Modification History
Not applicable.
Unit Descriptor
This unit covers the investigation and research required to ascertain the opportunities available and the feasibility of a business opportunity/ies. It is suitable for those considering setting up a business.
This unit is related to BSBSBM404A Undertake business planning.
This unit covers the investigation and research required to ascertain the opportunities available and the feasibility of a business opportunity/ies. It is suitable for those considering setting up a business.
This unit is related to BSBSBM404A Undertake business planning.
Application of the Unit
Not applicable.
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Not applicable.
Employability Skills Information
Not applicable.
Elements and Performance Criteria Pre-Content
Not applicable.
Elements and Performance Criteria
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Elements and Performance Criteria |
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Element |
Performance Criteria |
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1 |
Identify business opportunities |
1.1 |
Business opportunities are investigated and identified |
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1.2 |
Feasibility study is undertaken to determine likely business viability |
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1.3 |
Specialist services and sources of advice are identified where required |
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1.4 |
Impacts of emerging or changing technology including e-commerce, on business operations are evaluated |
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1.5 |
Practicability of business opportunity assessed in line with perceived risks, returns sought and resources available |
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2 |
Identify personal business skills |
2.1 |
Financial and business skills available are identified and taken into account when business opportunities are researched |
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2.2 |
Technical competencies required in regard to the business opportunity identified and assessed in line with current competencies of available personnel |
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2.3 |
Personal skills/attributes are assessed and matched against those perceived as necessary for a particular business opportunity |
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2.4 |
Business Risks are identified and assessed according to resources available and personal preferences |
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Required Skills and Knowledge
Not applicable.
Evidence Guide
The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competence for this unit. This is an integral part of the assessment of competence and should be read in conjunction with the Range of Variables.
Critical Aspects of Evidence
The ability to evaluate the results of research and assess the likely viability and practicability of a business opportunity, taking into account the current business/ market climate and resources available
Underpinning Knowledge *
* At this level the learner must demonstrate some relevant theoretical knowledge.
National, State/Territory and Local Government legislative requirements affecting business operation, especially in regard to Occupational Health and Safety and environmental issues, EEO, industrial relations and anti-discrimination
OHS responsibilities and procedures for managing hazards relevant to the business opportunity
Legislation and regulations relevant to the business operation
Methods for researching business opportunities
Principles of risk management relevant to the business opportunity
Methods of identifying relevant specialist services to complement the business opportunity
Underpinning Skills
Literacy skills to enable interpretation of business information,
Numeracy skills for data analysis to aid research
Research skills to identify a business opportunity and to conduct a feasibility study
Analytical skills to assess personal attributes and to identify business risks
Ability to relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities
Resource Implications
The learner and trainer should have access to appropriate documentation and resources normally used in the workplace
These may include:
Computer equipment
Business references such as relevant legislation and regulation relating to the business operation especially OHS requirements
Consistency of Performance
In order to achieve consistency of performance, evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations
Context /s of Assessment
Competency is demonstrated by performance of all stated criteria, including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope as defined by the Range of Variables
Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package
Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment
Assessment should reinforce the integration of the key competencies and the business services common competencies for the particular AQF level. Refer to the Key Competency Levels at the end of this unit
Key Competency Levels
Collecting , analysing and organising information (Level 2) - to research business opportunities
Communicating ideas and information (Level 1) - to gain information
Planning and organising activities (Level 1) - to support research and assessment of opportunities
Working with teams and others (Level 1) - to gain information
Using mathematical ideas and techniques (Level 2) - to aid financial planning
Solving problems (Level 3) - to assess business viability
Using technology (Level 1) - to aid research and planning
Please refer to the Assessment Guidelines for advice on how to use the Key Competencies
The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competence for this unit. This is an integral part of the assessment of competence and should be read in conjunction with the Range of Variables.
Critical Aspects of Evidence
The ability to evaluate the results of research and assess the likely viability and practicability of a business opportunity, taking into account the current business/ market climate and resources available
Underpinning Knowledge *
* At this level the learner must demonstrate some relevant theoretical knowledge.
