Brian would have needed to conduct a feasibility study to establish whether his IT consultancy company would be a successful venture. Which one of the following is true for a feasibility study?

1 A feasibility study is the same as a business plan

2 A feasibility is conducted after the business plan has been compiled

3 A feasibility study mainly entails the gathering of data to help the entrepreneur decide whether or not to go ahead with an idea

4 A feasibility study identifies and describes the nature of the business opportunity or the new venture