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Unit of competency details

BSBSMB301 - Investigate micro business opportunities (Release 2)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBSMB301A - Investigate micro business opportunitiesUpdated to meet Standards for Training Packages 24/Mar/2015

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


Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
ICP - Printing and Graphic ArtsPrinting and Graphic Arts 2.0-3.0 
FBP - Food, Beverage and PharmaceuticalFood, Beverage and Pharmaceutical 2.0-3.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-3.0,4.0-4.1 
CPP07 - Property Services Training PackageProperty Services Training Package 14.4-14.5 
CPP - Property Services Training PackageProperty Services Training Package 9.0-10.0 
CPC08 - Construction, Plumbing and Services Training PackageConstruction, Plumbing and Services Training Package 9.3-9.6 
CPC - Construction, Plumbing and Services Training PackageConstruction, Plumbing and Services Training Package 4.0 
BSB - Business Services Training PackageBusiness Services Training Package 2.0-5.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
CPC32313 - Certificate III in Stonemasonry (Monumental/Installation)Certificate III in Stonemasonry (Monumental/Installation) 
CPC32211 - Certificate III in Joinery (Stairs)Certificate III in Joinery (Stairs) 
CPC32011 - Certificate III in Carpentry and JoineryCertificate III in Carpentry and Joinery 
CPC31912 - Certificate III in JoineryCertificate III in Joinery 
CPC31611 - Certificate III in PavingCertificate III in Paving 
CPC31511 - Certificate III in Formwork/FalseworkCertificate III in Formwork/Falsework 
CPC31411 - Certificate III in Construction WaterproofingCertificate III in Construction Waterproofing 
CPC31311 - Certificate III in Wall and Floor TilingCertificate III in Wall and Floor Tiling 
CPC31211 - Certificate III in Wall and Ceiling LiningCertificate III in Wall and Ceiling Lining 
CPC31111 - Certificate III in SteelfixingCertificate III in Steelfixing 
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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 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

  • 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

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

 

Assessment requirements

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.

Performance Evidence

Evidence of the ability to:

  • research and analyse information from a range of sources to investigate a business opportunity, including:
  • financial considerations
  • digital technologies
  • market size, potential and trends
  • ethical and cultural requirements of the market
  • resource availability
  • review data for potential impact on the market, products, services and customers
  • match products and services to the business opportunity.

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 legislation and regulation relevant to specific micro business opportunities being investigated
  • identify sources of specialist advice on trends in new and emerging markets and decline and risk factors
  • summarise benefits and challenges of digital technologies relevant to micro business opportunities
  • describe appropriate business research methods and data collection tools and 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:

  • internet access for research
  • data collection tools and software
  • relevant legislation, regulations, standards and codes
  • relevant workplace documentation and resources
  • case studies, or where possible, real situations
  • interaction with others.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

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