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BUSINESS FEASIBILITY STUDY (STUDI KELAYAKAN USAHA)

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Written by Ahmed Sardi (220010101001)

FINAL TASK

ENTREPRENEURSHIP
BUSINESS FEASIBILITY STUDI
(STUDI KELAYAKAN USAHA)

AHMED SARDI
(220010101001)

DOCTORAL PROGRAM
ENGLISH EDUCATION
MAKASSAR STATE UNIVERSITY
2022
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Written by Ahmed Sardi (220010101001)

BUSINESS FEASIBILITY STUDY

(STUDI KELAYAKAN BISNIS/USAHA)

INTRODUCTION

Since somebody is planning to launch and operate a firm, they must do a business
feasibility study. Researching in-depth is done at this point. A business feasibility study can be
helpful to a firm since it determines whether or not a business strategy is feasible, as the name
implies. Business feasibility studies are not randomly conducted. Business owners need to be
aware of the objectives, stages, and aspects.

Generally, a business or business feasibility study is research that concerns various

aspects, be it from legal, socioeconomic and cultural aspects, market and marketing aspects,
technical and technological aspects to management and financial aspects, where it is all used for
the basis of feasibility study research and the results are used to make decisions whether a project
or business can be done or postponed and even not carried out.

In accordance with the future conditions are filled with uncertainty, certain considerations
are needed in starting a business, where the basis of these considerations can be obtained through
a study of various aspects of the feasibility of a business to be run, so that the results of the study
are used to decide whether a project or business should be feasible to do or postpone or even
cancel. The above is to show that the feasibility study will involve many teams of various experts
according to their respective fields or aspects such as economists, law, psychologists,
accountants, technology engineers and so on.

DISCUSSION

A. Definition of business feasibility study

Perhaps for ordinary people, let alone novice business people, business feasibility studies
still sound unfamiliar. In fact, this study has an important role in business because it is oriented
towards the success or failure of the business. According to Kasmir and Jakfar (2010), a business
feasibility study is an activity that explores a business or business to be carried out, in order to
decide whether or not the business is feasible to be applied."

In essence, a business feasibility study is an activity to determine whether a business is

feasible to run or not in addition to its continuous operational activities. Business feasibility
studies assist entrepreneurs in making informed decisions. For beginners, this study is very
important to do to avoid losses. There are at least five areas that will be researched and analyzed
in a feasibility study in a business, namely:

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1. Market description
2. Business description
3. Required technology
4. Financial details and organizational structure of the business
5. Conclusion on how the business that was initiated can advance

B. Objectives of the business feasibility study

Some of the objectives of the existence of business feasibility study, including:

1. Streamlining a plan
A business needs useful planning for the future of the business itself and
predictions of the possibilities that occur. The planning can be designed by involving the
amount of capital, the time of implementation, the location, and the procedures for
implementation, the amount of profit, and supervision of deviations.
2. To avoid the risk of loss
Business feasibility studies can minimize losses, both easy and difficult to control.
If it is under control, stagnation in doing business can be guaranteed.
3. To Make it easier to carry out work
Properly crafted planning can make work easier to apply, so employees have
guidelines and stay focused on goals. As a result, the business plan went as planned. It is
necessary to check out a selection of the best employee benefit insurance policies.
4. To encourage supervision easier
Due to the application as planned, supervision will be easier to carry out. The
purpose of supervision is to ensure that all business activities are in accordance with the
original plan.
5. To offer controlling easier
Business feasibility studies are able to minimize deviations if there are cases that
occur when the business is run. For instance, to avoid irregularities in the financial field,
companies can use accounting software.

C. Aspects of the business feasibility study

Business people must be careful in conducting a business feasibility study even though
basically the aspects are flexible, can be added or decreased according to needs. There are
several basic aspects that will definitely be researched when the analysis is carried out,
including:

1. Legal or legality aspects

Legal or legal aspects are closely related to all matters related to the legality or
provisions of the establishment of a company. The points that are commonly analyzed
are:

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a) Location permissions
b) Company registration certificate
c) Tax Identification Number (TIN/NPWP)
d) Deed of establishment of the company from a notary
e) Trade Business License (SIUP)

2. Economic and cultural aspects

The economic and cultural aspects of the business feasibility study analyze the
impact caused by the company around the site. The extent is to which the company
influences the culture of the surrounding area. When viewed from the economic side, the
business feasibility study analyzes the impact on the level of per capita income in the
region where the company was established.

