The impact of feasibility study on Kurdistan small investment projects

Kale Jaza Hama Amin

Department of International Trade, Law and Administration College, University Of Halabja,
Ababaile, Halabja, 46018, IRAQ
Email: kale.jhit2021@uoh.edu.iq

ABSTRACT:
A feasibility study involves investigating the practicality and viability of a proposed project to determine
whether it is worthwhile. Investment projects require a large outlay of cash and a long payback period,
while smaller investment projects are intended to produce a return on investment in a short period of time.
The purpose of conducting a feasibility study is to assess the risks and rewards of the project, as well as to
determine whether there is a likelihood of financial success. Shaho Sweets Project was established in
2012 by Omar Ali to provide refrigerators and sweets to the people of Halabja. The project owner
conducted a successful feasibility study, took a month and ten days to expand his shop and brought
materials, 38 tables and 154 chairs, which cost about 54 million Iraqi dinars. After the completion and
enlargement of the shop, he made a good income and paid off all his debts in one year and six months.
Now there is only one branch left, the Wazana branch.

Introduction: -
An investigation of the practicality and viability of a proposed project is known as a feasibility study, and
it is often carried out to decide if the project is worthwhile. To determine if a project is feasible, a variety
of issues, including technical, economic, legal, and environmental considerations must be evaluated.
Investment projects are those that need for a substantial outlay of cash and frequently have a lengthy
payback period. Large enterprises, governments, or individual investors may work on these initiatives,
which might include creating new goods, constructing infrastructure, or making investments in already-
existing companies.
On the other side, small investment projects are those that have a modest capital need, frequently have
few resources, and are meant to produce a return on investment in a short length of time. These initiatives,
which might range from beginning a small internet business to establishing a local service or retail
business, are frequently taken on by entrepreneurs or small firms.
The goal of performing a feasibility study for an investment project, even a small one, is to evaluate the
possible risks and rewards of the project, as well as to establish if it is likely to succeed financially.
Shaho Sweets Project was founded by Omar Ali. The purpose of this project is to provide all kinds of
refrigerators and sweets for the people of Halabja. Initially, in 2012, it was a small shop that only
prepared and sold sweets. Then, in 2017, the owner of the project came up with the idea to add
refrigerators through a feasibility study He spent about a month and ten days expanding his shop, then
began to increase the number of employees to seven employees and brought equipment to his shop, 38
tables and 154 chairs, along with many other equipment that his shop needed, which cost about (54)
million Iraqi dinars cost Then after the completion and enlargement of the shop after the second year they
began to withdraw the amount of money spent on the project according to the feasibility study that the
owner of the project (Omar Ali) in the second year earned a good income This economic crisis in
Kurdistan was 600 to 700 thousand. His monthly and annual income was good enough to pay off all the
debts in one year and six months. They have opened several other branches in the cities of Wazana, Zalm
and Avesar, but now they have only one branch left, which is the Wazana branch. The owner of the
project (Omar Ali) has set up a (feasibility study) for his project and has been successful.
Literature Review: -

Steps in a Feasibility Study

Conducting a feasibility study involves the following steps:

1. Perform early analyses.
2. Create an income statement that is predicted. What kind of revenue could the project possibly bring in?
3. Carry out a market analysis. Does the initiative produce a good or service that the market needs? What
will customers spend on the product or service?
4. Organize the new project's organizational structure. What are the personnel needs? How many
employees are required? What further resources are required?
5. Create an opening day balance of anticipated costs and income.
6. Examine and assess the project's internal points of vulnerability that may be mitigated or removed.
7. Choose whether to carry out the project or plan. Types of the feasibility study
1. Technical feasibility
2. Economic feasibility
3. Operational feasibility
4. Legal feasibility
5. Schedule feasibility

Technical viability:
The project's engineering viability is considered in the technical viability. The project's design must take
into account a number of significant engineering factors, including civil, structural, and other pertinent
factors. The technical aptitude of the anticipated technologies and the project's workforce are taken into
account.
It is important to examine how technology is transferred across cultures and geographical locations in
some cases, especially when initiatives are taking place in third-world nations. The variations in fuel
supply, location, terrain, infrastructural support, and other issues are grasped by doing this, as well as any
productivity gain (or loss), ramifications, and other issues.

