Feasibility Analysis in Business
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Questions and Answers

What is the purpose of conducting a feasibility study?

  • To test a business idea (correct)
  • To gather feedback from customers
  • To screen ideas after spending resources on them
  • To determine if an idea is not worth pursuing

    • When in the entrepreneurial process should a feasibility study be conducted?

  • After conducting primary research
  • During the opportunity recognition stage
  • After the implementation of the business idea
  • Before the development of a business plan (correct)

    • What type of research involves data that is already collected?

  • Secondary research (correct)
  • Tertiary research
  • Industry research
  • Primary research

    • Why is it better to know early if an idea doesn't have sufficient merit to become a business?

    <p>To avoid investing resources in a non-viable idea</p> Signup and view all the answers

    What does feasibility analysis allow for as a result of the feedback obtained?

    <p>Revision, alteration, and change of the idea</p> Signup and view all the answers

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