Business case studies are very popular today, as they allow researching certain entrepreneurial issues and avoiding a great number of mistakes. Harvard business case studies are the most interesting ones. Interest is that the research was conducted on entrepreneurs who received capital from investors who financed risky projects. Several thousand different companies took part in the investigation. Their activities for the last seventeen years were investigated.
Top business case studies showed that only 22% of entrepreneurs who ventured to open their own company had made progress. However, people learn from failures. The main purpose of this study was to find out if that 78 % who had learned from their mistakes learned and risked once again to try themselves in the field of private entrepreneurship. The results were surprising. As it turned out, of these remaining entrepreneurs, who for the first time did not succeed, the second time only 34% achieved good results. The rest failed again. It turns out that only a few are able to learn experience for the future from the mistakes.
In general, short business case studies can be defined as the systematic collection, accounting, and analysis of data on marketing and entrepreneurial problems in order to ameliorate the grade of venturing and control procedures in the business encirclement. They have the following purposes. Search objectives include gathering evidence for preliminary assessment of the problem and its structuring. There are also descriptive goals. They include the description of selected phenomena, objects of research and factors that affect their condition. Causal objectives test the hypothesis of a causal relationship. Test objectives mean the selection of prospective options or assessment of the correctness of decisions taken, and the forecast purposes are predictions of the state of the object in the future.
The entrepreneurial study is any analytics practices that are needed for the business. It involves the collection and analysis of data that are required for company’s activities. This is the beginning and logical completion of any cycle of entrepreneurial activities of the company. A business research is necessary to reduce the uncertainty that always accompanies the adoption of entrepreneurial decisions. It can provide evidence on a variety of aspects related to the market.
In recent years, a number of factors have emerged that enhance the importance of business evidence. This is due to the fact that the entrepreneurial encirclement is changing very dynamically; more and more companies are working in remote markets, and consumers are becoming more and more tempted. Market participants need prompt accurate and verified business evidence. Therefore, entrepreneurial research should be conducted professionally and thoughtfully at all stages, from the choice of the type of the case study and ending with the methods of data processing and the presentation of results.
Due to this reason every company should conduct good business case studies. In many large manufacturing companies there are marketing departments that promote the goods, services in the market and gather necessary evidence (about the market, competitors, etc.). However, there are also specialized companies that carry out this type of studies. The main advantage of an independent analyst agency in comparison with the separate department of the company is its objectivity and professionalism. Most regional companies do without serious market investigation or prefer to conduct an entrepreneurial case study on their own. This choice has both positive and negative sides. In any case, it is obligatory to search for the solution carefully, having decided on the tasks and scope of the planned research. There is no need to prove that the completeness and relevance of researched evidence largely determine the company’s success in the market.
Effective solutions can not be based on intuition or simple reasoning. Without business planning, companies can not achieve sustainable benefits in their markets. Without business investigation, it is impossible to make effective strategic decisions in the field of economic the company is engaged in.
The objects of business research can be presented in the form of any category. We can talk about the market, consumers, competitors, goods, prices, commodity circulation, and systems to stimulate sales and advertising, the company’s internal encirclement. Marketers and company managers are particularly interested in the market as an object of business research. It is considered taking into account trends, development processes, structure, geography, and dynamics in sales, capacity, competitive encirclement, barriers, risks, and opportunities in business. Buyers are an integral part of the sales system. Marketers are studying them in the market encirclement, as well as in a separate order.
The basic marketing researchers, in this case, concern motivational factors on which it is possible to define the reasons of the behavior of buyers in the conditions of the market, the structure of consumption, provision with products, tendencies in consumer demand. Business research of products aims to check whether the purchase requests meet technical and economic performance. Research in the sphere the company is engaged in allows getting evidence about the consumer’s properties of the product, design, packaging, color, shape, ergonomics, and functionality.
When relying on the business research and findings, it is more convenient to develop the product range, improve the competitive quality of products, and identify priority areas in the company’s work. When carrying out the cost research, attention is paid to determining the costs of calculating items, the level of influence of competitors (it is necessary to compare technical and economic indicators, consumer parameters of products manufactured by other companies). The data of marketing researchers allow understanding, what is a correlation of expenses and cost and what level of the income and expenses is optimum.