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ENTR 2P51: Introduction to Entrepreneurship - Resources for Feasibility Study Research:  ENTR 2P51: Introduction to Entrepreneurship - Resources for Feasibility Study Research Linda Lowry (BCom MLS MA) Business Librarian James A. Gibson Library Brock University Winter 2007 Today’s Agenda:  Today’s Agenda Identifying new business opportunities Researching to prepare your feasibility study (industry, market, financial & organizational research) Additional sources of assistance Getting help in the Library Identifying New Business Opportunities:  Identifying New Business Opportunities Inventing a new product Licensing the inventions / technologies of others Offering a new or unique service See: “Forty Concepts for a Small Business” http://www.cbsc.org -> English -> Starting a Business -> Online Small Business Workshop -> Session 1: Forty concepts for a Small Business Phases of Feasibility Analysis:  Phases of Feasibility Analysis Product/Service Feasibility Analysis Concept & usability testing, marketability, target customer profile, product/service usefulness, intellectual property, first mover advantages Industry/Market Feasibility Analysis Industry attractiveness, market timeliness, identification of a niche market Organizational Feasibility Analysis Management prowess, future HR needs, resource sufficiency, location Financial Feasibility Analysis Pro Forma financial statements, Financial ratios, capital requirements Industry Research Strategies:  Industry Research Strategies Step 1: Identify your industry by using standard industry classification (e.g. NAICS) codes Step 2: Identify your competitors (by NAICS codes) using business directories or databases Step 3: Identify relevant trade or professional associations (as potential information sources) Step 4: Look for industry profiles, background information and current news on the industry and your competitors Understanding NAICS Canada 2002:  Understanding NAICS Canada 2002 Created by statistical agencies of Canada, US & Mexico Hierarchical structure Divides economy into 20 sectors Based on supply-side / production-oriented principles Library Call No: 7th floor DOC CA1 DS12 501 2002 Slide7:  You may browse or search for Canadian NAICS Codes on Statistics Canada’s web site http://www.statcan.ca/english/Subjects/Standard/naics/2002/naics02-menu.htm Industry Research - Step 1: Identify your industry using standard industry classification codes:  Industry Research - Step 1: Identify your industry using standard industry classification codes Jot down industry keywords: Pets, pet supplies, stores Look up NAICS code NAICS Canada 2002 453910 Pet and pet supplies stores Industry Research - Step 2: Identify your competitors using NAICS codes or by keyword:  Industry Research - Step 2: Identify your competitors using NAICS codes or by keyword Start with these directories / databases: National / International Canadian Company Capabilities (Strategis) http://strategis.ic.gc.ca/sc_coinf/ccc/engdoc/homepage.html Hoover’s Online (Library Database) Local / Regional Yellow Pages Directory http://www.yellowpages.ca/ Note: search by keyword – NAICS doesn’t work here! Industry Research - Step 3: Identify relevant trade or professional associations:  Industry Research - Step 3: Identify relevant trade or professional associations Useful Finding Tools: Associations Canada - REF AS 40 A7 D57 Encyclopedia of Associations - REF HS 17 E649 Google Directory – Business http://www.google.com/Top/Business Scan websites for press releases & industry news or statistics Industry Research - Step 4: Look for industry profiles, background information & current news:  Industry Research - Step 4: Look for industry profiles, background information & current news What are Industry Profiles?: Overviews of major industries that often include statistics and forecasts. Business Source Complete (Library Database) Includes industry reports from Datamonitor and market research from ICON group. Hoover’s Online (Library Database) Mergent Online (Library Database) Detailed reports for 22 global industry sectors (e.g., Hospitality & Tourism). Strategis (www.strategis.gc.ca) Business Information by Sector *Canadian* Industry Research - Step 4: Look for US & International Industry Profiles:  Industry Research - Step 4: Look for US & International Industry Profiles Encyclopedia of American Industries Ebook online via Gale Virtual Reference Library database Covers all NAICS industries. Industry profiles include background information, current conditions, industry leaders, etc. Encyclopedia of Global Industries REF HD 2324 E53 2003 Covers over 100 major industries (e.g. Periodical Publishing, Alcoholic Beverages) and includes background information, current conditions, industry leaders, etc. Industry Research - Step 4: Look for background information & current news:  Industry Research - Step 4: Look