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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. 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
2. 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
3. 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

Performance Evidence

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.

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Knowledge Evidence

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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