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Chapter 5: Product Development

E-ACTIVITY: A FEASIBILITY STUDY (p. 168)

Activity: Determine the Feasibility of Your Business Idea

The high failure rate of new businesses and new products indicates that extensive study is necessary before undertaking a new business venture. A feasibility study is critical in determining whether a new business or a new product developed by an existing business will be successful.

In this activity, you will complete a feasibility study checklist to see if a business opportunity you suggest would be likely to succeed.

  1. Think of a business opportunity that you believe exists in your community. Discuss various opportunities with a partner. Select an opportunity that you are personally interested in, and write it down on a sheet of paper.

  2. Visit the Canada Business Service Centres and read the "Summary" and "Preliminary Analysis" sections at this Web site. Why do many new business opportunities or new ideas attempted by established businesses fail?

  3. Print out a copy of the "Feasibility Checklist for Starting a Small Business" from the Canada Business Service Centres' Web site. Work slowly and carefully to complete each section of the checklist. Review your responses and reflect on the advantages and disadvantages of going ahead with your venture. Note any skills or information that you would need to acquire before starting the venture.

  4. After completing the feasibility study checklist and reflecting on your responses, write a summary paragraph explaining why feasibility studies are important, whether you feel you would want to undertake your proposed business venture, and whether you think your business idea would be successful.