Part 1 of the Feasibility study: Business concept and Product/Service Feasibility analysis is a preliminary evaluation of any idea to determine if it’s worth pursuing, giving you a high level overview to see if the idea is doable. There are several components of a full feasibility analysis that have to be considered to have a better success in implementing your idea but the following four are the most critical:
* Product/service feasibility
* Industry/Market feasibility
* Organizational feasibility
* Financial feasibility
Description of the business
The business that I would like to implement is a home security system that is capable of facial and voice recognition with full view capability that would alert the appropriate authorities in case of any emergency. The system will also have the capability to continue to operate even if the source of power is terminated or wires unplugged. In recent years with the downturn of our economy we have seen an increase of home invasions during all hours of the day, especially in the morning when they believe no one is at home. The standard security systems that are currently being offered are not enough to provide the security required to cover all bases and the more security that is needed, the higher the prices of the equipment and additional charges for the extra support. The name of my business will be “Safely Home”, which the name alone will indicate that you can safely stay at home, and the service being provided is backed by ADT, which is one of the best monitoring companies around. They have been providing monitoring services since the 1890’s.
Description of the Entrepreneur
Marcos Miranda will be the owner of the company. He currently works for a Paper Company doing business analysis for the Procurement organization where he spends almost ten hours during the day at work and two hours commuting back and forth. He also has technical background and has installed several wireless cameras all...
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