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?

Question

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?

what's going on in the security camera market

which type of legal business entity he should create

Ohow he plans to effectively communicate with partners

why having enthusiasm for his idea is the most important thing

(1 point)

Answer 1

Sheng should also consider the potential target market for his product, the current trends in home security technology, the availability of resources and skills needed to develop and launch the product, and any potential regulatory or compliance issues that may impact his business. Additionally, he should also consider the scalability and growth potential of his business, as well as potential challenges and risks that may arise in the future. By taking all of these factors into consideration, Sheng can ensure that his business is well-positioned for success and can attract the funding he needs to bring his idea to market.