Economic feasibility: -
To determine the financial viability of the project, you need to evaluate the economic factors. You can
conduct a cost-benefit analysis to help you compare the project’s financial costs against the projected
benefits.
This assessment also enhances project credibility and helps the decision-makers in determining the
positive economic benefits that the project will provide to the organization.1

Operational feasibility: -
A project's operational viability is determined through a feasibility assessment of your business. This
covers organizational structure, workforce needs, and any relevant legal requirements. Your team will
know at the conclusion of the operational feasibility study if you have the resources, abilities, and
competencies required to finish this activity.2
Legal feasibility: -
The feasibility assessment examines whether or not the proposed system violates ethical standards and
legal constraints. 3
Schedule feasibility: -

An investor's perspective is that a project must be finished on schedule. Scheduling viability is a gauge of
how realistically long the project will take. If the project takes longer than expected, investors will be
responsible for additional expenditures.

1
https://blog.bit.ai/feasibility-study/
2
https://asana.com/resources/feasibility-study
3
https://www.marketing91.com/feasibility-study/
As an illustration, an investor suggested to your business building a hotel. He did ask that the project be
finished in a year, though. Based on a list of needs, the project team conducted a feasibility analysis to
ensure that the project would be finished on schedule.

You will determine any potential obstacles the proposed project could encounter after examining the
legal, technical, economic, scheduling, and operational feasibility assessments.

Simply said, both internal and external restrictions may be present in a project.

 Internal project restrictions are those relating to technical, technological, and financial issues.
 Internal business restrictions include those related to finance and marketing, for example.
 • External restrictions include, for example, laws, rules, and surroundings.4

Histoy of feasibility study

From ancient times, feasibility studies have played a role in human decision-making. Before allocating
resources, it has long been a practice to assess a project or venture's viability and likelihood of success.
For instance, before being given permission to proceed, would-be company owners in ancient China were
obliged to present business plans and undergo examinations of their viability.

The idea of a feasibility study became increasingly well-known in modern times in the 20th century,
especially in the project management, engineering, and building industries. The Tennessee Valley
Authority (TVA) performed a feasibility study for a hydroelectric power project in 1933, marking the first
time the phrase "feasibility study" was used in a formal document. An evaluation of the project's
prospective costs and benefits was included in the TVA report. a technical and environmental feasibility
analysis, as well as.

At that time, feasibility studies have been a required step in the project planning process for companies,
governmental bodies, and nonprofit groups. Often, a feasibility study would look at things like market
demand, technological viability, financial viability, and environmental effect.

Nowadays, feasibility assessments are essential to ensure that projects are well-planned, effectively
carried out, and that the resources allocated to them are utilized effectively. They aid in recognizing
possible dangers and difficulties so that solutions may be developed. Feasibility studies can reduce the
possibility of project failure and raise the chance of success in this way.5

Why is a feasible study important?

Because they may help with the creation of business strategies and cross-functional tasks, feasibility
studies are crucial. Here are some details on the significance of a feasibility study:

Reassure investors and banks: A feasibility study can increase the amount of project spending you have
available by persuading financiers that a project is worthwhile.

Enable new business developments: While deciding whether to extend operations, a firm takes several
variables into account. Feasibility studies provide you the chance to identify potential problems, the
resources you'll need, and the market viability of your new ventures.
Reduce risk: Feasibility studies offer vital insight into a project's successes and flaws, enabling
management to take on new business endeavors with zero risk.

4
https://www.projectcubicle.com/feasibility-study-in-project-management/
5
A Short History of Feasibility Studies" by Jack E. Bowsher, published in the Project Management Journal (1989).
Develop sensible plans: You may put a practical and workable strategy in place for your project with the
assistance of the data acquired from a feasibility study.
Discover project problems: You can adjust your project to create room for a new idea if a feasibility
assessment determines that it is not viable. As a result, you may keep what is effective while getting rid of
everything problematic.
Minimize investment: Because a feasibility study accurately portrays a project's requirements, you may
find any areas where expenses can be cut before the project begins.6
Uses of feasibility study to determine the requirements
The project's concern will dictate how the feasibility study is used to define how the needs are
determined. For instance, the requirements for an information system are fundamentally different from
those for a product.
A feasibility study and formal review with all parties involved should be conducted after collecting all the
previously mentioned components the review has two goals: it verifies the feasibility study's correctness
and decides whether to approve, reject, or ask for a review of the project before a final decision is made.
If accepted, it is crucial that all stakeholders sign the agreement showing their agreement and dedication
to it; while it may seem like a little gesture, signatures have a significant impact as the project moves
forward. If the feasibility study is denied, the paper should provide an explanation of the rejection along
with the reasons.
Feasibility studies are used to choose the best course of action
Uses of feasibility studies indicate the suggested solution method or course of action to satisfy the
requirements. At this point, existing structures and commercial options (such as "build-to-purchase"
decisions) are also taken into consideration along with a variety of alternatives.
Feasibility study applications at the evaluation level
The evaluation compares the economics of the various options and looks at how cost-effective the
selected strategy is. This process starts with an examination of the expected overall cost of the project and
the suggested solution. For development projects, a project timetable outlining the project's course,
beginning and ending dates, and an estimate of labor costs and indirect expenditures are integrated.7

