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How to Write a Business Plan
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What's my Industry?
Learning the industry you will be operating within and its structure, drivers, and its major players will inform your business making decisions. But what is an industry?
According to Investopedia
:
An industry is a group of companies that are related based on their primary business activities. In modern economies, there are dozens of industry classifications, which are typically grouped into larger categories called sectors. Individual companies are generally classified into an industry based on their largest sources of revenue.
Most Industries have a number associated with them either a NAICS or SIC:
- NAICS codeThe North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.
- Standard Industrial Classification (SIC)The Standard Industrial Classification (SIC) is a system for classifying industries by a four-digit code. Established in the United States in 1937, it is used by government agencies to classify industry areas.
Web Resources for Finding Industry Data
Tip: Check trade/professional associations for you target industry. If you want a comprehensive list of professional associations check the Gale Directory Library linked in the next box.
- International Trade Administration-- Top Markets SeriesThe reports provide a detailed assessment of the competitiveness landscape within a sector, as well as the opportunities and challenges facing U.S. exporters in key markets.
- globalEDGEThis Michigan State University site’s strength is its links to guides for trading with specific countries. Also provides good links to other importing/exporting informational sites.
Library Resources for Finding Industry Information
From your home or office: You can use these library resources to find industry reports and data.
- Gale Directory Library This link opens in a new windowUse a keyword search in these directories to find trade associations for your particular industry:
*Encyclopedia of Associations: International Organizations
*Encyclopedia of Associations: National Organizations of the U.S.
*Encyclopedia of Associations: Regional, State and Local Organizations - Mergent IntellectMergent Intellect offers users a unique opportunity to access private and public U.S. and international business data, industry news, facts and figures, executive contact information, the ability to access industry profiles, and much more.
Access industry reports through First Research linked at the bottom of the search page. - Mergent Market Atlas This link opens in a new windowIndepth reports on over 30,000 Public companies, both U.S. and Global. Information includes financials from company SEC filings, annual reports (current and archived), institutional holdings and insider trading. This database provides a wealth of information in one stop.
In Library Use Only: Take a trip to your local branch to use these resources to find in depth industry analyses and reports.
- EMIS Intelligence This link opens in a new windowA resource for information about emerging markets in Latin America, Central & Eastern Europe, and Asia. It contains current news, company & industry information, and market & economic analyses.
- S&P Capital IQ This link opens in a new windowA comprehensive source of business and investment information that offers online access to Standard & Poor's research-related products such as industry surveys, stock reports, corporation records, The Outlook, mutual fund reports and more.