Topic: Research knowledge alone isn't enough to start a business (Read 376 times)

It's clear that learning from others who have been successful in the field can provide invaluable guidance and help avoid costly mistakes.

There is always what is called the business of any chosen business/venture. Your ability to recognize opportunities and turn it to your favor is your unique selling point in that business. Just like you narrated about the create of egg and the ability to make a quick turnover compared to just selling at standard profit margin and getting low turn over which slow the success of a business. Honestly, the success of every business is measured by its turn over,  if you're able to make sales within short period of time and restock your goods, you pride more stability and a higher profit margin.

The knowledge and experience to apply such strategy cannot be got from just researching about the business, its a testimony of your level of practical knowledge in the business. When you startup a business practically sound, your success rate tends to be very high cos you're literally above many trial and error stages, you're ready to apply those practically sound principles that will skyrocket your business and look like magic to your immediate competitors.  Sound practical knowledge is what the common man and illiterate most times attribute as Juju. They'll be like "this guy dey use juju run em business, na why em dey draw all customers to his shop" , but they don't know that the guy it using some information and strategy unknown to them that just started with a random knowledge.

OP has made verily unarguable points that I could only reply to the post "Thank you for the update" then I came across your reply @knowngunman.
I will also disagree with you because on no business that the stated OPs advices and reviews are not applicable.
Every nature of businesses needs that one practical learning to be acquainted and obtain better experience knowledges so as to run a smooth business.
Yes every businesses is likely to linger lost but losts in business can be managed, boycotted and can also be avoided to a certain level depending on ones knowledge ability considering a review or experiences.

I don't understand why you think someone who wants to venture into provisional trading doesn't need all that classes to gain such knowledges. Do you think the nature of the business is all about buying and selling as commonly seen by the streets?
Haven't seen a highily equipped and stocks stocke  d in a provisional trading being depreciating gradually til stocks are run down? What's the cause? Of course lake of knowledge to hodl and manage one of that.

Do you know that the settings and proper positioning for easy tracking of items in the provisional stock trading is essential and has to be admitted necessary? How about ordering for restocking the store where as you need to identify the old stocks from the new stocks to avoid stock's expirations? Ain't skillful worth knowledgeable to be acquired?

May I tell you that in a competitive marketing area where businesses like provisional trading are rampad, don't you think it is wiser and safer for one running a unique marketing strategy in the hood such as instance.... A Crete of egg is bought at #10 for be resold at #15 of #5 profit made, maybe as the nature of the current hardship and inflation in the country where demands are being poor/low.
Now one of the provisional traders has insighted and figured out what the marketing challenges could be as a nature of inflation and then decided to lower it costs of stocks in considering to make petty incomes such as buying a Crete of egg with #10 and resales at #13 having a #3 profits.
While the discount is attracting to demands (customers, the trader could sell around 10 cretes of the egg maybe a week while the others who leans on #5 profits struggles to sell out 1 Crete.
At this time, the #3 profit earner could quick and randomly restock the shop while the others of #5 is pinned with older stocks which is capable of running it's stocks out of expiring.

Business is not just seen as as we sees the traders seems booming. Many tends to support their businesses with addictional capitals aside the initial events because they are struggling to stable the business to coverup the depreciations of stocks with no income accounted alone the lines.

What you have narrated is exactly what research entails. That was why I asked if the OP actually understand what research is. Feasibility study, market survey, financial projections are all ingredients of a detailed research.

From the academic perspective,  research covers even the literature of any particular area of study, it covers enough data that will enable one draw reasonable conclusion as to the practically of what is being investigated.

Instead of thinking that research knowledge is not enough to start a business, I will rather say lack of it is the reason many young businesses fail.

  Going into a business as a beginner has to be accompanied by some actions. It's not done anywhere that you venture into something you don't have any idea about what you are about to get involve in which is why a number of researches ought to be made. Market Survey, business credibility and its potentials, business space entirely to mention but a few.
   One has to go into a deep look at the business he wants to begin, check the flaws and benefits, check from other people's own and see for errors and proffer the solution to those errors in his blue print for implementation,  check for the siting, it's proximity and accessibility, transportation factors too, and then first before the aforementioned, you have background knowledge of the business space, you can't be a business man being naive and ignorant to and about a lot of things, it'll only cause you to lag behind even more than intended. Certainly business won't just boom immediately, that's why a lot of time should be given and one should expect both losses and profits. Give ample time to studying the business structure to see how best it'd serve you as a beginner, avoid heavy errors, seek guidance and advise too. It's definitely not easy to begin anything, therefore dedication is of essence too.

