Refer to the scenario below to answer the following questions.
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.
Deborah discovered that she could gather together well-known yoga teachers from all over the world and create an online yoga studio. Customers could become members for much less money than going to a regular studio and learn from the best teachers in the world, not just the local ones.
In her mind this could lead to the downfall of many mediocre yoga studios in her city (and perhaps other cities) and make world-class yoga teachers more available. Plus, the overhead costs would be minimal. She would then pay each teacher a royalty based on the participant volume each one received.
-The next big step Deborah should complete is _________________.

Question

Quizplus · Accepted Answer

Before launching any business, it is important to conduct a feasibility study to assess the viability and potential success of the venture. This includes conducting market research, analyzing the competition, and evaluating the financial feasibility. This will help Deborah make informed decisions and mitigate potential risks for her online yoga studio. A business plan and establishing an advisory board may come after the feasibility study. Applying for a bank loan or meeting with venture capitalists may be premature without a solid understanding of the feasibility of the business.

Refer to the Scenario Below to Answer the Following Questions