Question

Connie stepped in to assist her friend Fred conduct his research plan for his business. He is trying to see where he should open his next tie boutique. Connie first reviews the plan and then begins checking out potential geographic regions large enough to support this type of boutique. She also looks at census data for what the overall locations look like demographically. Now that she has conducted the secondary research, what should be her next step?

Answer 1

Connie's next step should be

Not - go back and revisit her plan objectives

Maybe - Conduct primary research and analyze Fred's current customers.

Explanation:

It is very essential for an entrepreneur who decides to start a new business to have a business plan that helps him in setting up the businesses in the right track and usage of funds in an effective manner. A business plan acts as a blue print of a new business and the objectives and resource utilization.

In the scenario give, Fred decides to start a new boutique and has conducted researches geographic locations and the type of boutiques supported by the demography. She must not then go back and review her plan objectives as she has decided to start it with a good plan and she may conduct a primary research about the  current customers of him.