How Many Singapore Startups Fail Yearly?
Date Listed 15/05/2019
A recent New Paper (26 Oct 2018 - Pg 30) article reported that out of the few successful and prominent startups, there are many more that failed.
We do not hear of these failures but there were 43,000 Singapore startups in 2016. And according to historical government records, 50% of these startups will failed within 3 years. This means 21,500 will die off within three years. After that, it is very likely that only 1% of 43,000 will eventually survive.
KNOW THE REALITY
Being over passionate in their ideas, entrepreneurs usually fail to see realistically beyond the initial customer positive response. They may equate such a response to certain "success" and are unprepared for the challenges ahead.
And in tough economic climate like today, it really takes serious thinking about how you want to position your business in a over-saturated and highly competitive market in which anyone can steal your idea and make it better overnight. Technological and other process capabilities count for nothing if your idea of the customer is inaccurate.
What most startups and small businesses do not realise is that good sales revenue and internal capabilities do not equal to success. As one who has had extensive experience in a number of startups (3 of which reached IPOs), a good idea, good initial response and capabilities are just part of the essentials. Nothing guarantees success until you can see in detail every nook and corner of your enterprise.. until management knows what it is REALLY doing for its customers.
But unfortunately, many small businesses and startups equate their knowledge of Google Ads & Analytics and e-Commerce as the criteria for success. They embark on a business without knowing and understanding who their customers really are.
WHERE IS THE BEST PLACE TO START?
A business plan of course!
A business plan is a growth plan demonstrating how you plan to take your business forward.
Investors, bankers, government agencies, principals, banks, major landlords, etc look for clear evidence of growth, how you are getting there and how well you know your business before
they partner with you.
And the only way they can know this is by evaluating the elements of your business plan - your understanding of the customer, market strategy, operational objectives, and financials.
Exactly how well you manage your business also depends on how regularly you review these key elements in your business plan so that they will remain relevant.
Therefore, a clearly written and sound business plan is your key tool to securing funding, governmental endorsements and also to take your business to the next level. No matter how small your business, if you have a good plan in place, you can take advantage of loans from banks; grants; approach investors; apply to government agencies for funding and obtain trade endorsements anytime.
I am a professional business plan developer and writer (since 2004) with vast business experience across diverse industries who can help you create a winning plan that is well-though-out and supported by solid arguments which are backed by well-researched facts and information.
Experienced and qualified, with loads of free and valuable advice, I can help you achieve your goals.
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