Re: Business Plan
I set-up a business a few years ago in another country. In order to do so I had to prove I was qualified enough to understand at least the basics of accounting and I had to provide a business plan.
I would have been brought before the authorities if the company had got into trouble in the first five years. I would have been asked to give a good explanation as to what had gone wrong with the likely outcome being at least a large fine and possibly being banned from starting further businesses.
Apparently they do accept reasonable excuses but they expect you to think things through.
Some might say this stifles innovation but I think the reality is it greatly reduces the kind of mess outlined in the article.