ENTREPRENEURSHIP

Feasibility Analysis Report

CIA 3
ASSIGNMENT

Submitted By:

THHANISH SUJAUDEEN (2027716)

Submitted To:

Prof. Padmavathi Koride S

MBA PROGRAMME
SCHOOL OF BUSINESS AND MANAGEMENT
CHRIST (DEEMED TO BE UNIVERSITY), BANGALORE
January 2022
 INTRODUCTION

Business Idea
People who get retired after a certain age face numerous mental and health related conditions.
Certain studies indicate that the effects tend to operate through lifestyle changes including
declines in physical activity and social interactions. There are many people who are interested in
working even after their retirement. To help this category of people and give an opportunity to
them, the idea is to create an online virtual application where both firms looking for hiring such
applicants & the candidates who are interested in working and in search of a job can use the
application. Such retired people who are interested in working further will have several years of
experience and companies coming to hire them can choose applicants according to their
company requirements through the newly developed application - RetroHire. The application is
aimed for the easy hiring process and providing opportunities for the retired skilled professionals
who still have it in them to make a big difference to organizations with the years and years of
experience they are backed with. Companies who are looking for expertise of this sort in
particular fields can enroll to hire these applicants from the platform itself.

FEASIBILITY ANALYSIS

The process of analyzing if a company proposal is viable is known as a feasibility study. It is a

preliminary assessment of a business concept to see whether it is worth pursuing.

The different parts of a feasibility study are:

1) Service feasibility
2) Industry and Target Market feasibility
3) Organizational feasibility
4) Financial feasibility

Let’s explore in detail the different parts of the feasibility study,

1) Service Feasibility
This is used to study and understand the overall acceptance or desirability of the service
that is provided to customers. Before the product becomes an entrant into the market it is
important to determine that customers actually need the product to solve a problem.

The two aspects that the service feasibility looks to cover are:
a) Service Desirability
Some of the questions that can be answered in order to determine desirability are:
→ If the service provided will get potential customers excited or not?
→ If the service is reasonable enough to solve a certain problem or bridge a gap
by keeping up with the industry trends?
→ Is it a good time to introduce this new service into the market?
In order to get a survey underway, the first step is to create a Concept Statement
for a concept plan.
 Concept statement for “RetroHire”

b) Service Demand
Talking to people is the only way to find out if your product or service is what
they desire. The aim is to see how customers react to the overall notion of what
you want to offer, and then alter, update, and enhance the concept depending on
the response. The second method for determining demand is to use web tools to
evaluate potential consumers' reactions. Conducting library, Internet, and
gumshoe research is the third approach to analyze the demand for a product or
service proposal.
 The method to be utilized to study the demand for the new service, “RetroHire”
will be the surveying method that will be sent to potential customers and gauge
their responses.

RESULTS (Survey):

Total of 100 responses were taken out of which 54.8% of the respondents were above 60 years of
age 35.5% were between the ages of 50- 60 and 9.7% of the respondents between the ages of 40-
50.

Out of the total respondents, the majority of respondents were people who retired between the
ages of 51 and 60 (58.1%). 25.8% of the respondents retired between the ages of 46- 50
Out of the respondents, the majority of 35.5% were from the Finance & Economic sector and
25.8% respondents were from Education.

The majority of the respondents out of 100 (51.6%) were people who used smartphones and
45.2% of the respondents used smartphones very frequently.
Following are the skillsets which were required by the respondents for the previous job.

Out of the total 100 respondents, 93.5% of the respondents are ready to work if they receive an
opportunity, also out of the total number of respondents, 64.5% of them have searched for jobs
after retirement.
For the question of whether the respondents have come across any platforms that provide jobs
for retired professionals, 80.6% of the respondents have answered No.

For the question of, if there was an application created for applying jobs for people who are
retired, 64.5% of respondents responded that they definitely will use it and 29% responded that
they probably will use it.
74.2% of the respondents are ready to invest in a feasible membership to land a job on this
platform. Majority of the respondents had passion and interest in what they did and they said if
they are again given an opportunity to apply to work, they will definitely apply for the same.
Also another reason what respondents told was that they had a lot of mental and physical stresses
and issues which they believe is the main reason caused due to inactivity after the retirement.

Following were the common responses which were observed from the respondents.

● Willing to work which can utilize their skills efficiently

● Having lot of personal issues and also several physical and health issues after retirement
which made them believe that they will be better once they get to work again
● Always had passion for what they were doing and because of the retirement age they
didn’t have any other way but to stop.

