An economic feasibility study is imperative for entrepreneurs and small and medium enterprises (SMEs) not only to make a project success but also to help in securing the funding, according to a top official of Bedaya Center, for Entrepreneurship and Career Development, a joint initiative by Qatar Development Bank and Silatech.
Highlighting that entrepreneurs and SME owners are the most important groups that must be fully aware of the importance of feasibility study, Abdulla Faleh al-Saeed, board member and general manager of Bedaya Center, said through the feasibility study, "it is possible to collect relevant information to make important decisions that will impact the launch and management of any given project, in addition to identifying the potential challenges the business may face in the future.
"Most importantly it will have a direct effect on securing the capital and funding of the project because the investor is significantly interested in the proper management of the project, indicating the scope of success," he said at the virtual seminar, organised by Bedaya Center in collaboration with Bait al Mashura Finance Consultations.
At the workshop, a certified consultant at Bait al Mashura, highlighted the importance of concept review and vitality of the economic feasibility study, and harped on its content, the steps needed for preparing it, the importance of acquiring the skills for formulating pilot studies.
He also stressed the basics of market studies, in addition to reviewing the technical nature of the projects and how to prepare the financial studies to reach positive results by identifying the target audience.
The economic feasibility study contributes to analysing the extent to which an idea or a project can be implemented through an organised research mechanism, as the main objective is to confirm the project's technical, financial and market feasibility aspects.