Entrepreneurs are passionate about their ideas. But it is crucial to analyse if the idea is executable with the limited resources one have, if it has great potential and if it is powerful enough to generate a strong bottom line.
Idea Feasibility Analysis will try to answer following questions :
- Is market big enough ?
- Is it very crowded ?
- Assessing the competitive advantage of your idea ?
- Have others tried similar ideas in your market or any other geography/market ? How did they fair ?
- How easy is it to get the skills and resources required for your idea?
- Will it be financially feasible ?