Present the steps involved in conducting a feasibility analysis. Identify the components of the business model canvas and explain how to use them to develop a viable business model.

5.1 Learning Outcomes:

• Present the steps involved in conducting a feasibility analysis.
• Identify the components of the business model canvas and explain how to use them to develop a viable business model.
• Explain the benefits of an effective business plan.
• Describe the elements of a solid business plan.
• Explain the three tests every business plan must pass.
• Explain the “five Cs of credit” and why they are important to potential lenders and investors reading business plans.
• Understand the keys to making an effective business plan presentation.
• Understand the advantages and disadvantages of buying an existing business.
• Explain the four steps involved in the right way to buy a business.
• Describe the five steps of the deal stage for buying a business the right way.
• Understand the transition stage for buying a business the right way.

5.2 Action Required:

• Watch the short video at the following link:

https://www.youtube.com/watch?v=iuYlGRnC7J8

5.3 Test your Knowledge (Question):

• Why does the entrepreneur need to develop a business plan?

5.4 Instructions

• Answer the question available in the “Test your Knowledge” section.
• Post your answer in the discussion board using the discussion link below