Concept of a New Business Venture Opportunity - Business Assignment Help

Assignment Task :

Individual Initial / Preliminary Feasibility Study 

Description: To complete this assessment, students will individually identify a new innovation/business idea and use secondary research, models and theory to assess the feasibility of the concept. The task will require an outline of the core business statement and will have a strong focus on market validation. The feasibility analysis will also be supported by an initial technical and commercial feasibility of the new innovation/business concept.

This is an initial feasibility study of your individual new business idea. This feasibility study focuses primarily on the market but also begins to explore technical aspects of the idea. 

Purpose: The purpose of this assessment is to provide you with an opportunity to conduct a preliminary evaluation of your individual new innovation/business idea, to determine whether the idea will be feasible and warrant the development of a business plan. The task requires an outline of the core business statement, and evaluation of the market and technical and commercial feasibility of your initial concept. 

Parameters: Feasibility analysis is the process of determining if a business concept is viable. It is the preliminary evaluation of a business idea, following opportunity recognition, conducted for the purpose of determining whether the idea is worth pursuing providing an entrepreneur with a more secure notion of feasibility before the development of a business plan. 

Objective: The objective is to evaluate the initial concept of a new business venture opportunity by conducting a feasibility study. 

Preparatory Details 

It is suggested that you undertake secondary research to answer the following in preparation for writing the feasibility report. 

• Research what is the need for your new product/service. Where is the gap in the market? What are the benefits of your offering? To whom? How can it be differentiated from existing products/services in the market? 

• Who and what resources are needed? 

• Research specific considerations including: 

• 1. Potential external constraints including logistics, environmental or legal. 

  2. Similar or substitute existing offerings. 

• What are the risks? What crucial issues might prevent the project from being successful in the marketplace? 

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