OCR Business Paper 1 Practice Test

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Why might an entrepreneur choose to conduct primary research?

To utilize data without validating its source

To gather specific information tailored to their business needs

An entrepreneur may choose to conduct primary research to gather specific information tailored to their business needs. This type of research involves collecting data directly from the source, which allows for insights and information that are directly relevant to the entrepreneur's particular context or market situation.

By engaging in primary research, entrepreneurs can focus on the specific variables that matter to their business, such as customer behaviors, preferences, and market trends that existing secondary data may not fully address or capture. This targeted approach enables them to make informed decisions based on current, direct data that reflect the unique circumstances of their business.

Gathering specific data in this manner can lead to better decision-making strategies and a competitive advantage, as it is closely aligned with the current operational goals and questions of the entrepreneur.

To confirm existing research findings

To minimize costs associated with research