So, if you really, want your dream business in reality, then go for Feasibility business plan study AND this is a must, must….important home work.
What is a Feasibility business plan study ?
A feasibility study is a process that defines exactly what a project is and what strategic issues need to be considered to assess its feasibility, or likelihood of succeeding. [ Wikepedia ]
Feasibility Studies represent a common sense approach to planning.
[Team Bryce,"Article :Element of a good feasibility study"]
This is actually an outline of what is all about your specific business that you are excited about and its purpose/scope in this competitive environment world in a summery.
If you think that your dream venture is totally a new specific concept/ idea /opportunity in the market then WHY ?
WHY you think ?
You must able to convince at ease.
If you have the feasibility business plan study then proceed to Business plan. NO feasibility NO business plan.
Different product/service may have different feasibility plan.So study carefully.Feasibility plan should be be clear,concise. Specially,It is to be done for investors and funding purpose.Do conscious effort.
So what is your special entrepreneurship venture ?
Feasibility plan has 8 elements. They are as follows :
**Product or service
**Market Research and analysis
**Manufacturing or operations
Executive Summary : This is most important aspect of your business plan. Go for this after details analysis and research in the surrounding environment.
It has parts like as below :
Venture Defined Define what is your venture and its vision,mission and value to society.What is it specific or different comparing with others in the market .
Product/service Define clearly what is the specific product or service that you are going to launch or provide to the society.Are they worthwhile ? Are they really in demand ? Are they profitable ?
Market Characteristic Define where is the market and who are your real customers (their age,marital status, male/female ratio etc.etc.etc…). How you gonna thrive with your niche venture ?
Entrepreneurship team Define confidently who are they with whom you are approaching to do your dream venture.Are they right person ? Are they efficient enough ?
Financial summary This is the financial aspect at a glance and you have to define its root.How you gonna generate cash flow ? How about your venture profit and loss analysis ?What about ROI ?What about total capital requirement ?
As Guy Kawasaki says its 10/20/30 presentation that`s enough to present your venture idea .We can do it by using latest technology in a standard format. No need to go for a 40/50 page description.
You have to convince that what is in it something that you want to excited , you want to grow and live in.
Its YOU and only YOU and your entrepreneurial spirit !!!!!
Now enjoy a presentation by Steve Job here
“I don’t try to jump over seven-foot bars. I look around for one-foot bars that I can step over.” [Warren Buffet ]
It is a bad plan that admits of no modification.
Publilius Syrus (~100BC)
Plans are only good intentions unless they immediately degenerate into hard work. [Warren buffet ]
[ To be continued .............]