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 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 own ventures. Assessment of the competencies and knowledge in the qualification needs to be done in the context of the learner'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 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.