FEASIBILITY STUDY

Feasibility studies play a crucial role in business planning and entrepreneurial success by assessing the viability of business ideas, identifying potential challenges, and optimizing resource allocation. This study examines the impact of feasibility studies on entrepreneurial success in Benin City, with a focus on business startup, cost implications, business environment insights, capital requirements, and challenges hindering entrepreneurs from conducting feasibility studies. The research employs a quantitative approach, utilizing descriptive and inferential statistical techniques to analyze data collected from 120 entrepreneurs in Benin City. These were collected by the use of well-structured questionnaires which were administered to business owners, managers, and other key stakeholders in selected SMEs. Findings indicate that feasibility studies significantly enhance business success by reducing uncertainties, securing investments, and guiding strategic decision-making. However, the study also reveals that the high cost of conducting feasibility studies poses a major barrier, limiting accessibility for small business owners. Additionally, the research confirms that feasibility studies provide critical insights into the business environment, including market demand, competition, and risk factors, thereby improving business positioning. The study further establishes a strong relationship between feasibility studies and capital planning, highlighting their role in securing adequate funding and managing financial risks. Lastly, findings suggest that financial constraints and lack of awareness are key challenges preventing entrepreneurs from utilizing feasibility studies effectively. Based on these findings, the study recommends that policymakers and financial institutions implement measures such as subsidized feasibility study programs, financial assistance schemes, and awareness campaigns to promote the
adoption of feasibility studies among entrepreneurs. The study contributes to the growing body of knowledge on business feasibility analysis and provides practical insights for aspiring entrepreneurs and business development agencies in Benin City.

This study investigates feasibility study as a tool for entrepreneurial success in nigeria. The specific objectives include investigating ways in which feasibility study impact business operations in Nigeria, to determine expenses associated with conducting
feasibility studies, to illustrate how feasibility study provide insight into business environment, examine how capital requirement of a business relate to finding of a feasibility studies and to determine the challenge that hinder entrepreneurs from utilizing feasibility studies. Four research questions guide this study about feasibility study in small and medium-sized enterprises (SMEs) located in Benin City. The sample size comprises 75 respondents, and data were collected through a 75 questionnaire survey of enterprises in Ugbowo, Benin City. The study was analysed using simple percentages, frequency table. This study highlighted the crucial role of entrepreneurship development in job creation in Nigeria. It demonstrated how entrepreneurship initiatives significantly contribute to employment generation, showcasing the positive impact of entrepreneurial activities on the economy. The research identified the challenges entrepreneurs face in securing funding, infrastructure, market access, and regulatory support, and provided insights on how addressing these challenges can further enhance job creation. Additionally, the study underscored the importance of entrepreneurial education programs and mentorship schemes in shaping the entrepreneurial mindset, improving skill sets, and promoting business success among both aspiring and established entrepreneurs in Nigeria