The man scoffed, replying that Lester should sleep in a shelter. The shelter was crowded and smelly. The dilapidated building provided isolation away from others, but quiet and security in its own way that the shelter could not.
This experience led Lester to voluntarily live as a homeless person for a few weeks. His journey led him to create Love Beyond Walls www.
A feasibility study of homelessness in a particular area could yield surprising findings that might lead to social entrepreneurial pursuits. As an Amazon Associate we earn from qualifying purchases. Want to cite, share, or modify this book? This book is Creative Commons Attribution License 4. Skip to Content Go to accessibility page. Entrepreneurship My highlights. Table of contents. Learning Objectives By the end of this section, you will be able to: Describe the purpose of a feasibility analysis Describe and develop the parts of a feasibility analysis Understand how to apply feasibility outcomes to a new venture As the name suggests, a feasibility analysis is designed to assess whether your entrepreneurial endeavor is, in fact, feasible or possible.
Organizational Feasibility Analysis Organizational feasibility aims to assess the prowess of management and sufficiency of resources to bring a product or idea to market Figure Figure Location Feasibility Figure Love Beyond Walls When Terence Lester saw a homeless man living behind an abandoned, dilapidated building, he asked the man if he could take him to a shelter. What is a social cause you think could benefit from a formal feasibility study around a potential entrepreneurial solution?
Footnotes 47 Ulrich Kaiser. Previous Next. Order a print copy As an Amazon Associate we earn from qualifying purchases. We recommend using a citation tool such as this one.
Before the entrepreneur can seek funding, he or she must demonstrate that the idea is truly a good one. In order to create a feasibility study, entrepreneurs need to define dimensions of business viability including: market viability, technical viability, business model viability, management model viability, economic and financial model viability, and exit strategy viability.
A feasibility study is not the same thing as a business plan. The feasibility study would be completed prior to the business plan. Before you begin, it's important to define and distinguish between a feasibility study and a business plan. A feasibility study is done before starting a business, when you have the idea for the business but you want to make sure it's feasible, or advisable.
Put another way, is it worth your time, effort and money to create this business? Several different professionals may contribute to the study, such as an accountant, entrepreneurs who have opened successful businesses, and Realtors who advise on the worth of the location and pricing, comparing similar businesses in the area. A business plan details how the business will operate. It assumes your feasibility study has been completed and it was determined the idea is viable.
Now you're going to spell out your financial and other objectives, the methods you plan to use to achieve them, and your proposed organizational structure. Comparing the similarities between feasibility study and business plan is important because both are used in different ways to help you create a profitable business. Similarities between the two documents include:.
It's equally important to understand the difference between feasibility study and business plan. They are not the same, and one cannot substitute for the other. Differences include:. If you're doing the feasibility study yourself, conduct a complete competitive analysis considering the following:. Writing a business plan may seem daunting, but if you take it step-by-step, it will come to fruition. The Small Business Administration advises that business plans should include the following:.
Barbara Bean-Mellinger is a freelance writer who lives in the Washington, D. She has written on business topics for bizfluent.
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