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What is the purpose of checking the feasibility of a business idea?

Answer and explanation

Correct answer: To know whether the idea can be practical and profitable

A feasibility check is an early planning step used to examine whether a business idea can actually work. It considers factors such as customer need, available resources, likely costs, competition and possible income. If the idea appears workable and potentially profitable, the entrepreneur can plan further; if not, the idea can be improved before major money and effort are invested. Choosing a name or logo does not test the idea’s viability.

Related tags

FeasibilityBusiness-PlanningIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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