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Activity 2.3

Analyze the viability of a selected idea or opportunity against specific screening variables.

1. The aptitude, interests, and values of the potential owner are screened for suitability to the new venture.
2. The market conditions are assessed to determine the viability of the new venture.
3. An assessment is made of the competition the new venture is up against.
4. The access to relevant technology and other resources needed for the new venture is analyzed to aid a decision on the viability of the new venture.



Answer :

GinnyAnswer

Final answer:

Before starting a local business, it is essential to analyze the market, competition, and resources available.


Explanation:

Before deciding to go into business locally, several factors need to be considered:

  • Market analysis: Assess the viability of the product or service, customer demographics, economic factors, and location preferences.
  • Competition analysis: Evaluate the competitive landscape and how your business will differentiate itself.
  • Technology and resources: Analyze access to necessary technology and resources crucial for the venture's success.

Learn more about Factors to consider before starting a local business here:

https://brainly.com/question/28474372


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