Business Opportunities Flashcards
What is primary data?
Primary data is the information that the entrepreneur collects himself
What is a research instrument?
If we know what information we want to collect we can decide which research instrument we want to use.primary data and secondary data need to be collected about prospective clients
What is secondary data?
Secondary data is information that has been collected by organizations like banks and government departments
What is a S W O T analysis?
It is a research instrument:
S- strengths - strengths of your business that give you a competitive advantage ( micro environment)
W- weaknesses - characteristics of your business that could put you at a disadvantage (micro environment)
O- opportunities -external factors that could advantage your business
T- threats - external factors that could disadvantage your business
What are test samples?
People you need to collect primary data from. Also refers to how many people you are going to collect information from. You have to figure out who to collect data from, how big your sample size will be and you have to avoid bias.
In the research process there are two ways of collecting information from your sample , what are they?
You can either observe or interview your sample
Use: personal interviews, telephone interviews, postal surveys, email surveys etc
What does your choice of interview method depend on?
How soon you want answers
Your available budget
The literacy levels of your target population
The sensitivity of the questions
How do you design a successful questionnaire?
Make questions clear and simple
Don’t ask too many questions
Start of with easy questions ( close ended ) then move on to more difficult open ended questions
Remember to test your questionnaire on a small group of people to check that it makes sense to them and they know how to answer it
The 5 things an entrepreneur should do when starting a business
- Find a gap in the market
- Decide on which services or products to offer
- Decide on your target market
- Decide on your competition ( identify problems and flaws etc)
- Decide on your suppliers
