What are the different types and sources of information that are available?
What will be an ideal response?
The two different types of data are primary and secondary. Primary data is original information collected for the particular requirement. This could take the form of surveys, interviews, or observations.
Secondary data is pre-existing published information. This data can come from both public and private sources, government research, and industry trade groups. Often it is macro-level data that the entrepreneur can use to focus their data gathering at the primary level. Once the entrepreneur has identified the SIC or NAICS code, they can find a lot of industry level data, such as market size, growth trends, and competitive position. In some instances this secondary data can be relatively easy to find and aggregate, while in others the entrepreneur will need to be creative in research depending on the given market and the availability of data.
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