Evaluating Business Ideas (Leaving Cert Business): Flashcards

Systematic investigation of business idea's commercial viability

Can we make it? Cost? Sufficient demand?

Examines practical aspects of creating product/service

First mock-up or sample of the product

Desirable, feasible, and viable

Detailed cost analysis to determine economic viability

Expenses constant regardless of production (rent, equipment)

Expenses that change with production (materials, labour)

Before creating comprehensive business plans

Reveals more viable options than original idea