I'm 23 and am keen to start my first business as a newbie. What do I need to know and very keen to hear the community's experiences?

You'll need to be brave.

Also, find some people you trust, discuss your business model with them, and see what they think. Are there any things you can improve on? If you can, pool some money with the people you trust and can work well with. 2 (or more) brains are better than 1 after all!

Get a good team and partner to work on the idea together as it'll be much easier during the ideation and development stage. It's alright to fail, just take it as a learning experience and move on from there. Amid challenges, do not give up and persevere on! There's another similar question asked on this platform, you can check out the responses here - https://seedly.sg/questions/i-want-to-start-a-b...

Do research on your target audience. Find suppliers that gives discount in bulk purchases. Compare prices with different suppliers. Identify the ways of marketing. Will it be a 1 time off earnings from the customer or will it be recurring. Some thoughts to consider!

In general,
1. register the company based on llp or pte ltd ( u need a company address tt is not flat unit)
2. register a name tt ppl understand without explaining (by registering bzifile urself, u save cost thru a 3rd party)
3. Start focusing on creating awareness and positive reputation

(u dun necessary have to be cheaper, u just have to be outstanding and doing a good job, if u cant, go get a job)

before the top 3 point, make sure u r skillful in the business u r starting.

if u r hiring ppl to provide the skill while u r using ur idea only, is best to work in industry of ur idea.

why?

u get pay to learn whether u r good enough to run a business or better to work for others.

if not u will be wasting money, time and effort.

getting crush before sucess is the biggest obstacle in life.

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Hope my reply helps.

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Thank you.