You are a management consultant specializing in business planning for new ventures.You are meeting with a group of four investors who want you to develop a business plan for their new bio-diesel company.You tell them that the full business plan is really the second step.The first step is to complete a ________,which will eventually form the basis of the business plan.

Question

Quizplus · Accepted Answer

The first step in planning for a new venture is conducting a feasibility study. This study evaluates the potential success of the business idea and explores the market demand, competition, target audience, funding requirements and other aspects essential for building a solid business plan. Once the feasibility study is completed, the resulting information can be used to build a strategic plan and ultimately, a comprehensive business plan. Thus, the best choice for the first step in developing a business plan for the new biodiesel company is to complete a feasibility study.

You Are a Management Consultant Specializing in Business Planning for New