Unit of competency
Modification History
Release |
Comments |
Release 2 |
This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit |
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, digital technology, 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 |
|
Writing |
1.1, 1.2, 1.4, 1.5, 2.3, 2.5 |
|
Oral Communication |
1.1, 1.5, 2.3, 2.5 |
|
Numeracy |
2.1, 3.1, 3.2 |
|
Get the work done |
1.1, 1.5, 1.6, 2.1, 2.2, 2.5, 2.6, 3.1, 3.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBSMB301 Investigate micro business opportunities Release 2 |
BSBSMB301 Investigate micro business opportunities Release 1 |
Minor edits to clarify intent of unit |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10