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3301_S03_09-25-13(1) - Entrepreneurship ENTP 3301 Prof...

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9/25/13 1 Entrepreneurship ENTP 3301 Prof. Emily Choi September 25, 2013 Agenda: - Feasibility Analysis - First Screen about Tommy John The most effective businesses emerge from the following process Feasibility Analysis
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9/25/13 2 What Is Feasibility Analysis? Feasibility Analysis The process of determining whether a business idea is viable. It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing. Intended to reduce risk before launching a business Other thoughts about Feasibility Analysis Identifies “make or break” issues that would prevent your venture from being successful in the market place Provides lots of necessary information for the business plan – builds foundation for it; makes sure there are no major roadblocks Feasibility analysis is a filter from idea to your venture
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9/25/13 3 When To Conduct a Feasibility Analysis Best timing of Feasibility Analysis Early in thinking through the prospects for a new business Screen ideas before a lot of resources are spent on them Four Components of a Properly Conducted Feasibility Analysis Product/Service Industry/Target Market Organizational Financial Outline for a Comprehensive Feasibility Analysis
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9/25/13 4 Research Primary research Customer surveys and ques<onnaires Focus groups Interviews Gumshoe research Secondary research Databases Market research Trade associa<ons and business directories Census data Forecasts Ar<cles Internet search 7 Product/Service Feasibility Analysis Product/Service Feasibility Analysis Purpose An assessment of the overall appeal of the product or service being proposed. Before a prospective firm rushes a new product or service into development, it should be sure that the product or service is what prospective customers want.
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9/25/13 5 Product/Service Feasibility Analysis (continued) Components of product/service feasibility analysis Product/Service Desirability Product/Service Demand Product/Service Desirability 1 of 3 Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take advantage of an environmental trend, solve a problem, or take advantage of a gap in the marketplace?
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