IS MARKET RESEARCH IMPORTANT FOR BUSINESS ?

Market Research is the systematic collection of informations on customers and competitors .

There are 2 types of market research a business used . Those are :

1. Primary Market Research
2. Secondary Market Research

1. Primary Market Research

Primary Market Research is also known as Field Market Research . In this market research the marketer go on the market to collect informations which signifies that the business have direct contact with the customers .

The informations collect from primary market research are in 2 forms , those are

Quantitative and Qualitative date . Quantitative data is expressed by numerical term and qualitative is the opinion and judgment .

Why is Primary market research important for a business ?

1. Using this type of market research help the business to get up to date informations about consumers wants and needs .
2. The informations collected will be confidential to the business only .
3. The information will be more accurate .

However there also some disadvantages associated with the primary market research these are :

1. Primary research tend to be more time consuming
2. Bias information may be collected
3. It can be more costly

2. Secondary Market Research

This type of market research is also know as "Desk Market Research" . It is the collection of existing information which is known as second hand informations . There are 2 type of secondary market research , these are the internal and external market research . In the internal market research the business take existing information from the business itself and in the external the business take information outside the business for example from the Internet .

Why is Secondary market research important for a business ?

1. Newly set up business can used this type of research as it is less costly .
2. Less time consuming .
3. Can make comparison as there is different source of information .

However there also some disadvantages associated with the secondary market research these are :

1. Informations are outdated
2. Information available is not confidential as competitors also can get access
3. Informations are not accurate

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5 Richest Blogger

5. Matt Marshall 

In September 2006 , Matt Marshall launched a blog site known as "VentureBeat". This blogs covers all things on entrepreneurs and tech innovation . This man was also know as a successful journalist before he launch VentureBeats . Matt Marshall easily earn around $50,000 - $100,000 per month .

4. Gina Trapani

Gina Trapani is one of the most influential woman in the technolgy world . She is the founder and CEO of the popular blog site "LifeHack" . In 2005 , site launched the blogs site know as  lifehack.com , which contain a lot of thing about technologies and softwares . Gina is very active in social media community . Gina is one of the woman who have earn a lot of money by blogging . She was earning around $110,000  per month .Now Gina is leading a development  of  ThinkUp .

3. Mario Armandi Lavendeira Jr ( Perez Hilton )

Mario Armando is a well know blogger of the site  perezhilton.com . In his blogs he covers all the gossip items about the celebrities . He is also know as a television personality and an author . Mario was born on 23 March 1978 and after his graduation from New York University , he started his blogging careeurs . Now Mario alias as Peras Hilton earned around $200,00 - $400,000 per month .

2. Pete Cashmore

Pete Cashmore was one of the youngest blogger . At the age of 19 , he was the founder of Marshall . A site which focues on the topics like social media , technology and lifestyle . Now he employed around 120 employees to work with him . Pete Cashmore earn around $500,000 - $600,000 per month .

1. Michael Arrington

Michael Arrington born on 13 March 1970 , is one of the highest paid blogger around the world . Michael is the founder of  "Techcrunch" , a blog covering the Silicon of Valley technology Startup communities and wider technology field . Michael Arrington earn around $500,000 - $800,000 per month .

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SELF MADE MILLIONAIRE

6. ROBERT MFUNE

At 16 years old , Robert was working part time job at McDonald's and was learning the basic of Binary Trade . After learning , at the age o 17 he started trading . As he was doing well he decided to quite his so as to focus more on the Binary Trade . Now through the success of Binary Trade , he own a car worth $250,000 and he has also invested in many coffee shop all around in London . Robert Mfune also have is own property before the age of 20 .

5. BEN KAPELUSHNIK

At 16 years old Ben Kapelushnik has found a way to capitalize in the $1-2 Billion resale market . Ben is the founder of sneakerdon.com which resale customized and hard find sneakers . He sell sneakers to his famous client like Travis Scott which help him to makes the most money .

4. ASHLEY QUALLS

Ashley Qualls was 14 and she was learning how to code in HTML by herself . Later she decide to create a website called whateverlife.com . At first she was not getting much visitors , so she uses a trick by offering her design to her peer for their my space layout which increases site visitors and thus she was able to earn a huge amount from google adsense .

3. MOHAMMED ISLAM

At 9 years old , Mohammed Islam took interest in dabbling in penny stock . He was so good in trading that by the age of 17 , he was able to acquire $72 million and was able to awn a BMW at an early age .

