Application
This unit describes the skills and knowledge required to research the feasibility of a business opportunity, and to present a business idea in formats suiting a range of stakeholders.
It applies to individuals who are establishing or operating a micro business providing self-employment.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Evaluate business opportunities | 1.1 Identify and research key factors influencing viability of business ideas 1.2 Analyse business ideas in terms of personal or family needs and commitments 1.3 Evaluate impacts of emerging or changing technology, including e 1.4 Determine viability of business opportunity in line with perceived risks, available resources, financial returns and other outcomes sought 1.5 Assess and match personal skills and attributes against those required for a particular business opportunity 1.6 Identify and assess business risks according to resources available and personal preferences |
2. Detail the business idea | 2.1 Develop an accurate description of the business idea for key stakeholders 2.2 Develop an accurate summary of the major products or services required to suit personal needs and requirements |
3. Prepare the business overview to suit different stakeholders | 3.1 Present an accurate list of key stakeholders and their information requirements 3.2 Determine an acceptable method of presentation of information for each stakeholder 3.3 Provide accurate customised information to target audiences |
Evidence of Performance
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.
Evidence of Knowledge
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.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:
business technology including internet access
relevant legislation, regulations, standards and codes
relevant workplace documentation and resources
case studies, or where possible, real situations
interaction with others.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.4, 1.6 | Interprets information from a range of sources to determine business requirements |
Writing | 2.1, 2.2, 3.1, 3.3 | Uses factual information and industry related terminology to complete required documentation |
Numeracy | 1.4 | Extracts, evaluates and compares numerical information to aid research |
Navigate the world of work | 1.2, 1.5, 1.6 | Begins to develop some insights into various factors influencing career decisions, goals and possibilities |
Get the work done | 1.1, 1.3-1.6, 2.1, 2.2, 3.2, 3.3 | Plans and implements tasks required to prepare and present a business overview Analyses and evaluates options before making decisions, considering needs, resources and constraints Uses a range of digital tools to access, organise, integrate and present relevant information |
Sectors
Management and Leadership – Small and Micro Business