Saturday, 5 November 2011

6 Ways To Research Your Market

There are many ways to find out information about a market and possible customers. Some of these methods are expensive and time consuming and some are cheaper and easier to use than the others. It is these cheaper and easier methods that will be most attractive for a small business or new start up.


Internet Research

This is by using information that has already been published on the internet to gather results and information about a market for a companies proposed products/services.

The advantages of internet research are that it is generally free of charge --although an internet connection and internet device obviously costs some amount of money-- and it gives a quick overview of the market.

Some disadvantages of internet research are that some resources --such as the competitors websites-- may be biased and the information you find may not be the specific information you intended to find out.


Telephone Survey

This is a series of set questions delivered to consumers over the telephone as a method of primary research.

The advantages of a telephone survey is that it is cheap and it allows personal interview to clarify any questions that are unclear.


A big disadvantage to a telephone survey is that your call may be viewed as a nuisance and not wanted.


Questionnaire
A Fill In Questionnaire
The advantages of using a questionnaire for research is that the results back are often rather easy to analyze and that it is a relatively fast way to gather information from a wide range of people.

The main disadvantages of using a questionnaire is that a questionnaire may not give results showing why people behave the way they do; just shows how they behave. Another disadvantage is that the interviewer or questionnaire writer may bias the results by being 'over-friendly'.


Supplier Feedback

This is by gathering information; from companies that supply products or services, on their forecasts for what is likely to happen in the market in the future.

The advantage to using supplier feedback for research is that it may give an insight on future trends in the market --that are not yet visible on the high street-- and by using this method you'll be building a relationship with the supplier.

The only disadvantage to using supplier feedback is that the supplier you use may give a biased view; which will effect your results.


Customer Feedback
This is done by collecting formal or informal responses from the customers of a product/service offered by a specific business (usually in your target market/niche)

Having a real insight as to how to improve the customer experience of your company is a good advantage to using customer feedback for research; after-all your business will evolve around the customer and if you know what they like, what they buy and the standards they have when buying you will have a great insight and the foundations to building your business on successfully.

The disadvantage to customer feedback is that it only gives viable results for people who are either customers already or who are target/potential customers for the future.


Focus Group

A Focus Group Talking About A Product/Service

This is an in-depth discussion with a small group of consumers (8-10) where they give their feeling, thoughts and ideas on and towards a product or service.

A focus group offers an resource of information about consumer attitudes and motives behind purchasing decisions. This can be a great advantage over the other methods for market research.

The downside to a focus group is that it can be very expensive per person questioned and that it is only ever carried out on small samples and thus the results may be unrepresentative.

Have You Conducted Market Research Before? 
What Methods Did You Use?
Leave Your Thoughts Below In The Comments!

Thursday, 3 November 2011

Top 10 World Famous Entrepreneurs Everyone Should Know

Entrepreneurs and inventors are funny people but they are the people who keep the world in the constant evolution its in. They are the people who invent every product, service and experience you use and enjoy. Although these people change the world we all live in so much, many people don't know who they are or what they did and/or do. Bellow is my list of the top 10 world famous entrepreneurs i think everybody should know.

Thomas Edison
Thomas Edison
Thomas Alva Edison was born on the 11th February 1847 and died on the 18th October 1931. As an american inventor, businessman and famous entrepreneur he invented many products and devices including the phonograph and the motion picture camera. His most famous invention is the long lasting electrical light bulb.

He holds 1,093 US patents in his name to date as well as many patents from european countries including the UK, France and Germany.

Thomas Edison had many Famous Entrepreneurial Quotes including: 


"Genius is 1 percent inspiration and 99 percent perspiration"
&
"I have not failed.  I've just found 10,000 ways that don't 
work"



Henry Ford 
Henry Ford was born on the 30th July 1863 and died on the 7th April 1947. He was an American industrialist, inventor and famous entrepreneur. He founded the Ford Motor Company and in 1908 introduced the Model T Ford.

The Model T changed and even revolutionized America and the transport industry both socially and economically in a massive way. It was the first mass produced car and it made Henry Ford a huge amount of money. According to information from forbes in 2008, Henry Fords net worth was around $188.1 billion.

A famous entrepreneurial quote from Henry Ford is: 

"Coming together is a beginning, staying together is progress and working together is success"


Steve Jobs
Steve Paul Jobs --most commonly know as Steve Jobs-- was born on the 24th February 1955 and sadly died recently on the 5th October 2011. He was an american inventor, businessman and famous entrepreneur.

As the co-founder, chairman and chief executive officer at apple inc. he designed and developed many products including the world famous macintosh, iPod, iPad and iPhone. Steve Jobs is widely recognized as a visionary and a world changing entrepreneur.

Jobs was also co-founder of Pixar Animation Studios. He later became a member of the board of directors of the Walt Disney Company in 2006 after the acquisition of Pixar by Disney.

On the 5th October 2011 (aged 56) Steven Paul Jobs sadly died due to respiratory arrest and pancreatic cancer. He had 4 children and a net worth of around $7.0 billion.

A Famous Quote from Steve Jobs is:

"Design is not just what it looks and feels like. Design is how it work."

