AB_Feasibility_Industry_Analysis

AB_Feasibility_Industry_Analysis - Feasibility Industry and...

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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu Feasibility Industry and competitor analysis ENT 4113 Armando Borda R. Abord001@fiu.edu
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu Definition of entrepreneurship “It is the process of recognizing, seizing, pursuing and exploiting opportunities without regard of the resources you currently control”
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu How to identify an opportunity? Observing trends: Economic, Social, Technological, Political forces. Solving a Problem Personal characteristics of the entrepreneur Business, Product or Service opportunity GAP New Business, Product and service Ideas. Prior Experience. Cognitive factors. Social Networks Creativity
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu Feasibility Analysis It is a preliminary evaluation of the business idea. Objective: To determine whether the idea is worth to pursue. It gave the company a candid assessment of the viability of its business idea before it consumes resources such as money.
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu Feasibility Analysis Proposed Business venture Spending time And resources Depends on Product/service Feasibility Industry/Market Feasibility Organizational Feasibility Financial feasibility YES NO Proceed with Business plan Rethink the idea
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu Product/service Feasibility analysis It is an overall assessment of the appealing of the product or service being proposed. There are two main questions involved: Do your potential customers want the product? Will your product have an adequate market? Two main tests: 1. Concept test. 2. Usability test.
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu Concept of the product An elaborate version of the business idea. Focus on an specific target market. Should include the user/client. Who will use the product/ service? What are the main benefits offered? Must include a valuable promise to your customer or a problem that you are solving. All concepts should be clear, unique and credible.
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www.entrepreneurship.fiu.edu Concept of the product Before you developed your concept statement, you need to know: Target Market. Why is important your product or service? Please include here the problem that you solved and the benefits that your customers will receive. Describe why is unique your product or
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This note was uploaded on 03/05/2011 for the course ENT 4113 taught by Professor Borda during the Spring '10 term at FIU.

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AB_Feasibility_Industry_Analysis - Feasibility Industry and...

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