It is always a delight to be an entrepreneur, but the chances of succeeding as a competent entrepreneur are slim where you do not have true access to vital business information. Business information determines business decisions which in turn determine business success.
So an entrepreneur must have unhindered access to essential business information at all times to make headway in his endeavours.
Sources of vital business information
- Libraries: Libraries in this context are not limited to the four ways of buildings where public books are stored. A forward-looking entrepreneur must be able to access both physical and internet libraries to be a step ahead of current knowledge and events in the business world. So a businessman must be a member of local and public libraries to access latest information regarding his own business.
- Subscriptions to periodicals: To this extent, an entrepreneur must be able to subscribe to latest journals, daily newspapers, frequent magazines, trade papers, research reports, and published books as well as digital resources such as seminar DVDs and products to be above water.
- Internet: Need we mention that all entrepreneurs need the internet in this modern and ever-changing age? You must be able to use search engines, extract required information, narrow down searches, access forums for help, network with other entrepreneurs, subscribe to digital products, and even own a dynamic blog or website to be on top of latest business information.
- Industrial data: Do you like reading stock exchange reports to understand what is happening in the stock exchange market in relation to your stocks? Do you like to know what companies are gaining and those that are losing so as to know where to put your money? You need good access to industrial data compiled by government agencies such as financial houses and stock exchanges as well as trade associations among others to know more about stock turnover, cash discounts, percentage mark-up and other financial information.
- Trade associations: Being a member of trade associations and business organizations provide you with direct access to organizational data and other latest information that could impact your business. For instance, you could be a member of the Manufacturers Association of Nigeria, Institute of Chartered Accountants of Nigeria, Nigerian Society of Engineers, etc.
- Training programs and seminars: If you hate going to seminars and business conferences or other paid training programs, you will no doubt lag behind in your knowledge of latest information regarding your particular business and how it could move forward in a dynamic and competitive world. Training programs are often put together by other reputable and successful entrepreneurs, trade associations, commercial agencies, and academic institutions for the benefits of participants.