AN EVALUATION OF FEASIBILITY STUDY AND ITS EFFECTS ON THE SUCCESS OF NEW BUSINESSES
- Project Research
- 1-5 Chapters
- Quantitative
- Relative Importance Index
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
EXCERPT FROM THE STUDY
- A feasibility study when properly executed has a significant impact on the success of a new business.
- The notable significance of feasibility study to new businesses as identified from the study includes: It is an excellent instrument for the prediction of the likelihood of success or failure of a new business venture; It can also be adopted in the case of incorporation of new products or ideas into the business mix; It includes all the actions that are needed to be taken to determine whether a business idea is likely to succeed; It provides results for key decisions that may be, moving forward with the idea, refining it or leaving it altogether; It is a stepwise process that helps weigh the pros and cons of each step prior to getting into the actual process; It aids in the preparation of logistical or tactical plan of how your business will produce, store, deliver & track its products or services and It helps in the determination of the legal structure of the business.
- There is a significant relationship between feasibility study and the success of a new business.
- Feasibility study ensures a business is on track through: helping the firm in attaining a broad picture as well as a detailed analysis of the profitability of its future business; ensuring that all determinations are made prior to jumping into the business and learning about the shortcomings later; enhancing the success rate of the business through evaluating numerous parameters; serving as an excellent source of information to the future investors of the business; enabling the business to focus on both short and long term goals.
- Among the numerous reasons most business owners don’t carryout feasibility study includes: Because they don’t have a clear understanding of feasibility study; Because of the expenditure involved in carrying out feasibility study; Because they don’t have the knowledge on how feasibility is carried out; Because they don’t see the need to carryout feasibility study on their business; Because they only want to run the business for a short time and Because they don’t want to expose their business idea to the public.
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