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Unit of competency details

BSBSMB301 - Investigate micro business opportunities (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Is superseded by BSBESB301 - Investigate business opportunities 18/Oct/2020
Supersedes and is equivalent to BSBSMB301A - Investigate micro business opportunitiesUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Replaced
Releases:
ReleaseRelease date
(View details for release 2) 14/Jan/2016
1 (this release) 25/Mar/2015


Replaced release

You are currently viewing the components related to release 1.
The current release is release 2View release 2 details.

Training packages that include this unit

Qualifications that include this unit

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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to consider the major elements of a business idea, undertake research to determine viability of the business opportunity and present the idea with reference to the legislative frameworks affecting the business.

It applies to individuals who are establishing or operating a micro business for self-employment.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Describe business ideas

1.1 Gather information for business ideas from appropriate sources

1.2 List details of business ideas and opportunities

1.3 Research alternative business ideas in light of available resources

1.4 Specify and list products and services to match business ideas

1.5 Identify and research potential customer information for business ideas

1.6 Identify and take into account available financial, business and technical skills when researching business opportunities

2. Identify market needs

2.1 Collect information regarding market size and potential from appropriate sources

2.2 Investigate market trends and developments to identify market needs relative to business ideas

2.3 Gather market information from primary and secondary sources to identify possible market needs in relation to business ideas

2.4 Identify ethical and cultural requirements of the market, and their relevance for business ideas

2.5 Identify new and emerging markets and document their features

2.6 Identify and organise information on expected market growth or decline and associated risk factors

3. Investigate factors affecting the market

3.1 Identify projected changes in population, economic activity and labour force that may impact business ideas

3.2 Identify movements in prices, and projected changes in availability of resources

3.3 Review trends and developments and identify their potential impact on business ideas

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance 

Criteria 

Description 

Reading

1.1, 1.3, 1.5, 2.1-2.6, 3.1-3.3

  • Analyses and evaluates textual information to develop research strategies, integrate facts and ideas and meet business requirements

Writing

1.1, 1.2, 1.4, 1.5, 2.3, 2.5

  • Uses factual information and industry related terminology to complete required documentation

Oral Communication

1.1, 1.5, 2.3, 2.5

  • Clearly articulates requests using specific and relevant language, and uses listening and questioning techniques to confirm understanding

Numeracy

2.1, 3.1, 3.2

  • Extracts, evaluates and compares numerical information to determine resources and identify trends

Get the work done

1.1, 1.5, 1.6, 2.1, 2.2, 2.5, 2.6, 3.1, 3.2

  • Identifies changes to processes, products or services within scope of own business opportunities
  • May invest time in developing and shaping several options before making a final choice, using a combination of lateral and analytical thinking to tailor and strengthen an idea to suit needs, resources and constraints
  • Uses a range of digitally based technology and applications to access and filter data, and then extract, organise, integrate and share relevant information in increasingly effective ways.

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBSMB301 Investigate micro business opportunities

BSBSMB301A Investigate micro business opportunities

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • analyse information from a range of sources to investigate a business opportunity, including:
  • financial considerations
  • technical skills required to document, research and analyse market data and market changes
  • ethical and cultural requirements of the market
  • resource availability
  • risk management
  • review data for potential impact.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • locate and outline relevant legislation and regulation laws governing state and federal laws when starting and running a micro business in Australia
  • locate and analyse theory of ethical culture including how theory can be applied to achieve positive ethical outcomes within the business
  • identify sources of specialist advice such as trends in new and emerging markets and decline and risk factors
  • describe appropriate business research methods and data collection tools including how to monitor trends using specialised software.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

  • office equipment and resources for analysis of data
  • relevant legislation, regulations, standards and codes
  • relevant workplace documentation
  • case studies and, where possible, real situations
  • interaction with others.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10