2. BEN PASTERNAK

/Ben Pasternak is a guy who is drop out from school . A the age of 16 he was already the CEO of an apps called FLOG . FLOG is an apps where users are allows to buy and sell within their social network with just a swipe .

1. NICK D'ALOISIO

Nick is a computer guy . He was teaching himself computer programming by reading books and watching videos online . At the age of 15 he developed an apps called TRIMIT which make him earn $300,000 with . Then at the age of 17 he made another apps "SUMMLY" which he sold to Yahoo at an estimate price of $30 million . Nick D'Aloisio was also awarded the "Innovator of the year" at an early age .

Those are the self made millionaire . Follow your dreams and be one of the self made millionaire .

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He earn $3 million from blogging

One day he was bore , so Jim Wang decided to open a personal finance blogbargaineering.com which was sold after 5 years are $3 million . Here is an entrepreneur who created a successful blog as he did not have anything else to do .

After Jim graduation  Jim spend his boring time in blogs . In 2005 he to start a blog about personal finance. He bought a domain name and a hosting, installed WordPress and began tracking bloggings . Later he expanded the scope and added articles and tips on topics from optimizing you groceries bills to how pay off your mortgage without even noticing . Over 1 year his blogging site had a lots of views .

With hope that the site will help him in contributing in his income level , very soon the site started bring an amount from $1 to $2  from Adsense ads per day . But the income began growing and in a while the site started making some nice amounts of cash . So Jim who was a software developer decided to quite his job so as to concentrate more on his blogs .However this was a tough for Jim but it was really worth and money was not the only benefit from such a project. Wang began learningabout SEO, affiliate marketing and online sales  and many other interesting topics like these. 

This was the way how he manage to expand the income stream from the blog even more. After 5 years of building the site, he found a buyer that paid $3 million for it.

Now Jim Wang is said to be one of the most successful person who managed to earn million with his blogs .

Here are other blog which receive a huge earning amounts :

10. Ewdison Then, ‘Slash Gear’: $60,000 – $80,000 per month

.9. Matt Marshall: $50,000 – $100,000 per month

8. Gina Trapani: circa $110,000 per month

7. Collis Ta’eed: $55,000 – $120,000 per month

6. Jake Dobki:$80,000 – $110,000 per month

5.Timothy Sykes: Monthly Income: $150,000 – $180,000 per month

4.Vitaly Friedman: $150,000 – $190,000 per month

3. Mario Lavanderia, ‘Perez Hilton’: $200,000 – $400,000 per month

2.Pete Cashmore:$560,000 – $600,000 per month

1. Michael Arrington: $500,000 – $800,000 per month

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He made $30 million at the age of 17

At the age of 17 we all are thinking abour our studies but Nick D'Aloisio had already become a Millionaire .

By selling his second apps to yahoo , Nick became well known in the tech world .

Being frustrated and tired of searching for unaccurate information during his exams period , D'Aloisio created Summly .

Summly is an application which uses algorithm to automatically produce easily digestible summaries of new stories .

Before completing his diploma , this teen already had his team in the Yahoo office . He also attended different board meeting with his mother as he was too young .

 D'Aloisio  was also awarded different reward at an early age . He was recognises as the youngest person to receive a round of venture capital in technology at just 15 years .

 D'Aloisio was awarded "Innovator of the Year" in New York City by the Wall Street Journal for his work on Summly and at Yahoo. D'Aloisio was also included in TIME Magazine's 'Time 100' as one of the world's most influential teenagers, as well as being profiled in their "Secrets of Genius" Publication.

Now Nick D'Aloisio is 21 years old , he is still working as Yahoo product manager and his networth is said to be $30 million .

Information about Nick D'Aloisio :

D'Aloisio at London 2012, Central Hall Westminster
Born	Nicholas D'Aloisio-Montilla 1 November 1995 (age 21) London, United Kingdom
Residence	Oxford, England
Nationality	British
Education	King's College School, University of Oxford
Occupation	Computer programmer, Internet entrepreneur, philosopher, student (Hertford College, University of Oxford)
Known for	Summly

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Business Techniques ( RATIO ANALYSIS )

                             

Ratio Analysis analyses the relationship between 2 variables . Here are different types of Ratio Analysis : 

1. Profitability Ratio
2. Liquidity Ratio
3. Shareholder Ratio 

PROFITABILITY RATIOS

The  Profitability Ratio :

1. Gross Profit Margin

Gross Profit Margin is the amount of gross profit a business earn on each good sold .The higher the result the better it  is for the business .Gross profit margin is calculated as follows :

Gross profit / Sales * 100

2. Net Profit Margin

NPM analyses the relationship between net profit and sales . It show  how much net profit a business get on each good sold . The higher the net profit is the better it is for the business .

