According to the research, a number of critical factors are important for a new venture's success and must be assessed in a systematic way prior to investing additional time and one's other resources. Those factors are summarized in "Exhibit 4.2, The Feasibility Study Outline" in the textbook, pages 93-96 and in the Appendix, Sample Feasibility Study, pages 95-98. Your feasibility study assignment will consist of four written parts designed to assess the initial financial viability of your business concept. Each written component should be two pages in length and single spaced. The page limitation is designed to encourage you be brief but specific. Part four will require the completion of two spreadsheets that will be attached to the assignment.
The feasibility analysis is a prelude to writing a business plan, which is more detailed and thoroughly researched and is required if a bank loan or investment funds are being sought. The purpose of the feasibility study is to assess whether or not a good idea represents a profitable business opportunity and is designed to gain sufficient information and data to provide you with a a "go or no-go" decision in moving forward in completing a full business plan.
For each assignment, please include the Part number, e.g. Part 1, Part 2, etc.; and please include the title of each lettered subsection in each assignment, e.g. a. b. c. etc. Also make certain that your name is on the top of the page and that your electronic submission includes your name at the beginning of the submission title e.g. Smith, J. Part 1. For your convenience, I have also included text page numbers discussing the various feasibility topics. The assignments are as follows:
Assignment 1.
- The Description of your Business Concept.
- Describe your product or service in a paragraph or two. Ref. pages 274-279.
- Present the Mission of your business, e.g. fundamental reason for being; and a Vision statement, what you hope your business will become.
- Describe the features or cost benefits of your product or service. Ref. pages 188-197.
- Describe the value benefits of your product or service. E.g. why would someone pay for or buy your product/service over your competitors.
- Will your business be
- 1) an online business;
- 2) an on-ground business; or,
- 3) a combination of both? Explain.