As an Entrepreneur, One who is a risk taker, who sees a business opportunity and is not afraid to go for it. A goal getter generally. One most important factor to consider before starting up a business enterprise is feasibility studies.
What is Feasibility Studies and Why is it Necessary.
Now, Feasibility Studies is an investigative research or journalism on an area of business enterprise to venture into. It could be Product marketing, Fashion or an Agricultural Enterprise.
Why is Feasibility Studies Necessary? With feasibility studies one can be able to
1. Determine the acceptability of such enterprise or product in the society. If there's any religious biases or taboo associated with that line of business or enterprise.
For example; it would be wrong for an Entrepreneur to venture into a clothesline where most of the clothes are exposed when worn, in an Islamic or Religious State or Country.
2. The capital intensity required to establish such enterprise. If it's within your capacity as an Entrepreneur or not.
3.The risk to profit involved in such enterprise, it's not just enough to know the acceptability of an enterprise by the society or the capital intensity, but also the risk involved. No one really want to venture into a business with little or no profit. A business with 30% risk and 70% profit is a good business to venture into.
4. Present Competition, with feasibility studies you get to determine the competition at hand and positive strategy to overcome them.
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