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Business Idea: Industry and Market Study Instructions Think about a business idea you have dreamed of developing and describe it. If you don’t have one, you can identify a business opportunity related to your professional or personal life. Based on this business idea, proceed to examine the following aspects essential to understanding its viability: As a deliverable for the task, answer each question posed with the information corresponding to your idea as you conceive it. Indeed, you will be shaping and contenting your idea while developing your feasibility study. Follow the given format to present your answers. 1. Describe what the business idea you want to develop consists of. 2. Market study – Explain why the proposed product or service is necessary. A. Is there a defined need in the market for this product or service? Will its availability create value for end-users? B. Are there similar products or services in the market? Is it for the general market or just a part of the market (niche)? C. Who is the target customer? Describe the characteristics of your customer. 3. Competitor analysis A. Who is your competition? B. What specific competitive advantages will your product or service offer that differentiate it from the offerings of other similar businesses? C. How are competitors likely to respond to your business idea? How can you maintain the initial competitive advantage? 4. Entrepreneur’s capabilities – Specify the experience, skills, and contacts you must have as an entrepreneur in charge of business operations. Do you know the industry so that you master the business operation, or is it something that has interested you but is not your expertise? If it is not your direct knowledge, what must you do to have a more effective operation? 5. Financial capacity – Evaluate whether your current financial status allows the development of this business idea to be viable. Do you have the necessary capital to carry out this business? What would be your primary source of financing? Do you have the capacity to make a healthy initial investment? Do you have personal credit, or will you depend on external sources? Final reflection – After completing this feasibility study, is your business idea feasible as you initially described it? What should you eliminate? What should you modify? Should you postpone the start of your business, or is it possible to start it partially or fully (in the short term or the immediate future)? Explain.
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