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