Improving the Viability of a Business Idea with a Feasibility Study

Abstract

To improve the viability of a business idea, a feasibility study evaluates four key elements. First, the product is assessed to ensure it meets customer needs, is practical to produce, and has a competitive advantage. Second, the market is analysed to determine demand, target customers, competitors, and potential sales opportunities. Third, the management aspect examines whether the team has the skills, experience, and resources to execute the business successfully. Finally, the financial component reviews costs, pricing, projected revenue, and profitability to ensure the business can sustain itself and grow. By carefully evaluating these elements, a feasibility study helps refine the business idea, reduce risks, and increase its likelihood of success.