Many of you may have thought about starting a business at some point in time. Many of us have thought about a new invention, process or production improvement that we may be able to patent and call our own. Yes, that Business Concept begins with an idea! It arises out of a need of consumers that is not currently being met or satisfied. Just think of the recent immigrant who cannot find the ingredients for his home cooking, or the large size woman who cannot find styles appropriate for her size and occupation.
Feasibility or Validation
- There must be a group of customers willing to purchase the product or product lines featured by the business at the price offered. (Target Market)
- The market must be large enough to support the business and generate a profit. (Feasibility Issue)
- The entrepreneur must be able to differentiate his or her product and business from that of the competition. (Competitive Advantage)
- The entrepreneur must be able to finance the business -- either personally or through funding sources. (Financial Attractiveness)