BSBESB301

Application

This unit describes the skills and knowledge required to identify a business opportunity and its key components. This requires undertaking research to determine the viability of the opportunity, with reference to the legislative frameworks affecting the business.

The unit applies to those establishing or operating a business providing self-employment, as well as those establishing a new venture as part of a larger organisation. The business opportunities may relate to products and/or services offered by the business.

Unit mapping information

No equivalent unit. Supersedes but is not equivalent to:

• BSBSMB201 Identify suitability for micro business
• BSBSMB301 Investigate micro business opportunities
• BSBSMB306 Plan a home based business.

Licensing, legislative, regulatory or certification requirements

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Foundation skills

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit sector or competency field

Business Competence – Entrepreneurship and Small Business

Prerequisite, co-requisite or interdependent assessment of units

Not applicable

Assessment conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

• internet access for research
• source of information on potential business opportunities, including customer or supplier information
• data collection tools and software
• legislative and regulatory information relating to business opportunities
• workplace documentation and resources relevant to performance evidence

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.