Idea Generation

The feasibility study begins with the formulation of business idea, which you can obtain
through market research, family, friends, suggestion boxes or brainstorming. At this phase,
you can downsize the number of ideas and retain the most realistic one.
Depending on your business culture, you can discard the extra ones or preserve them for
future references when you need to. You have to conceptualize and visualize your business‘s
final product, a process that entails analyzing the product‘s target market, size, quality, color
and weight.
Establishing yourself as a successful entrepreneur depends upon choosing a good idea. That
idea must not only be good for the market, but good for the project and good for the
entrepreneurs. It should also be manageable by you without much dependence on others.
Importantly, the idea should give satisfaction results to you.
Ideas are the key to innovation. Without them, there isn't much to execute and because
execution is the key to learning, new ideas are necessary for making any kind of
improvement. It is obvious that ideas alone won't make innovation happen, as you need to be
able to build a systematic process for managing those ideas. The point of ideation isn't just
about generating a lot of them but about paying attention to the quality of those as well.
Idea generation is described as the process of creating, developing and communicating
abstract, concrete or visual ideas.
The front end part of the idea management funnel focuses on coming up with possible
solutions to be perceived or actual problems and opportunities ,the fig below shows the idea
management

idea management funnel

As mentioned, ideas are the first step towards making improvement. Making progress as
individual human beings depends on new ideas. From the perspective of an individual, new
ideas can help you to move forward if you feel stuck with a task or are unable to solve a
certain problem.
Maybe you need new ideas so that you can fully explore a new opportunity
The ability to create and develop new ideas allows you to:
• Stay relevant
• Make positive change happen
“Creative thinking inspires ideas. Ideas inspire change” – Barbara Januszkiewicz
Regardless of your goals or the types of ideas you're looking for, the purpose of new ideas is
to improve the way you operate.
So, although innovation isn‘t about ideas alone, they are an important part of the equation as
there wouldn‘t be one without the other.
Brainstorming not only takes more time and leads to less ideas, but also worse ideas .
There are several other reasons why brainstorming may not be the best way to come up with
ideas. Scheduling, organizing and documenting the session in a usable format will all take up
even more time.
Favorite tips, tools and techniques that can be used to generate new ideas more
systematically.
✓ Idea Challenge
✓ SCAMPER Technique
✓ Opposite Thinking
✓ Brainstorm Cards
✓ Analogy Thinking

Idea Challenge
Is a focused form of innovation where you raise a problem or opportunity with the hopes of
coming up with creative solutions. The point of idea challenge is to participate in ideation
and generate ideas around a pre-defined theme for a limited period of time. It allows you to
form a specific question and direct that question at a specific audience to receive new ideas
and unique insights.

The SCAMPER technique

Is a method used for problem-solving and creative thinking. It‘s a holistic way of applying
critical thinking to modify ideas, concepts or processes that already exist. The purpose of the
SCAMPER is to make adjustments to some parts of the existing idea or process to reach the
best solution.
Opposite/reverse thinking
Is a technique that can help you question long-held assumptions related to your business.
It‘s a useful tool to consider if you feel your team is stuck with the conventional mindset and
coming up with those ―out-of-the-box ideas‖ seems to be difficult. Often, finding the
best solutions aren‘t found through a linear thought process. Although our brains are wired
that way, opposite thinking can help us question the rule With this type of thinking, you
consider the exact opposite of what‘s normal. You can even think backwards to find
unconventional solutions.
Brainstorm Cards

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Brainstorm cards are a useful tool created by the Board of Innovation for coming up with
dozens of new ideas related to whatever challenge or problem you are currently working
with. Brainstorm cards help you consider external factors such as: societal trends, new
technologies, and regulation in the context of your business.
Analogy thinking
Is a technique for using information from one source to solve a problem in another context.
Often one solution to a problem or opportunity can be used to solve another problem.
Analogy thinking can, for example, be used for analyzing a successful business, identifying
what makes it great, and then applying those same principles for your business. This is an
effortless method for coming up with new ideas that are pre-validated.

The purpose of generating new ideas is about improving what already exists as well as
coming up with something new. Coming up with completely new ideas can help you
approach your problem or opportunity from a new perspective. It enables you to expand the
range of ideas beyond your current way of thinking which eventually leads to more ideas.

