In this third part of the series of our ‘Navigating the world of entrepreneurship – How ready are you to start a business?’, we look at determining whether your idea is worth pursuing further or turning into a viable business by assessing its feasibility.
This step involves determining whether your business idea is worth pursuing further or turning into a viable business. You will start by assessing the feasibility of your business idea. The process involves finding out about the following:
- Whether the idea would work in the real world
- Whether your product or service is something that people would use or buy
- Whether your product or service is something that can be sold and make you money or a profit
- Whether it has the potential to grow
- Whether there’s anything like it already
You need to ensure that you gather as much information as possible about your business idea, product or service as this not only helps you determine whether your idea would work, it also helps you determine whether your business idea would actually turn into a viable or profitable business venture.
Assessing the feasibility of your business idea would involve collecting, gathering and analysing of information to find out if the business idea is good or not.
Assessing the feasibility or validity of your business idea is one of the most crucial aspects and important stage when starting a business venture. Therefore it may involve various activities such as talking to potential customers, partners and suppliers. It’s may also involve conducting surveys, sampling and testing of your initial product or services.
We hope you found the above information enjoyable but most of all helpful!
If you’ve missed any of the series of our ’Navigating the world of entrepreneurship – How ready are you to start a business?’, discover them here.