Small Business Feasibility Study

978 Words4 Pages
Studies conducted by experts on small business show a strong link between success or failure of small businesses and the start-up motivation of entrepreneurs. The strength of the entrepreneur's motivation determines the degree to which time, commitment, and dedication are put into implementing the process of setting up a small business.
It is reasonable to state that small businesses are extensions of the owner. Considering this view, it is understandable that goals are the goals of the owner, whatever they are. The actions and decisions are that of the owner cum manager. Considering, therefore, that the business is an extension of the owner's personality, what the purpose of the owner is would impact on how the owner works towards setting
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You truly believe you can get a bank loan to finance your business. Based on this optimism, you hand in your resignation only to get rejected by the bank, leaving you unemployed and with nowhere to go.
You have an amazing idea and you believe the idea will work and succeed. You plunge right in with your desire to go into business unprepared and ignorant of your market. An amazing idea is not enough reason to engage in business. You have to research the idea to come up with an informed decision.
Before you plunge into setting up a small business, examine your motivations for doing so. You could ask yourself the following questions:
• Do you have the passion, the inclination, and the love for what you intend to do? Do you have that unwavering belief, based on your studies, that the product or service you intend to provide would fulfill a real need of your targeted market?
• Can your health and stamina withstand the challenges you will face once you start with your business? Studies record that one of the reasons for businesses failing is the owner’s health issues.
• Reflect and ask yourself if you are passionate, determined, have the require patience and attitude that would spur you on in spite of seeming insurmountable problems you are likely to encounter in running your
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Admittedly, managing a small business require a lot from the owners. In addition to the character traits mentioned, an owner needs the skills and knowledge necessary to run a successful business. Therefore, it is crucial that the owner realistically:
• Able to balance the demands between your business and your family
• Assess the personal attributes significant for your success as an entrepreneur and which could spell the success of your business;
• Assess your managerial skills
• Perform a personal financial assessment

Entrepreneurs are central to the success and failure of a beginning small business. The ability to overcome obstacles with equanimity is essential for the owner. Below are descriptions of what successful businessmen are:
• Sensitive to the needs of the customers through keen observation.
• Charismatic, strong perseverance and endurance, innovative, and can calculate risks and face them.
• Driven and energetic; they possess critical thinking, creativity, good human relations; can communicate well; and has the technical ability to run a small business.
• They possess a long-term vision of the business and willing to infuse capital to ensure success
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