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NEW VENTURE CREATION LEVEL 2
The purpose of the New Venture Creation Level 2 qualification is to provide a qualification for potential and existing entrepreneurs to capitalise on opportunities to start and grow sustainable businesses that form part of the mainstream economy, enabling the learners to tender for business opportunities within both the public and private sectors. This qualification is designed for learners who intend to set up or have already set up their own ventures.
The future of the economy of South Africa rests not just in the formal market, but also in the informal SMME field. This is an increasing part of the economy of South Africa and needs tremendous attention from a developmental perspective. The small business market is growing and, in view of this, diverse players have taken the initiative to include mentoring services to support aspiring businesses become a more important part of the mainstream economy, representing both the public and private sectors. It also allows for economic growth, in addition to the formative development that will take place through these programmes.
In the sense of the learner’s own new enterprise, the evaluation of expertise and experience in the qualification must be carried out. The latest unemployment rate for South Africa is 27.6 percent, according to Statistics SA. Entrepreneurship and studying New Venture Creation Level 2, is one of the simplest formulas for this. A global contrast, though, reveals that South Africa’s degree of entrepreneurial development is alarmingly poor and, for that reason, entrepreneurial growth has become more important than ever before.
WHAT IS NEW VENTURE CREATION ALL ABOUT
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
- Have 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
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Why is new venture creation so important in south africa
Many people believe that in our world, there are just so much uncertainty. However, it is vital that we bear in mind the following: “While change can cause uncertainty, even anxiety, it also provides great opportunities for renewal and progress.” There is so much proof of this. All of this evidence points to the reality that there are more prospects for entrepreneurs in developed economies, and that higher numbers of opportunity-driven entrepreneurs are joining the sector. They are balanced by the larger amount of opportunities and the desire for entrepreneurship in developing nations. There would be very little renewal or revitalisation in South Africa without the involvement of entrepreneurial individuals like these. Studying New Venture Creation Level 2 will help unlock your potential as an entrepreneur.
However, becoming an entrepreneur is not easy—especially in this region. With a large amount of population becoming unemployed or living on the bread line, our economic pool is limited. Although it is projected that 73 million citizens are successful entrepreneurs in 34 countries, our work force has an exceptionally low proportion of employers and self-employed persons. Despite the fact that the above is a significant factor that may help to combat the high level of unemployment and the concomitant deprivation and economic isolation, the country’s overall rate of entrepreneurial activity is indeed among the lowest in developed countries.
WHY STUDY NEW VENTURE CREATION LEVEL 2
The following are 4 explanations why capital gained from entrepreneurship is important to the economy:
1. Creating innovative companies lead to new jobs
In the context of innovative products and services, path-breaking offerings by entrepreneurs result in new jobs, which can have a cascading impact or a virtuous cycle in the economy. Stimulating the relevant companies or businesses that fund the new enterprise would lead to more economic growth.
2. Entrepreneurs Contribute to the profits of the country
Actually, creative projects create untapped wealth. Established firms can stay limited to the scope of existing markets and may, in terms of sales, reach the glass ceiling. New and expanded offerings, goods or innovations by entrepreneurs enable the expansion of new markets and the production of new capital.
3. Entrepreneurs bring about social change
Entrepreneurs move free from convention by their unique offers of modern products and services and implicitly foster liberty through reducing reliance on outdated structures and technology. Overall, this translates to an increased quality of living, stronger moral values and greater economic freedom.
4. Entrepreneurs build communities
Entrepreneurs frequently cultivate other like-minded people’s business projects. They frequently participate in initiatives in the city and provide various charities with financial assistance. Beyond their own projects, this helps to bring more growth to the economy.
Studying New Venture Creation Level 2 is one of the best ways you can reach your full potential. Enrol today.
The Certificate is made up of a planned combination of learning outcomes that have a defined purpose and will provide qualifying learners with applied competence and a basis for further learning.
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
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.
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.
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.
RATIONALE FOR THE QUALIFICATION
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.
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