what is the investment?

Investment is the practice of trading money from one time period for an asset that is anticipated to
generate income in the future. Consumption now is thus sacrificed in order to reap higher rewards later
on. Total output must surpass entire consumption for an economy to invest. Investment has historically
been predominantly a function of private enterprise; since the 20th century, governments in planned
economies and emerging nations have, however, emerged as significant investors. Investment in the
means of production and solely financial investment can be separated from the perspective of a person.
Although both kinds may give the investor a financial return on an individual basis, Purely financial
investments, when viewed from the perspective of the entire economy, seem solely as title transfers and
do not increase the capacity for production.
An asset or object acquired with the intention of creating revenue or recognition is referred to as an
investment. A purchase of products that are not used right away but will be utilized to create wealth down
the road is referred to as an investment in an economic view. An investment in finance is a financial asset
that is purchased with the expectation that it will either continue to provide income or be sold at a profit at
a later date.

6
https://uk.indeed.com/career-advice/career-development/feasibility-study
7
https://www.manaraa.com/post/6068/What-is-the-use-of-feasibility-study - Uses%20of%20feasibility%20study
Investment is clarified as the addition of tangible capital, such as machinery and buildings, to the
stockpile.

Routes, etc.
i.e., everything that affects a manufacturer's catalog (or stock of finished goods) and the economy's
potential for future productivity. The phrase "investment commodities" refers to items that are part of the
end commodities and not intermediate commodities like raw materials, such as equipment. The services
provided by the machines produced in an economy during a particular year are not "used up" to make
other goods. Instead, they are provided across time. The market rate of interest has a significant role in the
decisions that firms make about investments, such as whether to purchase new gear. But, for the sake of
simplicity, we assume that businesses intend to invest the same amount each year.8
What Sorts of Investments Come to Mind?
From stocks to jewels, there are several investing alternatives. Basically, an investment might be anything
that a person thinks will rise in value over time or provide income (usually in the form of interest or rent).
Stocks

A kind of equity ownership is stocks. By purchasing stock, you get ownership of a corporation. The
earnings and assets of a firm may be used to your advantage, making stocks a profitable investment..
Bonds A bond is a contract between an investor and the business, nation, or government agency issuing it.
In exchange for interest and the return of principle at maturity, investors who purchase bonds are lending
money to the issuer. This is an investment choice because of the bond return.
The real estate industry
Real estate includes both land and any tangible items or land-related improvements (including houses).
Real estate ownership can be viewed as an investment since it is possible to accumulate equity over time
and generate a profit from any rent collected.
Investment funds
You might think of a mutual fund as a "basket" of investments. Investors have access to a variety of
investing opportunities through mutual funds (e.g. bonds, stocks, equities). This produces an inexpensive,
diversified portfolio of assets. The contents of mutual funds are determined by the fund's declared aim,
which varies in risk.9
The Origins of Investing
The ability to pick up the phone and invest in a business is now taken for granted. Yet that is a very new
creation, much like the majority of contemporary investing's features.
Who made the initial investment? What is the background of investment? Will the basic principles of
investing ever change? We're going to take you on a journey through the development of investing today.
Investing in Ancient Mesopotamia
Most histories of investing begin in the 16th century in Europe. We like to begin much sooner, though.
We think the famed Code of Hammurabi, which was written about 1700 BCE, is where the history of
investing may be found. The foundation for many of civilization's most important rules was supplied by
that code. That provided us with a legal basis for investing, which is what matters most for this piece. In
essence, the statute created a mechanism for pledging property in return for funding a project. Land was

