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Essential Feasibility Analysis for Successful Entrepreneurship

This document by Mr. Bernstein provides a comprehensive guide to feasibility analysis in entrepreneurship. It covers the critical aspects of developing a business concept, including a clear statement of the opportunity, product or service offered, customer benefits, and delivery methods. The analysis emphasizes the importance of understanding industry trends, engaging with potential customers, and conducting thorough competition studies. Key elements such as startup costs, operational prototypes, and an analysis of the founding team are also discussed, equipping entrepreneurs with essential tools for success.

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Essential Feasibility Analysis for Successful Entrepreneurship

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  1. Entrepreneurship Mr. Bernstein Feasibility Analysis, pp 94-99 October 8, 2013

  2. EntrepreneurshipMr. Bernstein Business Concept Statement Clear and Concise Description of an Opportunity, including: Product or Service offered Customers Benefits provided Delivery of benefits

  3. EntrepreneurshipMr. Bernstein Feasibility Analysis: Testing a New Business Concept Know the Industry trends Talk to potential customers about their needs Develop Prototype of Operations, Protection Self-Analysis of Founding Team

  4. EntrepreneurshipMr. Bernstein Feasibility Analysis, cont. Study the competition Who is your competition? What are their successful products/services? Why are those products successful? … “Benefits” Where are they located (including internet)? … “Distribution” How do they promote their business? Outline the strengths and weaknesses of your competitors Determine Startup Costs Understand the Value Chain

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