Entrepreneurship

To better understand your industry and potential customers, it's important to research the forecasted trends in your industry and/or conduct market research!

Investigating Industry Trends

To understand where your company may be headed, continuously research and stay up-to-date on what's "trending" in your industry! Some tips:

• Browse news sources:
  • Scan for general topis that interest you
  • Note down the sources that come up in browsing (i.e. publications and/or organizations specific to your industry)
  • Explore news sections, follow links to out sources, look up things the news sources mention
• Search:
  • "________ trends"
  • "________ industry news"
  • "________ startups"
  • By company name, industry, a consumer group, or activity/hobby

Ex. What (and why) will we buy in 2024? from The New York Times

Conducting Market Research

According to the U.S. Small Business Administration, "market research blends consumer behavior and economic trends to confirm and improve your business idea." To get a good sense of your market, focus on:

• Demand: is there a desire for your product or service?
• Market size: how many people would be interested in your offering?
• Economic indicators: what is the income range and employment rate?
• Location: where do your customers live and where can your business reach?
• Market saturation: how many similar options are already available to consumers?
• Pricing: what do potential customers pay for these alternatives?

U.S. Small Business Administration. (2024, May 31). Market Research and Competitive Analysis. https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis.

To search for industry trends on Google:

• Click the "News" tab
• Adjust your search to sort by date rather than relevance