Research is the most important thing to start any new project either it is something from study life or practical life regarding building you career somewhere or starting a new business. Every business has a set of target users in the market and it’s impossible to understand their demand regarding their desired product, without any research.

Market research is a process of gathering data to know that how viable your product would be, before even its launch in the market. It also gives you the information about the trends in industry regarding any specific product, then, accordingly you can plan your product for a new business.

Following are some major benefits of market research:

1. Efficiency of the product:

If you are starting a new business regarding any product which is already available in the market by different companies, market research will help you to know that what customer wants more in the product to increase its efficiency.

2. Overview of competitors:

Whenever you are launching any product from your company, market research will help you get an overview regarding product efficiency of your competitors in the industry and it will also motivate you to be one step ahead of them to get more customers.

Types of Market Research

1. Primary Research:

Following are the methods included in primary market research:

• Personal observation regarding the behaviors of customer regarding any product
• Thoughts and views of a focused group to get an overview of the market
• Interactions with relevant people individually to know about their perception
• Conducting a survey via messages or circulating simple Q&A forms

2. Secondary Research:

Following are the methods included in secondary market research:

• Public Sources like library (data in the form of publications or research articles)
• Print, electronic and social media platforms

Basic steps to conduct market research

Following are the 6 general steps to conduct market research:

1. Set your targeted audience
2. Understand their behavior
3. Get the insights of market research
4. Get the results of survey
5. Derive a conclusion
6. Take decision accordingly

For many people and organizations, conducting market research can serve as an eye-opener and fact-checker. Even if you believe you have a thorough understanding of your target market, a thorough investigation is likely to reveal new channels and opportunities for you. When starting or creating something, it is always wisest to perform market research because there is so much possibility for improvement.

The businesshas various meanings based on its context. Most commonly it includes the exchange of products, or the production of merchandise and trade to customers through a certain platform that is profitable to both the parties i.e., the seller and the buyer. Here you are your boss and face the profit and loss of the company on your own.

• Its impact on society:

Today’s young generation is very keen on starting their ownbusiness. This can be on a small scale or a large scale. People starting their businesses are called entrepreneurs. You need an entrepreneurial mind to keep your business growing as it has very high risks.

In this, you have a high chance of exponential growth. You need to handle your daily revenue profitably.

• Customer satisfaction:

The acceptance of your idea by the clients is the most crucial step. So firstly, having an innovative idea is a plus point. Secondly, considering your idea’s merits and demerits is important.

Putting yourself in place of the customer will raise several questions and answers to your way of thinking, so accordingly, prepare your business model. Thus, understanding other people’s needs is a must.

Problem–solving personality is a plus point. Making complicated things simple should be your cup of tea. Innovation starts with customers’ needs and emotions.

• The marketing phase:

1. Acquiringthe market by selling your products at a low rate is idiocy as it will eventually lead to a shutdown. So having a profit source is important.
2. Negative margins and negative cash flow are a curse for abusiness. So always take an advance payment to keep a positive cash flow.
3. Checking teammates’ skills timely is necessary.
4. There should be a strong recurring revenue model.
5. Goal to maintain a regular chain of customers.
6. Your product opening should not be late in the market.
7. Converting feedback into feedforward.
8. An improvement in your product is a must.
9. Building a community is like building blocks. This will create your company into an ecosystem.

Explaining your idea on a single piece of paper confirms it is a useful product.A good team is like a light in the darkness. Developing a strong mindset towards obstacles will lead to huge success. Keeping your product updated is necessary. Having a strong revenue model is necessary.

With the Covid pandemic knocking at our gates of life in 2021, a new world was forming on our phones. While most lost everything they had due to the closure of the economy, the rich and privileged remained the same. E-commerce was one of the sectors of business that flourished during the lockdown. This article takes you through the journey of small businesses and their current status in India.

Small businesses are businesses not exceeding INR 10 lakh investment. Digitalization is a

major contributor to the rise of small businesses in India. The goal of India becoming a trillion-dollar economy is accelerated by the presence of these businesses.

Before digitalization:

After the implementation LPG policy in the 1990s, Multinationational corporations posed a threat to MSMEs in India. Funding was a major problem for small businesses. Loans were very difficult for individuals to get, due to the tedious formalities and lack of information. Big companies were acquiring a large share of finance. The cut-throat competition was another hurdle for small businesses.

After digitalization:

Digitalization means providing services in electronic mode. It also aims to empower the country digitally in the domain of technology. Prime Minister NarendraModi launched the campaign on 1st July 2015. Small businesses that turned online benefited from the shift to technology. Some of the effects are mentioned below:

• Assessment

Business owners could use tools available on the internet to check the engagement of their posts, insights of customers, personalized feedback, etc. This helped in the overall evaluation of different products and services.

