Summary Chapter 3
Feasibility Analysis Feasibility Analysis is the process of determining whether a business idea is viable. It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing. Primary research is research that is collected by the person or persons completing the analysis. Normally it includes talking to prospective customers, getting feedback from industry experts, conducting focus groups, and administering survey. Secondary research probes data that is already collected. The data generally includes studies, Census Bureau data, analysis forecast, and other pertinent information gleaned through library and internet research. • When To Conduct a Feasibility Analysis : Timing of Feasibility Analysis – The proper time to conduct a feasibility analysis is early in thinking through the prospects for a new business. – The thought is to screen ideas before a lot of resources are spent on them ...