What is a business development feasibility study?
A business development feasibility study is an analytical tool that is used to determine if a particular business concept is viable and is heavily weighted towards market research and analysis. It must provide clear evidence to the stakeholders that a concept is viable. Only 1 or 2% of new business ideas are actually viable – that’s why we are not all millionaires! So the business development feasibility study is a very useful tool that must be used to avoid the waste of valuable resources. If the results of the study show that the project is feasible then it can be developed into a full scale business plan.
