Luther Varsity in Southern Africa
A Place of Academic and Professional Excellence
New Venture Creation
NQF 2 | SAQA ID: 49648 | 138 Credits
NQF 4 | SAQA ID: 66249 | 149 Credits
Today’s economy requires savvy entrepreneurs capable of managing their own businesses.
The purpose of these Qualifications is to develop the appropriate skills and knowledge required by a person for the establishment and development of a small to medium business venture, and address the economic, administrative and behavioural (psycho-social) barriers that contribute to success in starting and sustaining the venture. Students will be able to develop strategies, negotiate deals and manage their business with these qualifications.
The qualifications are intended for persons who wish to start, operate, manage and grow a new small to medium business venture. Students attempting these qualifications will be equipped with a variety of technical, business managerial and personal skills and strategies to help them succeed in the creation and sustenance of a business. The successful student will develop a sound foundation for the application of these skills and knowledge to explore a diverse range of entrepreneurial opportunities.
PURPOSE AND RATIONALE OF THE QUALIFICATION
The purpose of the NQF level 2 New Venture Creation qualification is to provide a qualification that can form the basis for structured programmes for potential and existing entrepreneurs to capitalise on opportunities to start and grow sustainable businesses that form part of the mainstream economy, enabling the students to tender for business opportunities within both the public and private sectors. This qualification is designed for students who intend to set up or have already set up own ventures. Assessment of the competencies and knowledge in the qualification needs to be done in the context of the student’s own new venture.
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 utilize 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 students 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 behavioral 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.
LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING
It is assumed that students are competent in Communication and Mathematical Literacy at NQF Level 1.
Recognition of prior learning:
The structure of this Unit Standard based Qualification makes the Recognition of Prior Learning possible. Student 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.
QUALIFICATION RULES
The Certificate is made up of a planned combination of learning outcomes that have a defined purpose and will provide qualifying students 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
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 student 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 students to gain specialist knowledge and skills, which are particularly relevant, or of interest to the student. 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.
Students are required to select Electives that add up to at least thirty-two credits.
EXIT LEVEL OUTCOMES
1. Use basic Mathematics in order to fulfill new venture functions effectively.
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.
| ID | UNIT STANDARD TITLE | NQF LEVEL | CREDITS |
Core | Apply basic business ethics in a work environment | 2 | 2 | |
Core | Apply the basic skills of customer service | 2 | 2 | |
Core | Behave in a professional manner in a business environment | 2 | 4 | |
Core | 119666 | Determine financial requirements of a new venture | 2 | 8 |
Core | Identify and demonstrate entrepreneurial ideas and opportunities | 2 | 7 | |
Core | Identify the composition of a selected new venture’s industry/sector and its procurement systems | 2 | 8 | |
Core | Manage business operations | 2 | 8 | |
Core | Manage finances for a new venture | 2 | 10 | |
Core | Manage marketing and selling processes of a new venture | 2 | 7 | |
Core | Match new venture opportunity to market needs | 2 | 6 | |
Core | Produce a business plan for a new venture | 2 | 8 | |
Fundamental | Access and use information from texts | 2 | 5 | |
Fundamental | Apply basic knowledge of statistics and probability to influence the use of data and procedures in order to investigate life related problems | 2 | 3 | |
Fundamental | Demonstrate understanding of rational and irrational numbers and number systems | 2 | 3 | |
Fundamental | Identify, describe, compare, classify, explore shape and motion in 2-and 3-dimensional shapes in different contexts | 2 | 3 | |
Fundamental | Maintain and adapt oral communication | 2 | 5 | |
Fundamental | Use language and communication in occupational learning programmes | 2 | 5 | |
Fundamental | Use mathematics to investigate and monitor the financial aspects of personal and community life | 2 | 2 | |
Fundamental | Work with a range of patterns and functions and solve problems | 2 | 5 | |
Fundamental | Write for a defined context | 2 | 5 | |
Elective | Apply health and safety to a work area | 2 | 3 | |
Elective | Investigate the structure of an organization as a workplace | 2 | 8 | |
Elective | Keep informed about current affairs related to one`s own industry | 2 | 4 | |
Elective | Maintain an existing information system in a business environment | 2 | 4 | |
Elective | Operate and take care of equipment in an office environment | 2 | 2 | |
Elective | Process numerical and text data in a business environment | 2 | 2 | |
Elective | Administer contracts for a selected new venture | 3 | 10 | |
Elective | Apply basic HR principles in a new venture | 3 | 4 | |
Elective | Apply knowledge of self and team in order to develop a plan to enhance team performance | 3 | 5 | |
Elective | Assemble, install and dismantle exhibition stands | 3 | 5 | |
Elective | Co-ordinate meetings, minor events and travel arrangements | 3 | 3 | |
Elective | Demonstrate knowledge and understanding of HIV/AIDS in a workplace, and its effects on a business sub-sector, own organisation and a specific workplace | 3 | 4 | |
Elective | Monitor and control the receiving and satisfaction of visitors | 3 | 4 | |
Elective | Outline the legal environment of a selected industry | 3 | 2 | |
Elective | Plan and prepare meeting communications | 3 | 4 | |
Elective | Plan, monitor and control an information system in a business environment | 3 | 3 | |
Elective | Prepare and process documents for financial and banking processes | 3 | 5 | |
Elective | Tender for business or work in a selected new venture | 3 | 8 |
Source: South African Qualifications Authority (SAQA)