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April 04, 2021 - BY Admin

Why feasibility study is important

Feasibility is often a lifesaver, how? Let’s find it out!

What is a feasibility study?

A feasibility study is testing the viability of a business idea. When an entrepreneur decides to start a new venture & unsure of the outcome, at that time checking for the commercial viability of the project or observing the probable customers, seeing the credibility of the suppliers & the market to operate within is called a feasibility study.

The importance of feasibility study

The feasibility study helps an entrepreneur in the following ways:

  • It tells about the probable customers – if they are ready or not to buy the product.

  • It finds out if there are strong rivals or not.

  • Due to this study, a future entrepreneur gets to know about the nature & experience of suppliers.

  • This study helps to find out whether an idea looks or feels promising only at the conceptualization stage or actually has got the merit to pursue.

  • A feasibility study shows the market trend while the- would be entrepreneur surveys the market & talks with various parties of a business.

  • It saves money of the investor or the entrepreneur when the result of the study shows that the business idea is not worth taking up.

  • It enhances the knowledge of the entrepreneurs as he or she goes through a process of surveying & gathering data regarding business environment.

  • It fetches alternative ideas as the survey takes place in the market & people get ideas while talking to various parties like customers, suppliers, media, etc.

Click here to read about the struggles of an entrepreneur


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