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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determine the best marketing tactics for the venture.
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convince investors to commit money to the venture.
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ensure that competitors cannot steal the idea for the venture.
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allow owners/managers to make a sound decision about the venture.
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Detailed explanation-1: -What Is the Main Objective of a Feasibility Study? A feasibility study is designed to help decision-makers determine whether or not a proposed project or investment is likely to be successful. It identifies both the known costs and the expected benefits.
Detailed explanation-2: -After a feasibility study has been completed, owners/managers may choose to proceed with the venture, postpone the venture, or abandon the venture altogether.
Detailed explanation-3: -Feasibility studies examine potential risks to determine whether they’re worth taking. A comprehensive feasibility study can distinguish real economic opportunities from investments that could fail.
Detailed explanation-4: -The feasibility study outputs the feasibility study report, a report detailing the evaluation criteria, the study findings, and the recommendations.