SayPro Buy New Venture Creation Training Material 49648

Research has indicated that people working with their own new ventures at this level need the following competencies:

• Acquisition of an entrepreneurial profile which includes an innovation orientation
• An understanding of the industry/sector in which they wish to establish a new venture
• An ability to match new venture opportunities to market needs within a chosen industry/sector
• An ability to determine and manage the financial requirements of a new venture
• An ability to match new venture opportunities to market needs
• An ability to compile and utilise a business plan to manage a new venture and also where relevant, to seek funding for a new venture

  Rationale

  The future of South Africa’s economy does not just lie in the formal sector, but within the informal SMME sector too. This is a growing part of South Africa’s economy and requires substantial focus from a developmental perspective. Following the success of the implementation of the National Certificate: New Venture Creation (NVC): Level 4 and upon doing further research, it has been established that there is a great demand to equip entrepreneurial learners with knowledge and skills at NQF level 2 so that they can become part of the mainstream economy as they set up and manage new ventures. Whilst the complexity of learning will be simpler at this level, the main outputs, requirements and competences of such entrepreneurs are broadly the same.

  The small business sector is growing and it is in light of this that various stakeholders have taken the initiative to provide mentorship programmes that will assist budding entrepreneurs to become a more integral part of the mainstream economy, serving both the public and private sectors. Apart from the formative development that can take place via these programmes, it also provides more importantly for sustainable development.

  Thus the design and establishment of an entrepreneurship qualification aims to:

• Develop appropriate skills and knowledge for the establishment and development of an enterprise.
• Address the economic/administrative and behavioural barriers that contribute to failures in starting and sustaining an enterprise.
• Create long-term solutions for job creation and SMME development via the building blocks and structure of a qualification that practically addresses the learning requirements of budding entrepreneurs. 

Recognition of prior learning

The structure of this Unit Standard based Qualification makes the Recognition of Prior Learning possible. Learner and Assessor will jointly decide on methods to determine prior learning and competence in the knowledge, skills, values and attitudes implicit in the Qualification and the associated Unit Standards. Recognition of Prior Learning will be done by means of an Integrated Assessment.

This Recognition of Prior Learning may allow for:

• Accelerated access to further learning at this or higher levels on the NQF
• Gaining of credits for Unit Standards in this Qualification
• Obtaining this Qualification in whole or in part.

  All recognition of Prior Learning is subject to quality assurance by the relevant ETQA or an ETQA that has a Memorandum of Understanding with the relevant ETQA. 

The qualification is made up of Unit Standards that are classified as Fundamental, Core and Elective. A minimum of 138 credits is required to complete the qualification.

In this qualification the credits are allocated as follows

• Fundamental : 36 credits : 27%
• Core : 70 credits : 50%
• Electives : 32 credits : 23%
• Total : 138 credits : 100%

  Motivation for number of credits assigned to Fundamental, Core and Elective

  Fundamental Component

  Unit Standards to the value of thirty-six credits are allocated to the subject areas of Communication and Mathematical Literacy.

  The Communications aspect focuses on basic communication skills required to fulfill entrepreneurial functions and this component caters for twenty credits

  Sixteen credits in Mathematical Literacy have also been included in the Fundamental Component, focusing on the fundamental Mathematics and statistics required to complement entrepreneurial financial functions. In addition, the Mathematical component will enable the learner to utilize a range of patterns and functions to solve problems.

  All the Unit Standards are compulsory.

  Core Component

  Seventy credits have been allocated to Unit Standards in the Core Component of this Qualification. This is to ensure that the Qualification has a strong New Venture Creation focus. The Unit Standards classified as Core describe entrepreneurial knowledge and skills that are generic to various types of new ventures within varying industries/sectors. They provide an opportunity to develop knowledge of new venture creation through basic research, formal learning and business workplace practice and/or simulated situations. The Unit Standards encourage application of knowledge and skills in real situations, with particular emphasis on developing an entrepreneurial profile, matching new venture to market needs, financial management, business plan implementation, ethics and customer service.

  All Unit Standards are compulsory.

