Feasibility Basics
What is the process of determining whether a business idea can be successfully launched and sustained?
Feasibility
What are the four types of feasibility mentioned?
Market, financial, technical, and operational feasibility.
By assessing feasibility, entrepreneurs can _______ investing resources into ideas that aren’t viable.
Avoid
What is a key takeaway from the Pets.com failure?
Understanding consumer behavior is key in achieving feasibility.
What does MVP stand for?
Minimum viable product.
At what stage in a business do feasibility assessments help the most?
Initial planning stage, earlier stages
Name one method of assessing market demand for a product or service.
Conducting surveys, focus groups, or analyzing market trends.
Feasibility determines if a business can be _____ over time.
Sustained
What did Airbnb use to become successful?
A feasibility analysis.
What is a way to secure funding after creating a feasible product or service?
Investors, grants, bootstrapping, etc.
Which parts of the business model canvas does feasibility address?
Key resources, key partners, and key activities
How can issues in a business's operations lead to failure?
It can increase costs, reduce profitability, and cause delays, etc.
When building a MVP you should develop a _______.
Prototype
How did Airbnb’s research help it become successful?
Airbnb identified demand for short-term stays and used a low-cost peer-to-peer model.
What are the key areas to evaluate when assessing the market in a feasibility analysis?
Market size, competition, target customers.
Name at least two of the three key parts of a business feasibility study.
Assessing management capabilities, financial resources, market potential.
What is the breakeven point, and why is it important for financial feasibility?
The point where total revenue equals total costs, a company will start earning a profit.
Feasibility is critical for _______ business growth.
long-term
Why did Pets.com fail, according to the slide deck?
It failed to assess consumer behavior and logistics, leading to its collapse.
What do tech startups now use to predict user demand before launching a full product?
Data analytics.
What does feasibility help identify?
Helps identify potential risks and opportunities, whether to pursue, pivot, or abandon the idea.
What questions do the four types of feasibility answer?
Questions on demand, delivery, profitability, and sustainability
Feasibility helps identify whether you should _____, _____, or _______ an idea.
pursue, pivot, abandon
Provide a real-world example of a product or service that demonstrates strong feasibility. Explain why it is feasible.
Open-Ended: Examples include Amazon, Facebook, Uber, etc.
What digital tools help in checking feasibility today?
Digital simulations and predictive analytics.