Creativity and innovation

Creativity is thinking new things, the ability to develop new ideas and to discover new ways
of looking at problems and opportunities.
Innovation is doing new things, the ability to apply creative solutions to those problems and
opportunities in order to enhance people‘s lives or to enrich society.
Creativity and innovation are two related but separate notions, and each is required for
workplace success
Innovation is the process of turning a new concept into commercial success or widespread
use. Invention is the creation of a new idea or concept.
Creativity
Creativity is the act of turning new and imaginative ideas into reality. Creativity is
characterized by the ability to perceive the world in new ways, to find hidden patterns, to
make connections between seemingly unrelated phenomena, and to generate solutions.
Creativity involves two processes: thinking, then producing.
If you have ideas but don’t act on them, you are imaginative but not creative.
―Creativity is a combinatorial force: it‘s our ability to tap into our ‗inner‘ pool of resources –
knowledge, insight, information, inspiration and all the fragments occupy our minds – that
we‘ve accumulated over the years just by being present and alive and awake to the world and
to combine them in extraordinary new ways.‖ — Maria Popova, Brainpickings
―Creativity is the process of bringing something new into being. Creativity requires passion
and commitment. It brings to our awareness what was previously hidden and points to new
life. The experience is one of heightened consciousness: delight.‖ – Rollo May, The Courage
to Create
This possible in business, I believe so, but you have to be willing to take risks and progress
through discomfort to get to the finish line.
―A product is creative when it is (a) novel and (b) appropriate. A novel product is original
not predictable. The bigger the concept and the more the product stimulate further work and
ideas, the more the product is creative.

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Innovation
Is the implementation of a new or significantly improved product, service or process
that creates value for business, government or society.
Some people say creativity has nothing to do with innovation— that innovation is a
discipline, implying that creativity is not. Well, I disagree. Creativity is also a discipline and
a crucial part of the innovation equation. There is no innovation without creativity. The key
metric in both creativity and innovation is value creation.
Innovation is important because it‘s the only way that you can differentiate your products and
services from those of your competitors. For customers and clients to choose your business,
your offer needs to be distinctive and valuable, and the only way to achieve this is through
innovation.
The main difference between creativity and innovation is the focus. Creativity is
about unleashing the potential of the mind to conceive new ideas. Innovation is about
introducing change into relatively stable systems. It's also concerned with the work required
to make an idea viable.
"Creativity" and "innovation" are two words that are constantly thrown around in
brainstorming sessions, corporate meetings and company mission statements.

Business opportunity

In general sense, the term opportunity implies a good chance or a favourable situation to do
something offered by circumstances. In the same vein, business opportunity means a good or
favourable change available to run a specific business in a given environment at a given point
of time.
Business opportunity may be defined as a set of favorable circumstances in which an
entrepreneur can exploit a new business idea that has the potential to generate profits.

Features of Business opportunities

Business opportunities have the following four fundamental features:

➢ They create or add significant value to the customer.

➢ They solve a significant problem by removing pain points or meeting a significant want
or need for which someone is willing to pay a premium.
➢ They have a robust market, margin, and money-making characteristics that will allow the
entrepreneur to estimate and communicate sustainable value to potential stakeholders.
➢ They are a good fit with the founder(s) and management teams at the time and
marketplace along with an attractive risk—reward balance. Good Business opportunity An
idea is a thought or a concept that comes into existence in the mind as product of mental
activity. A business idea is an idea that can be used for commercial purposes. There can be
many sources of business ideas, including the following':
➢ A resolved problem faced by an actual or potential entrepreneur.
➢ An unmet customer need discovered by an actual or potential entrepreneur at a place of
employment.
➢ Changes in the business environment. Not all business ideas are found to be good
business opportunities. This simple five-step framework helps screen ideas and find out
whether a business idea truly represents a good business opportunity.
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Characteristics of a good business opportunity.

