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Evaluating an opportunity.
The feasibility of an idea refers to how possible or worthwhile it is to pursue it, to see if it is actually an opportunity.
Three methods for determining the feasibility of business ideas are:
Cost/Benefit Analysis. This is the process of adding up all the expected benefits of an opportunity and subtracting all the expected costs. If the benefits outweigh the costs, the opportunity may be worthwhile.
Opportunity-Cost Analysis. An
opportunity-cost analysis examines the potential benefits that you forfeit when you choose one course of action over others.
SWOT Analysis. This is a business evaluation method that draws its name from the four areas it evaluates—Strengths, Weaknesses, Opportunities, and Threats.
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Savannah notices that there are no dry cleaning shops in her area, even though there are many businesspeople who would use one, so she decides to open her own.
Lei wants to start a nature tour business because she loves the outdoors.
Caesar decides to start a Web business with very low startup costs, so it can become profitable quickly.
Onawa knows scarves are currently popular with teenagers at her school, so when she sees a special type of scarf when she is on vacation in another country, she buys a lot of them and takes them back to sell at her school.
Cordell wants to start a face painting business for children's parties, and he knows many parents in his community who say they would hire him for their events.
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