types of data

Question 1

qualitative

Answer 1

non-numerical data, inclusion opinions or written responses.

Question 2

quantitive

Answer 2

numerical data, such as figurers and statistics. More easily analysable

Question 3

primary research

Answer 3

information collected first-hand by a business for a specific purpose.

Question 4

secondary research

Answer 4

collected from another source

Question 5

initial feasibility study

Answer 5

conducted to inform the owner of the things they must consider when starting the business and the potential risks involved.

Question 6

market feasibility

Answer 6

using market research to determine whether the venture has the potential to be successful in the long run

Question 7

operational feasibility

Answer 7

whether the business will have access to the resources required. eg. skilled employees, equipment, supplies.

Question 8

commercial feasibility

Answer 8

a) can the entrepreneur afford the setup

b) is the industry in a position to support the opening of the venture.

Question 9

technical feasibility

Answer 9

owner having the right skill set to start and operate the business.

Question 10

legal feasibility

Answer 10

understanding the legal framework of the industry and ensure its business model fits within it.