mgmt 484
TRANSCRIPT
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ENTREPRENEURSHIP MANAGEMENT 484
GATHERING DATA FOR YOUR BUSINESS PLAN
Ilana BarnesBusiness Information Specialist
Parrish Library
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WHO AM I?THERE IS A LIBRARY?
WHERE IS THE LIBRARY?
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WHAT MAKES YOUR IDEA DIFFERENT?
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PROVE IT.
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WAYS TO PROVE IT
• Find a similar company that has been successful
• Find a new trend
• Find a niche in a larger market
• Find where the customer is
• Find an article about an emerging business practice
• Show that people are invested in the industry
• Find a growing industry
• Find an industry without much competition
• Find an industry with weak competition
• Find a new market for an existing product
• Find areas where the industry is not serving
• Create a completely new market by combining markets
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PROVING IT
The primary elements involve:
• understanding how the industry operates
• what influences it internally: the market
• what influences it externally: the
consumers
• under
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TYPES OF INDUSTRY ANALYSIS
Porter's 5 Forces
PEST/PESTLE Analysis
Value Chain Analysis
Four Corners Model
Blindspots Analysis
Financial Ratio Analysis
...and many more.guides.lib.purdue.edu/mgmt484
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WHO IS GOING TO BUY THIS?
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UNDERSTANDING THE MARKET
• Where are consumers spending
their money?
• What is influencing their
behavior?
• Do they have preferences?
• Are there buying habit trends?
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UNDERSTANDING THE MARKET
Who is going to buy this?
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UNDERSTANDING THE MARKET
Who is going to buy this?
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UNDERSTANDING THE MARKET
Market Size
and
Segmentation
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UNDERSTANDING THE MARKET
A SIMILAR MARKET
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UNDERSTANDING THE MARKET
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INFORMATION HASREAL WORLD VALUE.
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ACTIVITY (10 MINUTES)
1. Go to MarketResearch.com Academic,
IBISWorld, Mintel or Frost and Sullivan
2. Search for some markets that might fit
your company or similar companies
3. Save what you find to your desktop.
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A NOTE ON CLASSIFICATION
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A NOTE ON CLASSIFICATION
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A NOTE ON CLASSIFICATION
What genre does this person’s music belong
in?
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A NOTE ON CLASSIFICATION
NAICS
SIC
Change over Time
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COMPETITORS & SUPPLIERS
What are competitors doing?
Are there geographic factors to consider?
What technology is having an impact?
What are competitors who will buy from you?
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COMPETITORS & SUPPLIERS
What are your competitors doing?
What are their
profits?
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Are there geographic factors to consider?What technology is having an impact?Who are your suppliers?
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COMPETITORS & SUPPLIERS
Company Research
-Company websites
-ReferenceUSA
-LexisNexis
Company Dossier
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BIZMINER
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THOMASNET
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COMPETITORS & SUPPLIERS
• Company websites
• ReferenceUSA
• LexisNexis Company Dossier
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ACTIVITY (10 MINUTES)
1. Go to Bizminer, ThomasNet or
Search for some markets that might
fit your company
2. If those don’t fit, try typing in some
competitors into Reference USA or
LexisNexis Company Dossier
3. Save what you find to your desktop.
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FIND OUT MORE
Ilana Barnes
(764) 494-6243
Parrish Library
2nd Floor of Krannert Building
lib.purdue.edu/parrish
http://guides.lib.purdue.edu/melentr
epreneurship
We chat.
We email.
We answer phones.
We’re here for you.
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