Sources of Information and Advice -Tips for New Entrepreneurs
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 understanding market environment, economy environment and so on. Different ways of getting market data for research have also provided in this report.
Most of the time entrepreneurs will seek helps from experts too, especially when exploring a new market. Professional opinions and suggestions will be received throughout the business start-up phase. There is a need to have an experienced coach or mentor for those novices in the area. Different types of business consultant can be chosen on planning the new venture.
Various sources of free advice are also available, which provided by governments or agencies. It is a good way to go in term of cut some cost on ‘one to one’ consultations.
The method of market research and type of advice obtaining need to be determined based on the availability of fund and the actual business case. It is recommended that business executives finding the most suitable way to collect information and advices after knowing the ‘pros and cons’ of each method.
Introduction
People are curious, so people ask questions. Different types of questions incessantly appear every day, everywhere. Berlyne (1960) stated curiosity is related to our emotions and natural behaviour such as exploration,
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 understanding market environment, economy environment and so on. Different ways of getting market data for research have also provided in this report.
Most of the time entrepreneurs will seek helps from experts too, especially when exploring a new market. Professional opinions and suggestions will be received throughout the business start-up phase. There is a need to have an experienced coach or mentor for those novices in the area. Different types of business consultant can be chosen on planning the new venture.
Various sources of free advice are also available, which provided by governments or agencies. It is a good way to go in term of cut some cost on ‘one to one’ consultations.
The method of market research and type of advice obtaining need to be determined based on the availability of fund and the actual business case. It is recommended that business executives finding the most suitable way to collect information and advices after knowing the ‘pros and cons’ of each method.
Introduction
People are curious, so people ask questions. Different types of questions incessantly appear every day, everywhere. Berlyne (1960) stated curiosity is related to our emotions and natural behaviour such as exploration,
References: McGrath, R.G. and MacMillan, I. 2000, ‘Needed an entrepreneurial mindset’, chapter 1 in The Entrepreneurial Mindset, Harvard Business School Press, Boston, Ma. McQuarrie, E. F., 2005, ‘The market research toolbox: a concise guide for beginners’, 2nd ed., Sage Publications Stigler, S.M., 1990, ‘The History of Statistics: The Measurement of Uncertainty before 1900’, Belknap Press of Harvard University Press. Rowe,G., Wright,G., 2001,’Expert Opinions in Forecasting. Role of the Delphi Technique’. In Principles of Forecasting: A Handbook of Researchers and Practitioners,Kluwer Academic Publishers, Boston. Platt,E., Barista,D., 2010,’7 Questions About Market Research’, Professional Builder, Vol. 75 Issue 2, p39-42.