Conducting A Feasibility Analysis
1. Describe the process of conducting an idea assessment.
Idea assessment is the process of examining a need in the market, developing a solution for
that need, and determining the entrepreneur’s ability to successfully turn the idea into a business.
2. Explain the elements of a feasibility analysis.
A feasibility analysis is the process of determining whether an entrepreneur’s
idea is a viable foundation for creating a successful business.
components:
-Industry and market analysis
-Product or service analysis
-Financial analysis
-Entrepreneur analysis
3. Describe the six forces in the macro environment of an industry.
-Sociocultural
-Demographic
-Economic
-Political
-legal
-Global
4. Understand how Porter’s Five Forces Model assesses the competitive environment.
Porter's Five Forces model help a business to understand the nature of an industry
5. Describe the various methods of conducting
primary and secondary market research.
Primary Research Techniques
-Survey
-Focus Group Discussion
-Prototype
Secondary Research
-Articles
-Forecast
-Statistics
-Demographic Data
6. Understand the four major elements of a
financial feasibility analysis.
-Capital requirements
-Estimated earnings
-Time out of cash
-Return on investment
7. Describe the process of assessing entrepreneur
feasibility.
Is this idea right for me?
Business Model
Elements of a business model
-Customer segments, What kind of customers we are going to aim
-Value proposition, What the features offered to customers
-Customer relationships, How we
-Channels, Distribution line of the product or service
-Key activities, What to do to support the value creation
-Key resources, Things that needed to create the value
-Key partners, Parties that support our business
-Revenue streams, How the business earn money
-Cost structure, Cost needed to support the business
