Elements and Performance Criteria
- 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
- 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
- Investigate factors affecting the market