Business Entry Strategy: Study Your Industry
Thinking Like An Entrepreneur:
Many new entrepreneurs who have little familiarity with the industry they wish to enter ask, “How do I go about writing a business plan?”Forget writing the business plan! First, focus upon learning as much as you can about the general industry you wish to enter. Second, plan your entry strategy. If you do a good job at these, writing a business plan should be easy.
By gaining experience in your potential industry, you can better decide if you’ll really like and enjoy running a business in that industry. The Millionaire Mind by Thomas Stanley points out that the wealthiest of the wealthy are the most likely to say, “I’m financially successful because I love what I do.”
It’s difficult to succeed if you don’t love what you do. And, it’s impossible to know what you’ll like, unless you have done it or have done something very similar.
Trade associations in your industry are one of the best sources of information. And, don’t just narrowly focus upon a small subset of an industry. Study the industry from the basic creation of the product all the way through the use of the product by the end consumer. Study the entire distribution system that supplies end consumers.
No comments yet.
Leave a Reply