Today’s post is part four of a five-part series by guest blogger Alex Papa, a publisher, social entrepreneur and investor based in the U.K.
Every day, new businesses open their doors with the hope of turning over a profit. People of all backgrounds invest into their dreams of running a successful business and acquiring wealth. But the stark reality is that some of these businesses will close before turning a profit.
The success of an entrepreneur in new business start-ups can never be guaranteed. But certain underlying pillars can distinguish a successful business from the one destined to collapse.
Pillar Four: A Comprehensive Feasibility Study
Every idea or opportunity must undergo a rigorous feasibility test to evaluate the overall idea and its potential for success. Not conducting a comprehensive, detached examination of a new business is a factor that has led to the failure of many new start-ups.
Sometimes business ideas appear to have lucrative potential on the surface, but after you take a closer look through a feasibility study, the opportunity isn’t as solid as you thought. Make sure your start-up is more than just a great idea – it needs to have marketable possibilities to back it up.
Alex Papa is a publisher, social entrepreneur and investor. He often mentors new business owners and speaks in seminars around the world showing people how to find ideas for small businesses. He also writes about Internet Security solutions at the blog.