Answer to Question #223730 in Management for Atif

Question

Why feasibility analysis is important before starting a new business venture?state the role of feasibility analysis with in entrepreneurial success.

Answer 1

Feasibility studies are designed to objectively and logically identify the strengths and weaknesses of a current business or prospective enterprise, as well as the possibilities and dangers that exist in the environment, the resources needed to succeed, and the likelihood of success. Feasibility studies aid project managers in determining a project's or business venture's feasibility by identifying the elements that can contribute to its success. The research also depicts the possible return on investment and any dangers to the venture's success.