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Startups Without Business Plans Are Expensive Hobbies

If you sold your last startup for $800 million, you probably already know how to build a business, and even conservative investors won’t worry about the quality of your next business plan. But, for the rest of us, don’t believe the Silicon Valley myth that all you have to do is sketch your million-dollar idea on the back of a napkin, and investors will line up to give you money. Based on my experience as an investor and mentor to aspiring entrepreneurs in Silicon Valley and elsewhere, one of the quickest ways to kill your credibility and your startup is to offer a poorly written business plan, or none at all. There really is no excuse these days, with samples on the Internet, business-plan books in every bookstore, and dozens of apps to automate the process

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If you sold your last startup for $800 million, you probably already know how to build a business, and even conservative investors won’t worry about the quality of your next business plan. But, for the rest of us, don’t believe the Silicon Valley myth that all you have to do is sketch your million-dollar idea on the back of a napkin, and investors will line up to give you money. Based on my experience as an investor and mentor to aspiring entrepreneurs in Silicon Valley and elsewhere, one of the quickest ways to kill your credibility and your startup is to offer a poorly written business plan, or none at all. There really is no excuse these days, with samples on the Internet, business-plan books in every bookstore, and dozens of apps to automate the process

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Make the commitment. Entrepreneurship can be learned. But you have to be committed to the process of building your own thing and the act of creating something, rather than just coming up with an idea. It will likely take several ideas, with the learning process of failing on a couple, before you can call yourself a successful entrepreneur.

Define a business that is scalable

First, pick an opportunity that has a worldwide appeal, like eco-friendly products. Then implement automation on production and tracking so you don’t need hours of manual work on each order. Finally, use customer feedback or promotions to attract more and more customers with less and less effort.

Startups Without Business Plans Are Expensive Hobbies

Sufficient infrastructure

Thailand has good infrastructure with modernized transportation facilities, as well as upgraded communications and IT networks that ensure optimum business and living conditions. World-class industrial estates boast sophisticated facilities and support services to meet the needs of multinationals and SMEs alike.

The Million Dollar Idea, and how to make it work

Focus always on one or two top priority goals. We all live with the stark reality that the more we try to do, the less well we do on any of the elements. Thus focus is a natural principle. Narrow you and your team’s focus to one or two wildly important goals, and don’t let these get lost in the whirlwind of daily urgent tasks and communications.

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Thailand ranked 3rd in ASEAN on Economic Freedom Index

Thailand has a business freedom index of 85.3 out of 100. This is a big improvement over last year, which helped to increase the country’s overall score to 69.7, a 0.3 point jump from last year.

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Thailand ranked 3rd in ASEAN, 9th among 40 Asia-pacific countries and 42nd in the World on the most recent on Economic Freedom index. Singapore tops the list for the second consecutive year, followed by New Zealand and Australia.

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Why Thai Firms Should Care About the Career Stage of China’s Officials

In Chinese bureaucracy, large-scale leadership turnover happens every five years, right on the heels of the Party’s National Congress: think of it as a window of opportunity for promotions, but with a few constraints

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Governments typically set a wide range of goals. This is reasonable and expected: For a society to grow sustainably, social stability-related targets are just as critical as economic ones.

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Marijuana could generate up to Bt8 billion for Thailand’s pharmaceutical industry

Last year, Thailand removed cannabis and hemp leaves from its list of banned narcotics (seeds and buds remain banned).

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Marijuana could generate up to Bt8 billion for Thailand’s pharmaceutical industry over the next five years, but farmers stand to make little from growing the herb, experts say.

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