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What is Business
Intelligence? - Definition &
Examples
Lesson Transcript
Instructor: Sean Kennedy
Business intelligence {Bl) is the collection of statistical
data about relevant information, which helps business
owners get competitive advantages or plan for their
operation. Learn more about what Bl is, Bl systems,
and business analytics. Updated: 12/08/2021

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What Is Business Intelligence?

The Burger House introduced some new items a few

months ago. The company wanted to try and change
the menu to help attract new customers. They want to
determine which items are working for the restaurant
and which items aren't successful. The company has
business intelligence software that allows them to
determine which of the new items had the most
success. After looking at the data, The Burger House
realized its egg burger was not a big hit. They can now
focus on the products that have brought them
business, and eliminate the egg burger that has not
been financially successful. How did business
intelligence help them make this conclusion?

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 Business intelligence (B
l) is a variety of software
applications used to an
alyze an organization's ra
Bl can include data min w data.
ing, online analytical proc
and business reporting essing,
. Most businesses use Bl
software to help keep tra
ck of information and re
the software to operate ly on
effectively. Companies
the information from bu can use
siness intelligence softw
determine what items w are to
ithin the business need
changed because they're to be
not selling well. Bl system
help employees modify s
their individual and team
practices, which leads work
to improved performance
the sales teams. among

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• Video
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An entrepreneur is a person with a
unique idea, who takes initiative of
developing a new venture, arranges
all the resources and is ready to
bear all the risks and takes all the
necessary decisions to provide
products and services that has
value to the customer.
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Career Guide

Career development > 11 Challenges Ent ...

11 Challenges
Entrepreneurs
Face and How To
Overcome Them
Indeed Editorial Team

Updated December 1, 2022

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11 challenges facing
entrepreneurship
Here are 11 challenges that entrepreneurs
might face and how they might approach
them:

1. Selecting a service or
product
An entrepreneur may have the skills and
passion to start a company, but one
important factor in starting a business is
deciding what to sell. To start, they may
identify a demand in their community they
could meet. A marketing firm or freelance
researcher may help them conduct market
research to discover what needs there are
and which ones they have the resources to
address. For example, an entrepreneur may
learn that the people in their community
drive out of town to get massages, so they
know there is a local demand for a spa that
they could fill.

Related: 15 Entrepreneur Characteristics

To Develop 0

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2. Developing a sales
strategy
Though an entrepreneur may recognize an
opportunity in a certain community, they
might also research the best way to sell to
that community. They may hire a
professional to create a marketing plan or
make one themselves. To do this, they can
assess who their target audience is and
what strategy might best reach them. For
example, if an entrepreneur opens a
business in a rural community where they
know many people listen to the radio, they
may develop a digital ad to broadcast
locally.

3. Establishing starting
funds
For entrepreneurs who start with lower
capital, there are ways to earn funding to
get started. They may begin with a
traditional bank loan or a federal small
business loan. If they plan to provide a
product or service that they know has
significant demand already, they might start
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a fundraising campaign. For entrepreneurs

who would rather use a self-fueled growth
model, they may start by targeting a small
audience and slowly building to serve larger
client bases.

Related: 15 Questions To Ask an

Entrepreneur If You Want To Become One
[Zl

4. Maintaining a budget
Because running a company can be
unpredictable, an entrepreneur can stay
prepared by carefully maintaining a budget.
They may do this by prioritizing efficient
marketing strategies and allocating the rest
according to their unique needs. Assessing
which expenses are necessary may help
entrepreneurs adjust their funds to better
prepare for changes. For example, they may
observe that there is a more affordable
manufacturer they can use and reallocate
those savings to address higher utility
costs.

5. Sustaining revenue
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5. Sustaining revenue
It's important for entrepreneurs to manage
their organization's money carefully to
account for any potential delay in invoice
payments. Aside from budgeting,
entrepreneurs may charge a down payment
to ensure they can afford expenses until
they receive full payment. By sending
invoices as early as possible and requesting
payment as soon as they complete projects,
entrepreneurs can secure funding to keep
operations running efficiently.

6. Staffing the organization

To make sure that they hire people who care
about their organization's mission and will
work hard, entrepreneurs may oversee the
hiring process. They may publish highly
detailed listings to attract candidates
whose qualifications match the
organization's specific needs. Before
interviewing anyone, they can develop
questions to assess if the candidate might
be a good fit for their organization and if the
role can help them in their career goals.

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7. Managing employees
As the creators and leaders of an
organization, entrepreneurs guide their
employees on how to best carry out the
organization's goals. They can achieve this
by developing clear, detailed instructions for
each role. When an entrepreneur effectively
communicates the goals of the
organization, employees may better
understand what they expect and what
they're working toward. For example, if the
founder of a clean water initiative tells
employees the story of why they started
the company, they may feel more inspired to
work toward the common goal of providing
clean water.

8. Expanding the business

After an entrepreneur establishes their
business, they may reach a level of success
where they want to expand. This stage of
managing a business entails many
considerations, including figuring out a way
to address greater demand, researching
new partners and reassessing their role in
the company. An entrepreneur may revise
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the company. An entrepreneur may revise

existing processes to better meet the
company's needs. For example, if a
consulting firm uses software built for a
smaller client list, they may upgrade to one
that betters suits a wider client base.

9. Managing time
Starting a new business and managing it
creates many periodic tasks, so
entrepreneurs may create deadlines to help
with prioritizing their obligations. Because
their role can encompass many
responsibilities, entrepreneurs have several
approaches they can take to manage time.
One strategy they can use is creating goals
for themselves and others in the
organization. They may assess which tasks
are absolutely necessary and which they
can delegate.

Related: 32 Tips for Becoming a Successful

Entrepreneur 0

10. Maintaining confidence

It can take a lot of confidence to start a
company and just as much to run one. It's

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10. Maintaining confidence

It can take a lot of confidence to start a
company and just as much to run one. It's
important for entrepreneurs to maintain
confidence so they can lead effectively and
make appropriate business decisions.
Entrepreneurs may set long- and short-
term goals to track and reflect on their
success. Keeping a community of
supportive leadership and employees may
also help. When an entrepreneur is more
confident, they may feel more prepared to
address challenges.

Related: 14 Goals of Entrepreneurship To

Set for Yourself and Your New Business 0

11. Collaborating with

partners
For entrepreneurs whose organization is
doing well, they may consider partnering
with other professionals or businesses.
Though this may help them allocate
leadership responsibilities and increase
funding, there are many considerations.
First, entrepreneurs can assess areas of

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Set for You rse lf and You r New Business 0

11. Collaborating wi th
partners
For ent rep ren eur s who se org ani zat ion is
doi ng well, the y ma y con side r par tne ring
wit h oth er pro fess iona ls or businesses.
Tho ugh t his ma y hel p the m allo cate
leadership res pon sibilities and increase
fun din g, the re are ma ny con side rati ons .
First, ent rep ren eur s can assess areas of
imp rov em ent , wh eth er a par tne rsh ip mig ht
hel p and also how the ir skills and
per son aliti es mig ht com bin e to ben efit the
org ani zat ion . It's imp orta nt to esta blis h the
term s of the par tne rsh ip wit h a law yer to
pro tec t all par ties ' inte res ts.

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