BSBESB301 Investigate business opportunities

Task 2 – Knowledge Questions

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1. Describe how the following sources can provide valuable business and market information
to generate business ideas and opportunities (50-100 words each).
Sources Why they are a great source of business and market
information
Potential clients
and past leads

Competitors
activities, products
and services

2. Provide three (3) sources of information on business trends and insights that could lead to
potential opportunities.

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3. Identify six (6) legislative and regulatory requirements you may need to consider when you
investigate business ideas and potential opportunities.

4. In the table below, explain what insights businesses can gain from market knowledge. What
will this knowledge allow them to do? Provide at least two (2) points for each area of
knowledge.
Market knowledge Allows a business to:
(information, trends and
developments)
New and emerging markets
and their features

Expected market growth or

decline and associated risk
factors

Economic activity, including

projected or potential
movements in prices

Projected changes in
availability of resources

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5. Briefly explain how your own ambitions or dreams can affect your choice of an opportunity
(30-50 words).

6. Briefly explain how your own commitments, expectations and capabilities affect your choice
of an opportunity to pursue (40-60 words).

7. Explain how the following criteria are used to determine the viability of a business
opportunity. Provide three (3) points for each.
Criteria How does it determine the viability of a business opportunity?

Market size, potential,

needs and trends

Financial
considerations

Benefits and challenges

of digital technologies
relevant to
opportunities

Resource availability

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8. Describe four (4) different research methods or data collection tools that can be used to
research business opportunities (20-30 words each).

9. For any new business venture, we need to consider both ethical and cultural factors. Provide
three (3) examples of each and how these factors can impact business opportunities (25-40
words).
Ethical considerations Cultural considerations

What impact do these factors have on business opportunities and products?

End of questions

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