Part 1: Primary Task
Within the Discussion Forum area, write in no less than 150 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Entrepreneurs who start new restaurants may overestimate the size of the market in their area and not take into account the tough competition they will face from established restaurants with loyal clientele. Doing a feasibility study prior to investing the time and money to open a restaurant can help an entrepreneur make a more informed decision about the venture’s chances of success.
Feasibility studies usually compare several possible scenarios for how a business might work. The study usually focuses on the size of the potential market, availability and prices of suppliers and distributors, and the abilities of the entrepreneur. If the feasibility study proves to be favorable then a business plan would follow. Parts of the Feasibility Study include:
- Market Feasibility
- Economic Feasibility
- Operational Feasibility
- Technical Feasibility
Choose one of the following methods to assist for your paper submission
- Describe the sections of a feasibility study.
- Discuss what information is included in each section.
- Identify each components value and discuss why it is crucial to understanding if the business will be a success.
- Discuss the difference between a Feasibility Study and a Business Plan and how each is used.
- Identify some the differences between each and how they are each used.
- Discuss which stake holders would use which document and how it benefits them with information.