Become familiar with the tools available to you for industry research. Go through the Resource Videos prepared by our Business librarian. Pay special attention to databases that help with analyzing industry trends and characteristics (the video on finding industry trends). One recommended and useful source is IBISWorld. (Note that although you can access parts of the reports through Google or other websites, the full reports are not free through public websites. Access this database for free through UNT libraries website.) Review the NAICS (Links to an external site.) page (you will need this to determine your industry). It is useful to watch the video by our librarian (Links to an external site.) which explains this method of classification.

The Feasibility Part 2 assignment

1. Define the industry for your business and provide the 5-6 digit NAICS code.

2.Provide the 2-3 sentence description of the industry as provided in the NAICS page. Note: If you are not sure about your industry, you may use the search feature on the page by plugging in key words that describe your industry. What is the size of the industry in terms of sales and number of businesses?

3. What are its growth patterns over the past 5-10 years? What are the predominant competitive forces in the industry and how do they influence the overall profitability of companies in the industry? (consult Chapter 5)

4. What trends are shaping the industrys future? What threats does the industry face?

5.How crowded is the industry and who are the main competitors?

6. Are there specific segments in the industry that you would be more likely to address / target ? Why?

7. Summarize:

a. What are the key reasons in support of starting a new business in this industry?

b.What are the key challenges that a new business will face in this industry?

c.How easy or difficult will it be for your business to enter and succeed the new market?