I went through a phase of transitioning my approach and thinking from an ordinary college going student to becoming an entrepreneur. Well, its past 12 years now, my once-entrepreneurship has become a full-time running business and I would like to share some of my learning outcomes with the people who aspire to become an entrepreneur now, or in the coming future.
Becoming an entrepreneur requires a huge shift and maturity in one's mindset. If you have an idea about a product in mind for your start-up as an entrepreneur, you will go through a lot of anxiety about its planning and execution. Your mind must be occupied by the thought of your idea being successful or a failure and you must be battling about choosing the right market, the correct audience and best advertising source.
Along with a few other things, this anxiety can be converted into full confidence even before the launch of your product. How can this happen, you ask? The answer is simple: Carry out a feasibility study. Before I go on to explain the importance of carrying out a feasibility analysis of your product and the market that you are going to launch it in, I would first like to briefly introduce what actually is a feasibility study.
What is a feasibility study?
In easy words, it is an analysis or evaluation of whether your proposed product or service sustainable in the market that you are launching it in or not. It accurately estimates (depends on how well one carries it out) whether the product is technically feasible, will it remain in budget, will it be profitable? and more things like this.
The feasibility study involves you to do two important things:
Sit down with a pen and a paper:
It is necessary for you to plan every little detail about your idea; from investment and procurement to profit and sustainability, all of it should be with you in writing.
2. Go to the market and explore:
This involves studying your audience and their financials, studying your competitors and their strengths etc.
So basically, do not just jump into it.The better you know about the circumstances your product is going to be launched in, the more detailed will its feasibility study be and the better will it predict your idea's fate. And in this way, you will be able to make intelligent guesses and calculated risks for your idea to thrive!