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.
-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 conducting a feasibility study, Deborah needs to clearly define and clarify the opportunity, as well as articulate her competitive advantage. This will help her understand how her online yoga studio will be different from other yoga studios and attract customers. Financial needs, personal income, return on investment, and advertising strategy are all important considerations, but they come later in the business planning process.

Refer to the Scenario Below to Answer the Following Questions