FEASIBILITY STUDY AND MARKET RESEARCH

An extensive feasibility analysis is needed for startups to assess their possibilities of successfully completing projects. Businesses employ feasibility studies to evaluate a project’s possible advantages and disadvantages.

Startup Feasibility Study and Market Research are important steps for entrepreneurs when starting a new business. A feasibility study is an analysis of the viability of a proposed project, product, or business idea, and helps to determine if the project is worth pursuing. It considers factors such as market demand, competition, production costs, and potential return on investment.

Market research, on the other hand, involves gathering information about target markets, competitors, and customer needs. This information helps entrepreneurs understand their market and the potential demand for their product or service.

Conducting a feasibility study and market research is crucial for startups as it helps them determine the viability of their business idea, and make informed decisions about how to proceed. It provides valuable insights into the market, helps identify potential challenges and opportunities, and allows startups to develop a solid business plan and strategy.