1 1 CASE STUDY 2 : FEASIBILITY STUDY v/s BUSINESS PLAN The purpose of a feasibility study is to determine if a business opportunity is possible, practical and viable. It is a preliminary study undertaken before the real work on the business idea is started to find out the chances of success with business. It serves as a valuable tool for developing a winning business plan. When faced with a business opportunity, many optimistic persons tend to focus on its positive aspects. A feasibility study enables them to take a realistic look at both the positive and negative uspects of the opportunity Determining at an early state that an idea would not work saves time, money and heartache. A feasibility study helps to make the Go / No go decision with the business idea. Once you have definitely decided to go ahead with the business idea, it's a point no return and there is usually no turning back A feasibility study is not a business plan. The separate roles of the feasibility study and the business plan are frequently misunderstood. The feasibility study provides an investigating function. It addresses the question of "Is this a viable business venture?" The business plan provides a planning function. The business plan outlines the actions needed to take the proposal from "dea" to "reality." A business plan is prepared only after the business venture has been deemed to be feasible. If a proposed business venture is considered to be feasible, a business plan is usually constructed next that provides a "roadmap" of how the business will be created and developed. The business plan provides the "blueprint" for project implementation. If the venture is deemed not to be feasible, efforts may be made to correct its deficiencies, other alternatives may be explored, or the idea is dropped 1 1 CASE STUDY 2 : FEASIBILITY STUDY v/s BUSINESS PLAN The purpose of a feasibility study is to determine if a business opportunity is possible, practical and viable. It is a preliminary study undertaken before the real work on the business idea is started to find out the chances of success with business. It serves as a valuable tool for developing a winning business plan. When faced with a business opportunity, many optimistic persons tend to focus on its positive aspects. A feasibility study enables them to take a realistic look at both the positive and negative uspects of the opportunity Determining at an early state that an idea would not work saves time, money and heartache. A feasibility study helps to make the Go / No go decision with the business idea. Once you have definitely decided to go ahead with the business idea, it's a point no return and there is usually no turning back A feasibility study is not a business plan. The separate roles of the feasibility study and the business plan are frequently misunderstood. The feasibility study provides an investigating function. It addresses the question of "Is this a viable business venture?" The business plan provides a planning function. The business plan outlines the actions needed to take the proposal from "dea" to "reality." A business plan is prepared only after the business venture has been deemed to be feasible. If a proposed business venture is considered to be feasible, a business plan is usually constructed next that provides a "roadmap" of how the business will be created and developed. The business plan provides the "blueprint" for project implementation. If the venture is deemed not to be feasible, efforts may be made to correct its deficiencies, other alternatives may be explored, or the idea is dropped