In entrepreneurship, what is the process of determining whether a new business idea is practical and viable before launching it called?
Answer and explanation
Correct answer: Feasibility study
A feasibility study evaluates whether a proposed venture can realistically be carried out. It may examine customer demand, technical requirements, costs, resources, legal issues, risks, and possible returns. A market survey can provide useful information for the study, but it is only one component; production and advertising occur after or alongside planning.
Frequently asked questions
What is the correct answer to this question?
Feasibility study
Why is this the correct answer?
A feasibility study evaluates whether a proposed venture can realistically be carried out. It may examine customer demand, technical requirements, costs, resources, legal issues, risks, and possible returns. A market survey can provide useful information for the study, but it is only one component; production and advertising occur after or alongside planning.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
