Information for an entrepreneur is the financial and non-financial aspects of the business. Sales figures, operating expenses and outstanding accounts should be monitored on a daily or weekly basis whether an entrepreneur is a small time sari-sari store owner more so if the entrepreneur is a big time department store owner.
There are two kinds of information a businessman needs, the information that can be generated within the business and the information that can be obtained outside the sources.
Internal information includes
• physical assets, inventory, day-to-day operations such as cash receipts and payments, outlets, investment profile, human resources like productivity and salary scales; cost of labor, materials, power, machinery, overhead, personnel.
External information is communication between and among
• Employees, partners, suppliers, advertisers, marketing representatives, government bureaucrats.
This information should be collected, analyzed and stored properly for future decision making, strategic planning,control and resource allocation.