3. Market and marketing aspects

The third aspect is the market and marketing that analyzes the product
opportunities in the market. Some things that need to be analyzed are:
a) Market potential
b) Number of consumers
c) People's purchasing power
d) Segmentation
e) Competition situation

4. Management aspects
In the business feasibility study, this aspect is closely related to the company's
operations in terms of development and development. This aspect is very broad in scope.
All matters related to the company's operations fall into this category, from resource
management to company finances.

5. Financial aspects
Capital is one of the main things that must be owned before doing business. The
financial aspect has a hand in determining the fate of the company. The budgeting
process must be carried out with careful business planning.

D. Stages of application of the business feasibility study

How to conduct a business feasibility study? Well, to conduct a business feasibility study,
there are at least several stages that must be passed as follows:

1. Discovery of ideas for business development

An idea initiative is the initial stage of a business feasibility study that can also be
used to see opportunities from business ideas created. The idea that has been found still

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needs a research process so that it can be realized into a business. The urgency of this
stage is to see competition. This process must be done well to minimize failures.
2. Research on the potential of idea discovery
As already explained, feasibility studies need to be researched. This step aims to
determine the potential of the initiative by tracing aspects of the existing business
feasibility study and the implications of its potential.
3. Evaluation
In addition to legal aspects, business evaluation also includes several other aspects
as the following:
a) Management
b) Finance
c) Human resources

From this aspect, business people can conduct studies on all fronts through the
form of production factors.

4. Determination
This stage will determine whether or not the planned effort is feasible. Otherwise,
re-research or other new business development initiatives are needed. It should be
underlined that at this stage, business people need to make decisions that may be risky.
5. Implementation planning stage
If deemed feasible, the next stage is the realization of planning which can be
initiated by scheduling and preparation. At this stage, the business that is carried out must
get commitments from the management, investors, creditors, the government and even in
the public.
6. Business implementation
Two stages must be considered by a businessman when all stages have been met,
namely:
a. Stage of business implementation
Business risks and obstacles are commonplace, so improvements to the
initial plan are needed. In addition, changes in environmental conditions are
possible, so adjustments to these conditions need to be reorganized.
b. The stage of evaluation of planning in comparison with reality
In business feasibility, it is possible that there are alternatives that can be
evaluated simultaneously. In addition, it is determined which initiatives are most
feasible to carry forward with consideration of available resources, capital
allocation and returns.
This study has proven to be able to maintain its existence and success due to its
aspects and goals. Therefore, business people no longer hesitate to do this and the
planning will be more mature.

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CONCLUSION

When someone is planning to launch and operate a firm, they must do a business
feasibility study. In-depth study is done in order to complete this step. A business feasibility
study can be helpful to a firm since it determines whether or not a business strategy is feasible, as
the name implies. Business feasibility studies are not randomly conducted. People in business
need to be aware of the goals, components, and stages.

All in all, the definition of a business feasibility study is research that concerns various
aspects, be it from legal, socioeconomic and cultural aspects, market and marketing aspects,
technical and technological aspects to management and financial aspects, where it is all used for
the basis of feasibility study research and the results are used to make decisions whether a project
or business can be done or postponed and not even run.

REFERENCE:

Juliawanti, Linda. (2021). Studi Kelayakan Usaha, Beserta Tujuan, Aspek dan Tahapannya.
Lifepal. Accessed online on 1st September 2020 at https://lifepal.co.id/media/studi-
kelayakan-usaha/

Kashmir & Jakfar. (2010). Studi Kelayakan Bisnis. Kencana Prenada Media. Grup. Jakarta.

Sulastri, Lilis (2016) Studi Kelayakan Bisnis untuk Wirausaha. Cetakan pertama, 1 . LGM -
LaGood's Publishing, Bandung. Accessed online on 2nd September 2022 at
http://digilib.uinsgd.ac.id/3141/

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