It is calculated as follows :

Net Profit / Sales * 100

3. Return On Capital Employed ( ROCE )

ROCE show the best performance of a business it show the  return to owner on their investment .

It is calculated as : 

Net profit / Capital Employed * 100 

LIQUIDITY RATIOS

Liquidity Ratio analyses the liquidity position of a business . It measure the ability of a business to pay its short term debts . If the business is able to meet its short term debts this signifies that the business have a good liquidity position . There are two types of liquidity ratio those are :

1. Current Ratio
2. Acid Test Ratio

1. Current Ratio

If the ratio is less than 1 that signifies that business does not have sufficient current asset to pay its current liabilities . Thus it will be  unable to pay its short term debts . Therefore the business will have liquidity problems

If the ratio is equal to 1 , this mean that the business will be able to pay its short term debts but  if unforeseen expenses occur the business will not be able to meet up the additional expenses .

If the business ratio is greater than 1 but less than 2  this mean that the business will be able to pay short term debts as well as meet additional expenses .

Current Ratio is calculated as follows :

Current Asset / Current Liabilities

2. Acid Test Ratio

 Acid Test Ratio is also known as Quick Ratio . It is a liquidity ratio that take into consideration those current asset which are more liquid and ignore those which are less liquid . Acid test ratio is calculated as follows : 

Current Asset - Inventory / Current Liabilities

SHAREHOLDER RATIO

Shareholder Ratio is also know as Investment Ratio . This ratio show the prospect of financial gain .

It contain 3 ratios , those are :

1. Dividend Yield Ratio
2. Dividend Cover Ratio
3. Price Earning Ratio

1. Dividend Yield Ratio

This ratio show return on investment . It is calculated as follows :

Dividend per share / market price * 100

2. Dividend Cover Ratio

This ratio show the number of time profit covers dividend per year . The higher the result the better it is . It is calculated as  follows : 

Profit for the year / annual dividend

3. Price Earning Ratio

It is a vital ratio for shareholder and investors . It shows the confidence in the future prospect in the business . It is calculates as follows :

Current Share Price / Earning Per Share

Those are the important which are used by business so as to achieve their success .

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Motivation video :

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Steps to build a business

Starting a business is difficult but if you have the right tools you can put yourself in the path of entrepreneurship .

Here are the steps to open a business :

Have a business plan : You must know your goals and objectives you want to achieve .

Decide on a budget : To start a business you need startup capital . Hence you must decide whether you will use your saving if it will be enough or you will take a bank loan .

Set up a legal business structure : You must decide whether the business will be a public limited company , private limited company or  other legal business structure .

Satisfy business licensing requirement : You must have to obtain the required license so as to be able to operate .

Select your technology and establish your website : You need to have you appropriate machinery and a website so as to target  people all around the world and as well to create awareness .

Purchase an insurance policy : In case of any accident this will help to recover from losses .

Build your Teams : Recruit your worker so as to be able to accomplish goal set .

Create a brand identity : This will help to differentiate your product from competitor .

Lastly launch your product as the appropriate time : Launch at the appropriate time so as for it to be a successful one . 

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SOURCE OF FINANCE

How to get investment ?
To set up a business the  most important thing is finance . Due to lack of finance many people are not able to turn their business ideas to reality .

Therefore here are the ways you can use to finance you business :

If somehow you are already an owner of an enterprise , you can use retain profit to re-invest in new project . This will be an advantage as it is an internal source therefore there is no interest associate with .

Reduction of working capital and sales of assets can be a way to raise finance to invest in the business .

However if you are about to start a business the best way to get finance is to negotiate loan from bank like ICICI Bank .

Starter can also negotiate subsidies and grant from the government to finance their business .

New entrepreneur can also get financial support by billionaire in Dubai . Startuphearo.com is a site where people can get financial support if they have a successful business ideas .

It is a website which is control by th founder of sellanycar.com "Saygin Yalcin " and his team . Try your luck you might be the next startup hero .


Website : www.startuphero.com

Startup hero review : https://youtu.be/onkVIX0xhTs

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" Saygin Yalcin " An Inspiring Entrepreneur

The mindset is the number 1 success factor