Now that you know what a business plan is, it is crucial to know the importance behind having one. Execution is everything and a business plan helps to ensure that your execution of your business is as optimal as you can be. Obviously, it does not guarantee success, but it helps put you on the road to it.
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Starting a business naturally comes with a lot of risk, even in a country with a thriving startup ecosystem like Singapore.
In this article I will outline the risks that entrepreneur commonly face. Some of them are specific to businesses in Singapore.
If you are thinking, “I am going to find the perfect idea to start my business!”
Stop.
Many people want to start their own business, but they spend so much time thinking of a perfect idea on which to base their business. News flash. The perfect idea does not exist. Sure, once in a while, you come across some company in the news, that sparks this question in your mind.