Student Weekly Blog Report(6)

This week I will work on the slide that given by lecturer, about feasibility analysis. Before we start the lecture, our lecturer was told us to apply the knowledge that we learned from the lecture when doing some business idea, and business activity. We needed to take the lecture into mind, so it will apply useful knowledge for us whatever we are doing. When do the business idea, we must solve the problem that occur to us.

Our group had finished applied the license for do the business activity. We also had done the meeting for discuss the problem that occur for the place to do the business activity, and some plan to promote our goods. Business activity of our group is to sell the raya cards, and the favorite food to Malay culture, the “buah kurma”.

In the end of this week, I known that before do the business activity, we need to analysis. I had learned that what feasibility analysis is. Feasibility analysis actually is the process of determine whether a business idea is viable or not. It is the preliminary evaluation of a business idea that conducted the purpose to determine whether the idea is worth pursuing. Feasibility analysis takes the guesswork to a certain degree that out of a business launch, and provides an entrepreneur with a more secure notion whether a business idea is feasible or viable.

There are four forms of feasibility analysis, such as product or service feasibility analysis, industry or market feasibility analysis, organizational feasibility analysis, and financial feasibility analysis. Product or service feasibility analysis is an assessment of the overall appeal of the product or service being proposed. Before a prospective firm rushes a product or service into development, it should be confident that the product or service is what its prospective customers want.

Industry or market feasibility analysis is an assessment of the overall of the market for the product or service being proposed. There are three primary issues that a proposed business needs to consider, they are industry attractiveness, market timeless, and the identification of a niche market. It means that, we need to know where the suitable place and the time that can do the business.

Organizational feasibility analysis is concerned with determining whether the business itself has sufficient skills and has the resources that bring a particular product or service idea to market successfully. For this we need to consider whether we have enough of resource to do the business. There are two primary issues to consider in this organizational feasibility analysis. They are management prowess, and resource sufficiency.

For the financial feasibility analysis, quick financial assessment is usually sufficient. It basically talks about how much you can make it. Before we starting the business, we must consider the cost that we need to spend. In the financial feasibility analysis, the most important issues need to consider are total start-up cash needed, financial performance of similar businesses, and the overall attractiveness of the proposed venture.