How Startups Can Leverage Data Mining To Fuel Growth

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Who else other than startups and small business will vouch on the power of knowledge. It is the creation of knowledge and ability to implement it that emboldens an entrepreneur to launch a startup. While starting a new small venture is easy, sustaining it as a business is the difficult part. Studies show that at least 60% of startups run out of gas within the very first year of operations. Financial constraints notwithstanding, it is the inability of entrepreneurs to reinvent themselves that is responsible for such a phenomenal failure rate. Here the tricky question is why are new small businesses unable to rediscover themselves? A close look at the success stories on new ventures will reveal that they are able to derive new insights from their existing data. And how do they achieve this feat? The answer is data mining.

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