Answer to Question #232768 in Management for Another you

Question

1. What is feasibility study?
2. If you will have a business, will you conduct a feasibility study before starting your own business knowing that it also cost money? Explain your answer.

Answer 1

A feasibility study is an analysis capable to include all of the project’s important factors which include technical, economic, legal, and noting considerations so as to determine the possibility of completing a project efficaciously. 

I will conduct a feasibility study before starting my own business since it will help me with my new business development; including the way it will operate, critical obstacles, competition, analysis of the market, and the cost and source of sponsoring required to grow the business.