Critical Feasibility Study Skills Required For Effective Entrepreneurial Development: Implications For Business Education Programmes

Critical Feasibility Study Skills Required for Effective Entrepreneurial
Development: Implications for Business Education Programmes
1. SUMMARY OF THE ARTICLE

The study focused on critical feasibility study skills required for effective
entrepreneurship development with implications on business education programmes.
Results showed that environmental feasibility study sub-skills, market feasibility study
sub-skills and technical feasibility study sub-skills are highly required for effective
entrepreneurial development. Consequently, the study raised issues of implication for
business education programmes and recommended among other things that students
under training should be guided to conduct a feasibility study of a choice business for
hands-on experience and adequate exposure In the past two decades, there has been
a global emphasis on the need for deregulation of the economy, privatization and
commercialization by nations, especially the developing ones.
Feasibility study has become a very valuable tool for the entrepreneurs, project
sponsors, potential investors, industrialists, bankers, suppliers and others to ensuring
that the business concept is technically, financially, socially, economically, legally and
profitably sound before investing in it. Adidu and Olaniyi (2006) opined that a good
feasibility study helps to determine the viability of a proposed business and the risks
associated with it, enables the entrepreneur to reject or accept a business before
starting it, reveals if there is market for the proposed business and examines more on
marketing requirements of the business ventures, guides the implementation of the
business plan, helps in determining the sources of financing the business, reveals the
machines, facilities and equipment needed for the proposed business, helps
determining the number and nature of staff required for the work of the business and
helps in identifying those factors that will create unusual high risks and probability of
failure or loss. Thus, Ifechukwu (2006) identified the following as the types of skills
required for conducting a good feasibility study: environmental analytical skills, market
analysis skill, technical analysis skills, economic analysis skills and financial analysis
skills. Environmental analysis skill according to Inegbenebor (2006) is the ability to
examine the business environment in terms of the legal requirements, location, social
factors, government support and regulation among others.
Technical analysis skill is the ability needed to assess issues like product design and
production process, machines and equipment to be selected, sources of raw materials,
number of technical staff needed among others. The art of conducting a good feasibility
study should be highly-emphasized in entrepreneurship trainings, business education
programmes and business schools. The tenet of entrepreneurship education as
enunciated by Okolocha and Ile (2011) is that, it is designed to prepare young people to
acquire appropriate business skills, ideas and knowledge that will help them to have a
fulfilled life, increase their economic status and contribute to the development of the
society. So, feasibility study skill is a fundamental aspect of these business skills, which
to a large extent determine the success of a new venture.
Hence, this study is focused on identifying those critical feasibility study skills required
for effective entrepreneurial development and its implications for business education
programmes. International Journal of Business and Social Science Vol. 5, No. 10(1);
September 2014 213 These worries pose a great challenge to business education
programmes that train and prepare people on development of business and
entrepreneurship skills and ideas.
2. SWOT ANALYSIS
STRENGTHS
Your strengths should drive your business strategy. For example, if your company is
proud to meet the needs of its customers, include this differentiator as an important
message in your marketing material. If your company's schedule is better than anyone
else, share exactly the time you can save your customers compared to other companies
in the industry. Once you have a deep understanding of your strengths, create a
repeatable and scalable process to consistently deliver those strengths to all your
customers.
WEAKNESSES
One of the biggest threats to entrepreneurship is to succumb to its weaknesses. It's
important to know which areas of your company need help and why. Knowing where
your weaknesses are can help you turn them into strengths. If you are unaware of your
weaknesses, it can affect your company's performance and prevent you from achieving
your goals. Weaknesses can be lack of capital or cash flow, lack of education in a
particular area of the company, or poor management skills. The Score recommends
examining the most common customer complaints to find weaknesses. For example, do
most customers say they had a hard time shopping on your website? Perhaps the user
experience is an issue that needs to be addressed. Another point to consider is where
you lack traction compared to your industry competitors. For example, other companies
are increasing their presence on social media, aren't they? Work with your mentor or
business consultant, or take additional courses and workshops to remedy your
weaknesses.
OPPORTUNITIES
While the first two elements of SWOT analysis look inward, the next two focus on
external aspects and their relationships with the company. Opportunities include areas
where your business can grow. This could be, for example, a new target market
segment, a new geographic area, or an extension of an already popular product.
Forbes states that understanding economic trends, market volatility and changes in
consumer behavior is important for finding potential growth opportunities. For example,
if you want to add more products to your existing product line, do some customer
surveys to see if there is demand for those new products before you dive in.
THREATS
Potential threats to your business can have a negative impact on your business,
including: B. New and strong competitors, economic changes such as recession, or
legal issues with customers. Give an overview of externalities that can delay success so
you can determine what steps you can take to mitigate them.
If your business procures raw materials from abroad and economic issues or trade
relationships affect access to those materials, you will find it difficult to manufacture and
sell your products. Prepare a backup plan. Example: B. A local source of raw materials
that can be used if the major supplier is unable to provide what it needs. To manage
threats and mitigate risk, you need to learn what you can control within the external
forces that affect your business.
3. CONCLUSION
From the discoveries of this think about, it is apparent that achievability consider
abilities are basic for viable entrepreneurial development. Therefore, trade instruction
programs got to uncover their learners to the various feasibility ponder abilities such as
the natural, showcase and specialized examination abilities. This can be to empower
the learners secure the prerequisite aptitudes for the foundation and administrations of
their individual businesses and conceivably give work openings for the expanding
number of unemployed graduates in Nigeria.

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Critical Feasibility Study Skills Required for Effective Entrepreneurial

Development: Implications for Business Education Programmes

1. SUMMARY OF THE ARTICLE

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