Imagine that you and/or your partners have an exciting business idea and are feeling so good about it that you cannot wait to get this new business venture started!
Begin your inquiry by doing an independent search for your particular product or service to analyze the industry it is associated with. Ask yourself:
What are the strengths and weaknesses in this industry?
What is the state of the service or product? For example, how many competitors will you have?
What is the growth and direction the industry projected to go into in the next 10 years?
Read the Business Analysis report to begin examining how you might expand your feasibility study and synthesize the viability of your product or service. Examine the business venture from the point of:
Technological and system requirements
Legal requirements
Operational Requirements
Economic Requirements
Schedule Requirements
Once you have analyzed the project for this criteria, write a summary of the results. Pay close attention to the strengths and weaknesses impacting your proposition and the counterpart support and evaluation for your new venture.
Step 2: Make sure to summarize key opportunities, projections for growth, and threats concerning critical business areas you identify that might impact your success. Remember, this is a preliminary investigation and your findings may be the leverage you need for potential investors and stakeholders
