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Experimentation in Entrepreneurship | Best Homework Writers

Experimental research has become a crucial part of our daily life. In the US, 60% of empirical research is carried out by businesses to develop better production methods and products (Hsu et al., 2017). Scientists like Galileo Galilei relied on experiments to test their hypotheses. Modern scientists also employ the same idea. It is an efficient process but also one that can be easily manipulated to bring forth undesired results if not correctly performed.

PROS

Firstly, experimental research is not limited to a specific industry but can be used in a wide variety of situations. As earlier stated, it is used in science and still can be used in entrepreneurship. In business, for example, the development of driverless cars is subject to entrepreneurial experimentation (Hsu et al., 2017). Also, it can lead to great results. Through entrepreneurship, new knowledge and technology are converted to innovations that drive growth. In addition, it gives the entrepreneur a high level of control over the research. They can easily manipulate variables to alter the results in their favor. An example is in the pharmaceutical industry, where a control group is given a placebo drug when coming up with a new drug. In contrast, the test group is assigned the medication in experimentation.

CONS

To start with, it is demanding in terms of time and finances. At times, companies spend a tremendous amount of money. They, in turn, pass on the cost to consumers requiring them to pay more if they want access to the products (Kraus et al., 2016). In addition, it may not be feasible in all situations. An example is if the experiment violates consumers` human rights.

Experimental research is commonly used in entrepreneurial experimentation. The technology-enhanced approach used is the internet.

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Experimentation in Entrepreneurship | Best Homework Writers . (2022, June 08). Essay Writing . Retrieved November 30, 2022, from https://www.essay-writing.com/samples/experimentation-in-entrepreneurship-best-homework-writers/
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Experimentation in Entrepreneurship | Best Homework Writers . [online]. Available at: <https://www.essay-writing.com/samples/experimentation-in-entrepreneurship-best-homework-writers/> [Accessed 30 Nov. 2022].
Experimentation in Entrepreneurship | Best Homework Writers [Internet]. Essay Writing . 2022 Jun 08 [cited 2022 Nov 30]. Available from: https://www.essay-writing.com/samples/experimentation-in-entrepreneurship-best-homework-writers/
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