Research becoming critical business function.

Why is research critical? 

Your type of business, or the company you would like to start, could be an ‘endangered species’. Good research can avoid financial ruin. But always keep in mind that no research is better than bad research.

Don’t be one of those who let the facts get in the way of the truth. And don’t mislead yourself into thinking that Googling is the only research activity you must undertake. 

Much-quoted statistics show that new businesses have only a slim chance of succeeding. However, the truth is more complicated because much of the failure rate can be attributed to inadequate research about the business, the market, and the community in which it operates.

Most of you know through bitter experience that many independent businesses do indeed run out of money and close their doors quickly. Specific industries are more prone to startups folding than others. Research should be regarded as creating new, practical, reliable, and valuable knowledge.

So why is it that so many new businesses don’t succeed?

Or, more to the point, what can an entrepreneur do to ensure a better-than-average shot at success? First, let’s look at the “big picture”. Then, move into specifics and do the required research.

Their dreams seduce many because they are unrealistic. Most start with a dream, a passion, or an idea that solves an age-old problem. But you can find surety in a business environment where information flies around like a river in flood.

Many people have likely approached the same specific problem as you. They have a solution that, while not identical to yours, is similar enough and plausible enough to complicate even the most vivid dream.

Yet many start-ups jealously guard their dream. They refuse to part with it and refuse to do proper research. Instead of sharing their dream, they risk becoming the big fish in a shrinking pond. Sharing with a team to shape and guide their dream into more realistic pursuits.

What can good research do?

If you are looking for success in your field, do your research. You are better off doing your research than relying on anybody else. People can interpret research to suit their wants and needs. Attitudes towards good, regular research can be contagious. Is yours worth catching?

For most businesses, research is viewed primarily as an opportunity to improve the efficiency of their business operations. For other companies, the primary opportunity is potentially higher sales to new and existing markets. Whatever your objective for research, the first thing to do is draw up a budget and allocate the funds. The best intentions don’t deliver good research outcomes.

Know what is going on in the business. If you think you understand everything in your business, you could be in for a rude shock. Many companies spend countless hours developing new products and systems that will yield little return.

Quotable quotes.

“If we knew what you were doing it wouldn’t be called research would it”. Albert Einstein

“Some people use research like a drunkard uses a lamppost: for support, not illumination”. David Ogilvy