ENTREPRENEURSHIP MANAGEMENT 484

GATHERING DATA FOR YOUR BUSINESS PLAN

Ilana BarnesBusiness Information Specialist

Parrish Library

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

WHO IS GOING TO BUY THIS?

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?

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.

guides.lib.purdue.edu/mgmt484

FIND OUT MORE

Ilana Barnes

ibarnes@purdue.edu

(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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