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Elements and Performance Criteria

  1. Describe business ideas
  2. Identify market needs
  3. Investigate factors affecting the market

Required Skills

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 businessmarket 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

Evidence Required

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 productsservices 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

candidates 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 candidates 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

BSBSMBA Develop a micro business proposal

BSBSMB302A Develop a micro business proposal.


Range Statement

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