Any aspiring entrepreneur knows that it’s crucial to be at the cutting edge of their desired industry in order to be considered an industry expert and ultimately grow their business.
If you’re an entrepreneur considering testing the waters of a new venture, you have to do some research. Whether it’s understanding the context of a product or market, or learning about key players in an industry, here are four resources that will help you develop new venture intelligence, gain valuable insights, fortify your pitch, and avoid costly errors.
Free E-Book:
So You Want to Be an Entrepreneur: How to Get Started
Access your free e-book today.
DOWNLOAD NOW4 Resources For Entrepreneurs
1. Federal Government Data Sources
Government supplied statistics can help you understand the potential size of an opportunity or a market that you are considering entering. These reports can provide data on consumer spending, industry sizes and growth trends, demographic data, and more.
In the United States, the US Census Bureau and Bureau of Labor Statistics are two key sources. If your business operates in global markets, the US Census provides links to more than 250 governmental statistical offices worldwide. This site lists important international agencies that provide global data.
2. Industry Associations
Industry associations and trade publications track and report activity within their sectors. Full data sets might be restricted to members, but associations often make some data and annual reports available for public use. Some examples of this include:
- The Project Management Institute (PMI)
- The American Speech-Language-Hearing Association (ASHA)
- The Content Marketing Institute (CMI)
For social innovation topics, large foundations play a comparable role. For example, the Kaiser Family Foundation provides in-depth research on health care, health reform, and global health care.
The simplest way to find industry associations is to Google them. Since there are so many industry associations, you can also restrict your search to a geography, such as “European ethanol industry association.” Sometimes there are a number of industry associations linked to one industry, and it’s worth looking at multiple sources and understanding their various data collection methods.
3. Consulting Firms
Large consulting firms such as Deloitte, Accenture, and McKinsey produce substantial free research on markets and industries. To search these sites, you can use the Google “site:” function or use the search functions on each firm’s website.
For example, typing “consumer products” into the search function on Deloitte’s website results in consumer products research in Deloitte’s database. You can also narrow the results down further by exploring a particular topic area or industry. For example, you might narrow results down to display only information about the healthcare industry, which allows you to explore the ideas and trends that could influence the future of the industry—and with it, your business.
4. Libraries
If you’re looking for something you can’t find online, pull out your local library card. Many public libraries or chamber of commerce libraries provide access to people who live or work in their service area.
For example, the New York Public Library, the City Business Library in London, and the Dubai Chamber of Commerce and Industry all have extensive data that’s unavailable with a Google search.
Library staff are the experts in knowing their own resources and can be helpful in pointing you in the right direction if you need it. Explore your alma mater’s alumni organizations too, as they often supply business, career, and professional development resources.
Developing Your Entrepreneurship Skills
Whether you’ve successfully started a business, are planning to launch a venture, or are just looking to explore your options, having a solid foundation in entrepreneurial skills should be your first step. Understanding the resources available to you for conducting valuable research could save you time, money, and energy, and set your business up for success.
Are you aiming to learn more about entrepreneurship essentials for your business? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world.
This post was updated on October 1, 2021. It was originally published on November 28, 2017.