The truth be say, we no dey take research seriously for Naija rather we learn from experience which is the hard way. No be with us e start, our people always believe say na personal experience be the koko na why continuity no dey for our agenda even for our government them. How you wan take research play? Una really know wetin research mean?

Well like I said before, no be our fault, we were taught to think mechanically,  the reason innovation no dey flourish for Naija. Na research be everything for business, science, technology and what have you. Without research data, wetin you dey do na trial by error.

Op wattin you talk na true, but from the topic  "research alone nor dey enough to start up a business" I nor too support this word, actually with research knowledge person fit start up a business and even make am grow, when the person get the right mind and dey very active to learn new things. I don see plenty people wey use only research knowledge take start up business and e work well for dem. Though when I read the body of this your post, I dey understand wattin you mean by saying, experience about business before you start am naim good pass. And I support this your point, person wey get experience about something dey likely to excell pass person wey just use research knowledge, because practical better pass theory. With practical knowledge before person start up business, em don know many secret as you talk, so to manage am no go hard such person, but person wey start with research knowledge, na from when em start e go dey learn small small.

All everyone is saying in the forum is right.. But after they most have seek for knowledge and apply for researchs... Now after starting the business can they maintain it, that's the question you have to ask yourself.  Because after starting the business and they start earning their profits the next thing that comes in their mind is how to spend the money in a hotels and Clubhouse. Instead of planning on how they will make exploit or how to grow the business.

So not everyone that goes for research and seek for knowledge knows how to maintain a business. "Who no sabi no sabi" likewise they will say (a business man will always be a business man) It's take decisions, courage and determination to move forward in anything called business.

After you might hqve seek for the knowledge in the area of your interest, make adequate and appropriate research on it, you will also need to have an experience in what you wanted to embark on, this will help you have an effective management practices and you will be able to tackle any kind of challenges that might come up your way at the course of running your business, you will also need to set a model, this will serve as your modesty, on how you will manage the business for sustainability, there are more to always keep in mind while running a business as long as you wanted to keep it on the best pedigree and reputation.

I agree that only a research knowledge isn't enough to make one grow his or her business in life but one can get little knowledge from the research, as we may know that every little thing counts if only we could bring the best out from the little we already have (already it has been quoted that one must start from somewhere before he or she will explore in anything he or she is doing).
Before someone will make a research in other to acquire some good knowledge to invest or create a business, that person must have been so committed to accumulate more knowledge that he or she can put together in other to create a better opportunities, which means he or she would not lack patience or hope (if am not mistaking).

Research is not enough to make a business successful,  one of the things that normally help business to do well is experience.  When their is an experience about a particular of business it is very easy to place the business in the best form the way it is supposed to be. For a business to be successful I think attention and time needs to be giving to the business.  Doing research is not enough to make a business grow. Having a positive mindset towards a business also contribute to the growth of a business.

Indeed only research  knowledge cannot help you in starting a business and achieving success ,one need to be very careful and have some good qualities such as being truthful and getting quality products to deliver to your customers at any point in time, just, like in the Bitcoin forum without quality post merit will not be given to you, the same thing applicable to our various  businesses ,we should be able to do or gIve quality services  even in your apprentice or buying and selling shop or in the office that will make you grow well   

This is so true, starting up a business isn't as easy as most people explain theoretically, even business opportunity that if you look at it from the face appearance, might appear very simple and profiting, if you venture into it, you will notice that it isn't all that simple after all. To start up a business you will have to do your normal research possibly online, you can watch YouTube videos that does analysis on the particular business, read comments from people already in the business, join WhatsApp group and get first hand information from people in the business and even go to the market to do your own physical survey regarding the business. These will help shape your ideas and orientation about the business but until you start doing the business proper, you won't know a lot of things that are involved in the business. That's why it is advisable that when one is starting a new business, it's best to start small and grow in the business because the information you get from the outside point of view might not reflect that much when you start the business proper.

This is why it is good if you don't have good knowledge of handling a particular business it's best you employ or get someone who is capable of managing the business. With time you will learn the process gradually and become good in the business. That is when you many now decide to keep the manager and run the business alone. These days it's difficult to save Capital to start a business and if you manage to have one you will take so much precaution so that you won't loss in the business or run the business down.

