By Egena Ode
This is a simple guide I have prepared for aspiring entrepreneurs and entrepreneurship students. After reading this write up, you should be able to recognize why and when to develop a feasibility study, know how to identify a business feasibility study and explain the major sections of a classic feasibility study. This article will also enable the reader to focus feasibility study sections to meet specific needs, know the major pitfalls when writing feasibility studies and learn how to present a feasibility study to others.
As an entrepreneur, after identifying a business idea/opportunity, introducing/development of a new product, the next phase in the development of an idea/product is to conduct a feasibility study to ascertain the viability of the business (venture) and obtaining useful information to plan and make decision on whether to go-on or not. The feasibility study is conducted during the deliberation phase of the business idea prior to commencement of a formal Business Plan. That is, a feasibility study of a business is done on an ex ante (before the business or venture comes into existence) basis. At the end of the feasibility study a feasibility report is written which provide a basis for taking investment decisions and could also be used in securing finance for the business, product/services.
Prepared by Ode Egena
- THE CONCEPT OF A BUSINESS PROPOSAL
According to Brock (1992), the primary objective of a business proposal is to persuade your target audience to take specific action. The key word is TO PERSUADE. In preparing a business proposal, always note that the objective is to persuade the readers (clients, audience, customers, etc), whether it is to persuade a potential customer to purchase goods and/or services, or to persuade your employer to fund a project or to implement a program that you would like to launch.