Certificate of Entrepreneurship and New Business

Unit 1 – Investigate Business Opportunities

• Analyse marking information for potential opportunities
• Gathering information
• Analyse marking information
• Australian Bureau of Statistics (ABS)
• Business brokers and trade associations
• Business incubators
• Business Enterprise Centres (BECs)
• IP Australia
• Aboriginal and cultural councils
• Market research publications
• Information and advice
• Information and listed details of business ideas and opportunities
• How business ideas might be limited or influenced
• Products and services that match business ideas
• Organisation capability
• Features and benefits
• Product mix
• Factors related to potential opportunities
• Financial skills
• Maintaining accurate records
• Understanding finance options
• Digital technology skills
• Business skills
• Technical skills and technical support
• Selecting a specialist
• Identifying customers for the products and services
• Identifying market segments
• Commonalities
• Business and market information
• Market trends and developments
• Ethical and cultural requirements
• External factors that can impact business opportunities
• Review trends and developments
• Marketing and promotion activities and strategies
• Promotional campaigns
• Personal factors that impact on opportunities
• Strengths and weaknesses
• Build your strengths
• Own your weaknesses
• Document outcomes of investigations into business opportunities
• SWOT analysis

Unit 2 – Research and Develop Business Plans

• The purpose and components of a business plan
• How to create a business plan
• What to include in your business plan
• Business goals, objectives and budgets
• Market needs and size
• Compliance
• Product mix, volumes and pricing opportunities
• Planning market activities
• Draft business plan
• Initial plan
• Start-up businesses
• Plan outline
• Risk assessment
• Specialist services
• Consulting with stakeholders
• Costs of products and services
• Fixed costs and variable costs
• Mixed or semi-variable costs
• Step costs or semi-fixed costs
• Calculating prices based on costs and profit targets
• Cash flow projections
• Budget types and targets
• Sources of finance
• Bootstrapping
• Grants, subsidies and tax concessions
• Risk management strategies and planning
• Risk avoidance
• Risk mitigation
• Assess likelihood of nonconformance
• Develop a contingency plan
• Stakeholder involvement

Unit 3 – Legal and Risk Management

• Legal structures for business ventures
• Sole traders and partnerships
• Companies and trusts
• Legislative and regulatory requirements
• Consumer legislation
• Registration of business names and licences
• Planning and property law
• Taxation requirements
• Environmental measures
• Business and workplace practices
• Compliance procedures
• Storing legal documents and business records
• Location of storage facilities
• Non-compliance and taking corrective actions
• Procurement rights to protect business interests
• Supplier contracts
• Completing contractual arrangements
• Legal advice, fees and terminating a contract
• Risk management – four key steps
• Mitigate business risks
• Identify business risk
• Interna land external risk
• Assess probability and impact of risk
• Risk matrix
• Risk planning
• Mitigate risk

Unit 4 – Plan Finances for New Business Ventures

• Cost of producing products or services
• Fixed and variable costs
• Mixed or semi-variable costs
• Step costs or semi-fixed costs
• Expenses
• Profit targets
• Calculated prices based on costs and profit targets
• Break even sales point
• Variable cost per cent per unit of sales
• Break-even sales point
• Pricing strategies
• Projected profit statement
• Preparing statements
• Working capital
• Profit projections
• Calculating the working capital requirements
• Non-current asset management strategies
• Asset management strategies
• Cash flow projections
• Capital investment
• Budget targets
• Start-up cost
• Ongoing financial requirements
• Finance sources
• Cost of securing finance
• Obtaining finance
• Applying for a business loan
• Legislative and regulatory requirements
• Workplace procedures
• Policies and procedures
• Preparing financial reports
• Trial balance
• Profit and loss

Unit 5 – Market New Business Ventures

• Marketing activities according to business plan objectives
• Products and services
• Organisational capability
• Marketing plans
• Marketing objectives
• Value of consultation
• Relevant people
• Organisational processes and procedures
• Areas to focus on when researching new markets
• Identify customer base
• Target market and competitors
• Conducting a competitor analysis
• Ensure ethical and cultural appropriateness
• Assess product mix, volumes and pricing opportunities
• Distribution channels and customer service projective
• Common types of distribution channels
• Customer service strategies
• Promotional activities and campaigns
• Customer journey to evaluate the marketing mix
• Plan marketing activities
• Budgeting requirements
• Analyse costs and benefits
• Confirm roles and responsibilities
• Clear communication
• Monitor implementation of marketing activities
• Effective use of digital devices platforms and technologies
• Key features of digital devices
• Levels of involvement
• Evaluate business performance
• Develop a plan to address performance gaps
• Customer perceptions
• Assess changes in customer requirements
• Areas for improvement
• Using forecasting

Unit 6 – Estbalish Operational Strategies and Procedures

• Developing an operational plan
• Developing a business plan
• Health and safety
• Environment risk factors
• Waste types
• Quality assurance processes and standards
• Key Performance Indicators (KPI’s)
• Aligning KPI’s to business strategies
• Evaluating business performance and customer satisfaction
• Stock control
• Inventory control systems
• Ordering inventory
• Economic order quantity
• When to order
• Stock rotation
• Stockpiling
• Shrinkage
• Managing staff requirements
• Legal, ethical, cultural and technical standards
• Time, cost and
• Quality specifications and procedures
• Evaluating and reviewing operational targets
• Documenting business performance systems
• Benchmarking
• Review processes
• Operating problems
• Updating policies and procedures
• Review business operations
• Digital technologies
• Opportunities for small and medium businesses
• New business opportunities
• Legislation
• Health and safety responsibilities
• Risk management planning
• Technical and specialist skills

Unit 7 – Manage Finances for New Business Ventures

• Implement financial strategy
• Identify information requirements
• Obtain specialist services
• Cash flow
• Prepare cash flow reports
• Managing business capital
• Managing the loan
• Strategies for obtaining finance
• Meeting tax obligations
• Developing credit policy
• Key Performance Indicators (KPI’s)
• Financial procedures
• Monitor and report financial performance
• Monitor marketing and operational strategies
• Calculate and evaluate financial ratios
• Assess financial strategy
• Research new and emerging digital technologies
• Business opportunities
• Legislative and regulatory financial requirements
• Tax
• Key purpose of financial reports (auditing and financial reports)
• Record keeping
• ATO requirements (record keeping)
• Workplace procedures
• Forms, channels and modes of communication
• Profit and loss statements
• Balance sheets
• Debt collection
• Stock records and control
• Ordering supplies
• Stock rotation
• Stock piling