Robert has an excellent idea for a social venture. However, he would like to test his idea to see whether it could work in real-life. He wants to know whether he should go ahead with this idea. He is not sure what type of study he must conduct to address his concerns. You would probably tell Robert to ____________.
A) Write a business plan.
B) Develop a business model.
C) Conduct a feasibility analysis.
D) Scan the environment.

Question

Quizplus · Accepted Answer

Conducting a feasibility analysis would allow Robert to test the viability of his social venture idea in the real world, and help him determine if it’s worth pursuing. A feasibility analysis can provide an insight into the market, competitors, target audience, cost, revenue, and potential risks involved in starting a social venture. Writing a business plan or developing a business model would come after conducting a feasibility analysis, once Robert is confident about his idea's viability. Scanning the environment is a broad term and may not specifically address Robert's concerns about his social venture, so it is less relevant.

Robert Has an Excellent Idea for a Social Venture