Conducting a Feasibility Analysis and Developing an Effective Entrepreneurial Business Plan

Miss. Iman Youssef, DBA candidate

California Intercontinental University

Dr. Daw Alwerfalli

Professor, College of Engineering

Lawrence Technological University

Southfield, Michigan 48705, USA

Abstract

For many entrepreneurs, coming up with an idea for a new business concept or approach is easy. The question is if this idea has the potential for a successful and profitable business. A feasibility analysis is the process of determining if the idea is a viable foundation for creating a successful business. If the idea passes, the entrepreneur’s next step is to build a solid business plan for capitalizing on the idea. If the idea fails, the entrepreneur drops it and moves on to the next opportunity. A feasibility analysis offers efficiency and the opportunity to increase the chances for success before the entrepreneur invests resources.

Conducting a feasibility study reduces the likelihood that entrepreneurs will pursue fruitless business ventures. The feasibility analysis asks the question: “Should we proceed with this business idea?” This paper will discuss the process of developing and implementing a successful entrepreneurial business plan, and how to capitalize on the idea. The potential value of a feasibility study and the potential “costs” of conducting a feasibility study will also be discussed? Challenges facing new business owners, useful tips for avoiding pitfalls in new business will be discussed.

Key words: Feasibility analysis, business plan, viable business strategies, feasibility study, winning a business plan, business pitfalls.