Question

The academic paper by Martin, McNally, and Kay (2013) asserts that: Select one: Academic research on business start-ups does not help the aspiring entrepreneur. Academic research on business start-ups is useful for the aspiring entrepreneur. Ninety per cent of woman’s clothing stores fail within three years. None of the statements here are asserted by that academic paper.

Answer 1

Academic research on business start-ups is useful for the aspiring entrepreneur

Companies’ ability to innovate often depends on acquiring knowledge from external sources and integrating it with their internal research and development. Interactions with universities allow companies to embed scientific knowledge in their internal innovation processes.

Market research should never be underestimated. Many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems and pinpoint realistic competitors.

It’s the simplest way for entrepreneurs to keep up with market trends and maintain a competitive edge by sizing up your business opportunity.

Market research can be carried out at various stages of a business life cycle, from pre-launch and beyond. Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy to establish and grow your brand into one that’s better than the competition.

’s important to interpret these market research reports in isolation. Some of the more generalised industry research may not be wholly applicable to your target market; nor is it a guarantee of consumer demand in your area. Be sure to take note of the date of publication too. In fast-changing industries such as technology, a report that’s even a year or two old could already be outdated.

If you think you’ve developed a great business idea, it’s vital that you test it against what’s already available on the market. Product placement is everything to get maximum exposure.

Many new businesses start off as an idea in the mind of an aspiring entrepreneur or business owner. Turning these ideas into viable business propositions is the undoubted challenge. Sign up to our ‘How do I research a business idea’ workshop to understand how to develop a strategy for identifying and finding the information that will help deliver this knowledge. Visit our events page to view our upcoming events.

Nationally, there is a focus on productivity and a drive to bridge the knowledge gap and support innovation. To achieve this, the Government is encouraging collaboration between the business and higher education communities. The thinking behind this is that by working together, businesses and universities can come up with new solutions to problems. That could mean developing new commercially-viable technology based on the latest research discoveries or finding more efficient business models, using academic insights.