Unit of competency Outline
Date retreived
22/07/2026 1:06 PM AWST
22/07/2026 1:06 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Investigate micro business opportunities
Investigate micro business opportunities
Unit of competency
National Code
BSBSMB301
BSBSMB301
State Code
AUI99
AUI99
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080301 - Business Management
Original Release Date
15/09/2015
Nominal Hours
30
Description
This unit describes the skills and knowledge required to consider the major elements of a business idea, undertake research to determine viability of the business opportunity and present the idea with reference to the legislative frameworks affecting the business.It applies to individuals who are establishing or operating a micro business for self-employment. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Describe business ideas
- 1.1 Gather information for business ideas from appropriate sources
- 1.2 List details of business ideas and opportunities
- 1.3 Research alternative business ideas in light of available resources
- 1.4 Specify and list products and services to match business ideas
- 1.5 Identify and research potential customer information for business ideas
- 1.6 Identify and take into account available financial, digital technology, business and technical skills when researching business opportunities
2. Identify market needs
- 2.1 Collect information regarding market size and potential from appropriate sources
- 2.2 Investigate market trends and developments to identify market needs relative to business ideas
- 2.3 Gather market information from primary and secondary sources to identify possible market needs in relation to business ideas
- 2.4 Identify ethical and cultural requirements of the market, and their relevance for business ideas
- 2.5 Identify new and emerging markets and document their features
- 2.6 Identify and organise information on expected market growth or decline and associated risk factors
3. Investigate factors affecting the market
- 3.1 Identify projected changes in population, economic activity and labour force that may impact business ideas
- 3.2 Identify movements in prices, and projected changes in availability of resources
- 3.3 Review trends and developments and identify their potential impact on business ideas
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D1005 | BSBSMB301A | Investigate micro business opportunities | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OCF51 | BSBESB301 | Investigate business opportunities | Unit of competency |