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?

 

 

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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)