Excited about a groundbreaking idea for your thesis or research? That’s fantastic! But before you dive headfirst into the exhilarating world of a feasibility study, let’s hit pause for a moment. This crucial academic undertaking is your blueprint for success, proving whether your project is viable and impactful. However, many students jump in without fully understanding the foundational elements that can make or break their research.
As your experienced “Ate and Kuya” in accounting, we’ve seen it all. We know the passion, but more of the pitfalls. That’s why we’re sharing three absolutely crucial things to consider before starting your feasibility study to save you time, stress, and potential headaches down the line. Get these right, and you’ll be well on your way to a successful defense!
Choose a doable product or service.
TL;DR (Too Long; Didn’t Read)
Many students regret their chosen product or service due to its complexity. When thinking of a product or service for your adviser’s approval, don’t just go for what looks great. Oftentimes, what looks great is hard to achieve.
Think of a product or service that aligns with your expertise and budget. The more you know about a product or service, the easier it is to accomplish. Your offer does not need to be costly for it to be good, most of the time, all you need is creativity.
Your product or service idea is the heart of your feasibility study, but not all great ideas translate into a “doable” project, especially for academic purposes. It’s easy to get carried away with grand, complex concepts, only to find yourself bogged down by the sheer impracticality or cost during your research.
Here’s what to ponder:
- Align with Your Expertise & Passion: Are you genuinely interested in this area? Does it connect with your course or existing knowledge? Choosing something you understand well will make the research process smoother and more enjoyable.
- Scope and Manageability: A feasibility study needs to be comprehensive, but also realistic within your timeframe and budget. A highly complex product might require extensive research, surveys, or prototypes that are beyond your current resources. Think creatively within a manageable scope. Sometimes, a simpler, well-executed idea can be more impactful than an overly ambitious one that never gets fully realized.
- Real-World Data Accessibility: Can you actually gather the necessary data for your market feasibility, technical feasibility, and financial feasibility analysis? If your product requires highly specialized data that’s hard to obtain, it could halt your progress.
Pro-Tip: Start small, think smart. A well-defined, niche product or service that you can thoroughly analyze is far better than a broad, vague concept that leads to an incomplete study.
Don't try to cram your research.
TL;DR
Most students who got a verdict of major revision or redefense are those who cram their research. You don’t want that to happen, do you?
You cannot finish everything in one week, needless to say, one night before the deadline. A feasibility study requires a lot of time and effort. It’s not something you can ask ChatGPT or any AI to do for you reliably.
Start ahead of time as it may require a lot of revisions. Moreover, by the nature of feasibility studies, it may require you to do surveys, prototypes or actual products, marketing campaigns, floor plans, financial statements, etc. and it usually takes a lot of time to complete.
The biggest mistake students make with their feasibility study is underestimating the time commitment required. A feasibility study is not a last-minute assignment; it’s a marathon, not a sprint. Trying to “cram” all your research, data gathering, and analysis in a short period is a recipe for errors, omissions, and immense stress.
While AI tools are becoming and trend and are fantastic for brainstorming, they can’t replace the depth and nuance of actual research done by humans. Moreover, AI may not fully align with what your school or teachers are looking for.
Why rushing your feasibility study is a bad idea?
- Depth of Research: You need time for thorough market analysis, competitor research, identifying your target audience, and understanding industry trends.
- Data Collection Takes Time: Conducting surveys, interviews, and observation isn’t instant. Gathering reliable primary data requires planning, execution, and patience.
- Prototyping & Testing (If Applicable): Developing even a basic prototype or testing a service concept takes time for iterations and feedback. Just like your paper, your prototype will likely have numerous versions before you can make it work or get approved.
- Financial Projections: This is where many students struggle and fail. Accurately projecting your income statement, cash flow, balance sheet, and performing break-even analysis requires careful data input, logical assumptions, and meticulous calculations.
Remember: Quality research takes time. Plan your schedule, break down tasks, and give each section the attention it deserves.
Seek expert guidance.
TL;DR
One way to get a minor revision on your defense is to have it revised as many times as needed prior to your graded presentation.
To do so, you may need to consult your adviser or an expert in the field you are working in. Their input may be beneficial for you to see and revise the matters you may have missed.
Some feasibility study requirements might not be even taught to you, like floor plans, financial statements, or even a computer program if your business requires one, for which you may need to commission or seek guidance from a professional.
You’re a student, not a seasoned entrepreneur or a certified public accountant – and that’s perfectly okay! Your research advisors and field experts are invaluable resources for reviewing your overall study and providing insights. However, certain aspects of a feasibility study, particularly the financial aspect, often require specialized knowledge that might not be fully covered in your general coursework.
- Academic Advisers & Mentors: Always consult your academic advisor. They can guide you on the overall structure, research methodology, and academic standards.
- Industry Experts: For specific industry insights, reach out to professionals in your chosen field. Their real-world perspective can be invaluable.
- Specialized Financial Help: This is where many students hit a wall. Creating accurate and reliable financial statements and other financial-related computations can be incredibly complex. These figures are critical for your project’s viability. If you’re not confident in your accounting skills, seeking professional assistance here isn’t cheating; it’s the best course of action, unless you are expressly prohibited by your school to do so.
Starting a feasibility study is a significant undertaking, but with careful planning and the right support, it can be a highly rewarding experience. By choosing a doable project, dedicating sufficient time to research, and knowing when to seek expert guidance, you’ll set yourself up for success.
Need help with your feasibility study?
Contact Feasib Accountant to help you with your feasibility study, especially on the financial aspect of your research.