Market knowledge

Market knowledge

Market knowledge lays a foundation when one needs to venture into a business. As an entrepreneur, I need to be equipped with both financial and non-financial resources. The non-financial resources involve one’s ability to promote his business, for instance, through creating a brand preference for the goods that are in the market. The resource helps one to have the position that the products hold in relation to my competitors. It helps in creating awareness among people, gain recognition which makes them know that you exist in the market. The uniqueness of the products that you offer will attract potential customers who I can retain for a long time, the experiences that the customer gets will have a direct impact which will influence them to come for your goods. Another non-financial resource is innovating, the ability to bring new products to the market successfully, accepting changes that come with technology and being ready to take challenges that come your way in running the business. Non-financial resources play a role in creating a strategy and evaluating the achieved objectives.

Financial resources are essential elements that one needs to start even the most basic business because of the daily costs that one incurs. Through funding, a business can be started, and financial resources can be obtained from different sources, for example, loans from financial institutions, contributions from friends, and relatives. Having a financial resource is a sign that one is willing to venture into the market and create a successful business environment combining them with the non-financial resources. Financial resources will ensure that the business has capital that is needed to run it and secure funds that will be needed for long term developments. When one develops the strategies and skills of using the funds, it enables the business to increase its profitability and the aggressiveness of venturing new opportunities in the market.