Sources of Information and Advice -Tips for New Entrepreneurs

2558 WordsSep 19, 201011 Pages
Executive Summary For every new business starter, a very critical task is to access comprehensive information and professional advices prior entering the market. Because human are not almighty, targeted research within predefined market segments must be conducted in term of extracting valuable information from massive data. The new entrepreneurs, therefore, would use analytical research outcome of market data to integrate with the advices from gurus, to blueprint the venture and support decision making in every stage of the business. This report suggested market research as the main approach to receive accurate market information for the business plan composition. There are different focuses in market research to help business owners…show more content…
But all those mindsets are not come from fantasy. Entrepreneurs use actual data to support decision making and knowledge with experiences to guide their journey of business ventures. Source of information The following sections in this report will categories information and advice to start discussion. Market research The market research practice was initially implicated by the rise of statistical science. It began to be conceptualised and some practices have been conducted during the 1920s (Stigler, 1990) In today 's changeable markets uncertainty becomes the norm. ‘Quality and timely market research are desired and vital than before’, stated by Platt and Barista (2010). Market research involves gathering, analysing and evaluating information to help business owners formulate business goals. The contents of market research can be divided into different segments based on different focuses. Many researchers prefer PESTLE analysis while others may choose Porter’s 5 forces analysis or S.W.O.T analysis. But the outcome or purposes are generally similar:  Understand market demand by study consumer behaviours in terms of product development and improvement.  Finding opportunities and niche in market.  Define business model and revenue model  Understand rivals by analyse their products, price, promotion methods and market response.  Understand market status by observation and evaluations. Help to define specific marketing strategy

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