The intention of the feasibility study is to secure the new business venture’s success by assessing the economic viability of the market. Its sole purpose is to answer the question: “Is this market worth pursuing?”. In this sense, the feasibility study doesn’t evaluate the strategy of the new business venture or its business plan. Instead, it focuses its analysis on the health of the market.
The study answers those pertinent questions about the market’s longevity, its potential for growth and ultimately, its willingness to allow the new business to enter. After all, a solid business idea and approach has no chance of succeeding if the market itself is on a decline or if the conditions of the market aren’t conducive to the new business venture’s product offering or strategy.
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