Venture Screening Assignment Example | Topics and Well Written Essays - 750 words

Venture Screening - Assignment Example It also requires the skills and ingenuity to search and manage resources, which are often owned by other people. In any way, entrepreneurship requires considerable thought, planning and preparation. To certain extent, the modern world with its highly dynamic and changing character of technology, markets and competition among them, plays into the hands to entrepreneurship. Thus far, there is a great exertion in trying to model and see the future, as while business plan of a certain venture is designed, it can simply become obsolete (Timmons, 1999). When an entrepreneur discovers the potential of a new venture, one should reply the question if the new venture idea is able to make money. A feasibility study will help to answer such question and to assist in changing one’s new venture idea into a successful business. Such feasibility study is a certain comprehensive plan, which consists of a systematic gathering, recording and analysis of information concerning the potential succe ss of a new venture idea. In other words, it is a process screening that is used to find out business opportunities. Business plan will be worked out on its basis. Such feasibility study includes the preliminary assessment, new venture concept, market assessment, analysis of cost- profit and plans for the future actions (Bates, 2003). A feasibility study of screening is aimed to help one to screen out the ideas that have limited opportunity and allow the entrepreneur to invest one’s time, money and efforts into ideas with a potential for success.   The phase of preliminary assessment evolves evaluation and choosing of the idea of new venture and potentially generates the desired level of outcome in the desired time period. During this period personal and professional considerations are assessed in order to evaluate the needs of one entrepreneur and financial feasibility of the business idea. Here the entrepreneur figures out whether he or she wants to start a