Unit of competency Outline
Date retreived
22/07/2026 5:01 AM AWST
22/07/2026 5:01 AM 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 business opportunities
Investigate business opportunities
Unit of competency
National Code
BSBESB301
BSBESB301
State Code
OCF51
OCF51
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080301 - Business Management
Original Release Date
16/03/2021
Nominal Hours
25
Description
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.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify potential opportunities for business
- 1.1 Source and analyse market information for potential opportunities
- 1.2 Analyse information and list details of business ideas and opportunities
- 1.3 Identify and describe products and/or services that match business ideas
- 1.4 Identify and analyse available business, financial, digital technology and technical factors related to the potential opportunities
- 1.5 Identify customers for the products and/or services
2. Investigate market needs and factors affecting market
- 2.1 Collect, investigate and analyse business and market information, trends and developments from primary and secondary sources to identify market needs related to business opportunities
- 2.2 Identify ethical and cultural requirements of the market
- 2.3 Identify projected changes in population, economic activity and other macro external factors that may impact business opportunities
- 2.4 Review identified needs and factors and identify their potential impact on business opportunities
- 2.5 Investigate marketing and promotion activities and strategies for identified products and/or services
3. Finalise investigation into business opportunities
- 3.1 Review personal factors against business opportunities and identify their impact on opportunities
- 3.2 Examine options to address and minimise negative impact and strengthen positive impact of personal factors
- 3.3 Document outcomes of investigation into business opportunity
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUJ60 | BSBSMB201 | Identify suitability for micro business | Unit of competency |
| AUI99 | BSBSMB301 | Investigate micro business opportunities | Unit of competency |
| AUG92 | BSBSMB306 | Plan a home based business | Unit of competency |