Overview on Feasibility Study & Its Importance Feasibility Study Feasibility studies are important because they can assist in the formation of business plans and cross-functional assignments.  Market Feasibility Study determines the depth and condition of a particular market and its ability to support a particular development. The main objective of a market feasibility study is to understand the market to determine if enough demand exists to make the venture successful. A feasibility study is conducted in order to examine if the…

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 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 a…