• Crossing borders

Some online shops extended their market to different countries. This accelerated their consumer base and increased their total revenue.

• Digital Marketing

Companies use social media platforms to promote their products. Digital marketing has turned out to be very cost-effective. It has increased consumer engagement on another level.

Apart from these benefits, digitalization has turned out to be a lottery ticket for small businesses. It has opened new opportunities for them and contributed towards their success.

During the pandemic, some businesses totally shifted online and benefited from it, some were not able to lack of funds. On a final note, small businesses account for 27% of India’s GDP; it has helped India’s economy exponentially and has paved a way for its growth. In spite of all the challenges faced by them, it is evident they have remained resilient and hardworking. With inflation looming over everyone, small businesses are still going strong.

A business can be described as an organization or enterprising entity that engages in professional, commercial or industrial activities. Depending on a number of circumstances, there may be numerous business kinds. While some are non-profit, others are for-profit. Similar to how their ownership distinguishes them from one another. For instance, there are companies, partnerships, and many more business structures. A person who produces items or provides services with the intention of selling them for a profit is engaging in business.

Types of business:

There are various different business organisational models, and there are numerous legal and tax frameworks that go along with them. Among other things, companies are typically categorised and organised as follows:

• Sole proprietorship
• Partnerships
• Corporations
• Limited liability corporations LLC’s

Problems in business world:

Our world is changing quickly, especially for businesses. It’s important to remember that in just one generation, businesses have had to adjust to completely new marketing channels (web and social media), choose how to invest in and use new technologies, and compete on a global scale—things that were hardly even conceivable to our parents’ and grandparents’ generations. The greatest way to meet and address some of the major difficulties that businesses face today is with qualified consultants. CEOs who hire consultants are able to add the knowledge and abilities they need to solve specific issues at specific times and produce the greatest results. Few of the biggest challenges are

• Uncertainty about the future
• Financial management
• Monitoring performance
• Maintaining reputation
• Knowing when to embrace change

Business and covid-19:

Owners of businesses and would-be entrepreneurs are frequently at the mercy of macroeconomic variables. Lockdowns caused a decline in sales for already-established businesses during the COVID-19 crisis, and businesses that were unable to minimise operating costs saw a decline in cash flow. The epidemic also put the potential for innovation in jeopardy because it made it difficult for new businesses to acquire funding and income. When compared to the COVID-19 crisis in 2020, the number of economies affected by the decline in company registration during the financial crisis of 2009 was larger.

However, underdeveloped nations were more severely impacted by the COVID-19 dilemma. The highest decline in new business entry in 2020 was seen in Europe and Central Asia:

Conclusion

In conclusion, business is a complex and multifaceted field requiring various skills and knowledge. It can be challenging, but it also offers personal and financial growth potential. Whether you are just starting or have been running a business for years, it is important to continuously learn and adapt to stay competitive in today’s market. It is also important to understand the legal and ethical responsibilities that come with running a business, including adhering to regulations and treating employees fairly. With a solid approach, a strong work ethic, and a focus on meeting the needs of customers, you can set yourself up for success.

Craze in the field of business is unquestionably high. Most people crave for their own business and those really considerate about it work hard and take the required steps. What really matters is what one wants to do and develop one’s own unique way to do so.

Before starting a business there are certain points that are needed to be kept in mind:

1. Problem identification: this is a very crucial step towards the idea of a start-up. The person must be aware of the problem that is existing in the society. Though there are many problems in the society but one has to choose wisely which problem they can take up and take possible steps towards the improvement. For example- trees are being cut down on very large scales for paper production. This is the problem that has been identified.
2. Now the next step is thinking of the solution to the problem for developing a product. For example- instead of deforestation, for paper, can be replaced with recycling. Recycling can be done either industrially or at home by collecting all the unused papers from different notebooks and compiling them to form a new notebook. Now this can be of self-help too and also can start a business of those notebooks by selling them as recycled notebooks.
3. Industry knowledge: one must be aware of the industry he/she is entering into. Proper knowledge is a must and all the processes and legal proceedings regarding it should be understood well enough. One should be aware about the current market trends and future growth rates. For example- for starting apaper recycling business one must get the necessary permits and licenses for the same and also this is a growing industry as deforestation is a great threat so alternatives are required for it.
4. Target customer knowledge: awareness about the target customer (customers to whom the product is required) is required as they are the ones who will be interested the most in the product. For example- students and office workers are the main target customers for the paper industry so proper knowledge about their requirements is required to launch an effective and useful product for them.

Setting up a business plan is a really interesting thing to do but it requires a lot to actually do it in real life. So, one must be ready to take up the challenges and the hardships that would get into the way to achieve this goal.