Pitching to investors can daunt many potential entrepreneurs. To lay yourself out to criticism and rejection can deter many from seeking investments. However, that business funding could be the gap between success and failure.
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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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After your idea is done, the next step is to create a business plan. What is a business plan? A business plan is just that, a plan on how to execute a business! You need it for the nitty and gritty of your business. If you rush into business without a concrete plan, you could be courting disaster. As the saying goes, failing to plan is planning to go.
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Ideas. Ideas. Ideas. Where do people get them? Everyone has that one friend who is brimming with crazy ideas on how to start businesses. To really get a workable idea that can be translated into a business plan? That’s not the easiest thing in the world. Plenty of prominent business people say that it’s all about the execution, not the idea.
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One of the first things people think of when thinking of the word “business” is an office! The common scene is people wearing suits and ties to a tall office building. Well, it does not have to be that way! There are different types of work environments. Many startups nowadays don’t do the whole formal attire thing and have their employees wear informal attire to work. It’s all up to you, really.
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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.
Being your own boss… Have you ever wondered about it? Sometimes we just have to admit it. Working for others just suck. You feel that having your blood, sweat and tears exerted to fill somebody else’s pockets is not the most desirable of situations. Perhaps then you think..
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Let’s face the truth. Not everybody is born with the traits required to become a successful entrepreneur. It’s not an easy road and you need a certain set of skills to navigate this rocky path. But the good news is that this skills can be trained and built up over time if you put in the hard work and dedication. Without further ado, let us dive in.
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The thought of becoming an entrepreneur has probably entered your mind at least a few times in your life. It sounds enticing but yet perilous at the same time. Its vast unknown seem to be of another world out of your comfort zone, and you wonder if you are able to overcome the challenges on that journey.
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