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Summary Chapter 3

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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 ...

Summary Chapter 2

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The Diffrerences Between Oppotunities and Ideas An Opportunity is a favorable set of circumstances that creates a need for a new product, service, or business. An essentially, entrepreneur recognize an opportunity and they can turn it into a successful business. An Entrepreneur decides to launch a firm, searches for and recognizes an opportunity and then starts a business. And an entrepreneur also can recognize a problem or an opportunity gap and creates a business to address the problem or fill the identified gap. Regardless of which of these two ways an entrepreneur starts a new business, opportunity are tough to spot. Identifying a product, service, or business opportunity that isn’t merely a different version of something already available is difficult. A common mistakes an entrepreneur make in the opportunity recognition process is picking a currently available product or services that they like or are passionate about and then trying to build a business around slightl...