CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipEntrepreneurship Journey4 Marks
Question
Differentiate between feasibility study and business plan.
✓
Answer
Difference between Feasibility study and Business Plan:
Meaning: A feasibility study is not the same thing as a business plan. The feasibility study would be completed prior to the business plan. The feasibility study helps determine whether an idea or business is a viable option. The business plan is developed after the business opportunity is created.
Objective: Before anything is invested in a new business venture, a feasibility study is carried out to know if the business venture is worth the time, effort and resources. A feasibility study is filled with calculations, analysis and estimated projections while a business plan is made up of mostly tactics and strategies to be implemented in order to grow the business.
Linkage: A feasibility study can readily be converted to a business plan.
Benefit: It‘s important to think of the business plan in terms of growth and sustainability and the feasibility study in terms of idea viability.
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