Entrepreneurship Feasibility Study, good and proper planning is one of the most important steps of success for any project. Success, and in this article we will talk about what it means to study the feasibility of entrepreneurship, how to prepare for it, and its importance.
Entrepreneurship Feasibility Study
The feasibility study means familiarity with a set of small details of all aspects of the project through which the investors work, as it is considered as a mirror that reflects the expected results of the project, whether success or failure.
The feasibility study puts the project owner in front of all the indicators contained in this project, including obstacles and problems, to ensure that he can think of another project before starting implementation, by developing a plan to replace the project in the event that many problems arise with the feasibility study.
Some owners of projects in all their forms, whether small, medium, or micro, resort to re-studying the feasibility of itself and then correcting it in a way that ensures the success of the project, in the absence of a plan to replace the project.
It is worth noting that the majority of project owners at the beginning of thinking about the projected resort to consultants and offices specialized in the work of feasibility studies, as many are ignorant of the foundations, principles, and steps of making a valid feasibility study that includes all aspects of the project.
The Technology Company is the best example of providing administrative and economic advice to major institutions and companies, in addition to its professional performance in conducting adequate feasibility studies for various investment projects.
The technology company also provides many services that any investor may need to achieve success and fame for his project, and not only this but the technology company is characterized by providing all these services at unparalleled prices, no project owner can obtain them in any other company working in the same field.
Preparing a feasibility study Entrepreneurship Feasibility Study
The models and methods by which investors and businessmen conduct the feasibility study differ, but no one can disagree that all models meet on three basic steps or stages, in order to conduct an integrated feasibility study that includes all aspects of the project and these stages are as follows:
Conducting a study of the target market by the project.
Analyze the product or service provided by the project.
Financial analysis of the project.
Therefore, the feasibility study is one of the important and necessary aspects of business development, as it helps companies and institutions to direct and employ their resources in a correct manner, as well as the ability to identify problems that may disrupt their daily operations.
Or the formation of good marketing strategies that may help in building a successful and well-known brand, and most importantly, it gives the investor a deep insight to know the amount of funding he needs, in order to maintain the continuity of the business.
Explanation of the feasibility study
The feasibility study works on several basic axes that can be called types or parts of the project’s feasibility study. Major projects require more in-depth feasibility studies to cover many aspects.
While small and medium enterprises are satisfied with a feasibility study limited to the basics, the types of the feasibility study can be summarized as follows:
First, a technical feasibility study for the project:
It is the analysis of all the technical aspects of the project, which includes the workplace, all available technical resources, and the technical expertise that the project needs.
Second, the financial feasibility study for the project:
This study includes an analysis of costs, returns, and economic feasibility of the project, in addition to the expected benefits, investment returns, and all financial matters related to the project.
Third, market feasibility study and analysis:
This study includes a description of the current market and the location of the product in the target market, in addition to knowing the marketing opportunities available to the project.
Fourth, the social feasibility study:
You study the social impact of the project and the extent of the impact of the surrounding social environment on the project. It is possible that the project may encounter related categories of employees in the host community.
The importance of the feasibility study
The importance of implementing a feasibility study for any project lies in many advantages, most notably the following:
Identify new opportunities.
Identifies the valid reasons on which the project is based.
Providing basic information and data about the project.
Determine the reasons for the failure of the project.
It enhances project success rates by evaluating various criteria.
Improving the intellectual performance of team members.