An opportunity is characterized by the following:

• Urgency of the market need:

The business idea should envision a product or service that satisfies a market need or a need
of the customer. The market need has to be carefully assessed by consulting industry experts
as well as potential customer. It is important to focus on the "need" of the customer rather
than on the attributes of the offering and to evaluate the urgency of that need in order to gain
the assurance that there are customers ready to purchase that product/ service once it hits the
market. The greater the market need, the greater the opportunity for profitable business.
• Adequate market size:
A business usually targets a particular market segment after assessing their demographic,
geographical, and lifestyle factors. In order to make the business viable, a large number of
potential customers should exist. There is a need to find out the potential market size for the product
or service.
• Sound business model:
In simple terms, a business model is a broad range of descriptions of various aspects of business,
such as purpose, strategies, infrastructure, organizational structures, marketing programmes, and
operational processes and policies. In other words, a business model clearly gives the outline or the
rationale of how the potential entrepreneur intends to satisfy a customer need and create value. A
business model that presents a plan to generate profits within three to five years is considered to be
relatively good.
• Potential brand value:
The product/service being offered must bc differentiated from those being offered by competitors to
maintain a competitive advantage in the market. It is necessary to assess the potential brand value of
the product or service envisioned in order to ensure a fair chance of survival against competition by
existing as well as future products.
• An able management team:
The ability and passion of team members to use a business opportunity is important to success. The
team should have contacts among suppliers, competitors, and customers. The number and quality of
contacts up and down the value chain is an important determinant of eventual business success. On
the whole, the business should be big enough to make it worthwhile and the team should be looking
forward to being involved with it for long time.

Generation of Business Ideas

A business opportunity is a set of favorable circumstances that creates a need for a new product or
service. A business idea becomes a good business opportunity when it has the following four
essential qualities': ✓ Attractiveness. ✓ Timeliness. ✓ Durability. ✓ The quality of being anchored
in a product or service that creates or adds value for its buyer or end user Having business ideas is
central to the task of identifying business opportunities.
Ways to generate business ideas are:

❖ Brainstorming
Brainstorming is a technique used to quickly generate a large number of ideas and solutions to
problems. The brainstorming session is conducted to generate ideas that might represent business
opportunities. Brainstorming works well individually as well as with a varied group of people. A
group brainstorming session requires a facilitator, white board, and space to accommodate the
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participating people.
Brainstorming works well with 8-12 people and should be performed in a relaxed
environment. Participants are encouraged to share every idea that enters their mind with the
assurance that there is no right or wrong answer. The brainstorming session usually starts
with the facilitator broadly stating the problem and setting the time limit (such as, say, 30
minutes) for the session. The facilitator clearly sets down the rules. discouraging criticism of
any kind and encouraging a freewheeling approach, the voicing of as many ideas as possible,
and a collective and constructive effort towards the improvement of ideas. Once the session
starts, participants can informally present their ideas for possible solutions. The facilitator
writes each idea down for everyone to see. Once time is up, the best ideas are selected, based
on a few criteria decided upon in advance (such as, say. cost- effectectiveness). The selection
must be made on the basis of a consensus from everyone in the group. Next, it score (say,
zero to ten points) is given to each idea depending on how well it meets the criteria. The idea
with the highest score may be used to solve the problem. However, it is advisable for the
facilitator to keep a record of the best ideas in case the chosen best idea does not work. The
facilitator should make the session fun for everybody, with no one dominating or inhibiting
the discussion with no one dominating or inhibiting the discussion.
❖ Survey Method
The survey method is used to collect information by direct observation of a phenomenon or
systematic gathering of data from a set of people. The survey method involves gathering
information from a representative sample population, that is, a fraction of the whole
population under study that presents an accurate proportional representation of that
population. Surveys generate new products, services. and business ideas because they ask
specific questions and get specific answers.
❖ Reverse Brainstorming
This is a method that is similar to brain storming, with the exception that criticism is
allowed. It is, therefore, also called "negative brainstorming." In this technique, the focus is
on the negative aspects of every idea that has been generated through brainstorming. Also
called the "sifting" process, this process most often involves the identification of everything
that is wrong with an idea, followed by a discussion of ways to overcome these problems.
❖ The Gordon Method- This is a creative technique to develop new ideas. This method is
similar to brainstorming.
Collective discussion addresses every aspect of the planned product in an uninhibited
solution-oriented way.
Creation of Opportunities
Entrepreneurial opportunities varies because of certain external changes, such as
➢ Technological change,
➢ Regulatory and political change,
➢ Social and demographic change, and
➢ Economic change.

