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Start Your Own Business QQI 5N1418


Course Name: Start Your Own Business (FETAC Level 5) Minor Award 5N1418

Course Overview: The purpose of this award is to equip the learner with the knowledge, skill and competence to compile a business plan to enable the learner to start their own business.

Course Outline:

Specific Learning Outcomes

Unit 1 The Business Environment
Learners should be able to:
10.1.1 distinguish between different business structures, to include sole trader, partnership, private limited company, public limited
company, cooperative
10.1.2 describe the political, economic, social and technical factors that effect entrepreneurial activity
10.1.3 identify the main characteristics of Small and Medium-sized Enterprises (SMEs)
10.1.4 describe the internal factors that contribute to the success and failure of Small and Medium-sized Enterprises (SMEs)
10.1.5 define the following terms: opportunities audit, feasibilities study, business plan, market research
10.1.6 identify the legal requirements for setting up a business and registering a company
10.1.7 identify the methods for disbanding a business
10.1.8 explain the safety, health and environmental regulations that apply to the workplace
10.1.9 recognise the importance of ethics within business
10.1.10 identify a range of personal and practical skills required for developing a successful business
10.1.11 explain the importance of the following: leadership, creativity, problem solving, risk management, ability to identify opportunities

10.1.12 identify the significance of time management and training and development
10.1.13 identify the importance of effective planning, organisation and management when running a business.

Unit 2 Planning and Decision Making
Learners should be able to:
10.2.1 identify sources of information required to develop a business
10.2.2 locate appropriate agencies to assist the process
10.2.3 identify appropriate means of finance
10.2.4 identify a range of business opportunities in the local environment
10.2.5 identify appropriate strategies for market research, marketing, finance, personnel requirements
10.2.6 design a market questionnaire for a business idea
10.2.7 select appropriate technologies for use in a business
10.2.8 identify the personnel needs of the business
10.2.9 identify individual and group training needs
10.2.10 follow appropriate procedures for organising and holding business meetings
10.2.11 identify legal and statutory requirements to include payroll, VAT, health and safety
10.2.12 analyse the potential strengths, weaknesses, opportunities and threats (SWOT analysis) to the business
10.2.13 devise short, medium and long term plans for the business
10.2.14 identify a number of decision-making models
10.2.15 make decisions based on data available
10.2.16 set personal goals
10.2.17 work effectively with others
10.2.18 identify the benefits of team work.

Unit 3 The Business Plan
Learners should be able to:
10.3.1 outline the main elements of a business plan
10.3.2 carry out an audit of enterprise opportunities in the locality
10.3.3 identify a specific product or service for development
10.3.4 carry out a feasibility study as appropriate
10.3.5 cost the development of product or service, including all relevant capital and revenue costs/expenses
10.3.6 determine sources of finance
10.3.7 consult relevant experts or consultants
10.3.8 compile a business plan
10.3.9 set realistic targets
10.3.10 apply ‘what if’ scenario to data and valuations.

Unit 4 Implementation
Learners should be able to:

10.4.1 design and construct a prototype
10.4.2 devise a production or delivery schedule
10.4.3 apply an appropriate marketing strategy
10.4.4 identify gaps or areas for improvement in the business plan
10.4.5 devise an appropriate accounting and/or recording procedure
10.4.6 apply all statutory requirements and regulations
10.4.7 produce product or supply service
10.4.8 monitor quality, costs and customer relations.

Unit 5 Evaluation and Review
Learners should be able to:
10.5.1 recognise the importance of evaluating all stages of the process
10.5.2 compare targets with actual results
10.5.3 identify areas of success and areas that require improvement
10.5.4 outline future plans for product/service
10.5.5 outline future resources required
10.5.6 record experience gained and lessons learned
10.5.7 carry out a personal review to identify skills and qualities that have been developed.

Below is the link to the Award Specification;

Certification: FETAC QQI Level 5 Start Your Own Business 5N1418

Course fee210.00
Exam registration fee20.00
Wednesday 18/01/201719:00 - 22:00
Wednesday 25/01/201719:00 - 22:00
Wednesday 01/02/201718:00 - 22:00
Wednesday 08/02/201718:00 - 22:00
Wednesday 15/02/201718:00 - 22:00
Wednesday 01/03/201718:00 - 22:00
Wednesday 08/03/201718:00 - 22:00
Wednesday 15/03/201718:00 - 22:00