Implementing Research
It is a characteristic of entrepreneurs that they are inclined to disqualify formal market research. There is a certain nervousness for what, to those who may not have formal business training, is an intangible service .Many feel that they can get better information themselves just by talking to their interested customers or closely examining what the competition is doing. These are important and contributory sources for information, but formal data collection is also important . As Mohan-Neill points out, many new venturists prefer to “fly by the seat of their pants.”However, “Even though entrepreneurs perceive ‘gut feelings’ to be very important, they cannot afford to rely on that feeling in a vacuum. It has to have some links to the external environment.”