Release 

Comments 

Release 1

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

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

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.

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

Release 

Comments 

Release 1

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