Feasibility Study

What we had to prepare for this lecture was a brief explanation of what our idea would be for the feasibility study. What a feasibility study is, is that it explores the idea that a person has in terms of how is solves a problem, and of what value it is and whether there are any collaborators or competitors. It is also about being able to explain it clearly so the other person can understand it as well, the skills that this uses is what we have learnt in the previous lectures to help up do this feasibility study.

 

This brief explanation is called an ‘elevator pitch’, this was seen in the third lecture when Corrine was talking to us about storytelling, she showed us a young entrepreneur who used a ‘elevator pitch’ to tell a story of how he identified the problem. For the beginning of the lecture Corrine asked us as a class to tell everyone what the idea was in only 5 words, so people had to think carefully what they would say in a short amount to summarise their idea for the study.

 

After everybody had given their ideas in a summery of 5 words Corrine then asked us to look to the person next to us and pitch to them your idea in 30 seconds and then they do the same to you with their idea. So I turn to the person next to me and pitch my idea that I had chosen for the feasibility study, and then afterwards the person asked some questions about my idea.

 

When we had finished pitching each others ideas and asking questions about them Corrine then told us that this was helping us develop our skills for the ‘Dragon’s Den’ assessment, she then showed us some helpful websites to the few in the class who did not yet have an idea. This was to help us gain some perspective for those who couldn’t identify a problem and see what other people had created to solve the problem they had identified.

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