National, State/Territory and Local Government legislative requirements affecting business operation, especially in regard to Occupational Health and Safety and environmental issues, EEO, industrial relations and anti-discrimination
OHS responsibilities and procedures for managing hazards relevant to the business opportunity
Legislation and regulations relevant to the business operation
Methods for researching business opportunities
Principles of risk management relevant to the business opportunity
Methods of identifying relevant specialist services to complement the business opportunity
Underpinning Skills
Literacy skills to enable interpretation of business information,
Numeracy skills for data analysis to aid research
Research skills to identify a business opportunity and to conduct a feasibility study
Analytical skills to assess personal attributes and to identify business risks
Ability to relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities
Resource Implications
The learner and trainer should have access to appropriate documentation and resources normally used in the workplace
These may include:
Computer equipment
Business references such as relevant legislation and regulation relating to the business operation especially OHS requirements
Consistency of Performance
In order to achieve consistency of performance, evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations
Context /s of Assessment
Competency is demonstrated by performance of all stated criteria, including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope as defined by the Range of Variables
Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package
Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment
Assessment should reinforce the integration of the key competencies and the business services common competencies for the particular AQF level. Refer to the Key Competency Levels at the end of this unit
Key Competency Levels
Collecting , analysing and organising information (Level 2) - to research business opportunities
Communicating ideas and information (Level 1) - to gain information
Planning and organising activities (Level 1) - to support research and assessment of opportunities
Working with teams and others (Level 1) - to gain information
Using mathematical ideas and techniques (Level 2) - to aid financial planning
Solving problems (Level 3) - to assess business viability
Using technology (Level 1) - to aid research and planning
Please refer to the Assessment Guidelines for advice on how to use the Key Competencies
Range Statement
The Range statement provides advice to interpret the scope and context of this unit of competence, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:
Legislation , codes and national standards relevant to the workplace which may include :
award and enterprise agreements and relevant industrial instruments
national, State/Territory and Local Government legislative requirements affecting business operation, especially in regard to Occupational Health and Safety and environmental issues, EEO, industrial relations and anti-discrimination
relevant industry codes of practice
Business opportunities may be influenced by :
expected financial viability
skills of operator
amount and types of finance available
returns expected or required by owners
likely return on investment
finance required
lifestyle issues
Business viability may include :
opportunities available
market competition
timing/ cyclical considerations
skills available
resources available
location and/ or premises available
risk related to a particular business opportunity, especially in regard to Occupational Health and Safety and environmental considerations
Specialist services may include :
accountants
lawyers and providers of legal advice
government agencies
industry/trade associations
online gateways
business brokers/business consultants
Personal skills /attributes may include :
technical and/ or specialist skills
business knowledge and skills
entrepreneurship
willingness to take risks
Business risks may be affected by and may include but are not restricted to :
occupational health and safety and environmental considerations
relevant legislative requirements
security of investment
market competition
security of premises/ location
supply and demand
resources available
The Range statement provides advice to interpret the scope and context of this unit of competence, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:
Legislation , codes and national standards relevant to the workplace which may include :
award and enterprise agreements and relevant industrial instruments
national, State/Territory and Local Government legislative requirements affecting business operation, especially in regard to Occupational Health and Safety and environmental issues, EEO, industrial relations and anti-discrimination
relevant industry codes of practice
Business opportunities may be influenced by :
expected financial viability
skills of operator
amount and types of finance available
returns expected or required by owners
likely return on investment
finance required
lifestyle issues
Business viability may include :
opportunities available
market competition
timing/ cyclical considerations
skills available
resources available
location and/ or premises available
risk related to a particular business opportunity, especially in regard to Occupational Health and Safety and environmental considerations
Specialist services may include :
accountants
lawyers and providers of legal advice
government agencies
industry/trade associations
online gateways
business brokers/business consultants
Personal skills /attributes may include :
technical and/ or specialist skills
business knowledge and skills
entrepreneurship
willingness to take risks
Business risks may be affected by and may include but are not restricted to :
occupational health and safety and environmental considerations
relevant legislative requirements
security of investment
market competition
security of premises/ location
supply and demand
resources available
Unit Sector(s)
Not applicable.
