Elements and Performance Criteria
- Identify business opportunities
- Business opportunities are investigated and identified
- Feasibility study is undertaken to determine likely business viability
- Specialist services and sources of advice are identified where required
- Impacts of emerging or changing technology including e-commerce, on business operations are evaluated
- Practicability of business opportunity assessed in line with perceived risks, returns sought and resources available
- Identify personal business skills
- Financial and business skills available are identified and taken into account when business opportunities are researched
- Technical competencies required in regard to the business opportunity identified and assessed in line with current competencies of available personnel
- Personal skills/attributes are assessed and matched against those perceived as necessary for a particular business opportunity
- Business Risks are identified and assessed according to resources available and personal preferences