Technological Changes:
Technological changes lead to entrepreneurial opportunities because they make it possible
for people to do things in new and more productive ways.
Technological changes can take the form of five forms of business opportunity—new
products and services, new methods of production, new markets, new ways of organizing,
and new raw material.
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Political and Regulatory Changes:
Political and regulatory changes lead to business opportunity by paving the way for new,
more productive use of resources or a redistribution of wealth from one person to another.
Statutory and regulatory requirements create opportunities for entrepreneurs to Start firms
that help other firms and the community to comply with the requirements.
Social and Demographic Changes :
Social and demographic changes, such as changes in family and work Patterns, the ageing
of the population, increasing diversity at the workplace, increasing focus on health and
fitness, the increase in the number of cell phone and Internet users, and new forms of
entertainment, lead to the creation of business opportunities because they alter people's
preferences or demand for products and services, and consequently make it possible to
generate new ideas to meet new demands.
Economic Changes:
Economic forces affect business opportunities by determining who has money to spend.An
increase in the number of women in the workforce over the last few decades and their related
increase in disposable income is largely responsible for the number of boutique clothing
stores targeting professional women that have opened in the past few years.

Identification of Business Opportunity

Several studies have shown that previous experience in an industry helps entrepreneurs to
recognize business opportunities. In addition, the extent and depth of an individual's social
network also affects the identification of opportunity. People who build a substantial network
of social and professional contacts will be exposed to more opportunities and ideas than
people with sparse networks. Studies have demonstrated that the identification of a business
opportunity may also be a cognitive process or an innate skill. Some people believe that
entrepreneurs have an intuition or a -sixth sense, that allows them to see opportunities that
others miss. Creativity is the process of generating a novel or useful idea. Opportunity
recognition may be, at least in part, a creative process as well. It is important for
entrepreneurs to grab a business opportunity before the market becomes saturated with
competitors and the window of opportunity is closed to them. There are three general
approaches entrepreneurs use to identify an opportunity.
They are:
1. observing trends:
Entrepreneurs can identify business opportunities by carefully observing trends. The most
important trends to follow are economic, social, technological, and political trends.
2. Solving a problem:
Another approach to identifying business opportunities is to recognize and solve a pressing
problem that customers are facing today. From an entrepreneur's point of view, every
problem is a disguised opportunity.
3. Finding gaps in the marketplace:
A third approach to identifying business opportunities is to find a gap between what is
needed by the customer and what is actually provided to the customer. Finding such gaps
can help entrepreneurs develop new products and improve existing ones.

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Market entry strategy in India

A market entry strategy is the planned method of delivering goods or services to a new target
market India is the second-most populous market in the world, but also among the most
complex to enter as a company without any previous experience in the region. 5 tips
for better Indian market entry strategy are

1. Find the right partner

India is the world‘s seventh largest economy in terms of GDP, and has a population of 1.3
billion people. It is a complex market for the best Indian companies, and even more so for
companies from abroad. Businesses with a pre-determined mindset and less exposure to
international markets might find the commerce culture in India too intimidating. Identifying
the right partner goes a long way in successfully navigating the complexities of the local
business environment for a new entrant into the Indian market. A local partner can provide
much-needed assistance in understanding the Indian market. This partner can give you
valuable market insights on competition, regulation and other important issues. They can also
introduce you to the network with the reach to target prospective clients without much
investment on the ground.
2. Localize your products to meet consumer needs and preferences

India is a vast and diverse country encompassing many different identities, languages,
cultures and religions. It is important to avoid making generalizations or assumptions, as
local practices and consumer behavior may vary substantially from region to region. Since
India has such a pluralistic, multilingual society, more often than not, a one solution fits all
approach doesn‘t work. Even a global bigwig like McDonald‘s had to localize its product
offerings based on the fact that half of Indians are vegetarian. They also have to leave their
most popular item, beef burgers, off the shelf given the religious sensibilities
of the Indian population.

