Feasibility Studies: Evaluating Your Business Opportunities
A feasibility study is a systematic study to understand whether it is a go/no go decision.
Feasibility Studies:
A successful feasibility analysis must include:
The study must be based on reality — not pure speculation or abstract theory. A valid study requires professional market research, to establish whether customers will buy the product, or if investors will invest.
The project must be well defined based on reality. Objective detailed product or service characteristics are needed in order to truly evaluate the viability of the venture.
Examples of questions we address in a typical feasibility study:
- Has it been attempted?
- If so, what problems did they encounter?
- Was anyone close?
- What are the deciding factors?
- Who are the potential entries to market even if you succeed?
- What are the barriers to entry?
What areas of the project need addressing?
- Financing, Team members, material resources, market demand, the competition, time and space constraints, etc.
- Are there benchmarks that need to be surpassed?
- What business requirements are absolutely necessary for a successful solution?
- Are there unavoidable market risks or environmental risks? How can they be best mitigated?
- What data is available internally and externally?
- What is the quality and reliability of this data?
Why is professional business consulting crucial for success?
Professional business consulting provides expert insights, innovative solutions, and tailored strategies, essential for navigating complex market dynamics and achieving success.
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Most entrepreneurs make the common mistake of believing that they do not need professional business advice at the beginning of their venture. A wise team choice for any startup venture should include a professional manager and financier right from the start, in order to significantly increase the likelihood of success.
