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BSBESB301 Investigate micro business opportunities
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Question:
Q 1 Case Study
Peter and Alex
Peter and Alex went to the same school and have been friends for several years.
For the last couple of years, Peter has been working in the hospitality industry and has experience as a waiter and manager in a cafe.
Alex has had a few different jobs and is currently working as a chef in a fast food restaurant. Recently, Peter and Alex have been discussing the idea of starting up their own business.
They both think it is a great opportunity, but they are finding it hard to come up with a good business idea. Peter and Alex don’t want to risk starting up a new business unless they believe they will be able to earn a decent living and make it successful.
A.Think about some different ways people come up with business ideas. What do you think could inspire Peter and Alex to come up with a great idea for a micro business?
B. Assume that Peter and Alex are considering the idea of starting up a cafe in their local area. What do you think are the key factors that will determine whether or not this is a viable business opportunity?
C. Explain why you think Peter and Alex should conduct market research before starting up their business. What could they find out by researching their market?
D.There are a few different ways to conduct market research. Describe some methods that Peter and Alex could use to conduct market research.
E. What specific information should Peter and Alex be looking for to test the viability of their business idea?
F. How do you suggest they go about finding this information?
Q 2. Which of the following would not be considered a source of business ideas.
A. Online research.
Q 3. Should you conduct a feasibility analysis of your micro-business ideas? A. Yes, it is an important step.
B. No, a feasibility analysis is too complicated for a micro-business.
C. No, your instincts will tell you whether an idea will be successful or not.
Q 4. List 5 sources that could inspire you to come up with a good idea.
Task 1 – Business Ideas
This activity will give you a chance to start thinking about and evaluating your business ideas.
• Use the Business ideas worksheet (below).
• Use the information you’ve collected in your Investigating micro business opportunities folder to help you complete the worksheet.
• If you have more than one business idea, complete a worksheet for each idea.
Use appropriate information sources to help you complete this worksheet and present it to your teacher for feedback when it is completed.
1. Write a brief description of your business idea including the product(s) and/or service(s) that match your idea.
2. What’s the broad area that your idea addresses, for example, a change in social attitude?
3. What are some of the pros’ and ‘cons’ of setting up a business based around this business idea?
4. What skills would be needed make your business idea work?
5. In conclusion, is your business idea a business opportunity, that is, could it be commercially successful? Why or why not?
Task 2 – Market Needs
This activity will give you a chance to consider whether there is a market for your business ideas.
Use the Market needs worksheet (Below).
Complete the worksheet, covering the following points:
• get secondary information on your business idea from relevant sources
• develop a questionnaire you could use to gather primary information examine if your business idea taps into a new and/or emerging market.
Market needs Worksheet Use appropriate information sources to help you complete this worksheet and present it to your trainer for feedback when it is completed.
1. Collect and present secondary information relevant to your business idea. For each piece of information, state its source.
2. Develop a questionnaire to obtain primary information from your target market. Write the questions you will use below.
3. Does your business idea tap into a new and/or emerging market? What are the risks and the benefits of entering such a market?
BSBESB301 Investigate micro business opportunities
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