Unit of competency details

BSBSMB301A - Investigate micro business opportunities (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 18/Apr/2008

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Is superseded by and equivalent to BSBSMB301 - Investigate micro business opportunitiesUpdated to meet Standards for Training Packages 24/Mar/2015

Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
WRH06 - Hairdressing Training PackageHairdressing Training Package 2.2 
SIS10 - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 1.2-3.1 
SFI11 - Seafood Industry Training PackageSeafood Industry Training Package 1.0-2.2 
LMT07 - Textiles, Clothing and Footwear Training PackageTextiles, Clothing and Footwear Training Package 3.1-4.1 
ICP10 - Printing and Graphic ArtsPrinting and Graphic Arts 1.0-2.1 
FDF10 - Food ProcessingFood Processing 2.0-4.1 
CUV11 - Visual Arts, Crafts and Design Training PackageVisual Arts, Crafts and Design Training Package 1.0 
CUV03 - Visual Arts, Craft and Design Training PackageVisual Arts, Craft and Design Training Package 3.0 
CUS09 - MusicMusic 1.1-1.2 
CUA11 - Live Performance Training PackageLive Performance Training Package 1.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 1.0 
CPP07 - Property Services Training PackageProperty Services Training Package 7.0-14.3 
CPC08 - Construction, Plumbing and Services Training PackageConstruction, Plumbing and Services Training Package 6.0-9.4 
CHC08 - Community Services Training PackageCommunity Services Training Package 3.0-4.2 
BSB07 - Business Services Training PackageBusiness Services Training Package 5.0-9.0 
AUR05 - Automotive Industry Retail, Service and Repair Training PackageAutomotive Industry Retail, Service and Repair Training Package 3.0-4.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
WRH40209 - Certificate IV in TrichologyCertificate IV in Trichology 
WRH40109 - Certificate IV in HairdressingCertificate IV in Hairdressing 
SIS30913 - Certificate III in Sport OfficiatingCertificate III in Sport Officiating 
SIS30912 - Certificate III in Sport OfficiatingCertificate III in Sport Officiating 
SIS30613 - Certificate III in Sport Career Oriented ParticipationCertificate III in Sport Career Oriented Participation 
SIS30612 - Certificate III in Sport Career Oriented ParticipationCertificate III in Sport Career Oriented Participation 
SIS30610 - Certificate III in Sport Career Oriented ParticipationCertificate III in Sport Career Oriented Participation 1-2 
SFI50211 - Diploma of Fishing OperationsDiploma of Fishing Operations 1-3 
SFI40611 - Certificate IV in Seafood Industry Sales and DistributionCertificate IV in Seafood Industry Sales and Distribution 1-5 
SFI40511 - Certificate IV in Seafood ProcessingCertificate IV in Seafood Processing 1-5 
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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  25/Jul/2008 
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Modification History

Not applicable.

Unit Descriptor

Unit descriptor 

This unit describes the performance outcomes, skills and knowledge required to develop business ideas, and to investigate market needs and factors affecting potential markets.

Specific legal requirements apply to the management of a micro business.

Application of the Unit

Application of the unit 

This work will be undertaken by individuals who are establishing or operating a micro business providing for self employment.

Licensing/Regulatory Information

Not applicable.

Pre-Requisites

Prerequisite units 

Employability Skills Information

Employability skills 

This unit contains employability skills.

Elements and Performance Criteria Pre-Content

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

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 the resources available

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 financial, business and technical skills available 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 impact on 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 the labour force that may affect 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

Required Skills and Knowledge

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

  • analytical skills to identify market trends and developments, and to assess their impact on products and services
  • communication skills to request information from diverse sources
  • lateral thinking skills to generate ideas for potential businesses
  • literacy skills to interpret business and market information
  • numeracy skills to analyse data to aid business/market research
  • research skills to investigate market needs.

Required knowledge 

  • ethical and cultural requirements
  • research methods and data collection tools
  • sources of business and market information.

Evidence Guide

EVIDENCE GUIDE 

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the following is essential:

  • thorough investigation of business opportunities and ideas
  • clearly identified products/services and customer information for each business idea
  • thorough collection and analysis of market information and associated factors relating to business ideas
  • knowledge of ethical and cultural requirements.

Context of and specific resources for assessment 

Assessment must ensure:

  • access to relevant documentation
  • candidate's individual circumstances and work in the context of establishing or running a micro business, are the basis for assessment.

Method of assessment 

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

  • portfolio of evidence relating to the development of the candidate's own business idea
  • review of report on an existing micro or small business known to the candidate
  • oral or written questioning to assess knowledge of research methods and data collection tools
  • review of market information gathered to identify possible market needs in relation to business ideas
  • assessment of reviewof trends and developments and their potential impact on business ideas.

Guidance information for assessment 

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

  • BSBSMB302A Develop a micro business proposal.

Range Statement

RANGE STATEMENT 

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Business ideas  may be influenced by:

  • amount and type of finance available
  • cultural, family and/or community expectations
  • expected financial viability
  • finance required
  • lifestyle sought
  • number and type of competitors
  • returns expected or required by owner
  • skills of owner/operator

Appropriate sources  may include:

  • Aboriginal and cultural councils and incorporated bodies
  • accountants
  • Australian Bureau of Statistics
  • business advisory services
  • business brokers
  • business consultants
  • business incubators
  • business mentors and peers
  • current affairs
  • databases
  • financial institutions
  • government agencies set up to provide and assist business development for example Indigenous Business Australia (IBA), Business Entry Point (www.business.gov.au)
  • industry/trade associations
  • internet
  • lawyers and providers of legal advice
  • local councils
  • friends, family and community
  • market research publications
  • national and international publications
  • online gateways
  • role models and other successful businesses
  • training providers

Customer information  may include:

  • customer characteristics
  • marketing issues to meet needs
  • specialised needs of customers

Primary sources  may include:

  • group interviews
  • market testing a segment of the market
  • interviews (face-to-face and telephone)
  • observation
  • questionnaires
  • samples
  • surveys

Secondary sources  may include:

  • chambers of commerce data
  • data held by research and industry specific organisations
  • polls published by advertising and media companies
  • published government statistics
  • university databases

Ethical and cultural requirements  may include:

  • codes of practice
  • cultural expectations and influences
  • ethical principles
  • government policies and guidelines
  • societal expectations
  • social responsibilities, for example protection of children, environmental issues

New and emerging markets  may include:

  • e-commerce
  • export market
  • niche or segment of the market not currently penetrated

Trends and developments  may include:

  • changes in technology
  • demographic trends
  • ecological/environmental trends
  • economic trends (local, regional, national, international)
  • government activities, fro example interest rates, deregulation
  • industrial trends
  • social and cultural factors

Unit Sector(s)

Unit sector 

Competency field

Competency field 

Management and Leadership - Small and Micro Business

Co-requisite units

Co-requisite units 

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