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Topic 4: Conducting a Feasibility Analysis - Coggle Diagram
Topic 4: Conducting a Feasibility Analysis
New business planning process
Developing a business model
Crafting a business plan
Conducting a feasibility analysis
Creating a strategic plan
Conducting an idea assessment
Launching the business
Business ideas
Element of Feasibility Analysis
Product or service feasibility
financial feasibility
Industry and market feasibility
Entrepreneur/ team feasibility
Five forces model
Bargaining power of buyers
Treat of new entrants
Bargaining power of suppliers
Threat of substitute product or services
Rivalry among companies in the industry
Product or Service Feasibility Analysis
Primary research: Collect data firsthand and analyze it
Secondary research: Gather data that already has been complied and analyze it
Primary research technique
Prototypes
In-home trials
Focus groups
'Windshield' research
Customer surveys and questionnaires
Secondary research techniques
Forecasts
Articles
Demographic data
Local data
Industry databases
Financial Feasibility Analysis: an estimate of how much start-up capital is required to launch the business
Business modeling process
Test the product with prototype or minimal viable product
Test the value proposition with customer
Pivot business model until ready to expand
Develop the business model canvas