CSB301 Small Business Idea Level 3 Assignment sample NZ

Here is a sample of CSB301 Assignment Level 3. The purpose of this online business course is to guide you through the process of identifying and assessing a potential business idea.

You will learn how to do your market research, identify opportunities in an industry or niche that has demand for it, minimize risks associated with each project by testing out ideas on paper before diving into them headfirst. The goal here isn’t just about learning if there are people who want what we have – it’s also about making sure these same people know they’re looking for us too!

Assignment solution of CSB301 Assignment Level 3

Assignment activity 1. Identify an idea for a new small business opportunity

Before exploring the idea, it’s important to determine if there is a market for it. Is this a product with large demand and limited supply? Also, “is there an excessive real or perceived untapped opportunity?” The considerations vary by industry and sector, but as part of the exploration process, you should be able to quickly answer these types of questions about any new opportunity.

It’s also crucial at this point to fully explore who your target customer is, what demographics they represent (socioeconomic status), and how many potential customers exist. For example: Could your city support another pizza restaurant given that there are five other restaurants searching for workers right now? This information will help determine whether launching your business makes sense.

Assignment activity 2.Assess market demand for the small business idea

In order to assess the market demand for your small business idea, you will need to first define what it is about the idea that makes it unique. Once this has been done, you can then find out if people are buying similar products or services elsewhere.

If they are not, and your specific ideas are relevant and attractive enough to potential customers, there should be a high demand for that which you offer. Researching how much competitors charge for similar goods helps too- allowing you to see if yours is priced fairly between all those on offer in the marketplace.

Assignment activity 3.Identify technology and resource requirements for the small business idea

The technology and the resources required to depend on what type of small business you are talking about.

For a retail shop, cash registers or point-of-sale systems are usually needed. If you’re selling digital goods, mobile devices might be necessary– the customer expects to download the purchase immediately after purchasing it. For an art studio perhaps there is no need for expensive equipment as long as space can be dedicated to creating work with materials that vary from paint and canvases to sculptured mediums such as clay and metal.

For some small businesses, office equipment like computers and printers may be needed; but for others, computer use may not even be part of their setup. Again, depending on your idea.

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