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Elements and Performance Criteria

  1. Identify a business opportunity
  2. Develop a business concept
  3. Work with others to advance the business concept
  4. Identify a business opportunity
  5. Develop a business concept
  6. Work with others to advance the business concept

Range Statement

Performance Evidence

The candidate must provide evidence that they have identified, developed and assessed the initial feasibility of at least one new business or activity idea. Evidence should be documented and show that consultation occurred.

Evidence will cover processes used to identify a range of ideas, select ideas for assessment of initial feasibility and consult with prospective partners. It will also cover documentation of idea conception and feasibility assessment.

The candidate must:

relate to people from a range of social, cultural and ethnic backgrounds, and with varying physical and mental abilities

use suitable thinking techniques

use research and analytical skills to:

conduct basic research

conduct initial feasibility assessment

prepare basic business planning estimates

apply negotiation skills for exploring partnerships

use verbal and written communication skills to:

document ideas, business planning estimates and feasibility assessment

negotiate with potential partners

determine legal, workplace health and safety and non-legal requirements

work with employees and family where relevant

calculate business planning estimates

assess risk and plan for contingencies

solve problems as they arise in negotiations

use technology to manage information

identify and develop fresh business opportunity ideas

document a range of ideas

assess and evaluate relevant market, client, product and service information

communicate ideas to supervisors, managers and other employees