Before preparing a business plan it is important to examine the viability of a proposed venture idea. To do this it is good practice to complete a _______________.

Question

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A feasibility study is specifically designed to examine the viability of a proposed venture idea by identifying potential challenges and determining if the idea is practical, achievable, and financially feasible. It is an essential step before developing a business plan. A strategic plan, economic impact study, demographic study, and marketing strategy are all important aspects of a business plan but are not the first step in examining the viability of a proposed venture.

Before Preparing a Business Plan It Is Important to Examine