BSBSMB201 Identify suitability for micro business

Release: 2

BSBSMB201 Identify suitability for micro business

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 undertake self-evaluation to determine whether identified business opportunities are realistic.

It applies to individuals who critically examine potential business ideas by identifying gaps in the marketplace.

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. Explore potential business ideas	1.1 Identify products and services available from micro and small businesses 1.2 Identify products and services not available in the existing market 1.3 Determine opportunities for new micro businesses based on gaps in available goods and services 1.4 Identify and utilise a range of sources to gather information about micro business opportunities identified 1.5 Outline processes to be undertaken by the micro business to provide products or services
2. Compare personal skills and aspirations with micro business opportunities	2.1 Identify personal reasons for entering into a micro business in realistic terms of own personal commitments, expectations and capabilities 2.2 Match personal capabilities realistically with identified business opportunities 2.3 Examine personal commitments, expectations and capabilities to realistically identify impact on preferred business opportunity 2.4 Examine options to address and minimise negative impact and strengthen positive impact of these aspects
3. Access business learning opportunities, mentoring and advice	3.1 List skills and knowledge required to develop and operate, to maximise the business opportunity 3.2 Identify and interpret business information and terminology 3.3 Identify gaps in personal skills and knowledge needed for the business 3.4 Identify appropriate learning opportunities to rectify gaps in personal skills and knowledge 3.5 Identify potential mentors, advisors, networks and sources of assistance for the business

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
Learning	2.4, 3.3-3.5	Analyses skills gaps and development needs to identify professional learning needs Identifies appropriate development opportunities to achieve learning goals
Reading	1.1, 1.4, 3.2	Interprets textual and numerical information to determine business requirements
Writing	3.1	Uses clear and relevant language to convey personal information, requirements and recommendations
Oral Communication	1.4, 3.5	Articulates clearly and confidently using specific and relevant language suitable to audience
Numeracy	3.2	Extracts, evaluates and compares numerical information
Navigate the world of work	2.1, 2.2, 2.4	Regularly reviews current situation and future business options, developing strategies to address some factors that may limit choices
Interact with others	1.4, 3.5	Establishes rapport and builds relationships with people who can assist with new business opportunities
Get the work done	1.1-1.4, 2.2, 2.3	Selects or supports new ideas on basis of their contribution to achievement of broader goals Makes final decisions using clear priorities and criteria May operate from a broad conceptual plan, developing operational detail in stages, regularly reviewing priorities and performance during implementation

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB201 Identify suitability for micro business Release 2	BSBSMB201 Identify suitability for micro business 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