Key Insights from Professional Postgraduate Programme in Aspects of Preparing to Set Up a New Business
Are you considering setting up a new business? Here are some key insights from a professional postgraduate programme that can help you in your entrepreneurial journey:
| Insight | Statistics |
|---|---|
| Market Research | 80% of businesses that conduct market research before launching are more likely to succeed. |
| Business Plan | Only 50% of businesses have a formal business plan, but those that do are 16% more likely to achieve viability. |
| Financial Management | 60% of businesses fail due to poor financial management. Proper financial planning is crucial for success. |
| Networking | 85% of business owners say that networking is crucial for success. Building relationships with other professionals can open doors. |
By focusing on these key aspects, you can increase your chances of success when starting a new business. Remember, preparation is key!