We collated all our data in a database this was the best and most useful way of collating such information. A database is an organised collection of data that can be easily stored when there is lots of information. The big benefit of databases is that you can search them quickly to find specific data or use them to generate reports. The data file can be divided into records; information in each record can then be organised into categories called fields. Therefore a record is one complete unit of data, and will contain an item of data in each field. This allows all the data to be organised efficiently and easily so it can be sorted. With my database I didn’t have to create any fields to start with as they were already there in the existing database. But as time went on and I added my corrected records I realised that I would need to add another field, I decided that this was needed because it allowed me to generalise when analysing my data and creating queries. The added field was category, which I used a different category for three or more businesses selling the same products. For the odd businesses I used other
Below is a section of my database, which shows the added category field.
From the database I can see that most occurring type of business in Horncastle is a partnership or a sole trader. This is because being a sole trader is cheaper because there is less overhead, and therefore there is larger profit margin. Most businesses in Horncastle have been therefore a long time which means that any sole traders or partnerships are more than likely to own their own premises with no mortgage and again there is a larger profit margin as no money has to be spent on paying a mortgage etc. Horncastle is renowned for it antiques shops and therefore there is a large quantity of them in the town. Many tourists visit Horncastle in the summer from the coast and spend a lot of time in the town and the surrounding area. This allows for many businesses in the town for example the cafe and restaurants, which would become busy in the height of season.
From the database I can analyse all my information and use it to find out pacific knowledge, which can be used later on in my coursework when I need to research about a gap in the market. To do this I can create a query which can then be put in a spreadsheet and then create a graph from this I can compare many factors about the structure of Horncastle. I created a query to show me all the types of business on the High street.
These were the results given from the query run.
An entrepreneur would use this information to determine what the gap in the market would be in the local area. This knowledge will prevent unnecessary competition in the early stages of business. To improve the prospective entrepreneurs chances of succeeding in Horncastle would be improved if they were to send out more extensive surveys they could also ask the existing businesses profit turnover each year, difficulty in setting up a new business there and to give clear idea on the general publics wants and needs.
Below is a pie chart showing the different types of businesses that can be found on the High street, as you can see the majority is owned by sole traders and partnerships. This will be because as I have said before it is cheaper to set up without the overhead. Also with the businesses being around for so long they will own the premises and not have to pay a mortgage.
