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Prefeasibility: Even if you have narrowed down to a couple ideas that seem top notch, you can still benefit from putting the ideas through a number of screens to test their feasibility just in a preliminary way. Chapter 4 discusses the process of screening ideas, using a number of criteria, to the point at which you can decide on beginning to carefully study one of them.
Feasibility: At this point, carrying out a full feasibility study will give you a chance to take a sober second look at your best business idea. With the information you get from your feasibility study, you will be in a position to decide whether or not the idea is worth any additional investment of time, resources, and energy. The full feasibility study will also help you define the risks involved and start thinking about how to reduce or address them. The study will lead to a business plan summary which will help you test people’s enthusiasm for the concept and possibly introduce the business idea to potential investors. The tasks for this feasibility study phase are also described in detail in Chapter 4.
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