Home Entrepreneurship Various Sources of Information for Entrepreneurship Development

Various Sources of Information for Entrepreneurship Development

by Olufisayo
Various Sources of Information for Entrepreneurship Development

Entrepreneurs need to be reminded from time to time about the basic functional areas, regarding their enterprises so that they can be up to date and for them to be efficient and effective managers.

In light of this, we have to recognize information as a veritable resource of entrepreneurship development.

Nature and Types of Information Required By Entrepreneurs

(a) Marketing Information

Whoever engages in a business, whoever embarks on entrepreneurial tasks will-knowingly or unknowingly engage in marketing. We can state that whenever people engaged in business, they also engage in marketing. Some aspects of marketing have over the years changed dramatically.  Selling alone was considered to be the actual marketing activity.

Quality products and services in the historical sense were no longer all that customers were looking for. More manufacturers, more distributors, and increasing buying power changed the “market-place”.

Globalization of markets set in, and new and more sophisticated management instruments were needed to help manufacturers, distributors and entrepreneurs 10 stay in business and grow with growing markets and all of this despite ever-increasing competition and fighting over market shares.

       

Any market primarily consists of people and entrepreneurs need to concentrate his/her efforts on one of the segments of the market in which the products have the greatest potential appeal. Good market segmentation is a must for any successful marketing approach.

(b) Technical Information

In developing a business idea there is a need for a potential entrepreneur to adopt a carefully moderated and intelligent technical approach.

Planning is a process that never ends for business. It is extremely important in the early stages of any venture when the entrepreneur will need technical information to prepare a preliminary business plan.

There are different types of technical information that may be part of any business operation. This may include-designing of premises, products others may include nature of products/services you will like to engage in.

It may also includes tools and equipment you require or materials needed for your production process. It may also be a technology choice or advice on location and premises.

       

(c) Information and Communication Technology (ICT)

Information and communication technology is a very important source of information for Entrepreneurship development as we know that the whole world is now a global village where information about a product/service can be easily sourced.

One can source through the internet and find out the kind of hardware, software for the kind of business one want to venture into. It may be packages on accounting and production or databases appropriate for the business.

(d) Technology Is Constantly Changing the Demands of Consumers

Businesses use new technologies to produce new products and services. Entrepreneurs should realize’ that new technological developments such as the internet and cell phones increase the exchange of information and may have an effect on the operations of their business.

Entrepreneurs may not be aware of the nature and effects of all new technologies, yet, they must try to determine technical developments which are likely to have the greatest impact on their business operations.

(e) Financial Information

Whether a business is small or large, owners and executives-must have financial information relating to the type of business they want to establish. One of the most often overlooked areas of information for entrepreneurship development is financial information.

       

Often regarded as a ‘back-office’ aspect of the business, the financial information plays a critical role in decision making. Because decisions are only as good as the information on which they are based, establishing reliable data from business: environment must be a priority for all businesses regardless of size and industry.

It is only when you have proper financial information that an entrepreneur will know the amount of capital required for the kind of business he is going into and ways of sourcing fat it.

Money plays a major role in an enterprise. At the beginning of any business, money is needed to purchase the necessary tools/equipment, materials/supplies, and other needs.

To be competitive, small business owners must prepare for all future events and market changes. One of the most important aspects of such preparation is cash flow planning.

Failure to properly plan cash flow is one of the leading causes of small business failure. Knowing some basic accounting will help you a better manager of your cash flow.

       

(f) Legal Information

Business is the totality of the economic and commercial life of any nation. A business could be carried on as a small, medium or large scale enterprise. It could also be carried on as a domestic or international business but you have to know the legal implication on each one of them.

This is where legal information is very important. That is why small businesses and corporations alike employ the likes of Sun Document Filings to take care of some of their legal paperwork.

For example, if one wants to establish a private company in Nigeria, it has to be a minimum of two (2) persons and maximum of fifty (50) members and there are other documents required by the Corporate Affairs Commission (CAC), Registrars of Companies before the incorporation of any company.

One also needs to know about the copyright and Trade Mark Laws and also compliance with the legal requirement with regard to Environmental Impact Analysis (EIA).

Related Articles

31 comments

EMUJAKPORUE DANIEL July 22, 2011 - 6:52 PM

thanks for your assistance, i really appreciate. bye!

