It is common for entrepreneurs who are passionate about their ideas for a new business startup to rush into implem

It is common for entrepreneurs who are passionate about their ideas for a new business startup to rush into implementing these ideas without testing them first. The result is the failure to understand the needs of the customers, the market, and the competition, which can ultimately lead to            business failure. Feasibility analysis is a tool that is used to assess and reduce the risk of an           entrepreneurial startup. The risks or unknowns that exist include those associated with the customers, the market, the product or service, the competition, the financial costs, and the ability of the entrepreneur    to successfully execute the new venture. Even though uncertainty is a normal part of the launch of any business, a feasibility analysis can help to reduce this uncertainty and determine if the business idea is viable. It can also help to discover if there is a need for the product or service in the target market that is currently not being met and if the targeted customers are willing to purchase the product or service at the set price.