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Develop an idea for a new business and conduct a feasibility analysis. Be as creative as possible in the development of your idea.
Analyze the steps involved in crafting a winning business plan and make at least one recommendation for improving the process. Explain the recommendation rationale.
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This paper a plan is develop an idea for a new business and conduct a feasibility analysis the plan is creative and steps involved in crafting a winning business plan is also discussed in this plan. In order to make sure the success of new business plan, there is a feasibility study which involves marketability, technical viability, social viability and technical viability, to evaluate this potential, which is contained in this study.
Technical Feasibility 1. What are the options for developing the technology (customer, off the shelf, design yourself, subcontract)? 2. What are the options for producing the product or service? - In House - Subcontract - License - Joint Venture or Partnership - Combination 3.What are the options for Sales and Distribution? - In House - Whole Sale - Distributors or Sales Representatives - License - Joint Venture or Partnership - Combination 4.What resources are required for development and are they available to you (skills, raw materials, components, suppliers, facilities & equipment)? 5. What are the laws and regulation relating to the business? - Industry Standards or Regulations - Personal Certifications - Intellectual Property (Patents, trademarks, copyrights) - Environmental Liability 6. Has the research discovered any moral or ethical issues that you are uncomfortable with? 7. What technological changes are changing or emerging that may affect the business?
Market Feasibility 1. What is the size of the market? 2. What is the growth rate of the industry? 3. Is the market at full capacity? 4. Where are customers getting the product now? 5. Where are the customers? 6. How many would purchase from you? 7. What external factors come to bear? Government, Industry Dynamics 8. What keeps new competition from entering this market? (Barriers to Entry)
develop an idea for a new business and conduct a feasibility analysis. Be as creative as possible in the development of your idea. Analyze the steps involved in crafting a winning business plan and make at least one recommendation for improving the process. Explain the recommendation rationale.
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