Start Your Own Business by Inc The Staff of Entrepreneur Media Page B
Authors: Inc The Staff of Entrepreneur Media
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several thousand reports and statistical surveys, not to mention hundreds of books on everything American entrepreneurs need to know about exporting. Many of the reports and books are available for downloading immediately from the ITA’s press and publications department ( ita.doc.gov ). Here you’ll also find information on how to order printed copies, including archived publications. Or if you prefer, call the Trade Information Center at (800) USA-TRADE.
NETTING INFORMATION
I f your market research budget is limited, try CenStats. A free service from the Census Bureau that’s available on the internet, CenStats allows you to access the bureau’s most popular databases and information.
Search by county or ZIP code under “County Business Patterns,” and you’ll get business profiles for an area that include payroll information and business size by industry. Click on “USA Counties” to get counties’ economic and demographic information, including personal income per capita, population size and more.
To test out CenStats, visit censtats.census.gov .
Maps
Maps of trading areas in counties and states are available from chambers of commerce, trade development commissions, industrial development boards and local newspaper offices. These maps show the major areas of commerce and can also help you judge the accessibility of various sites. Access is an important consideration in determining the limits of your market area.
SURVEY SAYS ...
“A recent survey shows ...” just might be the most overused, misused and abused phrase in modern life. Try hard enough, and you can find a survey to prove that four out of five Americans have been aboard a UFO, think they can flap their arms and fly to the moon, or believe Elvis is alive and living in their spare bedroom. With all the half-baked surveys out there, how do you know what to believe?
First, consider the source. Many surveys are conducted by trade associations, which inevitably are biased in favor of good news. This doesn’t mean trade association surveys are necessarily inaccurate; just keep in mind that they are likely to play up positive results and downplay negative ones. When looking at any survey, consider what the source has to gain from the information presented. Then you’ll have a better idea of whether to take the information with a grain of salt.
Meaningful surveys generally share the following characteristics:
• Short-term focus . In general, respondents are more likely to be accurate when they make predictions about the next three to six months. When it comes to predicting the long term (a year or more ahead), they’re usually guessing.
• Adequate sample size . What constitutes adequate size depends on the topic you’re surveying. In general, the broader the topic, the larger the number of respondents should be. If the survey talks about broad manufacturing trends, for example, it should survey 1,000 companies or more. Also consider where the respondents come from. If you’re starting a small regional business, a large national sample may not be relevant to your needs because the sample size from your area is probably too small to tell you anything about your region.
• Knowledgeable respondents . Asking entrepreneurs in the electronics business to forecast the future of the industry obviously carries more weight than asking the same question of teachers or random people on the street.
• Continual replication . The best surveys are repeated regularly, using the same methods, so there is a good basis for comparison from survey to survey.
• Specific information relevant to your business . In a nutshell, the best surveys are those where respondents answer questions that are narrowly targeted to your region and niche.
Colleges and Universities
Local colleges and universities are valuable sources of information. Many college business departments have students who are eager to work in the “real
NETTING INFORMATION
I f your market research budget is limited, try CenStats. A free service from the Census Bureau that’s available on the internet, CenStats allows you to access the bureau’s most popular databases and information.
Search by county or ZIP code under “County Business Patterns,” and you’ll get business profiles for an area that include payroll information and business size by industry. Click on “USA Counties” to get counties’ economic and demographic information, including personal income per capita, population size and more.
To test out CenStats, visit censtats.census.gov .
Maps
Maps of trading areas in counties and states are available from chambers of commerce, trade development commissions, industrial development boards and local newspaper offices. These maps show the major areas of commerce and can also help you judge the accessibility of various sites. Access is an important consideration in determining the limits of your market area.
SURVEY SAYS ...
“A recent survey shows ...” just might be the most overused, misused and abused phrase in modern life. Try hard enough, and you can find a survey to prove that four out of five Americans have been aboard a UFO, think they can flap their arms and fly to the moon, or believe Elvis is alive and living in their spare bedroom. With all the half-baked surveys out there, how do you know what to believe?
First, consider the source. Many surveys are conducted by trade associations, which inevitably are biased in favor of good news. This doesn’t mean trade association surveys are necessarily inaccurate; just keep in mind that they are likely to play up positive results and downplay negative ones. When looking at any survey, consider what the source has to gain from the information presented. Then you’ll have a better idea of whether to take the information with a grain of salt.
Meaningful surveys generally share the following characteristics:
• Short-term focus . In general, respondents are more likely to be accurate when they make predictions about the next three to six months. When it comes to predicting the long term (a year or more ahead), they’re usually guessing.
• Adequate sample size . What constitutes adequate size depends on the topic you’re surveying. In general, the broader the topic, the larger the number of respondents should be. If the survey talks about broad manufacturing trends, for example, it should survey 1,000 companies or more. Also consider where the respondents come from. If you’re starting a small regional business, a large national sample may not be relevant to your needs because the sample size from your area is probably too small to tell you anything about your region.
• Knowledgeable respondents . Asking entrepreneurs in the electronics business to forecast the future of the industry obviously carries more weight than asking the same question of teachers or random people on the street.
• Continual replication . The best surveys are repeated regularly, using the same methods, so there is a good basis for comparison from survey to survey.
• Specific information relevant to your business . In a nutshell, the best surveys are those where respondents answer questions that are narrowly targeted to your region and niche.
Colleges and Universities
Local colleges and universities are valuable sources of information. Many college business departments have students who are eager to work in the “real
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