  Elective Component

  There are Unit Standards totaling Ninety-one credits in this Component. These Unit Standards develop further the competencies and knowledge contained in the Core Component by focusing on learning areas pertinent to New Venture Creation. They will enable learners to gain specialist knowledge and skills, which are particularly relevant, or of interest to the learner. The Elective Component focuses particularly on teamwork and human resources management, business awareness, administration and records management, information systems, customer and public relations and industry awareness and procurement of new work.

  Learners are required to select Electives that add up to at least thirty-two credits. 

2. Apply basic Communication skills in new venture creation context.

3. Determine market requirements and manage the relevant marketing and selling processes.

4. Demonstrate an understanding of the sector/industry in which the business operates.

5. Determine financial requirements and manage financial resources of a new venture.

6. Manage business operations. 

• Mathematics is correctly used to perform calculations relating to the various aspects of the new venture.
• Mathematical data is interpreted and used to assist with decision-making and problem-solving in the new venture.

  2

• Internal and external clients of the new venture are communicated with using the most appropriate mode of communication for the client and the context.
• Written and oral communication is correctly interpreted and understood.
• The various forms and reports that are required by legislation and regulation are completed according to requirements.
• Language and communication skills are utilised when participating in occupational learning programmes.

  3

• Basic market research is conducted to determine market needs in relation to own business context.
• New venture activities, goals, and business plans are appropriately aligned to identified market needs.
• Marketing and selling processes are defined in accordance with requirements outlined in basic market research.
• Selling processes are relevant to the customer focus required of the new venture.

  4

• The value chain within a business sector is identified in relation to the new venture.
• Procurement processes and principles within the sector are identified and applied to the new venture.
• Tendering opportunities are identified and pursued according the new venture capacity and resources.
• The legal environment of the selected industry is understood and explained.
• Any health and safety requirements that pertain to the sector/industry are applied to the new venture produce/service delivery.
• Contracts are administered according to industry/sector requirements.

  5

• Financial and cash flow requirements are determined for the new venture.
• Pricing and costing principles are established in line with market needs and financial requirements.
• Funding and start-up capital are obtained where required.
• Financial controls and accounting procedures are determined to ensure financial efficiency of the new venture and to be compliant with relevant legislation.
• Accounts and records are maintained according to generally accepted Accounting principles.
• Financial statements are used to determine business progress.

  6

• The business plan is used as a tool to effectively manage the new venture.
• Business progress is determined at regular intervals and corrective action taken where necessary.
• The business plan is constantly reviewed against actual business activities to determine if overall business objectives are being met.
• Appropriate resources for the new venture are mobilized as and when required.
• Personal and business productivity is monitored and enhanced on an ongoing basis.

  Integrated assessment

  Because assessment practices must be open, transparent, fair, valid, and reliable and ensure that no learner is disadvantaged in any way whatsoever, an integrated assessment approach is incorporated into the Qualification.

  Learning, teaching and assessment are inextricably lined. Whenever possible, the assessment of knowledge, skills, attitudes and values shown in the unit standards should be integrated and the learner is encouraged to set up new venture whilst learning is underway so that assessment takes place after new venture has been set up and learning has been practically implemented.

  Assessment of the communication, language, literacy and numeracy should be conducted in conjunction with other aspects and should use authentic new venture contexts wherever possible.

  A variety of methods must be used in assessment and tools and activities must be appropriate to the context in which the learner is working. Where it is not possible to assess the learner in the workplace or on-the-job, simulations, case studies, role-plays and other similar techniques should be used to provide a context appropriate to the assessment.

  The term ‘Integrated Assessment’ implies that theoretical and practical components should be assessed together. During integrated assessments the assessor should make use of formative and summative assessment methods and assess combinations of practical, applied, foundational and reflective competencies.

  Assessors and moderators should make use of a range of formative and summative assessment methods. Assessors should assess and give credit for the evidence of learning that has already been acquired through formal, informal and non-formal learning and work experience.

  Assessment should ensure that all Specific Outcomes, Embedded Knowledge and Critical Cross-Field Outcomes are evaluated. The assessment of the Critical Cross-Field Outcomes should be integrated with the assessment of Specific Outcomes and Embedded Knowledge. 

