IMPORTANCE OF RESEARCH IN BUSINESS EXECUTION

few days ago i spoke about eradicating poverty through entrepreneurship. Remember an entrepreneur bears the risk of loss alone the same way he enjoys the profit. In other words it is very easy for a business to collapse within few months of execution without proper knowledge of the business itself. This is the reason for RESEARCH. Research means finding out all there is to know about a business ranging from its capital, mode of operation, the percentage of survival etc
Research helps the entrepreneur to have adequate knowledge of the business and have forehand solution to problem that might arise in the process. The difference between a successful entrepreneur and non successful one is preparation.
Many people are not prepared for challenges in their business and when it comes, to they panic and loose focus but if you are prepared after you've done your research, you tackle the problem head on.
Research doesn't end at the execution of the business alone but continues in order to sustain the business growth. Gathering of information and data such as market survey and analysis especially from customers to ensure they're always satisfied with the product or service you render. This analysis is a form of research and it helps a lot in sustaining the business.
Research helps to profer solution to struggling businesses. The same business that couldn't be managed by an entrepreneur is flourishing for another.
What makes the difference is RESEARCH.
Research needs to be made for proper management such as decision making that affects every aspect of the business. Decisions shouldn't be taken based on speculation but on certainty. An
entrepreneur should not be caught unaware. You be conversant with change in trading strategies and new technology.

conclusion

Research is an integral part of a business that needs to be done at every opportunity and not when the need arises. That's how to stay on your toes because a little relaxation can cause great damage to the business and its owner which may be difficult to recuperate.

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