Reference no: EM133333657

READING:

What are the two basic types of research? (Give at least one example of each)

For new businesses to succeed, in both being profitable and having long-term sustainability, there may need to be an understanding of the market's feasibility first. To gain a better understanding of one's market of choice there are several options or types of research that are available to do so.

Two types of basic research that are available are quantitative research and qualitive research. According to Rutberg (2018) quantitative research involves numerical implications, while qualitive research focuses on ideas and perceptions.

For instance, in making a meal there are ingredients that may have to be measured to create a preferred taste. The measuring of each ingredient would be a quantitative statistic, while the preferred taste of each dish would be considered a qualitive statistic, because it deals with preference and perception.

Is business venture research worth the expense? (Justify your response with an example or additional research)

In my opinion, business venture research is worth the expense if an individual is serious about pursuing their business idea. Researching an idea is always a good idea before investing the time, effort, and energy that it takes to bring an idea to fruition. As an example, before my wife I stared our businesses we searched the US Small Business Administration to gain a better understanding of our market. We also spoke directly with other competitors to find out what was working and what issues they were facing as a business. We chose to use several low-cost methods that minimalized the resources that we needed to complete each task; our biggest investment was the time and effort it took to complete each initiative, but they worked well for us.

What topics do entrepreneurs address through research studies?

One of the main topic's entrepreneurs should study before they begin investing resources is whether their idea is even feasible. They need to know if there is an actual market for their business idea and what problem they are creating a solution for. One of my favorite sayings is the fundamental difference between effectiveness and efficiency, is the difference between doing something and doing something right. It is a colossal waste of time to find that you have correctly completed the wrong task.

What are some common misconceptions about research?

One of the biggest misconceptions about research, is that is not not something that is necessary for every business owner to consider when making business related decisions. That is an incorrect assumption! Research gives us the ability to take a glimpse into our ideas through the lens of individuals that have already done what we are trying to do.

How large should your research budget be?

An individual's research budget should be one that is feasible to the business that it represents. A small business with less than 10 employees (such as my own) would not have a budget for research budget as big as a company with 500 (or more) employees. Each individual business should allot their research budget according to their realistic expectations.

QUESTIONS:

1. What 3 points from the reading do you agree with or find interesting and why?

2. What would you add to the reading to make the topic more thoroughly explained?