3. Remember the high level of price sensitivity

It is extremely important for a new entrant into the Indian market to get its price strategy
right, particularly if it‘s targeted towards the low and middle income populations. Even with
a growing economy and a growing middle class, there‘s no denying the fact that India is still
a low middle income economy, with a per capita income of around $2,000 and a huge population
still living below he poverty line. Since the government cannot afford to provide for education and
healthcare coverage, the majority of the population has to pay for these necessities from their own
income. With little disposable income left after covering basic amenities, there‘s not much money left
in the hands of a significant portion of the population. This makes the market price sensitive as many
people need to spend judiciously.

4. Enter the Indian market for long-term growth, not to make a quick buck

India is certainly not a place for businesses to make quick gains – you need to be invested
for the long haul. Although it‘s a huge market with a population of 1.3 billion people,
including 400 million middle class consumers, it has its share of challenges when it comes to
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market entry. Because India is such a huge and attractive opportunity, there is no dearth of
competition. More often than not, you have companies looking for market share and
compromising on potential short- term profitability in order to establish themselves more
firmly there. Given the complexity of the market, it takes time for the companies to
understand the environment and develop the right strategy.

5. Prepare to navigate a much different legal and regulatory landscape

The Indian judicial system follows ―common law‖, and the constitution has provided
for a single integrated system of courts to administer both union and state laws. Due
attention should be paid, including seeking professional advice, before entering into a formal
agreement. Court judgments are often delayed because of the huge backlog of cases, so any
agreement should provide the scope for alternate dispute resolution mechanisms.
Feasibility Analysis or Project Analysis:
Feasibility (possibility) analysis is used to determine the viability of an
idea, such as ensuring a project is legally and technically feasible as well
as economically justifiable. It tells us whether a project is worth the
investment It ultimately tests the viability of an idea, a project, or a new
business. It ultimately tests the viability of an idea, a project, or a new business.

A feasibility study may become the basis for the business plan, which
outlines the action steps necessary to take a proposal from ideation to
realization. A feasibility study allows a business to address where and how it
will operate, its competition, possible hurdles, and the funding needed to
begin. The business plan then provides a framework that sets out a map for
following through and executing on the entrepreneurial vision.

A well-designed study should offer a historical background of the business or project, such as a
description of the product or service, accounting statements, details of operations and
management, marketing research and policies, financial data, legal requirements, and tax
obligations. Generally, such studies lead technical development and project implementation.
This is also known as project feasibility study. Once a project proposal is identified and if the
project seems worthwhile, detailed analysis of the marketing, technical, economical, and
ecological aspects are under taken.

Based on the information developed in the analysis, the stream of costs and benefits associated
with the project can be defined. The important aspect of project analysis is market analysis,
technical analysis, financial analysis, economical analysis, and ecological analysis. A schematic
diagram of the project feasibility study is shown in figure.

Project Feasibility Study Schematic Diagram

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 Generation of Idea

Initial Screening

Is the Idea Promising?

No
Yes
Terminate
Plan feasibility Analysis

Conduct Market Conduct technical

Analysis Analysis

Conduct Financilal Analysis

Conduct Economical and Sociological Analysis

Is the product worthwhile?

Yes No

Prepare funding Proposal Terminate

Types of Feasibility Analysis

This feasibility can be ascertained on following parameters:
1) Marketing feasibility
2) Financial Feasibility
3) Political feasibility
4) Economic Feasibility
5) Social Feasibility
6) Legal feasibility
7) Technical Feasibility
8) Managerial feasibility
9) Location and other feasibility

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 1) Marketing feasibility
This mainly deals with determining the potential market and the market share for the proposed
project. Market analysis is concerned with forecasting the demand for the product/service under
consideration. It requires finding a variety of information on consumption trends, cost structures,
structures of the competition, the elasticity of demand, consumer behaviour, and exports and
imports.
In simple words it determines whether a product or service can sustain in a specific market or not
as well as whether it is capable of generating financial surplus for the firm or not.
Most market feasibility studies include:-
• Description of the industry
• Current Market Analysis
• Competition or presence of competing products.
• Anticipated future market potential.
• Potential buyers and sources of revenues.
• Sales projections.
Market feasibility tests can be carried out not only on products but on ideas, campaigns,
processes and entire businesses too.
2) Financial Feasibility
This mainly deals with determining the risk and return for the proposed project. Financial analy-
sis seeks to ascertain whether the proposed project will be financially viable. It requires finding a
variety of inhumation on the cost of the project and the means of finance; the cost of capital, the
projected liability; cash flows of the project, the break-even point, the level of risk, the
investment outlay and worthiness, and projected financial position.
In order to ascertain financial viability, financial projections are made and on the basis of such
projections which need to be objective and realistic, the followings broad parameters are
evaluated for determining the feasibility of the project-
a. Return on Investment
b. Payback period of the outlay
c. Internal rate of return
d. Profitability index.
In case of a new project, financial viability can be judged on the following parameters:
a. Total estimated cost of the project
b. Financing of the project in terms of its capital structure, debt to equity ratio and promoter‘s
share of total cost
c. Existing investment by the promoter in any other business
d. Projected cash flow and profitability

