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Entrepreneurship Journey — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipEntrepreneurship Journey5 Marks
Question
List the features of feasibility study.
OR
Why are feasibility studies more important?
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Answer

Following are the main features of feasibility study:
  1. Process: A feasibility study is a process in which an idea is studied to see whether it will work and if going to work then how it will work.
  2. Comprehensive: A feasibility study looks at the total structure, needs, requirements, operations of a business, etc.
  3. Specific: Feasibility study looks at one issue, i.e. specific task, program, idea, or problem.
  4. Pros and cons: A feasibility study looks at both sides, i.e. merits and demerits. It also takes into consideration potential problems.
  5. Foundation: A feasibility study serves as a foundation for developing a successful business plan.
  6. Essential requirement for loan: Lending financial institution requires the feasibility study considering the proposal for loan by the entrepreneur.

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