RESULTS (Research Paper analysis):

a) The increasing importance of technology has altered the E-recruitment process prototype
and modified the E-recruitment business. Despite the widespread use of technology and
e-recruitment, there is a paucity of research on the use of mobile job search apps. An
actual version of the extended unified theory of acceptance and usage of technology was
employed to understand the adoption. The information was gathered from students
enrolled in professional degrees at Jammu's Central University and Himachal Pradesh's
Central University. The current study's conclusions have a wide range of theoretical and
 practical consequences. This study's contribution would greatly assist app developers in
remembering numerous pertinent details when designing apps.

b) The cornerstone of any organization is the recruitment and selection of qualified

personnel. These two processes work together to provide the foundation of talent
recruitment and acquisition, which each successful firm relies on to grow and function.
The goal of the course is to illustrate the basic elements and challenges that managers
confront when handling and performing these operations. It will introduce future
managers to previous and current strategies for attracting and locating people for
unexpected manpower needs. The emphasis will be on learning about the criteria and
processes that shape the recruiting and selection process. It is also necessary to consider
the current evolution of processes, particularly the digitalization brought about by
technology.

2) Industry and Target Market feasibility

Is an evaluation of the industry's general appeal as well as the target market for the
proposed firm. An industry is a collection of businesses that provide a comparable
product or service. A company's target market is the specific segment of the industry
that it intends to pursue.

E- Recruitment Platform

E-recruitment is the process of attracting, assessing, choosing, recruiting, and onboarding people
via the use of web-based technologies. Employers may access a bigger number of potential
workers through e-recruitment. Companies can build their own e-recruitment stages in-house,
use e-recruitment HR software, or use recruiting firms that include e-recruitment in their
services.

Cost Effective
In terms of advertising, travel expenditures, and outside recruiter fees, recruitment costs are often
considerable. As a consequence, the hiring process takes an unnecessary amount of time and
money, which may be reduced by switching to e-recruitment, which allows you to publish free
job openings on several social media platforms with just one click.

Quicker Process
Simply by clicking a few buttons to screen, filter, and sort candidate information and CVs, the
recruiting process might be sped up. E-recruitment accelerates the process of accepting or
rejecting prospects one by one, and physical data entry is not required at this time.

Customized filtration
E-recruitment helps recruiters to filter requirements in order to find the best individuals with the
skills needed for the job. As a result, e-recruitment systems' filtering devices speed up the
process of sorting applicants based on experience, education, competences, and a variety of other
factors.

3) Organizational Feasibility
Organizational feasibility analysis is used to see if a prospective firm has enough
managerial expertise, organizational competency, and resources to launch successfully.

● Manpower: We need to work on the application that will be the centerpiece of

our offering. It must also meet security criteria in addition to being visually
pleasing. Additionally, an IT crew is required. We need someone who will devote
their entire attention to managing our marketing initiatives in order to get the
word out about our website. We also require someone to oversee the company's
financial operations.

● Revenue Stream: Because we were providing a platform rather than a concrete

product, it was difficult to determine what kind of revenue stream could be
broadly adopted. Despite the fact that we had various possibilities, we chose the
one that best met the needs. We would give retired people interested in applying
through our platform premium services that would brand and increase their profile
if they signed up for a monthly membership.
 ● Resources: For the application, we'll need to get a domain name. It may appear
simple, but it could have a significant impact on search results or when clients are
attempting to find our website. Maintaining a server that must be monitored and
examined on a regular basis is required. This is required since we will be dealing
with consumer money that must be kept safe and secure.

4) Financial Feasibility
Cost structure

Product Cost-range Comments

One-time App Development 50,000 to 1,00,000 INR This is to hire a small team
of 2-3 developers

App Management Cost 10,00,000 to 15,00,000 INR Full-time IT professional to

Yearly manage and oversee the
maintenance of the App

Marketing Cost 75,000 to 1,00,000 INR The corporation may spend

Monthly more or less money on web
marketing efforts depending
on promotions and events.
Most clients utilize some
form of social media, so it
all relies on the budget that
is in place at the time.

Rental Space 1200 INR per square foot We must hire space for the
staff to work departmentally
in order to allow them to
work freely.

Miscellaneous 10,000 to 20,000 INR Fees that we may incur in

Monthly the course of running or
beginning our business.
Total Start-up cash needed= 25,00,000 INR Approx.
 Appendix

1. Name *
2. Age *
3. Retirement Age *
4. Which sector did you retire from? *
5. How often do you use your Smartphone? *
6. What was the skill set required for your previous job? *
7. Would you work if provided a chance for the same? *
8. Have you ever searched for jobs after retirement? *
9. Have you come across any platforms that provide jobs for retired professionals? *
10. If there was an application to apply for jobs now through a platform, is there a chance
you will use it? *
11. Would you invest in a feasible membership to land a job on this platform? *
12. State a reason why you would be willing to use the application to find a job. *