Elements and Performance Criteria
- Identify a business opportunity
- Relevant market, client, product and service information is located and reviewed.
- Collective capability of existing staff and facilities is assessed.
- Thinking techniques are used to generate business opportunity ideas.
- Sources for additional information and fresh business opportunity ideas are identified, explored and absorbed.
- Personal and business objectives of developing opportunities are identified.
- Input is obtained from others to improve and sort initial ideas.
- Develop a business concept
- A range of business opportunity ideas is reviewed and prioritised to develop business concepts.
- Basic business planning estimates are calculated for new business concepts.
- Relevant legal and non legal requirements are identified and reviewed.
- Criteria for determining the feasibility of new business ideas are determined and documented.
- Preliminary assessment of feasibility of business concepts is undertaken and specialist advice sought as required.
- Risks of business concepts are identified.
- Choice is made of most feasible ideas to be further developed into business plans.
- Basic documentation is prepared to communicate business concepts to stakeholders.
- Work with others to advance the business concept
- Requirements for partners, alliances and advisors to advance business concept are determined.
- Potential partners, alliances and advisors are identified and assessed.
- Legal advice is sought to protect interest throughout negotiations, where appropriate.
- Negotiations are conducted to advance the concept.
- Partnership, alliance and advisory arrangements are negotiated, if appropriate.
- Partnership, alliance and advisory arrangements are confirmed using legal processes, if appropriate.