8
https://byjus.com/commerce/investment/
9
https://investinganswers.com/dictionary/i/investment
required to be offered as collateral under the Code of Hammurabi. Anybody who disregarded their duty as
a debtor or creditor received punishment. But, when we discuss investing, we often refer to the
contemporary system of stock trading, securities trading, and banking.So let's fast-forward to the 17th
century.
The Amsterdam Stock Exchange and the year 1602
You'll almost always learn that the first stock exchange was the Amsterdam Stock Exchange when you
hunt for information about it online. Although other comparable institutions appeared in Europe around
this time and are widely acknowledged as existing (Antwerp had a financial exchange system in the 16th
century, for example).10
Amount of investments
Sex investments for one
Two-moderate investment

Three-big investment
Perhaps these phrases are vague, but they are helpful when deciding how to invest your resources,
especially when market uncertainty rises, as it is at the moment.
Whether you are looking for information online or attempting to gain a sense of how to invest your funds,
terms like "short-term," "medium-term," and "long-term" and related ones like "short, medium, and long
run" may come up frequently. Inquire about your "temporal horizon" if you contact a financial advisor; if
they don't, look for another one immediately. You'll learn that putting your money in a bank is a better
long-term investment than bonds, stocks, or other long-term investments like many government securities
or other bonds. If you have long-term goals, some individuals could advise you to retain your assets in
shares during this period of stock market losses. Short-, medium-, and long-term investments all refer to
the 'time horizon' of your investments, or the length of time you envision keeping your money invested
until you need to use it.
How long are short- medium- and long term?
There are no specific definitions, although short-term is typically defined as lasting less than two years,
medium-term as lasting between two and five or ten years, and long-term as lasting more than five or ten
years. When discussing the long term, the definition of "over 10 years" may be more helpful because
durations so long are likely to encompass a whole financial cycle, which some experts estimate lasts an
average of seven years and is marked by several stock market changes. This is crucial because it lowers
the danger of buying at the highest price and selling at the lowest, which is the worst case scenario for
your funds, if you hold an investment in shares for at least 10 years.11
Investments by men:
Without needing to make a significant financial commitment, little investment ideas might be an excellent
way to get started in the world of investing. Investing in startups or small businesses can, however, have
certain drawbacks. Thus, remember that little investments...
1. May be more erratic.
2. May not offer the same potential for development as larger investments.
3. May be more challenging to sell if you need to withdraw money right away.
4. You might need to conduct further study and exercise due diligence.

10
https://bebusinessed.com/history/history-of-investing/
11
https://economiapertutti.bancaditalia.it/notizie/short-medium-and-long-term-in-financial-investments/?dotcache=refresh
Ultimately, putting some simple investment concepts into practice might be a wonderful approach to start
investing with a modest amount of money. Just be sure to conduct your research and comprehend the
hazards before jumping in. Often, little investments may provide large rewards. Moreover, with a little
amount of strategy and study, you may make modest investments that have a significant return. We now
have plenty of options to invest modest amounts of money thanks to technology.12

What Is Medium Term?

A holding time or investment horizon that is of a medium length is called medium term. The asset class
being evaluated as well as the investor's personal preferences will determine the precise length of time
that is regarded as medium term. Bonds with a maturity of two to ten years are referred to as medium-
term bonds in the fixed-income market. A stock held for a few weeks may be considered a medium-term
position by a day trader who seldom keeps open positions overnight, whereas a long-term investor may
define medium-term as a holding duration of one to three years. In the same way, homeowners may
consider anything shorter than 10 years to be a medium-term horizon for real estate. Short term, which is
sometimes defined as lasting less than a year or two, and long term can be compared with medium term
(longer than 10 years).13

How Does the Medium Term Work?