The financial viability of a project should provide the following information:

a. Full details of the assets to be financed and how liquid those assets are
b. Rate of conversion to cash-liquidity
c. Project‘s funding potential and repayment terms
d. Sensitivity in the repayments capability to the following factors
e. Mild slowing of sales
f. Acute reduction/slowing of sales
g. Small increase in cost
h. Large increase in cost
i. Adverse economic conditions.
If, on the above mentioned parameters, the project is found suitable, then only further feasibility
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tests are carried out.

3) Political feasibility
Political feasibility is a measure of how well a solution to a policy problem, will be accepted by a
set of decision makers and the general public. For a policy to be enacted and implemented, it
must be politically acceptable, or feasible.
Political feasibility analysis is used to predict the probable outcome of a proposed solution to a
policy problem through examining the performer, events and environment involved in all stages
of the policy-making process. It is a frequently used component of a policy analysis and can
serve as an evaluative criterion in choosing between policy alternatives.
Feasible policies must be politically acceptable or at least not unacceptable. Political
unacceptability is a combination of two conditions too much opposition or too little support. One
common mistake is widespread in practice that feasibility becomes a dominant criterion of
preferable alternative. Feasibility is ―the state or degree of being easily or conveniently done
Political feasibility is a measure of how well a solution to a policy problem, will be accepted by a
set of decision makers and the general public. For a policy to be enacted and implemented, it
must be politically acceptable, or feasible. Alternatively, a politically feasible alternative is one
that has the greatest probability of "receiving sufficient political push and support to be
implemented" given any specific constraints.
When policy analysis generates policy alternatives, the political risks and costs associated with
each can be important criteria for deciding between alternatives. A good policy alternative
requires a certain amount of political feasibility, or implementation of the policy will be
impossible. It is important to keep in mind, however, that feasibility alone does not make a policy
"good." Examining all criteria is necessary for the implementation of socially responsible policy.
Politics are difficult to predict but it has been said that "no decision is ever made in complex
systems without political feasibility having played some role.

4) Economic Feasibility
This is also called social-cost benefit analysis and is mainly concerned with judging a project
from the social point of view. The focus is on the social costs and benefits of the proposed
project. It deals with determining benefits and costs in terms of shadow prices and other social
impacts. Economic analysis requires finding a variety of information on economic costs and
benefits measured in terms of the efficiency (shadow) prices, employment to be generated by the
project, impact of the project on the distribution of income in society; and the impact of the
project on the level of savings and investment in society.
The purpose of an economic feasibility study (EFS) is to demonstrate the net benefit of a
proposed project for accepting or disbursing electronic funds/benefits, taking into consideration
the benefits and costs to the agency, other state agencies, and the general public as a whole.
In sync with the phrase ―Parity between haves and have not‘s‖, a social cost-benefit
analysis (SCBA) of the project should be carried out. This ensures that the organization is
contributing to the GDP of the economy and is also discharging its social obligations, by
providing employment opportunities and bringing in improvement in quality of life.
The purpose of business in a capitalist society is to turn a profit, or to earn positive income.
While some ideas seem excellent when they are first presented, they are not always economically
feasible. That is, that they are not always profitable or even possible within a company‘s budget.
Since companies often determine their budget‘s several months in advance, it is necessary to
know how much of the budget needs to be set aside for future projects.
Economic feasibility helps companies determine what that amount is before a project is
ultimately approved. This allows companies to carefully manage their money to insure the most

11
profitable projects are undertaken. Economic feasibility also helps companies determine whether
or not revisions to a project that at first seems unfeasible will make it feasible.

