- Identify the Core Competency of your business
A core competency might be:
- Valuable (can generate large revenue)
- Rare (not easily found in competitors)
- Non Substitutable (cannot be replaced)
- Costly to imitate (expensive for the competitors to try to duplicate)
- Develop a Concept Test
- Conduct a Market and Industry Research
- Conduct an Organizational Feasibility Analysis
Determine whether the proposed business has sufficient management expertise, organizational competence, and available resources.
- Conduct a Financial Feasibility Analysis
Financial Feasibility Study elements:
- Estimation of Sales
- Estimation of Costs
- Estimation of Break-even Point and Profitability
- Identify the Strength, Weaknesses, Opportunity and Threats (SWOT Analysis) of the business