Reply
Josephine February 2, 2012 - 7:04 AM

this post has realy helped me in my research work.. thanx a lot

Reply
Olufisayo February 2, 2012 - 1:19 PM

Hi Josephine, I’m glad we could help. Thanks for the feedback

Reply
eunice February 26, 2012 - 6:36 AM

Some good materials, you guys should consider attaching each author·s names to every post like other webs do for references and quotes. all the same I enjoyed ur works here.Thanks.

Reply
Olufisayo February 26, 2012 - 10:14 AM

Thanks for the feedback Eunice! All articles on the site is by Ayodeji Sanyaolu except guest posts and those are credited to the author. (You can see that below guest article)

Reply
Oluwaseun March 11, 2012 - 11:17 PM

This write up is detailed and very useful in starting any kind of business

Reply
Olufisayo March 13, 2012 - 2:42 PM

Hi Oluwaseun, I’m glad you found our articles useful. Thanks for the feedback

Reply
atuhire denis May 2, 2012 - 2:33 PM

I can’ t believe you precisely had what i needed to blend my research proposal; long live. God bless you

Reply
Olufisayo May 3, 2012 - 5:14 AM

Hi Denis, we are glad we could help you with your research. 🙂

Reply
Sayed October 13, 2014 - 7:45 PM

Thanks for the article, just wondering when it is published ?

Reply
Julie August 11, 2012 - 7:19 PM

Am glad Your site information helped me in my class assignments. Thanks and keep it up.

Reply
Joseph December 28, 2012 - 9:38 PM

I appreciate you sir, because your information has added value to my k nowlege in the course of reading for exam.

Reply
Ruth Agbo February 18, 2013 - 6:16 PM

Thanks to u sir.this is a nice information

Reply
Ruth Agbo February 18, 2013 - 6:19 PM

Good one there

Reply
Efe Usigho May 18, 2013 - 12:02 AM

Thank u so much for your assistance. Since technical information also involves tools n equipment, will it be wrong to place technology under technical information?

Reply
Dr. Julius Njikuri February 6, 2014 - 1:18 PM

This site is very helpful for students that are offering entrepreneur as a course in the higher schools

Reply
Dr. Julius Njikuri February 6, 2014 - 1:20 PM

Good site for students

Reply
Nazif December 9, 2015 - 3:43 PM

That was really helpful. Thanks a lot.

Reply
Roles of Commercial and Development Banks in the Promotion of Small and Medium Enterprises (SMES) December 23, 2015 - 6:42 AM

[…] Various Sources of Information for Entrepreneurship Development […]

Reply
Ruthy February 3, 2016 - 10:18 AM

Pls help me out! Is various sources of information in entrepreneurship development the same as sources of information in entrepreneurship development?
Pls am waiting for your reply.
Thanks.

Reply
Olufisayo February 8, 2016 - 9:18 PM

Yes.

Reply
vikram October 15, 2016 - 8:22 AM

good sies for studends. thanks

Reply
Abolaji February 19, 2019 - 12:31 AM

lovely good work sir

Reply
Balqees December 3, 2016 - 6:47 AM

please what is the difference btw source and type of information in entreprenuers

Reply
Ricky February 20, 2017 - 11:30 AM

Very very nice ? site for all students and teachers too …. Very very happy ?

Reply
Olufisayo February 22, 2017 - 8:20 PM

Thanks for the feedback

Reply
Abdulrahman Alh Musa October 27, 2018 - 10:40 PM

thanks Mr OLUSIFAYO, for publication of this article. this is very meaningful and well understood to a layman, who ever get opportunity of being a business man/woman should give a serious attention to this article and I’m very sure that his / her business will be very efficient and effectively.
thank’s too Mr, OLUSIFAYO, I ?your efforts.

Reply
Olufisayo October 27, 2018 - 11:31 PM

Thanks for the feedback. We appreciate it.

Reply
Abolaji February 19, 2019 - 12:28 AM

lovely good work sir

Reply
Vivian April 23, 2019 - 5:52 PM

please answer this for me, is Industrial data a primary source of information of entrepreneurship development?

Reply
L. S. VONI June 9, 2021 - 8:14 AM

THANK YOU SO MUCH FOR THIS WOK DESERVES A KUDUS. PLEASE, ARE THESE THE ONLY SOURCES OF INFORMATION IN ENTREPRENEURSHIP DEVELOPMENT?I WAS ASKED TO BRING NOT LESS THAN 22. HELP (ASAP) PLEASE

Reply

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.