The number one basic to consider if you are interested in doing any business, the first thing is to make a baground check on the nature of business you want to start, seeking of knowledge from people that are experienced, there is more to starting a business, there are something that can not be neglected if you want to start a business talk about doing research, market survey and making proper enquiry about the whole business, so as to know the amount of profit that you earn while starting the business, does are minor things that will safe you a lot risk during the start up of that business. Failure to follow does principles will be disastrous. Best advice do your research.

Research can never be enough for business. I don’t say this to mean you can’t get a head start at a researched or even taught idea on a business but, you definitely need some experience to run a business something you would always learn first hand, either as you continue down the line or from a previous attachment.

This is so given the fact that, you can’t completely be taught every trick in the books and even with the most tricks available to you through teaching and other means of having the learning process handed down to you, there continues to be innovations in the business line and you have to adopt innovations of your own to easily run and track flaws within your business system.

Still, having these researches done and the codes exposed to you serves a huge purpose to your advantage.

Starting a business dey very easy but na the aspect of keeping dat business profitable na where problem come dey as not everyone can run a business successfully. Things plenty wey person supposed know for am to dey successful at running a business and research abilities na one of dem although no be everything be dat as you dun talk. Successful business owners get better customer management quality in them as if you no sabi relate with people you no go get customers. As you dey advice us to keep good relationship with our bosses clients no mean say make we go thief him clients oh before people go misunderstand am, as getting into a fight with your boss no be better way to start your business journey as him go get upper hands than you and fit set you up for failure. The communication skills wey you get go make the clients want to work with you and your boss go understand (if na better person).

Any boss wey want make you succeed no go mind you learning well from am and even taking some clients to start your own journey as him go know say your success na him success as him for future fit come learn some kind things from you as well. Before starting a business, you need get determination and interest in that business and not only doing it for the money because as an entrepreneur, time go come wey be say no profits go dey the business but na your passion go keep you going. You need know how to combine everything in their appropriate amount to get a successful business, the research go dey there, both experience, the funding, the passion and so on.

I will reply you with a true story. Listen carefully, when my father wanted to open a provision store in 2014, after his research and consultations, he still invited my aunt who already ran that model of business to come stay with us for almost 5 days. They surveyed the area and got a good point for his shop. Then she took my father to the market personally and showed him the kind of people he should buy from, how to gauge his purchases with respect to his shopping capital and the goods to by with respect to their  expiring dates. Taught him how to fix prices and goods arrangement. She started his credit book documentation for him and  gave him some serious warning about customers excess. She stayed for a whole day with him in the shop and watched him sell, later at night she gave him more lectures about handling customers appropriately. Provision business isn't as easy as you think, you must learn it practically even if its for just a little period of time if not, you might even end up buying expired goods for a start.

All businesses experience good and bad times, with the knowledge you've gotten from apprenticeship, you can fully understand what is happening and know practical measures to curb it early enough. Of all experiences you get, you must have learned how to manage bad times with respect to trends and situations. Now imagine you've no practical knowledge, you'll be very confused and may not even detect what's happening on time until its too late and capital possibly drained. Worse case scenario is that you may even be applying the remedy you researched that is not applicable to your locality.

if it is about business sometimes mentorship is not really bad but I noticed something with Igbo people when it comes to serving and mentorship after years of service they find a way of settling their boys, and there are secrets that are shared doing that mentorship because even hausa people do mentorship for provision, from this collective data you will know that in some way it is good in any kind of business, it broadens your idea more about the business.

not only fish farming but all businesses, I have little knowledge of fish farming there is a lot to learn when you want to go into farming it because even people who have experience, still experience loss when the fish are affected, just because the first attempts fail does not mean you should give up it is natural to experience such. you will learn from does mistakes.

OP, is right. Even if it is a provision shop, you can't just wake up one day and say that you want to start a business that you don't know the challenges that the business will face and how to combat it, and you don't expect the business not to fail. Provision store can have a mentor in the sense that, if you look at these Igbo boys that are into business, they learn the business first for maybe 5 years and above and after they have understood everything about the business, they will have contact with the supplier that supplies their Boss, and they can run the business on their own even if their Boss is not there. This is when they will now leave their Boss, and go set up the same business on their own, such people will not easy fail in their business. It is called Apprenticeship.

This is how everyone that wants to start any business needs to learn the in and out of the business, by working in a similar business or firm, so that he will have all the insight of the business and will understand every challenge that the business is yet to face. This is because he has already started running his own business from his Boss business through the experience that he is getting from his Boss business, but the difference is that he is not the owner of the business, until he has set up his own business with his own capital.