Task 1:
A feasibility analysis will help you create the various sections of the business plan that you’ll eventually present to the competition’s judges. Do you and your management team have the enthusiasm, skills, and financial acumen necessary to make your business a success? You ask your faculty mentor for help, and you are introduced to Sarah Jones, a dynamic entrepreneur who started a successful business. Take notes on Sarah Jones’ insights about how to assess the financial, product/service, industry, and organizational feasibility of your potential new business.

  1. Product/Service Feasibility
    a. Before I decide to start the business “Doggie Cuddlies selling pets clothes”, test the idea with family and friends (would they buy clothes for dogs? seek for positive feedbacks)
    b. Refine the product based on feedback
    c. Gather market surveys from unbiased sources (does it meet the pets needs and interests)
  2. Industry Feasibility
    a. Google pets’clothes that the company already existed.
    b. Build a SWOT analysis
    c. Identify the product’s competitive advantages.
  3. Management Feasibility
    a. First, I need to asset myself as an entrepreneur. Do I have how to build a new business like this
    b. Do I preset enough contests, friend, relatives, and colleagues whom with special skill? So they can help me to contribute the business and help it grows.
    c. Do I need to hire people with those set of skills?
    d. Most importantly, do I have a compassion to be succeed?
    e. I need to do a marketing research to gather data and relevant information that could help and contribute to the business.
    f. How to use website to Linkln to look for the talent, compassionate people with animals along with special skills.
    g. I would use all of these resources to create an initial management team that actually works.
  4. Financial Feasibility
    a. Project initial expenses
    b. Identify the best source of startup funds
    c. Estimate annual revenue.
    Click on each section of the interactive resource to learn from Sarah Jones, a successful entrepreneur. As you review Sarah’s business experiences, take notes to help you complete the feasibility template in Task 2. You might also want to review the Harvard Business Review video, “Why most businesses fail,” in the following resources section for additional guidance.
    https://hbr.org/2011/04/why-most-product-launches-fail

Task 2
Sarah Jones provided valuable information on how to assess the feasibility of your new venture. Use this information as you formulate a brief feasibility analysis that will be your guide to creating the overall feasibility video presentation. The feasibility analysis will prove to your faculty mentor that you can “talk the talk” and “walk the walk.” This exercise in understanding the feasibility of your business will prove to be handy as you eventually present the brief overview in round 2 and while you create the other sections of the business plan.
Complete the feasibility analysis template. Use the notes taken from the interactive resource on Sarah Jones’ business experience to help you complete the template.
This task is not graded, but it will prepare you for round 2 of the business plan competition.
New Business Feasibility Template
Business Name:
Business Description:

A. Product/Service Feasibility B. Industry Feasibility

  1. Perform a web search and evaluate potential competitors’ websites to see how your business stacks up to others. a. What websites of potential competitors did you find? b. What are your business’s strengths and identified weaknesses in comparison to your potential competitors’ products/services, as identified by reviewing their websites?
    1. After reviewing the websites found from assessing the Product/Service Feasibility of your business, determine the opportunities that your business can pursue and the perceived threats that can hamper your business in relation to the entire industry.
      a. Does your business offer any competitive advantages to the industry over your potential competitors?
      b. Are there perceived threats to the industry that can affect your business’s growth?
      c. Are there favorable customer trends leading to industry growth?

C. Management Feasibility D. Financial Feasibility

  1. Reflect on your professional background and those who may be able to contribute to the viability of your business.
    a. List all of your professional qualifications and/or explain your experiences that can help convince others that you have the know-how to get this business up and running.
    b. List potential friends, colleagues, acquaintances and their professional qualifications and/or experiences that can help convince others that you have the requisite team to get this business up and running.
    1. Reflect on proposed startup expenses of your business, and the financial resources you already have that you can dedicate to your business, as well as those that you can obtain to contribute to its initial funding.
      a. List all related items that will require an expense (i.e., real estate, equipment/supplies, products, salaries, advertising, etc.).
      b. Estimate initial expenses for each expense item.
      c. List an estimated amount of personal savings – and those of any partners, initial investors, etc. – that you can initially contribute to the business.
      d. List any additional capital you can contribute through applying for loans, credit, etc.

WORKSHEET:

A. Product/Service Feasibility

1.
a.
b.
B. Industry Feasibility
1.
a.
b.
c.
C. Management Feasibility
1.
a.
b.
D. Financial Feasibility
1.
a.
b.
c.
d.
Task 3:
Convincing the judges in round 2 that you have the overall business acumen to move to the final round is crucial, so it’s important that you can effectively articulate your feasibility analysis in a way to convince others about your business’ propensity for success. To prepare for round 2, you will create a video presentation for your mentor to articulate the viability of your business idea. You will use the content from your feasibility analysis document to integrate into the video presentation.
You can create the video presentation in form of one page writing and then I will present it in video form.

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