Sheng is a young entrepreneur who hopes to attract funding for his new home security camera business. Before creating his business plan, Sheng considers the product’s feasibility from a number of perspectives, including the potential competition in the marketplace and his product’s potential for making a profit. What else should Sheng consider in his feasibility analysis? (1 point) Responses what’s going on in the security camera market what’s going on in the security camera market which type of legal business entity he should create which type of legal business entity he should create how he plans to effectively communicate with partners how he plans to effectively communicate with partners why having enthusiasm for his idea is the most important thing
Sheng should also consider the following in his feasibility analysis:
- The target market and potential customer demand for his home security camera product
- The product's unique selling points and competitive advantage over existing products in the market
- The pricing strategy and whether it aligns with customer expectations and market trends
- The required resources, such as technology, manufacturing, and distribution, and their availability and cost
- Any potential regulatory or legal challenges that may arise in the industry
- The scalability and growth potential of the business
- The availability and potential sources of funding or investment for the business
- The potential risks and challenges that may arise during the product development and market entry phases
- The marketing and sales strategies to reach and attract customers
- Any intellectual property considerations, such as patents or trademarks, for protecting the product innovation.
- The overall market trends and industry outlook for the home security camera business.