THE IMPACT OF FEASIBILITY STUDY IN ENHANCING GROWTH AND DEVELOPMENT OF BUSINESS ORGANIZATIONS IN NIGERIA
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THE IMPACT
OF FEASIBILITY STUDY IN ENHANCING GROWTH AND DEVELOPMENT OF BUSINESS
ORGANIZATIONS IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Feasibility study is an investigation
carried out to access the economic viability of any proposed business. Every
business establishment has a possibility of success or failure. Therefore, it
is the responsibility of a prospective entrepreneur to know very well about the
business. An intended business success or failure could be determined by the
amount of information that he has before engaging in a particular venture. This
therefore brings to the mind the issue of feasibility study (Cashman and
Rosenblatt, 2006). Feasibility study is an assessment of a project or business
opportunity to determine whether or not it is worthy of undertaking. It helps
the investor to sharpen his judgment and not replace it. All businessmen are
advised to know all that they are capable of knowing about the enterprise, the
product or service that they want to provide and the only way of doing this is
by carrying out a well prepared feasibility studies. This should be done by the
businessman (Mohammed, 2014).
Carrying out any technical study
involves planning. Planning reduces the degree of risk in operation or
organization by providing information concerning the circumstances and facts
that influence success or failure of a proposed course of action. Planning is
deciding in advance what to do, when to do it and who to do it. It is also a
set of managerial activities designed to prepare the enterprise for the future
and ensure that decisions regarding the use of people and resources help
achieve the objectives of the enterprise; planning helps to reduce uncertainty
within an organization.
The need for feasibility study is that
for projects to be feasible yesterday at a given location does not mean that
they would be so today for the same or different location given the erratic
changes that occur now and then in the economy and that all projects are unique
in their own ways (Kruger, 2008).
A good feasibility study seeks
information to cover all aspects of the enterprise including the product, the
market, manpower requirements, capital requirements, legal requirements, credit
practices in the trade, service of fund, tenders requirement and technical
requirements. It is also important when carrying out a feasibility study to
find out how profitable the business opportunity is at present.
Most businesses in Nigeria are small
and medium scale Enterprises (SMES), they engage less than 100 employees
provide goods and services for the citizens and industries. Small business
ought to be the catalyst for Industrialization, poverty reduction and a vital
engine of growth in the country.
1.2 Statement of the Problem
Feasibility
study is an investigation into the potential outcome of the project, but not
all entrepreneurs do feasibility studies before going into business. Problems
such as difficulty and complication which the process faces in assessing viable
and reliable information concerning prospective business are encountered.
This study intends to examine the
impact of feasibility studies in enhancing the growth and development of
business organization to attain efficiency in business. The study will also try
to find out why feasibility studies have showed its relevance and importance in
starting up business organization.
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