Unit of competency Outline

Date retreived
22/07/2026 6:05 PM AWST

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Identify suitability for micro business

Identify suitability for micro business

Unit of competency
National Code
BSBSMB201
State Code
AUJ60
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
2.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080301 - Business Management
Original Release Date
15/09/2015
Nominal Hours
20
Description
This unit describes the skills and knowledge required to undertake self-evaluation to determine whether identified business opportunities are realistic.It applies to individuals who critically examine potential business ideas by identifying gaps in the marketplace.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Explore potential business ideas
  • 1.1 Identify products and services available from micro and small businesses
  • 1.2 Identify products and services not available in the existing market
  • 1.3 Determine opportunities for new micro businesses based on gaps in available goods and services
  • 1.4 Identify and utilise a range of sources to gather information about micro business opportunities identified
  • 1.5 Outline processes to be undertaken by the micro business to provide products or services
2. Compare personal skills and aspirations with micro business opportunities
  • 2.1 Identify personal reasons for entering into a micro business in realistic terms of own personal commitments, expectations and capabilities
  • 2.2 Match personal capabilities realistically with identified business opportunities
  • 2.3 Examine personal commitments, expectations and capabilities to realistically identify impact on preferred business opportunity
  • 2.4 Examine options to address and minimise negative impact and strengthen positive impact of these aspects
3. Access business learning opportunities, mentoring and advice
  • 3.1 List skills and knowledge required to develop and operate, to maximise the business opportunity
  • 3.2 Identify and interpret business information and terminology
  • 3.3 Identify gaps in personal skills and knowledge needed for the business
  • 3.4 Identify appropriate learning opportunities to rectify gaps in personal skills and knowledge
  • 3.5 Identify potential mentors, advisors, networks and sources of assistance for the business
No information
No information
Replaces
State Code National Code Title Type
D1004 BSBSMB201A Identify suitability for micro business Unit of competency
Replaced By
State Code National Code Title Type
OCF51 BSBESB301 Investigate business opportunities Unit of competency