Entrepreneurship. Rhonda Abrams

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       5 tips for organizing your data

       1. Use the most recent data you can find; printed information is often at least two years old, and a lot can change in that time.

       2. Translate data into units rather than dollars or other currency whenever possible. Due to inflation, financial information may not give you consistent information from year to year.

       3. Give the most reliable source the most credence. Generally, the larger the group sampled for information, or the more respected the organization that conducted the research, the more trustworthy the numbers you collect.

       4. Integrate data from one source to another in order to draw conclusions. But make sure the information comes from the same time period and is consistent; small variations can lead to vastly inaccurate results.

       5. Use the most conservative figures. Naturally, you’ll be tempted to paint the brightest picture possible, but such information often leads to bad business decisions.

Evaluate Your Data

      You now have a lot of data—perhaps more than you can actually use. How do you select the information that’s most relevant and most accurate and that will best help you meet your goals?

      For instance, you may find one source that says an industry is growing at 5 percent each year, another that says it’s growing at 2 percent, and another claiming the industry is actually shrinking. How do you know which piece of data to trust—and to use?

      Don’t imagine that you can choose to present only the data that supports your conclusions. That’s not only a terrible way to make business decisions; it’s also likely that an investor will have access to the same data as you and will be quick to point out that things may not be as rosy as you make them seem. Prove that you’ve done your homework by showing the range of data available, even if it’s not always as favorable as you might like. Your thoroughness and honesty will add credibility to your plan.

      You must apply some critical analytical skills when you evaluate the data you’ve collected. For every piece of information you collect, you must consider: 1) the source and 2) the time period.

      ENTREPRENEUR’S WORKSHEET

       Research Questions

       Formulate a general research question about the type of business you plan to start. As guidelines, look at the two examples of the environmentally friendly dry cleaners and the medical records management applications (see pages 57–58). Now, make a list of questions for each of the following areas that logically follow or challenge that statement. Use the questions below as a guide.

       Consider the source

      Contrary to popular belief, sometimes numbers do lie. That’s why, when evaluating data, you must always consider its source. Remember, the source is not necessarily the website or database where you found your information but rather the entity that did the primary research and compiled the data you found.

      One of the first things to look for when examining a data source is whether any potential bias or hidden agenda has influenced the data. Imagine that you search for data on cigarette sales to minors. You find several studies on the issue, drawing quite different conclusions. Which source do you believe offers the most reliable data?

      ■ A government agency

      ■ A tobacco industry association

      ■ An antismoking advocacy organization

      ■ A private, for-profit research company

      ■ A university research study

      Any one of these sources might have an agenda other than simply reporting the facts. For instance, though both the tobacco industry association and the antismoking organization might have special expertise on the topic of cigarette sales, their particular points of view could lead to inherent bias in their research results. The private, for-profit research company may well be conducting the study for a client with a special interest in the issue (such as the tobacco industry), and this could also skew the results.

       Check the time

       It’s important to look not only at how recent the data is but also at the time period the data covers. For instance, here are two headlines adapted from real newspaper stories reporting on the same study:

      ■ “VC funding falls to 7-year low”

      ■ “VC funding increases by 7 percent”

       Both headlines were completely accurate. Both reported on the same study. Yet the first focused on data for only one quarter of the year; the second article reported on the total amount of funding for the entire year compared to the year before. So look for data that covers reasonable time periods.

      Remember, the types of questions a researcher asks, the size of the survey sample, the composition of those surveyed, and the methodology for compiling the data can all dramatically influence the results produced.

      Generally, the most accurate sources are:

      ■ Government data. Data from government sources, particularly from the U.S. Census Bureau, is generally regarded as fairly accurate, as it’s drawn from large samples. Also, it’s expected that such data is free from inherent bias.

      ■ Private research company data. Private research companies charge large sums of money to gather data relating to an industry. Since their primary income derives from the sale of such data, its accuracy directly relates to their ability to stay in business.

      ■ Studies conducted by universities. Generally, studies conducted by university faculty and researchers are highly regarded. Such studies typically undergo academic review and likely follow accepted research procedures. Ideally, such studies are relatively free of bias.

      ■ Studies using large samples. The greater the number of respondents, the more likely the information they supply reflects reality.

       THE GOOD VS. THE BAD

GOOD SIGNS	BAD SIGNS
Data was collected by an independent research firm	Study was funded by a private СКАЧАТЬ В начало < 25 26 27 28 29 30 31 32 33 34 > В конец