• BSBSMB301A - Investigate micro business opportunities

Assessor Resource

BSBSMB301A
Investigate micro business opportunities

Assessment tool

Version 1.0
Issue Date: March 2024


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

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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.




Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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.

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Gather information for business ideas from appropriate sources 
List details of business ideas and opportunities 
Research alternative business ideas in light of the resources available 
Specify and list products and services to match business ideas 
Identify and research potential customer information for business ideas 
Identify and take into account financial, business and technical skills available when researching business opportunities 
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 impact on 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 
Identify projected changes in population, economic activity and the labour force that may affect 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 

Forms

Assessment Cover Sheet

BSBSMB301A - Investigate micro business opportunities
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

BSBSMB301A - Investigate micro business opportunities

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: