Before setting up any new venture, it is vital that a budding entrepreneur does his groundwork and prepare for his entrepreneurial journey. One of the most important step is doing a feasibility analysis. A well-planned and carefully executed feasibility analysis can almost guarantee the long-term success of any new venture. Mr. Brian Tan wants to set up his own business after working in several companies in varied industries over the last 22 years. He has adequate experience in each of these industries. Suggest practical ways how Brian could conduct a f
Question
Before setting up any new venture, it is vital that a budding entrepreneur does his groundwork and prepare for his entrepreneurial journey. One of the most important step is doing a feasibility analysis. A well-planned and carefully executed feasibility analysis can almost guarantee the long-term success of any new venture. Mr. Brian Tan wants to set up his own business after working in several companies in varied industries over the last 22 years. He has adequate experience in each of these industries. Suggest practical ways how Brian could conduct a feasibility analysis for the following four potential businesses he is interested in:
- A music school for adults;
- A fitness centre for women;
- A pet sanctuary; and
- A night club for young adults
Since his finances are limited and a mistake can be very costly at his age, Brian needs to ensure he steps into the right business. As an entrepreneurship education expert, he seeks your advice.
How would you suggest he make his final decision? Discuss. (Note: you are allowed to provide your own input and assumptions.)
2500 words.
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