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Evidence Guide: BSBSMB301 - Investigate micro business opportunities

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBSMB301 - Investigate micro business opportunities

What evidence can you provide to prove your understanding of each of the following citeria?

Describe business ideas

  1. Gather information for business ideas from appropriate sources
  2. List details of business ideas and opportunities
  3. Research alternative business ideas in light of available resources
  4. Specify and list products and services to match business ideas
  5. Identify and research potential customer information for business ideas
  6. Identify and take into account available financial, business and technical skills when researching business opportunities
Gather information for business ideas from appropriate sources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

List details of business ideas and opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research alternative business ideas in light of available resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Specify and list products and services to match business ideas

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and research potential customer information for business ideas

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and take into account available financial, business and technical skills when researching business opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify market needs

  1. Collect information regarding market size and potential from appropriate sources
  2. Investigate market trends and developments to identify market needs relative to business ideas
  3. Gather market information from primary and secondary sources to identify possible market needs in relation to business ideas
  4. Identify ethical and cultural requirements of the market, and their relevance for business ideas
  5. Identify new and emerging markets and document their features
  6. Identify and organise information on expected market growth or decline and associated risk factors
Collect information regarding market size and potential from appropriate sources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate market trends and developments to identify market needs relative to business ideas

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather market information from primary and secondary sources to identify possible market needs in relation to business ideas

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify ethical and cultural requirements of the market, and their relevance for business ideas

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify new and emerging markets and document their features

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and organise information on expected market growth or decline and associated risk factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate factors affecting the market

  1. Identify projected changes in population, economic activity and labour force that may impact business ideas
  2. Identify movements in prices, and projected changes in availability of resources
  3. Review trends and developments and identify their potential impact on business ideas
Identify projected changes in population, economic activity and labour force that may impact business ideas

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify movements in prices, and projected changes in availability of resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review trends and developments and identify their potential impact on business ideas

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Describe business ideas

1.1 Gather information for business ideas from appropriate sources

1.2 List details of business ideas and opportunities

1.3 Research alternative business ideas in light of available resources

1.4 Specify and list products and services to match business ideas

1.5 Identify and research potential customer information for business ideas

1.6 Identify and take into account available financial, digital technology, business and technical skills when researching business opportunities

2. Identify market needs

2.1 Collect information regarding market size and potential from appropriate sources

2.2 Investigate market trends and developments to identify market needs relative to business ideas

2.3 Gather market information from primary and secondary sources to identify possible market needs in relation to business ideas

2.4 Identify ethical and cultural requirements of the market, and their relevance for business ideas

2.5 Identify new and emerging markets and document their features

2.6 Identify and organise information on expected market growth or decline and associated risk factors

3. Investigate factors affecting the market

3.1 Identify projected changes in population, economic activity and labour force that may impact business ideas

3.2 Identify movements in prices, and projected changes in availability of resources

3.3 Review trends and developments and identify their potential impact on business ideas

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Describe business ideas

1.1 Gather information for business ideas from appropriate sources

1.2 List details of business ideas and opportunities

1.3 Research alternative business ideas in light of available resources

1.4 Specify and list products and services to match business ideas

1.5 Identify and research potential customer information for business ideas

1.6 Identify and take into account available financial, digital technology, business and technical skills when researching business opportunities

2. Identify market needs

2.1 Collect information regarding market size and potential from appropriate sources

2.2 Investigate market trends and developments to identify market needs relative to business ideas

2.3 Gather market information from primary and secondary sources to identify possible market needs in relation to business ideas

2.4 Identify ethical and cultural requirements of the market, and their relevance for business ideas

2.5 Identify new and emerging markets and document their features

2.6 Identify and organise information on expected market growth or decline and associated risk factors

3. Investigate factors affecting the market

3.1 Identify projected changes in population, economic activity and labour force that may impact business ideas

3.2 Identify movements in prices, and projected changes in availability of resources

3.3 Review trends and developments and identify their potential impact on business ideas

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.

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.