For college level students, feasibility study is one of the toughest requirements before the graduation rights. This is sometimes mistaken as thesis or business plan but this one is different in many ways. I have experienced the same difficulty when I was in college and I know how depressing the subject was.
And today I am going to share how I came up with the feasibility study in a whole by giving you some points and tips to remember before you proceed on the most important matters. The time I did my study, there were my group mates too. But I can fully relate to you the pieces I did because I personally made this part by my own.
1. Formulate ideas
One should keep in mind that organizing ideas should be the first in the list. This is the so-called “business idea”. Discuss the matter with others (like group mates or classmates) if you’re in a group of course. Having numerous ideas is advantageous because you have an array on selection. Here’s a guide on gathering more possible ideas.
a. Describe you business or plan
b. What kind of business is it?
c. Will it going to work?
d. What is its uniqueness compared to others
e. Who are going to be the consumers?
f. Is it reasonable enough?
2. Identify key people
A business always needs people which depict strength, experience, training and qualification.
a. Who are the people needed?
b. Do they have any skills? If yes, what are those?
c. Do they have background that can help the business?
3. Determine goals and objectives
Everyone should be aware about the priorities and goals of any member. This study can help one to determine if set goals have a possibility to be achieved. It is also important to scrutinize the strength and weakness of the business.
4. Identify conspicuous source of help
Before involving oneself into decision making, they should always consult other sources for assistance and samples like counseling bank, business advisers, suppliers etc.
5. Identify information source
Make sure to include or provide direct evidences about an event or works. This may be published or unpublished documents, histories and visual documents such as photographs and films.
Always put everything on paper not to forget any single detail.
So here are some of the major things one must consider on writing a feasibility study. I hope this helps. Anyways, our project was creating a milk tea formulated from mangosteen fruit. We tried and made it, and it was really good.