Entrepreneurship·Research and market research · NSSCO 2.2
The market feasibility study & choosing a location
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Before an entrepreneur spends a single dollar, one wise question must be answered: is there really a market for this idea? A market feasibility study is the careful investigation that answers it. In this lesson we learn what a feasibility study is, its aims, the five parts it is built from, how to choose a good location for your enterprise, and how to conduct the study and write up your findings in a clear report. This is your Coursework Task 3, so everything here you will do yourself, using Namibian examples throughout.
What you'll learn in this lesson
By the end you should be able to (NSSCO Entrepreneurship 2.2):
- Define market feasibility study
- Explain the aims of a market feasibility study
- Discuss the components of a market feasibility study (industry description, industry competitiveness, market potential, sales projection, access to market outlets)
- Discuss the factors to be considered when choosing the location of an enterprise
- Conduct a market feasibility study and summarise its findings
- Write a report on any required aspect of their chosen entrepreneurial venture
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Miss Maria and Mike talk through the whole topic — with the figure and working drawn live.