APPENDIX 3.1 Full Feasibility Analysis Note: All fields can be expanded to provide additional space to respond to the questions. A copy of this template, along with each of the assessment tools, is available in MS Word and PDF format at the authors' Web site at http://www.bus.ucf.edu/barringer. INTRODUCTION A. Name of the proposed business B. Name of the founder (or founders) C. One paragraph summary of the business PART 1: PRODUCT / SERVICE FEASIBILITY ISSUES ADDRESSED IN THIS PART A. Product/service desirability B. Product/service demand ASSESSMENT TOOLS Concept Statement Test · Write a concept statement for your product/service idea. Show the concept statement to 5 to 10 people. Select people who will give you informed and candid feedback. · Attach a blank sheet to the concept statement, and ask the people who read the statement to (1) tell you three things they like about your product/service idea, (2) provide three suggestions for making it better, (3) tell you whether they think the product or service idea is feasible (or will be successful), and (4) share any additional comments or suggestions. · Summarize the information you obtain from the concept statement into the follow- ing three categories: · Strengths of the product or service idea-things people who evaluated your prod- uct or service concept said they "liked" about the idea · Suggestions for strengthening the idea-suggestions made by people for strength- ening or improving the idea · Overall feasibility of the product or service concept-report the number of people who think the idea is feasible, the number of people who think it isn't feasible, and any additional comments that were made · Other comments and suggestions 70
CHAPTER 3 Feasibility Analysis 71 Buying Intentions Survey · Distribute the concept statement to 15 to 30 prospective customers (do not include any of the people who completed the concept statement test) with the following buying intentions survey attached. Ask each participant to read the concept state- ment and complete the buying intentions survey. Record the number of people who participated in the survey and the results of the survey here. · Along with the raw data recorded here, report the percentage of the total number of people you surveyed that said they would probably buy or definitely would buy your product or service if offered. This percentage is the most important figure in gauging potential customer interest. · One caveat is that people who say that they intend to purchase a product do not al- ways follow through, so the numbers resulting from this activity are almost always optimistic. Still, the numbers provide you with a preliminary indication of how your most likely customers will respond to your potential product or service offering. How likely would you be to buy the product or service described above? Definitely would buy Probably would buy Might or might not buy Probably would not buy Definitely would not buy Additional questions may be added to the buying intentions survey. Conclusion (expand fields and report findings, in discussion