England revealed the most comparable qualification but not at level 2. The qualification relevant here is an ILM Level 3 Certificate in starting your business and the awarding body is the Institute of Leadership and Management. It is registered from 1 June 2001 and up for review on 31 May 2007. Some of the components it includes are:

• You and your business
• Customers quality in business
• Resources for your business
• Business regulation
• The business plan

  All these elements are included in the South African national Certificate for New Venture Creation Level 2. It would also seem that our Level 2 qualification is more substantial in content than their qualification.

  International and South African support for the proposed conceptual framework and content is evidenced in the work of:

  Amos, T.L. & Maas, G. (2001) Developing entrepreneurial students: A proposal of the what and how. University of Rhodes. Paper submitted at the 11th global IntEnt-Conference, 2nd to 4th July 2001, Kruger National Park, South Africa

  Begley, T.M. & Boyd, D.P. (1987). A comparison of entrepreneurs and managers of small business firms. Journal of Management, 13, pp. 99-108

  Davies, TA; Fagan, K. (1995). The Graduate Enterprise Programmes. Durban, South Africa. Siyakhana Holdings

  Davies, TA; (2001). Venture Creation : An Innovative Learnership Model for the Self-Employed. (Technikon Natal, Paper submitted to the IVEATA Conference, 11th – 15th November 2001, Tanzania)

  Gartner, W.B. & Vesper, K.H. (1994). Experiments in Entrepreneurship Education: Successes and Failures. Journal of Business Venturing. New York

  Gibbs, A. (1992). The enterprise culture and education – understanding enterprise education and its links with small business, entrepreneurship and wider educational goals. International Small Business Journal. pp. 24

  Gorman, G.; Hanlon, D.; King, W. (April / June 1997). Some Research Perspectives on Entrepreneurship Education and Education for Small Business Management: A Ten-Year Literature Review. International Small Business Journal, pp. 22

  Solomon, G.T.; Winslow, E.K. & Tarabishy, A. (1997). Entrepreneurial Education in the United States An Empirical Review of the Past Twenty Years

  Terblanche, N.S.; Keyter, L. (1997). Creative Entrepreneurship. Pretoria, South Africa. Kagiso Tertiary

  Van Vuuren, J.J. & Antonites, A.J. (2nd to 4th July 2001). Recent developments regarding content of entrepreneurship training programs. Department of Business Management, University of Pretoria. Paper submitted at the 11th global IntEnt-Conference, Kruger National Park, South Africa

  Watson, C.H. (2nd to 4th July 2001). Topics for Entrepreneurship Education: Viewpoints of Practitioners in the Gauteng Province of South Africa. Technikon Pretoria. Paper submitted at the 11th global IntEnt-Conference, Kruger National Park, South Africa 

• The National Certificate in Business Administration Services: Level 2
• The National Certificate in Call Centre Support: Level 2

  Vertical articulation is possible with the following Qualifications:

• The National Certificate in Business Administration Services: Level 3
• The National Certificate in Management: Level 3 

• Anyone assessing a learner or moderating the assessment of a learner against this Qualification must be registered as an assessor with the relevant Education, Training, Quality, Assurance (ETQA) Body, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
• Any institution offering learning that will enable the achievement of this Qualification must be accredited as a provider with the relevant Education, Training, Quality, Assurance (ETQA) Body, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
• Assessment and moderation of assessment will be overseen by the relevant Education, Training, Quality, Assurance (ETQA) Body, or by an ETQA that has a Memorandum of Understanding with the relevant ETQA, according to the ETQA’s policies and guidelines for assessment and moderation.
• Moderation must include both internal and external moderation of assessments at exit points of the Qualification, unless ETQA policies specify otherwise. Moderation should also encompass achievement of the competence described both in individual Unit Standards as well as the integrated competence described in the Qualification.
• Anyone wishing to be assessed against this Qualification may apply to be assessed by any assessment agency, assessor or provider institution that is accredited by the relevant ETQA. 

• A minimum of 2 (two) years’ practical, relevant occupational experience in Administration
• To be registered as an assessor with the relevant ETQA or an ETQA that has a Memorandum of Understanding with the relevant ETQA
• To be in possession of a Qualification in New Venture Creation, entrepreneurship or management at NQF Level 4 or higher.