Today’s entrepreneur must have intelligence. Intelligence is not commonsense. The intelligence of today’s business owner is measured by the level of information and data s/he possesses.
Business Intelligence
The intelligence of today’s business owner is measured by the level of information and data s/he possesses.
It is therefore, necessary to acquire as much data and information as possible. The more information and data a business owner has about his/her industry, products and business the more intelligent s/he becomes.
To become an intelligent entrepreneur, a business owner must:
1. Listen carefully.
Learn to listen to concerns and ask the right questions. Inside every complaint or problem lies opportunity to add value
2. Predict Market.
Learn to predict market trend. Every industry or product has a cycle. Predicting and optimizing this cycle is a measure of intelligence.
3. Understand the Economy and Globalization.
A single change in economic policy can make or mar a business. Besides the world is a global village, so event happening kilometers away can influence market and businesses locally. It is, therefore, important to follow policies and news that can impact business performance and action should be taken by business owners to take economic advantage and minimize shocks.
Mastering the art of operationalizing business intelligence is crucial in making an enterprise a success. Intelligence is required in price determination, competition assessment, product innovation and every other aspects of a business..