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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. Evaluate business opportunities
   • Identify and research key factors influencing viability of business ideas
   • Analyse business ideas in terms of personal or family needs and commitments
   • Evaluate impacts of emerging or changing technology, including ecommerce, on the opportunity
   • Determine viability of business opportunity in line with perceived risks, available resources, financial returns and other outcomes sought
   • Assess and match personal skills/attributes against those perceived as necessary for a particular business opportunity
   • Identify and assess business risks according to resources available and personal preferences
2. Detail the business idea
   • Develop an accurate description of the business idea for key stakeholders
   • Develop an accurate summary of the major products and/or services required to suit personal needs and requirements
3. Prepare the business overview to suit different stakeholders
   • Present an accurate list of key stakeholders and their information requirements
   • Determine an acceptable method of presentation of information for each stakeholder
   • Provide accurate customised information to target audiences

Performance Evidence

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.

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Knowledge Evidence

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.

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