All businesses have access to a wide range of information. This information may be management skills, planning or understanding consumers’ needs. The way a business makes use of this knowledge is a strong determinant in the growth of the organization. Information in business does not only affect big organizations but also small scale enterprises. The aim of this paper is to highlight the primary sources of information that relate to entrepreneurs, workers and experts as well as identify new opportunities for small businesses. It also focuses on best practices to harness and develop any given information.
Key words; information, entrepreneurs, business, sharing & information communication technology (ICT) costumers.
A business whether multinational or small scale can miss prospective business and even get into regulatory issues if they are not abreast with information relevant to their industry
Information is facts and skills acquired though something (education) or experience (someone). (oxford dictionaries, 2013). Information is not far-fetched. In every business there is useful information, which can be found in opinions of staff, the mission and vision of the organization and plans for future product and services. Numerous studies have been conducted on various forms of information relevant to business and how business owners can harness them. However, frequent studies also suggest that this same information can be a downfall to the business. For example, a report on market prices or competitor market can be based on falsehood and bias. This paper examines the greater advantages of information in a business world against miniature disadvantages.
“No man is an island” – Thomas Merton. A business that is not aware of change in trends, prospective business markets and new business policies stands a high chance of folding up. Missing opportunities and trends can cost you increase in your industry. However, the major challenge for a small business is how to access this information without spending a large amount of money to hire a competitive specialist to seek and monitor relevant information. (Petersen, 2013). Therefore, it is important to seek cost-effective ways to access information relevant to your business.
There are currently existing forms of information that entrepreneurs can develop on, they include;
• The first source of information for a business is market research. Before starting up a business, an entrepreneur must have been abreast with customer needs. You cannot be selling what nobody wants to buy. A business owner can use this information to create target market profile.
• A database of existing customers and report analysis of business contains a wealth of information which can be used to develop new business process and improve customer services.