Ray Kroc
Raymond Albert Kroc --Also know as Ray Kroc-- was born on the 5th October 1902 and died on the 14th January 1984. He was an American fast food businessman and entrepreneur. He most famously took over the small-scale fast food restaurant MacDonalds, in 1954 and then built it in to the most famous and successful fast food operations in the world. As well as owning MacDonalds, Ray also owned the San Diego Padres baseball team from 1974.

Ray Krok died in San Diego --aged 81-- with a net worth of around $500 Million. Heart failure was his cause of death.

A Famous Entrepreneurial Quote from Ray Kroc is:

"Your only as good as the people you employ"

And that can explain why MacDonalds has such great staff; who always have a smile on there face!

Bill Gates
William Henry Gates III
William Henry Gates III --also know as 'Bill Gates'-- was born on the 28th October 1955. He is an American entrepreneur, businessman, investor, author, philanthropist, and the former CEO and current chairman of Microsoft. Bill Gates also wrote and co-wrote several books. 

Microsoft; founded with Paul Allen, offers software --such as the world famous Microsoft Word, Publisher, Powerpoint and Excel programs-- to companies that make PC's like HP and Dell.

Consistently ranked as one of the worlds richest people, Bill Gates made his wealth mainly from Microsoft where he was the SEO and Chief software architect (now chairman). As a Harvard drop-out Bill Gates strived for success with Microsoft and now has a net worth of around $59 Billion.

Bill Gates is now the Co-Chairman of the Bill & Melinda Gates Foundation. The foundation is the worlds biggest private foundation and it aims to reduce poverty around the world and to globally improve and enhance healthcare. Founded in 1994 the foundation has 927 employees and an endowment of $37.1 Billion.

A Famous Entrepreneurial Quote from Bill Gates is: 

"Its fine to celebrate success but it is more important to heed the lessons of failure"

Richard Branson
Sir Richard Charles Nicholas Branson was born on the 18th July 1950 and is a British businessman and famous entrepreneur. Best known for his Virgin group of over 400 companies; Richard's first successful business adventure was a magazine called 'Student' at the age of 16.

In 1972 Richard opened a chain of record stores called Virgin Records. Later known as Virgin Superstores. The Virgin brand grew rapidly threw-out the 80's as Richard expanded the Virgin Records music label and set up Virgin Atlantic Airways.

Richard Branson is now the 4th richest UK citizen and the 254th richest person in the world with a net worth of around $4.2 Billion.

A Famous Entrepreneurial Quote from Richard Branson is:

"A business has to be involving, it has to be fun, and it has to exercise your creative instincts"

Walt Disney
Walter Elias Disney --also known as 'Walt Disney'-- was born on the 5th December 1901 and died on the 15th December 1966. He was an American film producer, director, screenwriter, voice actor, animator, entrepreneur, entertainer, international icon, and philanthropist. 

He was the Co-founder of Walt Disney Productions --now know as The Walt Disney Company-- which now has annual revenues of around $35 Billion.

Walt is world famous for Co-creating; with his staff, some of the worlds most famous fictional characters including Mickey Mouse

There are several Disneyland and Walt Disney World Resort theme parks throughout the US, as well as the international resorts such as the Tokyo Disney, Disneyland Paris and Disneyland Hong Kong.

Walt Disney died from lung cancer on the 15th December 1966

A Famous Entrepreneurial Quote from Walt Disney is:

"All dreams can come true if we have the courage to pursue them"

Michael Dell
Michael Dell
Michael Saul Dell was born on the 23rd February 1965. He is an american businessman and entrepreneur. As I'm sure you have already picked up from his name, Michael Dell was the founder of Dell inc. and now the chairman and chief executive officer.

Michael Dell was a drop-out student at the University of Texas at Austin. With 4 children at the age of 46, he is the 44th richest person in the world and has a net worth of around $14.6 Billion

A Famous Entrepreneurial Quote from Michael Dell is: 

"Eliminate the middle man. Both you and your customer will benefit"

Sam Walton
Samuel Moore Walton --commonly known as 'Sam Walton'-- was born on the 29th March 1918 and died on the 5th April 1992. He was a Businessman and Famous Entrepreneur. Sam was best known for founding the retailers Walmart and Sam's Club.

He founded Walmart in 1962 and it now has over 8,500 stores in 15 countries (some operating under other names; such as Asda) employing around 2.1 million people. Walmart had a revenue of $421.849 Billion and a net income of around $15.355 Billion in 2010-2011.

A Famous Entrepreneurial Quote from Sam Walton is:

"There is only one boss. The customer. And he can fire anybody in the company from the chairman down simply by spending his money somewhere else"

Jeff Bezos
Jeffrey Preston Bezos --most commonly known as 'Jeff Bezos'-- was born on the 12th January 1964. He is the founder, president, chief executive officer, and chairman of the board at Amazon.com. Jeff Received the Time person of the year award in 1999 and has a net worth of around $18.1 Billion.

A Famous Entrepreneurial Quote from Jeff Bezos is:

"If you build a great experience customers tell each other about that. Word of mouth is very powerful"




Who Are Your Favorite Entrepreneurs? Who Inspires You?
Leave Your Thoughts In The Comments Below!