Overview on Feasibility Study & Its Importance

Overview on Feasibility Study & Its Importance

Overview on Feasibility Study & Its Importance A feasibility study is conducted in order to examine if the proposed business idea or venture can be applied practically. The key function of this study is to verify if the business can be implemented and continued. The business can either be a startup, expansion of a current business or taking over an existing business. Conducting a feasibility study helps in determining if the proposed business can sustain for a long term and…

Importance of Drafting a Business Plan

Importance of Drafting a Business Plan

Importance of Drafting a Business Plan A business plan is critical for any new business venture, but is often neglected as the Entrepreneurs do not completely understand the depth of the benefits that they provide. Some of the major advantages that a business plan could provide are listed below Clear Objectives The business plan can be used to specify and manage measurable objectives such as sales, website visitors, new product launches, consumer reviews etc. This can be used to define…

Importance of Conducting Market Research in Singapore

Importance of Conducting Market Research in Singapore

  Importance of Conducting Market Research in Singapore Market research is a critical step that involves collection and analysis of data about the target market, product/service demand, competition and the environment in which the business is setup. These information that are gathered through the research provide valuable insights which are critical for taking strategic business decisions. A report published by Forbes suggested that approximately around 90% of the startups fail within a year from of starting their operation. On doing…