Page 64 - Business Studies

Business Studies for Secondary Schools

1. Hobbies and interest about trends, customer needs, suppliers,

(a) Which activities do you like to do? competitors, and potential small business
(b) What are you naturally good at partners. Building strong relationships
doing? can also lead to collaboration with other
entrepreneurs in the community.
2. Strength or talent
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(a) What are your skills and talents? Market research

(b) How can you use them to create Market research is crucial for identifying
value? and validating viable small business
3. Values opportunities. By conducting thorough
research, an individual can determine
(a) What is important to you? customer preferences, buying habits, and

(b) What things do you deeply care the overall market size. This information
about? helps refine one’s business idea and
4. Curiosity tailor it to meet customer needs and

(a) Are there things you want to learn wants. Market research also helps study
more about? competitors; this information provides
(b) Which topics fascinate you more? valuable insights into trends, customer
behaviour, and potential gaps or challenges

Observe your surroundings in the market. Identifying areas where
By closely observing the environment, competitors fall short can help develop a
an individual can identify unmet needs, unique business aspect. Market research
inefficiencies, or market trends that present requires essential research tools to learn
potential small business opportunities. For more about entrepreneur ideas. Here are
instance, noticing environmental pollution how small business entrepreneurs can use
caused by the littering of glass bottles in surveys, interviews, and observations to
a rural area can spark an idea for starting gather valuable information:
an upcycling business. This may be glass
upcycling, turning glass jars into decorative 1. Use surveys
items for homes and offices. (a) Make questionnaires or surveys by
developing straightforward, concise
Use your network questions addressing your research
Networking can be a source of information objectives.
for identifying potential small business (b) Distribute surveys to potential

opportunities. Talking to family or the customers, existing customers, or a
community can gain valuable insights random sample of your target market.

Student’s Book Form Two 58

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Business Studies Form 2.indd 58 03/10/2024 16:07
Business Studies Form 2.indd 58