Information Seeking by Entrepreneurs

Abstract

An entrepreneur is an 'uncertainty bearer' and needs to take a variety of decisions which make or break the business. Entrepreneurs in different situations need information inputs in planning, implementing, monitoring or reviewing schemes, projects and programmes. The purpose for which information is required varies. There may be an immediate need for information to understand the situation one is in, to convince and persuade others, and to use the opportunities available. Without being conscious of the need, individuals in a situation may gather information which would either prevent a problem situation in future or help one to make the most of it. A study was undertaken in Pune city (using questionnaires and by collecting narratives) to find out the types of information entrepreneurs were looking for and the way they gather the required information and also the difficulties faced by entrepreneurs in acquiring the information. The results indicated that most entrepreneurs required information on consumer needs, marketing & distribution, legal information, technical information and information about finance and loans. Information about business practices and writing project proposals was also important. The major sources of information were personal contacts followed by professional consultants. Institutions and libraries were used for technical and financial information.