Assessing the Information

Once you have developed your idea, you can move on to assessing the information that will help you in convincing potential investors or bankers (Kaplan, 2003).

Where to look for information? Below are some of the common sources of information on potential markets that can help your business development by Kaplan, (2003).

Table 4.1:  Where to Find Information

Source of Information	Description
Experts in field	Contact well-known entrepreneur to get advice.
Internet	Visit the website of companies with new products or technologies.
Library	Use libraries to access references and specialised bibliographies.
Questionnaires surveys	Use mail, telephone, Internet, or professional interviews. Write and prepare questions to give you the right data.
Existing research	Use investment banking firms, advisory services, or consulting firms to gather data. Request them to send you their findings as well.
Trade association	Visit trade shows, and read trade publications.
Market research firm	Hire a firm to prepare a report on market survey for the proposed idea.

Sources: Adapted from Kaplan, J. M.  (2003).  Patterns of entrepreneurship. Hoboken NJ: John Wiley.

Kaplan, (2003), emphasised that , approximately two million businesses are started each year, and from 50,000 to 100,000 filed for bankruptcy within 10 years. And approximately 85% of these new businesses close within the first 5 years of operations.  They are not all bankrupts but the owners have decided to close shop for a numbers of reasons and among the reasons are limited resources, inexperienced management and lack of financial assistant.

No matter how long you want to stick with your business, you need to formulate a plan and a schedule. It will be helpful to analyse the potential of your business idea through an opportunity analysis.