Sources of information required by Entrepreneurs

Posted by Imam Larh on Wednesday, 14 March 2018

Sources of information required by Entrepreneurs, among others, include information about consumers, demand and supply, competition, advertence, rival products, product development, design, and consumer behavior. Business sources are collected and required, ie requirements.

a. the data is trusted;
b. the data must be complete;
c. the data is still valid;
d. the data can be used.

Finding and collecting information is relatively easy if the Entrepreneur is smart, skilled, skilled, experienced, and good at communicating and not easily discouraged and quickly dissatisfied. Smoothness in communicating is determined by the skill at the precision of self-expression. 

The key to successful entrepreneurship lies in acquiring and managing information rather than lying in the abundance of information. Entrepreneurial success related to information in his business, including:
  1. Hope the future of business.
  2. Value systems of Entrepreneurs.
  3. Entrepreneurial experience in the business.
  4. Business strengths and weaknesses.
  5. Attitudes and consumer behavior.
  6. Consumer purchasing power.
  7. Consumer Motivation
  8. Business reality.
  9. Business opportunities.
  10. Business barriers and obstacles.
  11. Competitor
  12. Service.
  13. The consumer needs risk
  14. Changes in consumer tastes.
  15. Government policy.
Sources of information needed Entrepreneurs Sources of information needed Entrepreneurs in the framework to support business policy is as follows.
  1. Market research results
  2. Economic condition (public purchasing power)
  3. The company's position in the market.
  4. Human Resource Conditions
  5. Financial department.
  6. Buyers, consumers, and distributors.
  7. The competitors.
  8. Commercial area.
  9. Mass media.
  10. Production manager, among others concerning:
  • Raw materials.
  • Labor
  • Transfortasi
  • Product quality.
  • Product design.
  • Product model.
  • Product type and size.
  • Product colors and brands.
  • Benefits and product wrap.
  • The price of the product.
In other words, the sources of information can be divided into 2 (two) groups, as follows.

a. Primary data source information
Primary data source information, including:
1) Research results
2) Consumer itself.
3) Brokers.
4) The sellers themselves.

b. Secondary data information sources Secondary data information sources, including:
1) Research results
2) Journals
3) Other companies in similar groups.
4) Government.
5) Supporting companies.
6) Central Bureau of Statistics.
7) Professional Associations.
8) Chamber of Commerce.
9) Mass Media (Magazines, Newspapers, Tabloids).
10) Television

Benefits of business information sources
Utilization of information technology will direct the company on how the company works, expanding competition, marketing, sales, distribution, promotion, and others. The existence of information technology will cause people to quickly know the news and can quickly send news. 

The use of information technology caused many changes in various aspects of the activities within the company. Therefore, in order to promote and raise business or business, the role of information technology should be optimized its use.

> The less relevant information. Political people say "Information is power". While business people say "to know the future of business. For that reason and search for as much information.
> The success of the entrepreneur in managing information, rather than lies in the amount of information he has, but on the relevance.

Given the sources of information, Entrepreneurs will know that the information is very important for the input material for making a decision in the business. The present age is known for the information age, in which the ability to obtain and use information resources is the greatest asset. 

Political people say: "Who has the most information, he is the most powerful". While business people say: "To be able to manage a business well, market something for the future; to know the future, get as much information as possible "By utilizing information resources, Entrepreneurs will carry out changes or improvements to the following.

a. Expansion of business competition.
b. Product creation
c. Marketing and product sales.
d. Employment.
e. How to manage a business.
f. Choose a product.

From the explanation described above, it can be concluded that with the existence of information sources, then Entrepreneurs will be able to:
a. Choosing and making products faster and cheaper
b. Choosing and making products that sell quality, and competitive prices.
c. Choosing and determining a profitable marketing area.
d. Choose and create new or combined designs.
e. Choosing and making better products at relatively cheap prices.

One of the most important responsibilities of entrepreneurs is to solve scientific problems in business. Entrepreneurs should be able to analyze by collecting data, processing them, analyzing, interpreting and drawing conclusions from the analyzes. Solving that problem
is a very important activity in business or business. Skills acquired by Entrepreneurs, will be a provision in solving problems in business or business activities.

In order to make the right decision, an entrepreneur desperately needs a complete and accurate source of business information. In addition to being complete, the sources of information must also be reliable. If the sources of information is incomplete data, then in decision-making and conclusions, as well as suggestions to be posed may be less than perfect. In the world of business and technology, information is the basis for observing form and business or business in the future.

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