New Venture Lab: Equipping Christian Entrepreneurs

Question

What tips do you have on how to research a target industry?

Answer

Most industries have one or more trade associations that typically have very informative websites with market information on size, growth and trends.  They will also typically have a newsletter or magazine.  One thing I used to love to do as a strategy consultant whenever I started an engagement in a new industry, was to buy the last 12 issues of the industry trade journal and sit down and read them all at once.  It usually provided me with a great deal of insight into the industry trends.  I would also heartily recommend attending an industry tradeshow because nearly everyone in the industry is there and it is a great way to perform research.  If nothing else, just start walking down the aisles and work the booths.  Salesmen that work in tradeshow booths are often a wealth of information that, when pieced together, provides a mosaic of the industry.