Different investors hold medium-term assets or investments for a variety of reasons. To cover costs that
may arise in the near future, such as paying children's school tuition, purchasing a house, launching a
business, and other reasons, an individual investor might purchase medium-term bonds. The definition of
a medium-term position varies among stock traders; for example, an investor who keeps a stake for a
week may consider keeping a position for a month to be a medium-term position. This means that there is
no set standard for determining the time horizon or length of an investment.
Create a midterm. For instance, properties owned for fewer than ten years in real estate might be
classified as medium-term assets.14
Large investment:
An eligible situation is one where the value exceeds 50 million euros, is determined by using the
exchange rate and price on the dating site where the assistance was provided, and involves the production
of crops, the transformation of agricultural products into quasi-products, etc. Investment opportunities in
basic service providers and village renewal, as well as the expansion and development of quasi-activities,
all fall under the category of big investment projects. An investment project is considered major if its total
eligible costs, calculated at the prices and currency rates in force on the day aid is distributed, exceed
EUR 50 million Any first investment made by the same beneficiaries (at the group level) within three
years of the beginning of construction on another aided investment within the same NUTS 3 area is
referred to as a large investment project. It's viewed as a single investing strategy. 15
- History:
During the time that massive constructions like the Giza Pyramids and the Chinese Great Wall were being
built, massive project expenses have existed. Yet it was not until the middle of the 20th century that the
contemporary idea of funding sources, which entails supporting big infrastructure projects by mixing debt
and equity, first came into existence. The 1970s building of the Trans-Alaska Pipeline System is one of
the first and best-known instances of project finance. A group of oil companies provided funding for the
project, which planned for the construction of a pipeline to transport oil from Alaska's Northern Peninsula
to the port of Valdez. In order to fund large-scale infrastructure projects like power plants, roadways, and
airports, project financing is increasingly widely employed. To finance these ventures, a group of

12
https://investmentu.com/small-investment-ideas/
13
Medium Term: Definition in Investment Time Periods. (2022, April 17). Investopedia.
https://www.investopedia.com/terms/m/mediumterm.asp
14
https://thebusinessprofessor.com/en_US/investments-trading-financial-markets/medium-term-definition
15
https://www.lawinsider.com/dictionary/large-investment-project
investors may typically combine their funds.The proceeds from the project are then used to pay off the
loan and repay investor equity. Generally speaking, the history of significant project investment has been
characterized by an ongoing rise in project scale and complexity as well as the creation of new financing
strategies and risk management procedures.16
- How to use it:
a. You must decide what your financial goals are before investing in a large project. Are you seeking
stable income over the long term, long-term capital growth, or both? Your choice of business will depend
on your investing objectives.
a. Once you have decided what your investing goals are, thoroughly research the project. This entails
going over the project's financial documents, checking its cash flow, and figuring out the hazards.
In evaluating the prospective returns on the venture, take into account the project's potential returns. This
entails calculating the expected working capital and evaluating the overall risk-adjusted investment
returns.
d- Decide whether to invest: Based on your investigation and assessment, you should decide whether to
support the effort. Also, consider your financial readiness and portfolio's level of diversification.
e- After investing in a project, you should continue to monitor how it performs and changes over time.
Reviewing financial records and other relevant data is required for this, as is keeping a watch out for any
potential financial or economic shocks that might have an impact on the investment.
Overall, extensive study, assessment, and monitoring are required to make effective utilization of a large
investment project. By doing these things, you may make wise investment decisions that assist you in
achieving your financial objectives.17

The Impact of feasibility study on Kurdistan small investment projects:

It is generally agreed upon that feasibility studies are a crucial tool for business owners who wish to
evaluate the viability of their projects. For a feasibility study, a thorough investigation of several elements
is necessary, including market, financial, operational, and strategic evaluations. 2016 (Tahir & Zaidi). A
feasibility study identifies possible issues before they occur, allowing small business owners to anticipate
risks and reduce them. To assess the financial sustainability of their company plan, they can anticipate
cash flows, calculate investment returns, and identify prospective funding sources. 2020 (Yassin)18
Below is a breakdown of how feasibility studies impacted small businesses in Kurdistan:
1. Risk management: A feasibility study aids Kurdish small company owners in recognizing the risks
associated with opening a new enterprise. By doing so, they are able to anticipate issues and plan
accordingly, reducing their risks.
2. Financial Planning: Kurdish small company entrepreneurs can use a feasibility study to assess the
financial sustainability of a proposed endeavor. This entails forecasting cash flows, estimating the
company's future expenses and revenues, and calculating the investment's return.
3. Operational Planning: A feasibility study assists Kurdish small business owners in identifying their
company's operating needs, including the sites, people, and equipment required. They may then allocate
resources and create the necessary plans as a result.
4. Strategic Planning: With the use of a feasibility study, Kurdish small company owners may create a
business plan that includes identifying their target market, competitive environment, and marketing
techniques. They might be able to improve their odds of success and, as a result, better position their
business in the market.

