Young people starting a business in the 4.0 era and the question of where data comes from

In the context of the startup boom, the biggest barrier for young people is not the lack of tools, but the lack of the right mindset to perceive and exploit data.

The 4.0 era offers countless opportunities to collect data without requiring large financial resources.

In the wave of digital transformation sweeping every corner of the economy , many small business owners, from neighborhood grocery stores, cozy cafes to self-opened fashion stores, often feel anxious and left behind.

They believe that "Big Data" or data analysis is a luxury reserved for multinational corporations with huge financial and technological resources. However, this is a misconception.

Small startups don't have to worry about data shortages.

In fact, a huge "gold mine" of data is hidden in your daily business operations, just waiting to be identified, exploited and turned into a competitive advantage.

According to Tuoi Tre Online , the richest and most accessible data source is information generated from your own internal business operations.

First, you should focus on your customer data file with common questions such as: Who are your loyal customers? What are their names and how do they contact you? What products do they usually buy? What are their shopping habits (morning, noon, night, weekday, weekend)? When do they come back?

This information doesn’t have to be collected from a complex CRM system. A simple notebook, an Excel file, or even a live chat at checkout can yield invaluable insights. Knowing your customers helps you personalize your service, run targeted promotions, and increase loyalty.

Next comes data on which products or services are best sellers. Which products are in stock for the longest time? What is the revenue by hour, day, season? Which products are often purchased together?

This data can come from your POS (Point of Sale) system if you have one, or simply from your daily transaction records. Analyzing your sales data helps you optimize your inventory, plan your purchases wisely, and arrange your product displays more effectively.

Data collected about the timing of transactions is also important. For example, business owners need to set milestones such as: When are the busiest times? Which processes take the most time? Are there any bottlenecks in service or preparation? Whether it is just visual observation or recording steps, this data helps you streamline processes, reduce waste and improve service quality.

And one part that cannot be ignored is customer feedback data. Compliments, suggestions, or even complaints from customers are extremely valuable sources of qualitative data. They directly indicate what you are doing well and what needs improvement. Encourage customers to give their opinions and record them systematically.

Besides internal data, the flat world of the Internet is also a "treasure trove" of public and free data that small businesses can easily exploit.

Use Google Trends because it allows you to track public interest in a specific keyword, product, or service over time and across geographic areas. You can see if search trends are increasing or decreasing, and adjust your marketing or product strategies accordingly.

For example, a coffee shop might use Google Trends to see if interest in “salted coffee” or “brown sugar pearl milk tea” is rising or falling.

Websites like the General Statistics Office of Vietnam (gso.gov.vn) provide a wealth of information on population, average income, household spending, and industry growth by locality. These figures help you better understand your target market, growth potential, and position yourself more accurately.

In addition, do not underestimate the comments, likes, or reviews on the social media channels you are using such as Facebook, Instagram, Google Maps, Foody, ShopeeFood... This is a rich source of qualitative data about customers' feelings about your products, services, and brand. Social listening, even on a small scale, helps you detect problems early and respond promptly.

Additionally, free tools like Google Forms allow you to create quick surveys, collecting feedback directly from customers or prospects. Casual conversations and brief in-store interviews also provide insights into customer needs and desires that no number can fully capture.

Turn data into revenue

The most important thing is not how much data you have, but what you do with it. For small businesses, data must lead to specific actions and bring immediate results.

Start with simple questions for your own business, for example, which products have been selling best recently to increase imports and promote those products.

Or you can conduct research to run a special morning "happy hour" promotion for a group of customers by collecting user behavior. Retrain employees, improve customer care processes.

Collecting data for your small business doesn’t require complex systems or expensive overhead. It requires attention to detail, observation, and a “data-centric” mindset in all your activities.

By turning seemingly trivial information into profound insights, small businesses can optimize operations, enhance customer experience, and thrive in the digital age.

Data is not private, it is the key that opens the door to success for everyone, even the smallest startups.

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Source: https://tuoitre.vn/ban-tre-khoi-nghiep-thoi-4-0-va-cau-hoi-du-lieu-lay-tu-dau-20250618135113903.htm