In the event that you discover early on that your proposed business idea is not viable, you will

save both
time and money.

The results of your research may lead you to decide to proceed with the feasibility study, indicating that
you have resolved some fundamental difficulties. Although a consultant or advisor may assist you with
the pre-feasibility research, you should be actively involved in the process.

This is an excellent opportunity for you to have a better understanding of the difficulties surrounding
business development. The importance of a pre-feasibility study cannot be overstated, however,
because a resource cannot be converted into a reserve unless it is accompanied by at the very least a
preliminary feasibility assessment.

CONDUCTING A FEASIBILITY STUDY BEFORE STARTING A BUSINESS IS ESSENTIAL.

The primary goal of a feasibility study is to determine whether or not to proceed with a business idea
after doing preliminary research. Verifiable data is provided, which is quite beneficial in providing very
relevant information. A feasibility study could provide advice and suggestions to anyone who is
interested in starting a company venture.

Considering that a feasibility study is used to determine whether or not a proposed project (or business
endeavor) is feasible, an entrepreneur should undertake one before beginning work on any new
enterprise. Performing a feasibility study is usually recommended.