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.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Evaluate business opportunities | 1.1 Identify and research key factors influencing viability of business ideas 1.2 Analyse business ideas in terms of personal or family needs and commitments 1.3 Evaluate impacts of emerging or changing technology, including ecommerce, on the opportunity 1.4 Determine viability of business opportunity in line with perceived risks, available resources, financial returns and other outcomes sought 1.5 Assess and match personal skills and attributes against those required for a particular business opportunity 1.6 Identify and assess business risks according to resources available and personal preferences |
2. Detail the business idea | 2.1 Develop an accurate description of the business idea for key stakeholders 2.2 Develop an accurate summary of the major products or services required to suit personal needs and requirements |
3. Prepare the business overview to suit different stakeholders | 3.1 Present an accurate list of key stakeholders and their information requirements 3.2 Determine an acceptable method of presentation of information for each stakeholder 3.3 Provide accurate customised information to target audiences |
Evidence of the ability to:
analyse information from a range of sources to evaluate a business opportunity, including:
consideration of personal and family commitments
digital technologies including e-commerce
risk identification and assessment
personal skills and attributes analysis against required skills
financial returns
document and communicate the business idea, and products and services to stakeholders including:
customising information for each stakeholder.
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:
summarise relevant government legislative requirements relating to micro business operations
explain how to manage income and expenditure costing for a micro business
discuss regulations and codes of practice relevant to micro business operation
outline principles of risk assessment relevant to the business opportunity
describe at least three different business proposal formats or methods of presentation.
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:
business technology including internet access
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.