The Most Important Considerations for Starting Your Own Business

The Feasibility Study and Business Plan

Bruce Barringer

After you choose a business idea, test the idea to gain a sense of its feasibility. Some business owners pick an idea and immediately move forward, but it is much better to pause and spend some time scrutinizing the idea.

The proper sequence in thinking through the merits of a business idea and launching a business is as follows:

1. Identifying a business idea

2. Screening and testing the idea to determine its initial feasibility

3. Writing a business plan

4. Launching the business

Complete this process to avoid falling into the “everything about my idea is wonderful” trap. All business ideas have strong and weak points, and ...

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