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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 ideas
   • Identify ideas relating to business opportunities
   • Research key factors influencing their financial viability
   • Analyse business ideas to determine viability of business opportunity
   • Record outcomes of evaluation according to workplace procedures
2. Manage risk associated with business proposal
   • Identify potential risks associated with opportunity ideas and viability of business
   • Communicate with relevant stakeholders the potential risks
   • Assist relevant stakeholders to develop risk management systems
3. Develop proposal for viable business idea
   • Identify audience for proposal, and required structure and content
   • Establish budget according to financial viability
   • Develop description of business idea according to identified budget and business opportunities
   • Confirm that draft proposal meets requirements
4. Present business proposal
   • Determine presentation method suited to audience
   • Provide customised business proposal to target audience
   • Seek feedback to inform future proposals

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

develop and present a business proposal for a product or service.

In the course of the above, the candidate must:

analyse information from a range of sources to evaluate the viability of the business opportunities, including:

consideration of personal commitments

risk identification and assessment

personal skills and attributes analysis against required skills

anticipated financial returns.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

factors influencing financial viability of business ventures, including financial returns

factors influencing viability of business ideas, including:

impact of emerging or changing technology

personal circumstances and suitability of own skills profile

assessed risks

availability of required resources

key requirements for business proposals, including:

information relating to legislative requirements, regulations, standards and codes or practice

structure and content suited to audience needs

formats and methods of presentations

description of products and/or services

workplace procedures for:

recording outcomes of proposal evaluation

establishing income and expenditure costing for business proposal

principles of risk assessment relevant to business opportunity described in performance evidence.

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