for background information & current news Find newspaper and magazine articles on your business concept, industry or competitors in these Library Databases: ABI/INFORM Global Business Source Complete Canadian Newsstand (for newspapers) CBCA Complete or CPI.Q Canadian Periodicals (for other magazines) Virtual News Library (for current articles in the St. Catharines and Niagara Falls newspapers) Market Research Strategies:  Market Research Strategies Step 1: Gather sales & market share data (by product/brand) from secondary sources Search for articles on sales, market share, or consumer expenditure in industry and trade publications (e.g. use the ABI/INFORM Global or Business Source Complete databases) Look for data in the Market Share Reporter Market Research Strategies:  Market Research Strategies Market Share Reporter Call No: REF HF 5410 M2 Compiles annual market share data on companies, products and services around the world Each entry cites source of original report (e.g. article or website) Important to look at several volumes (e.g. 2007, 2006, 2005) for relevant data Market Research Strategies:  Market Research Strategies Step 2: Gather statistics on consumption or expenditures Consult Statistics Canada’s Survey of Household Spending (Cansim Data via Estat Library Database or CANSIM II Database) Consult the Statistics Canada’s web site (the Business Data and Canadian Statistics areas) for more sources Slide24:  Survey of Household Spending – 2004 data is in Estat version, 2005 data is only in CANSIM II Market Research Strategies:  Market Research Strategies Step 3: Gather socioeconomic data on target market (customers and location) Consult FP Markets Canadian Demographics print source Search Community Profiles (on Statistics Canada’s web site: http://www.statcan.ca) for data based on the latest Census of Population (2001) Consult the Niagara Economic Development Corporation web site for local labour, demographic and community data: http://www.niagaracanada.com Market Research Strategies:  Market Research Strategies FP Markets Canadian Demographics Call No: REF HC 111 F5 2007 Buying Power Indices, Retail Sales, Shopping Centres, Municipal Profiles, Population & Income Estimates By Province and CMA Slide27:  FP Markets Canadian Demographics – PSYTE Categories Slide28:  Community Profiles Niagara Economic Development Corporation: http://www.niagaracanada.com:  Niagara Economic Development Corporation: http://www.niagaracanada.com Financial Research Strategies:  Financial Research Strategies Benchmark your financial data by type of business, size of business, and line of business (NAICS) Try the Performance Plus benchmarking tool (based on Canadian tax return data) www.strategis.gc.ca->Business Support & Financing ->Performance Plus Look at Financial Performance Indicators for Canadian Business (Statistics Canada) On the Library’s Multimedia Workstation – located near the Reference Information Desk on the Main Floor Slide35:  Organizational Research Strategies Consult the Business Start-Up Assistant http://bsa.cbsc.org Organizational Research Strategies - Production or Operational Issues:  Organizational Research Strategies - Production or Operational Issues How Products are Made: An illustrated guide to product manufacturing REF HF 1040.5 H68 v.1-7 Each volume include profiles of 100 products (e.g. artificial turf, sushi rolls) including the history of the product and the manufacturing process Off-Campus Access to Databases:  Off-Campus Access to Databases Before you try and login from off-campus: Make sure your student ID card is valid and has been activated and that you have created a Library PIN Additional Sources of Assistance - Sample Business Plans:  Additional Sources of Assistance - Sample Business Plans Business Plans Handbook REF HD 62.7 B865 v. 1-10; v. 11-12 via the Gale Virtual Reference Library database Samples of actual business plans (25/vol.) from small businesses in North America Typical businesses include: bed & breakfast, coffee house, marketing communications firm, travel agency Additional Sources of Assistance - Library Research Guides:  Additional Sources of Assistance - Library Research Guides Please consult one of these online Business Research Guides for Brock Students Entrepreneurship Research www.brocku.ca/library/research/manmar/enres.htm Company & Industry Research Using Secondary Sources www.brocku.ca/library/research/manmar/indres.htm Market Research Using Secondary Sources www.brocku.ca/library/research/manmar/marrres.htm Getting Help in the Library:  Getting Help in the Library Please ask for assistance at the Library’s Reference Information Desk In Person or By Telephone at 905-688-5550 x3233 By IM Chat: askbrocklibrary@hotmail.com (available M-F 12-3 pm) You may also schedule a research consultation with me (by appointment only) Email: Linda.Lowry@Brocku.ca

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