The Importance of Business Planning

Youth Enterprise Academy was invited by the JJ Enterprise Club of Jurong Junior College to give an assembly talk to share on youth entrepreneurship and business planning.
We subsequently invited Nicky Teo from Funeral Solutions and Ken Koh from Talentpreneur Hub to share their experiences with the youth.
Nicky Teo is one of those young people who creates ripples everywhere they go.
Given the industry that he is in, it's hardly surprising that most people will do a double take when they hear that a young chap is a funeral director.

When Nicky was invited to speak at an entrepreneurial assembly talk recently at Jurong Junior College on the importance of the business planning, he openly admitted that he didn't do any planning before venturing on his business. Prior to setting up his company, Funeral Solutions Pte Ltd, Nicky had years of experience by being actively involved in the funeral processes and rites at a local temple.
He decided to start out on his own and his company was born. He believed that it was important to be responsible to the client and not overcharge them. He felt that transparency was the best way to go when dealing with his clients and it because his unique selling point the industry.
He shared with the 800-strong audience that it was only after he became his own boss did he realised the importance of business planning to help shape the direction of his company. He found out that many of the mistakes that he committed could have been avoided had he taken the time to do proper business planning.
That message was firmly echoed by my good friend and colleague, Ken Koh, Managing Director of Talentpreneur Hub and Youth Enterprise Academy. Ken gave tips to the students on what to look out for before starting a business, citing examples from YEA itself.

Ken also shared on several local successful entrepreneurs who are below 25 and how they were able to succeed in their industry despite stiff competition.
The students at JJC enjoyed themselves with Nicky's and Ken's humorous sharing and Youth Enterprise Academy sincerely hoped that more students will be encouraged to venture out and start on their entrepreneurial endeavours, starting with the strong initiative and support from their college.