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Understanding the importance of data collection to entrepreneurship and business management

On a previous post we gave you some tips on how to be a successful entrepreneur.

On a previous post we gave you some tips on how to be a successful entrepreneur. The idea now is to show a very important point that needs to be developed in your project. Entrepreneurship and management are concepts that go together and they both relate to business intelligence, also knowns as BI.

BI is, essentially, a method to help business managers make the right decisions for organizational growth. That is, the intelligence in data collection and analysis alongside the platform assistance are responsible for enhancing the process.

This technological method is present in the company’s strategical planning, and you need to do research – rather qualitative to obtain thorough data – to make it work.

Managing business involves some factors in order to help the company organize itself and achieve success.

Continue reading to see what these factors are and find out the importance in data collection for entrepreneurship and management.

Entrepreneurship and business management

The entrepreneur’s course begins with initiative, creativity, self-confidence and responsibility. These are personal enquiries and by now you probably know all necessary abilities to be a good leader.

By building corporate relations alongside the ability to make the company grow, entrepreneurs start facing management-related issues.

Employees’ recruitment and payment, rent, media investment, competition monitoring beyond other bureaucratic tasks come with the company’s growth. All of this does not have to do with the entrepreneur’s profile you have seen in the beginning of this post. However, they are inevitable demands.

Your work-related responsibilities increase as an entrepreneur and you have to live up to the expectations. Be strategical in all your decisions, but never act on impulse as it may put at risk a project that has been demanding lots of effort from you.

Certainly your aim is to become stable in the market, right? Considering this, we will give you tips to help you bear in mind some essential factors:

At first you will have many demands and you will have to deal with them on your own. After recruiting your team, you need to assess what your own assignments will be then. Some entrepreneurs focus on keep developing products and services, others prefer to take care of the administrative department. It is up to you to choose what motivates you the most regarding your goals.

The decision-making process is delicate and listening to different opinions might lead to a stronger foundation to reach a decision. Hire qualified people with great knowledge of your market and are able to share these decisions with. Identify your weaknesses so that your team can help you manage your business, the same way you can guide them to know the company’s vision.

A lot of companies bankrupt due to the lack of financial planning and not because of declining sales of products or services. Cash-flow control must be thorough and if you cannot deal with it, hire someone you trust.

As the company grows and the demands flow increase, the risk of putting the operation management in the first place and, involuntarily, losing sight of the client’s needs is higher.

This is a mistake you have to be very careful in order not to make it at any time. As time goes by you learn how to deal with all management-related issues without losing the main focus – the client. Your concern with your public’s problems and needs is what somewhat leads you to your professional goals.

Research as entrepreneurship and management strategy

Business Intelligence needs to be frequently fed with data and the best way to have relevant information is through market research. We increasingly see entrepreneurship and management-oriented technology.

Do you know the main reason why entrepreneurs bankrupt? Financial problems. Lack of planning and market research may solve this problem. Many entrepreneurs focus on creating the project and end up leaving business management behind.

That is why we have brought you some tools to guide your research and make your project a success:

Nowadays social networking is the most efficient way to collect data. However, you need to be cautious concerning how to choose your public. People are interacting and sharing opinions all the time. You can observe and see what they are talking about your business to have ideas on how to grant your public’s requests.

Survey Monkey is a free online research tool and software. You can create and publish online surveys in few minutes on the website and show the results in charts in real time. The free version includes 10 questions per survey and 100 answers.

In case you have a Google account you can create forms through Google Drive. You are able to customize your survey and share it with this tool. Answers are redirected to a table, however, data are not tabulated.

If you have not picked your market segment and are in doubt about what to invest in, Google Trends can be quite useful. There you can see what people are searching on the internet and define a location for your research.

The Brazilian Institute of Applied Economic Research (IPEA*, in Portuguese) provides a great deal of the country’s data divided into macroeconomic, regional and social indicators. Through this tool you are able to get acquainted with the best social and economic index where you intend to operate your business.

Market research is the first step to collect data and obtain relevant information to serve as a foundation for your business development. Entrepreneurship and management combined with automatizing tools can optimize your processes.

Invest in tools that boost your productivity guarantying more results. Would you like to know how? Consult our specialist team.

You will also enjoy knowing the 5 tips to be a successful entrepreneur.

* IPEA is a Brazilian government research organization entailed to the Ministry of Planning, Budget, and Management.