 Develop an appropriate promotional activities plan for both launch and pre-launch.
• 3.3 Evaluate an appropriate promotional activities plan for both launch and pre-launch.
• 3.4 Critically evaluate the different promotional activities to support justifications.

LO4: Suggest an appropriate legal form and compile a budget for launch.

• 4.1 Produce an itemised monthly cash budget for the pre-launch phase of the venture and the first 12–18 months following launch.
• 4.2 Suggest an appropriate legal form for the venture, stating why it has been chosen.
• 4.3 Justify an itemised monthly cash budget showing one-off costs, ongoing costs and anticipated income post and post-launch.
• 4.4 Create a pre- and post-launch monthly itemised cash budget based on financial resources, including key budget categories and sub-categories, with contingency measures for anticipated outcomes.

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