Launching an On-Line Yoga Studio (Scenario)
Deborah was thinking about what it would take to launch her new business. Like many entrepreneurs, she had an idea and wanted to get started but really did not know where to begin—not to mention experiencing both the normal excitement and fear of launching a new enterprise.
-Before Deborah is able to complete a feasibility study for the venture,she needs to be sure she clearly defines and clarifies the opportunity as well as ________.

Question

Quizplus · Accepted Answer

Before completing a feasibility study, Deborah needs to define and clarify the opportunity for her new business, as well as spell out her competitive advantage. This will help her understand the market she is entering and how she can differentiate herself from the competition. While financial needs, return on investment, and advertising strategy are important elements to consider, they are not as critical at this early stage of the business planning process.