BSBSMB301 Investigate micro business opportunities
BSBSMB301 - Investigate micro business opportunities
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.
Elements and Performance Criteria
After studying this unit you will be able to:
- Describe business ideas
- Gather information for business ideas from appropriate sources
- List details of business ideas and opportunities
- Research alternative business ideas in light of available resources
- Specify and list products and services to match business ideas
- Identify and research potential customer information for business ideas
- Identify and take into account available financial, business and technical skills when researching business opportunities
- Identify market needs
- Collect information regarding market size and potential from appropriate sources
- Investigate market trends and developments to identify market needs relative to business ideas
- Gather market information from primary and secondary sources to identify possible market needs in relation to business ideas
- Identify ethical and cultural requirements of the market, and their relevance for business ideas
- Identify new and emerging markets and document their features
- Identify and organise information on expected market growth or decline and associated risk factors
- Investigate factors affecting the market
- Identify projected changes in population, economic activity and labour force that may impact business ideas
- Identify movements in prices, and projected changes in availability of resources
- Review trends and developments and identify their potential impact on business ideas
Find links to add to this section on the ntisthis.com links page
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- Rewrite one of the Elements or Performance Criteria in the Objectives section in plain language. Imagine that it starts with the words: "After studying this subject I will be able to..." For example a performance criteria that reads: "Work area is prepared to support efficient installation of sewage discharge pipes" is full of puff. It could be changed to read: "Set up a work area for installing sewage discharge pipes"
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- Add a quiz question to the Review section. This could be based on any of the objectives, required skills and knowledge or key terms. Or you could base it on information found via the links in the readings section. Here are some tips for writing better quiz questions.
- For bonus marks, write a challenge and add it to the Challenges section.
Assignments for this subject would address the following areas:
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.
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.
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