Question

In: Finance

1.How would you go about designing an experiment that measures the connection between start-up funding for a small business with 1 year, 5 year, 15 year success rates?

 

1.How would you go about designing an experiment that measures the connection between start-up funding for a small business with 1 year, 5 year, 15 year success rates? What metrics would you use to measure success? I think descriptive research is the best way to evaluate a business that has just started because it can comprehensively measure the relationship between start-up capital and success rate. Descriptive research is also helpful to analyze the problems encountered in the firm and can be a method to measure the development structure of the enterprise. Through the integrated data, the variables that have the most direct and indirect effects on the company can be sorted out, which will greatly improve the company's investment efficiency and reduce unnecessary expenses for the company. Therefore, the establishment of measurement standards will be the most important issue. For a business that has just started to start a business, I think the timeline must be short, at least to calculate the basic internal expenses and income of the company and gross profit every month. In this way, the company can effectively measure whether the business volume is developing well in order to create a sustainable brand image.

2.I think descriptive research is the best way to evaluate a business that has just started because it can comprehensively measure the relationship between start-up capital and success rate. Descriptive research is also helpful to analyze the problems encountered in the firm and can be a method to measure the development structure of the enterprise. Through the integrated data, the variables that have the most direct and indirect effects on the company can be sorted out, which will greatly improve the company's investment efficiency and reduce unnecessary expenses for the company. Therefore, the establishment of measurement standards will be the most important issue. For a business that has just started to start a business, I think the timeline must be short, at least to calculate the basic internal expenses and income of the company and gross profit every month. In this way, the company can effectively measure whether the business volume is developing well in order to create a sustainable brand image.

Solutions

Expert Solution

Paragraph 1:

Descriptive statistics helps to visualize raw data in a very meaningful way. It assists in describing data with charts, tables and summary of the data. For a new business, the time duration is not very long, so its difficult to get trend analysis of the variables over a period. The standards can be established for near future with the help of results of descriptive statistics and it helps firms to develop strategies to satisfy the market and consumers in the future. It provides them the overview of the variables to increase revenues through cost efficient strategies. start up firms don't have an established market and strong distribution network as they are in the initial stage of operation. Descriptive statistics provides them a base for their research towards understanding the need of consumers and satisfying it.

Paragraph 2:

Descriptive statistics provides a base to all the research. During the phase of development, start-up firms can take help of the results of descriptive statistics to align the interest of the business and consumers. They get idea of willingness of customers to buy the product and payment for the product. The results of descriptive statistics provide guidance to develop new ideas and methods to achieve success initially with cost and time efficiency. Firms can accelerate the development process by strengthening business relationships with customers by identifying the strength and weakness through descriptive statistics. Especially at start-up level of the firm where they don't have any background or path to walk upon, descriptive statistics provides them a base to take decision.


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