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CHAPTER 3
THE IDENTIFICATION OF
BSM1501: Business Management IA FEASIBLE SMALL BUSINESS
CHAPTER 3 IDEAS

FEASIBILITY

WHAT IS FEASIBILITY? Cultivating creative attitude

Generation of ideas

Development of ideas
It means that it should be possible to carry
out the idea and that the entrepreneur Feasibility study
would want to open this type of enterprise
Feasibility/Viability

Actively
seek ideas
WHAT IS CREATIVITY?

Explore Break
grey areas routine
Creative
attitude

¾ The ability to come up with new ideas

¾ The ability to identify opportunities Different Write
perspective ideas down
¾ Apply divergent and convergent thinking

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Skills DEVELOPMENT OF IDEAS

Expertise
Aptitudes Bow-tie diagram

Other Common
sources needs ¾ Use generated idea to develop
Generate business idea further in terms of:
ideas
• The essence of the idea
• The possible combination of ideas
Everyday Existing • The possibility of taking a new
activities problems direction with the idea

HOW DO WE DO A FEASIBILITY STUDY? FEASIBILITY

General examination of the
By answering the following questions potential of the idea to be
converted into an enterprise

1. Do I want to do what the idea suggests?

2. Is there a market for my idea?
3. Can I meet the needs of my consumers? VIABILITY
4. Can I get the idea to my consumers? In-depth investigation of the market
and profit potential of the idea

IDEA STAGE: Identify opportunities

Information

Ideas

Test feasibility

Feasible Not feasible