INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How will the business obtain the money it needs?
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What regulations is the business likely to encounter?
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Is there a real demand for the idea, good, or service?
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How will the business communicate information about its products?
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Detailed explanation-1: -A feasibility study allows a business to address where and how it will operate, its competition, possible hurdles, and the funding needed to begin. The business plan then provides a framework that sets out a map for following through and executing on the entrepreneurial vision.
Detailed explanation-2: -Terms in this set (20) The primary purpose of a feasibility study is to answer which of the following questions: Should we proceed with this project?
Detailed explanation-3: -A well-designed feasibility study should provide a historical background of the business or project, a description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations.
Detailed explanation-4: -Feasibility studies help project managers determine the viability of a project or business venture by identifying the factors that can lead to its success. The study also shows the potential return on investment and any risks to the success of the venture.