Entrepreneurship Develop an idea & write 3 page industry paper

Develop your idea: Business model Canvas (attached)

In order to build an innovative and sustainable business model, always focus on the right (value creation) side of the canvas first. The left (value delivery) side of the canvas is operational and process-oriented. Don’t spend too much time on the left until you have established something truly valuable for customers.

Develop your idea: Industry research

This assignment assumes that you have a new business concept you are developing and that you have previously submitted the 1-pager or/and the Business Model Canvas assignment.

Part of the process of conducting a feasibility analysis of a business concept (i.e. an analysis to determine whether a particular business idea has sufficient potential to warrant the investment of your time, energy, and financial resources) is to gain a better understanding of the industry your business would compete in.

An industry is a collection of producers/sellers of a particular type of product or service. (See https://www.investopedia.com/terms/i/industry.asp for a helpful overview of “industry”.)

Understanding the characteristics of the industry in which your business will operate is helpful in a number of ways. I’ll mention a few of those ways here: First, it helps you to identify your competitors and potential substitutes for your product or service. Secondly, understanding how the industry is structured (i.e., fragmented vs. concentrated; structurally attractive, with high barriers to entry vs. structurally unattractive, with relatively low entry barriers) informs your approach toward seeking competitive advantage. Finally, the size and growth prospects for your industry are important to understand as they will help inform financial projections further on in your planning process.

Using at least four resources (databases available through the UIC library should provide a really helpful starting point), seek to identify answers to the following questions:

What is the primary industry in which your business will operate?

Who are the dominant players (i.e. businesses) in this industry? What extent of the market is dominated by these players?

What are the key trends affecting this industry?

Who are the key suppliers in this industry? The key buyers?

What are the key economic drivers of the industry?

What is the outlook for this industry?

What are key success factors?

Write a 3-page report. The first two pages should synthesize and summarize your most important findings. Devote the third page to discussing implications of the findings for your business idea.

Recommended resources for industry research

In addition to finding trade journals for your particular industry, the following websites may be helpful in conducting industry research:

IBISWorld (available through the Library website) – If tutor needs access to any of these let me know and I will provide it.

D&B Hoovers (available through the Library website) – If tutor needs access to any of these let me know and I will provide it.

Mintel (available through the Library website) – If tutor needs access to any of these let me know and I will provide it.

MarketResearch.com (free site with market and industry research reports)