The Impact of Feasibility Study in Enhancing Growth and Development of Business Organisations in Nigeria

Abstract

The need as to the relevance of feasibility study in the structure of a business has attracted attention from both the business circle as well as academics. It has often been concluded that a business can thrive without undergoing a feasibility study. A healthier debate is that there are no available statistics of many businesses that went under unnecessarily due to lack of such a study, thereby negating economic growth. This paper examines the impact of feasibility study in enhancing growth and development of business organizations in Nigeria. It was proven that a well planned feasibility studies enables the business owner to understand the schematics of the venture and boost confidence in facing challenges that may arise in the business life circle because the target, through feasibility study has been attained; howbeit abstract. A man who knows where he is going arrives there no matter the obstacles. The work concluded that feasibility study impact significantly on the growth of a business and reduces the level of exposure to risk and ensures success.