Feasibility Analysis

How can you know if a startup idea is going to work? Most entrepreneurs are usually too confident in their startup idea’s success and often underestimate the market competition. Conducting a feasibility analysis can help erase some of the uncertainties of a business launch, and make sure that the business idea is viable and worth pursuing. This should be done before you develop a complete business plan.

After reading this, you should know:

The 4 forms of feasibility analysis
How to assess your product/service
How to determine if now is the suitable time to work on your product
See if your current team is able to deliver with sufficient resources (and if not, how to strengthen it)
The financial considerations for your startup project

Questions to Consider:

Is your product/ service needed by a huge number of customers to solve their problem/ desire?
What is the market for your product/service? How can you reach it?
Is your team able to work on your product/service effectively? If not, how do you plan to solve it?

Source:
Get Knowledge, YouTube (2017, Sept 6). Feasibility Analysis | Entrepreneurship (Chapter 3). (00:00-02:00)
Retrieved from: https://www.youtube.com/watch?v=IZcpCfskoys (Last accessed 2020, Jan 30)