16
https://www.mckinsey.com/capabilities/operations/our-insights/megaprojects-the-good-the-bad-and-the-better
17
https://kkgtechnical.com/what-is-investing-and-investment-strategies-for-wealth-creation
18
Aram, J. D., & Hassan, H. (2017). The role of feasibility studies in the success of new ventures: An exploratory study of SMEs
in Kurdistan Region of Iraq. Journal of Entrepreneurship in Emerging Economies, 9(2), 242-259
5. Investor Confidence: Small company owners in Kurdistan might attract investors by doing a
feasibility study to show that they have thoroughly considered their business concept and have a clear
strategy for success.19
An additional crucial component of viability studies is operational planning. A feasibility study assists
small business owners in identifying their organization's operating needs, including the people, facilities,
and equipment needed. They may then allocate resources and create effective strategies as a result. 2015
(Mwenda). A viability assessment has to include a future strategy. It helps small business owners develop
a strategic plan by assisting them in determining their target market, competitive environment, and
marketing tactics. As a result, they could successfully promote their company and raise their chances of
success (Kumar & Rajan, 2017). Hence, carrying out a feasibility study might have a big influence on
how well Kurdistan's small firms function. It makes it simpler to spot possible risks and opportunities,
develop a strong financial and operational strategy, and, and establish the strategic posture of the
business..20

19
Vahdani, E., & Asadian, F. (2021). Feasibility study of saffron cultivation in rural areas of Kurdistan province. 163-182.
20
Kumar, C. A., posts by CS Abhishek Kumar, V. A., & India, V. C. (2021, July 4). 7 Steps to Conduct a Complete Feasibility
Study Report for your New Business Venture| Learning articles for Startups, Digital , Legal , Finance and Strategy | Venture
Care

Conclusions:
REFERENCES:
1 https://blog.bit.ai/feasibility-study/
2 https://asana.com/resources/feasibility-study
3 https://www.marketing91.com/feasibility-study/
4 https://www.projectcubicle.com/feasibility-study-in-project-management/
5 A Short History of Feasibility Studies" by Jack E. Bowsher, published in the Project Management
Journal (1989).

As a student, I cannot directly congratulate someone on their (Feasibility study) but I can offer some
guidance on how to write a congratulatory message for someone who has completed a feasibility study. In
short, I can say that I was impressed by the Shaho Sweets Project was established in 2012 by Omar Ali to
provide refrigerators and sweets to the people of Halabja. The project owner conducted a successful
feasibility study, took a month and ten days to expand his shop and brought materials, 38 tables and 154
chairs, which cost about 54 million Iraqi dinars. After the completion and enlargement of the shop, he
made a good income and paid off all his debts in one year and six months. Now there is only one branch
left, the Wazana branch.. I really agree with the project owner that the feasibility study was very
successful
6 https://uk.indeed.com/career-advice/career-development/feasibility-study
7 https://www.manaraa.com/post/6068/What-is-the-use-of-feasibility-study - Uses%20of%20feasibility
%20study
8 https://byjus.com/commerce/investment/
9 https://investinganswers.com/dictionary/i/investment
10 https://bebusinessed.com/history/history-of-investing/
11 https://economiapertutti.bancaditalia.it/notizie/short-medium-and-long-term-in-financial-
investments/?dotcache=refresh
12 https://investmentu.com/small-investment-ideas/
13 Medium Term: Definition in Investment Time Periods. (2022, April 17). Investopedia.
https://www.investopedia.com/terms/m/mediumterm.asp
14 https://thebusinessprofessor.com/en_US/investments-trading-financial-markets/medium-term-
definition
15 https://www.lawinsider.com/dictionary/large-investment-project
16 https://www.mckinsey.com/capabilities/operations/our-insights/megaprojects-the-good-the-bad-and-
the-better
17 https://kkgtechnical.com/what-is-investing-and-investment-strategies-for-wealth-creation
18 Aram, J. D., & Hassan, H. (2017). The role of feasibility studies in the success of new ventures: An
exploratory study of SMEs in Kurdistan Region of Iraq. Journal of Entrepreneurship in Emerging
Economies, 9(2), 242-259
19 Vahdani, E., & Asadian, F. (2021). Feasibility study of saffron cultivation in rural areas of Kurdistan
province. 163-182.
20 Kumar, C. A., posts by CS Abhishek Kumar, V. A., & India, V. C. (2021, July 4). 7 Steps to Conduct
a Complete Feasibility Study Report for your New Business Venture| Learning articles for Startups,
Digital , Legal , Finance and Strategy | Venture Care