5) Social Feasibility:
Social feasibility is a detailed study on how one interacts with others within a system or an
organization. Social impact analysis is an exercise aimed at identifying and analyzing such
impacts in order to understand the scale and reach of the project‘s social impacts.
At a minimum, all projects demand a review of project data at the Appraisal Phase, so as to
identify if material social impacts exist. Social impact analysis greatly reduces the overall risks of
the project, as it helps to reduce resistance, strengthens general support, and allows for a more
comprehensive understanding of the costs and benefits of the project.
However, social impact analysis can be expensive and time consuming, so the full analysis
process cannot be justified for all projects. At a minimum, all projects demand a review of
project data at the Appraisal Phase, so as to identify if material social impacts exist. If they do, a
full social impact analysis should be conducted.

6) Legal Feasibility:
It should first be determined whether the proposed project conflicts with legal requirements, and
if the proposed venture is acceptable in accordance to the laws of the land. The project team has
to make a thorough analysis of the legal issues surrounding the project, across several
dimensions.
A detailed legal due diligence should be done to ensure that all foreseeable legal requirements,
which have not or will not be dealt with, in other appraisal exercises, are met for the development
of the project.
The main objectives of the legal feasibility analysis are as follows:
a. To ensure that the project is legally doable;
b. To facilitate risk management, indicating the risks and obstacles that need to be addressed
within the technical analyses, the financial model and/or the Value for Money analysis; and
c. To avoid, to the extent possible, major problems in the project‘s development and
implementation, specifying the requirements that need to be considered at subsequent stages of
the PPP process, [public private partnership]

7) Technical Feasibility
This principally deals with determining the technical viability for successful commissioning of
the proposed project and for ascertaining whether sensible choices have been made with respect
to location, size, process, etc. Technical analysis requires finding a variety of information on the
availability of raw material and various other inputs, the type of technology to be adopted,
choosing a suitable layout for the site, building and plant, and choosing the appropriate plant,
machinery, and process.
This assessment is based on an outline design of system requirements, to determine whether the
company has the technical expertise to handle completion of the project. When writing a
feasibility report, the following should be taken to consideration.
The technical feasibility assessment is focused on gaining an understanding of the present
technical resources of the organization and their applicability to the expected needs of the
proposed system. It is an evaluation of the hardware and software and how it meets the need of
the proposed system.
An in depth and critical study of following parameters is done:
a. Plant location
b. Layout
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c. Plant & machinery and equipment
d. Manufacturing process
e.Infrastructure
f. Technology
g.Efficient waste disposal.
The technical feasibility assessment is focused on gaining an understanding of the present
technical resources of the organization and their applicability to the expected needs of the
proposed system. It is an evaluation of the hardware and software and how it meets the need of
the proposed system.
8) Managerial feasibility
Managerial feasibility analysis is a form of project analysis that look at every aspect of a proposal
to determine its likelihood of success before commencing. These types of studies take an
objective look at the strengths and weaknesses of the proposed project to see how viable the idea
is in terms of generating profit and meeting objectives.
Managerial Feasibility analysis objectively and rationally uncover the strengths and weaknesses
of an existing business or proposed venture, opportunities and threats which are presented by the
environment, the resources required to carry through, and ultimately the prospects for success. In
its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.
Managerial feasibility study is an analysis of the viability of an idea. The Managerial feasibility
study focuses on helping answer the essential question of ―should we proceed with the proposed
project idea?

9) Location and other feasibility

Location feasibility
There is a saying that the three most important considerations in business are location, location,
location. If you‘re starting a new business that operates primarily offline, location is critical.
Your business location analysis should take into account demographics, psychographics, census
and other data, location analysis is to maximize chances of success in business.
The location of a retail outlet is the most influencing factor for the success of the business.
Therefore selecting a location for a retail store or an outlet is a challenging process. The purpose
of this study is to define a method and develop a system to analyze the feasibility of a selected
location for a retail store.
Consumer surveys were conducted in selected areas to get information about consumers'
shopping patterns and selections. From the web service, identify transport modes, locations of
competing stores and shopping areas.
The retail industry is a fast growing and a highly revenue generating industry. The location of a
retail outlet is the most influencing factor for the success of the business. Therefore selecting a
location for a retail store or an outlet is a challenging process. The purpose of this study is to
define a method and develop a system to analyze the feasibility of a selected location for a retail
store.
Many hospitality and restaurant businesses fail due to inappropriate location or market entries.
Location feasibility and market studies are an essential part of the building or growing a
business.
Other Feasibilities-

