Sources of Information and Advice -Tips for New Entrepreneurs

Topics: Marketing, Management, Entrepreneurship Pages: 8 (2550 words) Published: September 10, 2010
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.

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, investigation, and learning. It is evident by observation in human race and many animal species. Beswick (2000) believes curiosity, and other bridged studies such as intrinsic motivation have been accepted as participating in a wide extent of human nisus. Curiosity contributes into the innovations of sciences obviously, and it has important roles in industries of which need to be fuelled by creativity and sustainable developing. In business area, curiosity matters too. Before any business started, smart founders and executives will seek chances to acquire information and advices from various sources. When they drafting a business plan they want to listen to others’ opinions and borrow others’ experiences, which support and strengthen the plan. Business owners tend to know if people are interested willing to spend money on their products or services. They want to find out and understand their competitors in the marketplace and, after all, whether the market can sustain their business. In one word, people need information and advices for their decision making to enter the market. Aims and purpose of this report

This report is to demonstrate the different ways that business executive can use to access information and advice in the early stage of forming a business especially in process of composing a business report. The report categories information and advices into sub-segments such as market research and consultations. Both classic methods and modern methods will be discussed. Examples will be given to help on understanding different methods. Factors

In modern age, most insiders of commerce sector would agree that market research – to access actual data, and consultations – to apply concepts/theories, are two common practices to gather information and advices before launch of a business. They realised the roles of information and advices are becoming greater, especially in the early stage of a business venture. McGrath and MacMillan (2000) defined different entrepreneurial...

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.
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