Information vs. Interaction: You can’t operate without the two…

Well its true, information is useless without interaction and vice versa. Think of it as a 1-2 punch combo – budding entrepreneurs ought to get into the habit of combining both on a consistent basis.

According to businessdictionary.com information is defined as:

In general, raw data that (1) has been verified to be accurate and timely, (2) is specific and organised for a purpose, (3) is presented within a context that gives it meaning and relevance, and which (4) leads to increase in understanding and decrease in uncertainty. The value of information lies solely in its ability to affect a behaviour, decision, or outcome. A piece of information is considered valueless if, after receiving it, things remain unchanged.

Take note of the final section of that definition (in bold). It suggests acting on the information. In the context of business, this is carried out by interacting with individuals, companies and groups.

The reason for this post is because I feel that it is important entrepreneurs understand the value of following up information gathering with simple interaction. This advice pertains primarily to budding entrepreneurs who are in the early stages of idea conceptualisation. Many feel compelled to hoard information without validating this by interaction. This is due, in large part, to the knowledge they have not got a business or concrete idea established coupled with the lack of believe / confidence to execute this.

An example of interaction validating information: a budding entrepreneur carrying out market research in relation to their target audience. For the most part the research is secondary i.e. a collection of existing data, and qualitative in nature. This is then used to formulate ideas or opinions around the research topic. To validate the data and ultimately strengthen their assumption(s), he/she can send out emails to potential stakeholders, join forums and begin to ask questions. Start to follow industry leaders with social platforms such as Twitter and Facebook and engage in conversations around the topic area. These ‘interactive’ experiences will strengthen and validate the information collected and may even change the course of your initial destination.

So, ‘The value of information lies solely in its ability to affect a behaviour, decision, or outcome’. The affect is a change of theory or anything of that nature. The information that may have altered your potential business model, or target audience, must be followed up by action/interaction; testing that business model with a focus group.

So What Am I Getting At

• Whilst collecting information jot down possible interactive actions/processes that can accompany the information you have collected.
• Information is useless without understanding its value – the value of the information lies on your ability to act upon it.
• If you are waiting for weeks and months on end with your collected information, your information will become valueless, you must make strides (small ones) if need be to make your information relevant and pertinent to your idea or business, this requires regular interaction.
• Interaction of information generally means, taking your internal thinking and presenting it to the external forces (stakeholders) to be precise.
• Information should always be followed up by Interaction – remember  1-2 punch combo

Let’s have your thoughts.

Tags: Advice, Budding, Entrepreneur, knowledge