Action Step 17: Research Your Selected Industry Segment through Secondary Data Which industry segments really attract you? What seems most attractive when combined with your strengths? Keep your views wide-angled Look at two or three segments you find interesting Research the selected segment in depth Write an industry overview Categorize trends, target markets, competition, industry breakthroughs and market share Never ending Action Step Remain diligent in tracking your target market

Action Step 18: Determine NAICS Codes Find the NAICS codes for your: Industry segment, Suppliers Wholesalers, Customers (if applicable) Determine the size of your market in dollars and volume What percentage of the market do you need to make your venture profitable? Is that possible? Is it probable? Locate future sales projections What is the growth rate? Are you in a growth segment you can capitalize on?

Action Step 19: Net Research Assignment Research at least three associations in your industry What services do they offer? What classes and publications do they offer? What is the cost to join? Where are the meetings? When will you attend one? Use http:www.tsnn.com to locate & research trade shows Use http:www.newslink.org to find publications for research Try to read at least four or five industry journals Use http:www.census.gov to explore census data Use Standards & Poor's, etc. to profile competitors Locate virtual communities for your industry

Action Step 20: Brainstorming Solutions Brainstorm with everyone you meet You will generate better solutions after research Have fun After you are done, ask yourself: What niches can you own? What niches might be the most profitable? Which niches will be easiest to reach? What can you do to be unique? How much are people willing to pay for your product/service? What services do they offer?

Action Step 21: Mind-Mapping Your Business - Narrow The Gaps; Watch Your Idea Emerge Consider all secondary and primary information Sketch out your mind maps Focus on specific opportunities Stay with each segment until you know if it will work for you You will be able to identify the most promising gap in your selected industry

Action Step 22: Develop Opportunity Matrix - Mesh Possible Solutions with Objectives A matrix analysis helps you focus List brainstormed business goals List business opportunities you have discovered Select a rating system to match each possible solution with each objective After rating each column, find the totals which will indicate the best prospects

Action Step 23: Define Your Business and Begin to Develop Your Pitch Brainstorm what business you're really in Develop a 60 second explanation of what your business is about Review and refine your pitch using Richard Koffler's rules: Show passion Show an understanding of the business and customers. Offer industry perspective "Magic dust" Tell who you are and why you need money