Resources: Types of Resources in Business

Whether you're opening a new business or expanding an existing one, you may have questions or concerns about certain aspects of your operation. Part of being an entrepreneur is knowing where to turn for answers. Having the information or the resources to find it can put you at a competitive advantage and help you steer as you lead and make vital business decisions.

Published Knowledge

Research books, databases or websites for information.
Published knowledge refers to information in books, on websites or in databases, such as Business Source Premier, which features articles from business journals on a variety of business-related topics, including real estate, banking, finance, international trade, sales, technology, marketing and other subjects (see Resources).

In addition, market research reports offer several types of specific business information, such as the scope of a particular market, the major competitors, and the average start-up costs for new entrants (see Resources). You also can buy direct-mailing lists that generate leads to customers based on such demographics as age, income and ethnicity. These lists, often used for marketing purposes, can be specific to various industries, such as telemarketing, mortgage, insurance, medical and investments.

Social skills can lead to more than just referrals. Who you know can help your business.
Utilizing social knowledge is more than gaining referrals or repeat customers; community connections also can help bolster your reputation and credibility. You can attend local community events, such as fund-raising galas that support local nonprofits, or join local, regional and national organizations, such as a chamber of commerce. Attending professional and industry-related conferences can put you in touch with the leading experts in your field and give you insight into the latest trends and issues.

Interacting with an audience through social media sites can introduce you to potential customers, business partners and other organizations that can give you the edge over your competition.

Remember you are your best asset.
Looking back at your successes and mistakes and gauging the lessons learned can help you find opportunities for growth. You may even find a successful business model that merits repetition or identify habits that could sabotage your efforts to improve. This type of introspective analysis comes from the traditional SWOT, which stands for "strengths," "weaknesses," "opportunities" and "threats,"
as outlined in textbooks for basic business education.

Maintaining a level of objectivity while being introspective can be difficult because of personal bias, as a 2008 Princeton University study found that people see themselves differently from how they see others. It is only natural to sound the trumpet on the good things and tuck away the not-so-nice happenings of business life. Interviewing your top 20 customers may mitigate this effect. For example, you could ask them to cite specific experiences, both positive and negative, and explain how you can better serve them. The same type of chat can be productive with current and former employees.

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