This paper situates the implementation of feasibility studies within the context of SMEs using 61 randomly selected small and medium sized firms in Calabar metropolis, Cross River State. Regression result showed effective and efficient implementation of feasibility studies areconstrained by myriad of internal and external factors. These include inexperience,stakeholders’ pressure, unpredictability of policy and regulatory frameworks, unreliability of data/ information and paucity of funds. Overcoming these challenges requires among others, bridging the dichotomy between conceptualization and implementation offeasibility studies, consideration of broader stakeholders’ interests other than profit and organizational flexibility to enable the firms adapt and cope with environmental dynamics.
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