Handout 6

Question 1

the process of determining whether a business idea is doable. This is done as the preliminary evaluation to see whether a business idea is worth pursuing. It exists to investigate and critique the quality and distinction of a proposed business

Answer 1

Feasibility analysis

Question 2

This will evaluate the product or service of a new venture being proposed, as this is what matters the most when starting a business. It has two (2) components to support the analysis. These are the product/service desirability and demand.

Answer 2

Product/service feasibility analysis

Question 3

a group of those firms or businesses
producing the same product or services.

Answer 3

industry

Question 4

the minimal portion of the industry in which it appeals,

Answer 4

target market

Question 5

this feasibility assesses the overall possible engagement of these two. This analysis focuses on determining the industry and target market attractiveness.

Answer 5

Industry/target market feasibility analysis

Question 6

An up-to-date industry is advantageous. People nowadays are into what is new to their eyes and ears. Since the market’s needs change from time to time, entrepreneurs must always give the latest.

Answer 6

Young rather than old

Question 7

Developing ventures are more appealing than those already in their diminishing stage and yet to be developed. Change is bound to happen whether people want it or not. The only choice is to adapt or to be left out.

Answer 7

Early rather than late in their life cycle

Question 8

____ industry is the kind of industry that stands alone, and no enterprise can influence its evolution and direction, while the ____ industry is the one that is being dominated by some businesses.

Answer 8

Fragmented rather than concentrated

Question 9

Compared to industry attractiveness that focuses on the enterprise itself or its appealing performance, this focuses on knowing the feasible market. It is finding a suitable and enough large market to propose the business but small to avoid large competitors as they are only starting.

Answer 9

Target Market Attractiveness

Question 10

This is the analysis that exemplifies the organizational capabilities to be launched. It determines the sufficiency of its management expertise, organizational competencies, and resources.

Answer 10

Organizational feasibility analysis

Question 11

This is the call for honesty regarding self-assessments, as this will determine the ability of the management team, whether it is a sole entrepreneur or a large one.

Answer 11

Management prowess

Question 12

This one determines if a venture being proposed has enough resources to be pushed through. This one focuses on non-financial matters such as specialized skills.

Answer 12

Resource sufficiency

Question 13

This is the last but one of the most important components of the
Feasibility Analysis. This attests if a business being proposed has total start-up cash or the money needed to operate.

Answer 13

Financial feasibility analysis

Question 14

This tool will exemplify the product or service idea and its description, along
with a concept statement introduced to a panel of industry experts and potential customers to get enough feedback from them

Answer 14

Doing a concept test

Question 15

it is important to know if the product, service, or business will be an appealing subject to the consumers. This can be conducted through an actual interview or a survey to get customers’ reactions regarding what an entrepreneur will offer.

Answer 15

Talking face-to-face with potential customer

Question 16

Since not everyone can do a face-to-face talk, some online tools can be used for the feasibility analysis to gather potential consumer’s side regarding the proposed business

Answer 16

Using online tools

Question 17

This will let an entrepreneur propose an executive summary of a business idea and let you get feedback from potential customers

Answer 17

Foundersuite

Question 18

This will let an entrepreneur submit product ideas to a community that provides feedback on the said ideas

Answer 18

Quirky

Question 19

This will let an entrepreneur test his ideas and assumptions regarding what people want

Answer 19

Unassumer

Question 20

For landing pages that will allow an entrepreneur to launch a coming product or service and allow him to collect e-mail addresses of the potential consumers,

Answer 20

LaunchRock

Question 21

allows an entrepreneur to create online surveys

Answer 21

Google Consumer Surveys

Question 22

customer development platform allowing an entrepreneur to be familiarized with consumers’ wants through the product they offer.

Answer 22

Survey.io

Question 23

This is the narrative description of the project, product, service, plan, or
business.

Answer 23

Executive summary

Question 24

This will reflect the technology or resources the entrepreneur will be needing. It will answer the question, “Is it available? If not, how will the entrepreneur compensate? How much will it cost?

Answer 24

Technological considerations

Question 25

This section will be where entrepreneur/s will look into the local and broader markets for the product, service, plan, or business. Possible competitors or people that will be marketed are indicated herein.

Answer 25

Existing marketplace

Question 26

This details the projected product/s or service/s, or the venture itself

Answer 26

Marketing strategy

Question 27

Who will be the people that will work for this? How much will they receive
or the capital an entrepreneur will be needed for these people? This includes the creation of an organizational chart.

Answer 27

Required staffing

Question 28

This includes significant interim markers for the project’s completion
date

Answer 28

Schedule and timeline

Question 29

This includes the financial resources, where the capital will be coming
from, or how the possible venture will do their funding.

Answer 29

Project financials

Question 30

This breaks down into subsets of technology, marketing, organization, and financials.

Answer 30

Findings and recommendations

Question 31

Starting a business begins with this. Without it, there will be no room for an opportunity to start producing something that will make living easy. Since there are many existing companies already, this is important to make something that will stand out.

Answer 31

A great idea

Question 32

are necessary factors as these will support the production and manufacturing of whatever product or service a future business will cater to. An entrepreneur needs to know and identify the sources of the fund.

Answer 32

Funding and budget

Question 33

how they manage to market their
business, and what set of strategies they have will help an entrepreneur to be ready to plan. This will also encourage an entrepreneur to effectively prepare the business for possible setbacks because of their competitors or have it ready to be at the top

Answer 33

Analysis of competitors

Question 34

A business cannot succeed in the long run without a set of directions to
follow. it will not only direct the company to the path of their objectives but will help the entrepreneur the proceeding ways along with its development.

Answer 34

Effective business plan

Question 35

is another factor to consider in pushing through a business as this will not only make a business reputable because of its proper documentation. This will also protect the company’s name and authority towards their products or services.

Answer 35

Legal documentation

Question 36

Entrepreneurs should have this to continue pushing through the business as there are risks and drawbacks they cannot avoid. It happens even for those who are
already developing their long-time businesses, and an entrepreneur needs to think clearly about
how to handle those situations.

Answer 36

Positive attitude

Question 37

They should also learn how to seek help when they must. They should see themselves with people who will give the right advice and do things
when building and developing one.

Answer 37

Knowing when you need help