Schedule Feasibility:
A project will fail if it takes too long to be completed before it is useful. Typically this means
estimating how long the system will take to develop, and if it can be completed in a given time
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period using some methods like payback period. Schedule feasibility is a measure of how
reasonable the project timetable is.
Some projects are initiated with specific deadlines. It is necessary to determine whether the
deadlines are mandatory or desirable. To do proper scheduling, the versatile techniques like
PERT & CPM are adopted.

Resource Feasibility:
This involves questions such as how much time is available to build the new system, when it can
be built, whether it interferes with normal business operations, type and amount of resources
required, dependencies, and developmental procedures with company revenue prospects.
There are resources necessary to complete any project. All the important resources like human
resource, artificial resources, financial resource etc. are taken care of by indulging in complete
research on feasibility of the resources needed to complete the project.

Operational Feasibility:
Operational feasibility is the measure of how well a proposed system solves the problems, and
takes advantage of the opportunities identified during scope definition and how it satisfies the
requirements identified in the requirements analysis phase of system development.
The operational feasibility assessment focuses on the degree to which the proposed development
projects fits in with the existing business environment and objectives with regard to development
schedule, delivery date, corporate culture and existing business processes.
To ensure success, desired operational outcomes must be imparted during design and
development. These include such design-dependent parameters as reliability, maintainability,
supportability, usability, producibility, disposability, sustainability, affordability and others.
These parameters are required to be considered at the early stages of design if desired operational
behaviours are to be realised.

Commercial Feasibility:
Commercial Feasibility is ascertained by finding out the following:
a. Current and Potential competition
b. Profit margin
c. Size of the market.
d. Degree of demand for the product
e. Future growth of market

Environmental Feasibility:
The environmental feasibility study considers both human and environmental health factors. The
EF is a comparative process that looks at all potential solutions, and then evaluates them against
specific criteria to ultimately find the best choice. It is a fact that external environment exerts
considerable influence on the organizations. In fact the climatic conditions in a particular
area/region have a significant impact on the existence of an enterprise. Therefore, it is necessary
to ascertain the environment viability as well.
The parameters considered are:
a. Overall protection of public and environmental health
b. Effective reduction of hazardous waste toxicity, mobility and volume.
c. Long-term and short-term effectiveness of environmental policies of the company
d. Potential consequences of the remedial measures taken for protecting environment
Ecological Feasibility
This mainly deals with determining the quantum of damage likely to be caused by the proposed
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 project to the environment, and the cost of restoration measures required to be undertaken to
ensure that the damage to the environment is within acceptable limits.
Brainstorming is a group creativity technique by which efforts are made to find a conclusion
for a specific problem by gathering a list of ideas spontaneously contributed by its members.
[citation needed]

In other words, brainstorming is a situation where a group of people meet to generate new ideas
and solutions around a specific domain of interest by removing inhibitions. People are able to
think more freely and they suggest as many spontaneous new ideas as possible. All the ideas
are noted down without criticism and after the brainstorming session the ideas are evaluated.
[citation needed]

Brainstorming is a method of generating ideas and sharing knowledge to solve a particular

commercial or technical problem, in which participants are encouraged to think without
interruption. Brainstorming is a group activity where each participant shares their ideas as
soon as they come to mind. At the conclusion of the session, ideas are categorised and ranked
for follow-on action.

Brainstorm cards
This is a collection of 52 cards to help you brainstorm and come up with new ideas. Use them
as a catalyst for smarter, more unique ideation sessions
What is a demographic?
Demographics are statistical data that researchers use to study groups of humans. A
demographic refers to distinct characteristics of a population. Researchers use demographic
analysis to analyze whole societies or just groups of people. Some examples of demographics
are age, sex, education, nationality, ethnicity, or religion, to name a few.

Demographic segmentation examples explain how researchers divide a market into smaller
groups according to age, gender, family income, race and ethnicity, qualification, marital status,
nature of employment, etc.

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