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Questions and Answers
What is the purpose of conducting a feasibility study?
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?
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?
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?
Why is it better to know early if an idea doesn't have sufficient merit to become a business?
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What does feasibility analysis allow for as a result of the feedback obtained?
What does feasibility analysis allow for as a result of the feedback obtained?
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