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Business strategy
How do you determine the feasibility of a new business idea?
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[QUOTE="King bell, post: 284126, member: 75687"] When it comes to starting a new business, there are a lot of factors to consider in order to determine feasibility. The first step is to research your industry and get a general understanding of the market. This will help you understand the potential customer base, what the competition looks like, and what your business will need to offer in order to be successful. Next, you'll need to consider the financial aspects of starting a new business. This includes things like start-up costs, operating expenses, and projected revenue. It's important to have a solid understanding of your finances before moving forward with your business idea. Finally, you'll need to evaluate your own skills and experience. Do you have the necessary knowledge and experience to make your business successful? If not, you may need to consider partnering with someone who does or hiring employees who can fill in the gaps. Taking the time to carefully consider all of these factors will help you determine whether or not your business idea is feasible. [/QUOTE]
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How do you determine the feasibility of a new business idea?
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