BSBESB301 Investigate Business Opportunities
Task 2 Investigating a Business Opportunity.
1. Students are to identify a small business they are interested in starting or a new aspect business opportunity for a current business. This could be expanding offerings to a musical theatre, acrobatics, hip hop or other genre not yet delivered in the business. Students are required to identify opportunities and match them to the internal and external environment and investigate market needs. Once the investigations are complete students will write a report for the business stakeholders (board, accountant, financial adviser) detailing the outcomes of the findings.
This is a formal report to be presented to your assessor who is acting as the board or acting in the capacity of those providing the student financial support to start this business. It must follow formal business reporting formats. For information on business report formats read https://smallbusiness.chron.com/examples-formats-business-report-24749.html
The business report must include:
a. A detailed discussion of the opportunity/idea
b. A market analysis
c. A customer analysis
d. An analysis of the student’s personal attributes which make this opportunity a viable option for the student
1a. For the discussion on the opportunity/idea include
How the opportunity potentially addresses a void in the current market and the business, financial, digital technology and technical factors, which can be used to address this void.
1b. For the market analysis you have undertaken include a discussion on the following and list the sources used in this analysis. This could be in the form of a PEST or PESTLE analysis
i. potential clients and past leads i.e. surveys, focus groups
ii. competitor activities, products and services, i.e. where and how this information was sourced
iii. industry trends and insights i.e. where and how this information was sourced
iv. legislative and regulatory requirements relevant to opportunities being investigated, i.e. where and how this information was sourced
1c. Discuss the trends identified in the industry or geographical area. Be sure to include:
i. new and emerging markets and their features
ii. expected market growth or decline and associated risk factors
iii. economic activity, including projected or potential movements in prices
iv. projected changes in availability of resources
1d. Compare your individual or studio capabilities for this opportunity. This could be in the form of a SWOT analysis. Be sure to include
i. own skills and aspirations
ii. own commitments, expectations and capabilities
2. Review the identified need for this opportunity and the factors identified above to determine the impact on opportunity. Discuss how any marketing promotion and use of technology and other strategies could be utilised to improve the chance of the opportunity succeeding or negate the negative impacts.
3. Create a final recommendation by collating the above information together. Determine the viability of the opportunity include in your discussion
a. market size, potential, needs and trends
b. financial considerations
c. benefits and challenges of digital technologies relevant to opportunities
d. resource availability
e. impact of ethical and cultural requirements of market on opportunities and products.