Being an entrepreneur is hard. There is no way around it. Entrepreneurs and businesses need to adopt products and services to tastes and preferences of customers, have contingency plans for declining target markets and shifts in consumer spending. How can entrepreneurs and seasoned business analysts adapt and succeed or slowly disintegrate? Data. Yes, data. Big data and data management and mining are trendy topics, but for a reason. It is this data that can be sorted accordingly that will give you the information necessary to make the right recommendations to move a business forward.
Knowing the shift in population, demographics and economic environment is a minimum. Staying up to date on current trends in your industry and adjacent industries an entrepreneur can successfully disrupt an industry and an established business can plan for the shift. What do you think retailers did when e-commerce started taking off? Some had already adopted and were well on their way to seeing success through that channel, but some fell short. Being able to answer the pro's and con's of new trends and ways of doing things and how your competitors are adopting is important to keep up with what your customers want.
Entrepreneurs need to start collecting data on their products as soon as they launch. Those 1st customers are important! Businesses use data management to establish and maintain a competitive advantage. Knowing every detail of your inventory and financials, while finding new patterns in your customers buying behaviour can push entrepreneurs to pivot or create product sales and promotions.