Meet our Peer Research Advisers
Evaluating a Business Idea
- What problem does your business idea solve?Tips from "So You Want to Start a Business: The 7 Step Guide to Create, Start & Grow Your Own Business" by Ingrid Thompson & Valerie Khoo
Consumer trends from the experts
The top market research firms often publish reports that predict what consumers will want. Your team could use these predictions to think about how to put a new spin on an existing product or to meet an emerging need.
- Mintel's Consumer Trends 2030Market research experts Mintel previews what consumers want and why
- Euromonitor's International 2024 Consumer TrendsWhite paper discusses what consumers want, to help companies stay ahead of disruption, predict shopping motivations, and fulfill unmet needs.
- TrendWatching: 2024 Trend CheckExplore emerging consumer and design trends. Look under "Free" to find Innovation of the Day and Monthly reports.
Prove Your Concept
To increase the odds of your instructors approving your proposed idea, you need to prove that there is a market for your product.
One of the key steps to validating your concept is evaluating your market size - units sold per year, competitors in the industry, etc.
- IBISWorld This link opens in a new windowContent type(s): Analyst reports that offer an overview of the type of business you're proposing. Of particular relevance at this stage:
> Provides an overview of what is influencing demand for this product or service
> Indicates whether this industry is expected to grow over the next 5 years.
> Shows where similar businesses are concentrated geographically
Dates covered: Current - Statista This link opens in a new windowContent type(s): Statistics, charts, and dossiers covering brand shares in global markets and societal topics. Of particular relevance at this stage:
> Look at the Consumer Market Outlooks for forecasts of demand for consumer goods.
Dates covered: Varies
- Google TrendsReview search engine traffic to see how popular terms related to your product or service are being looked up (and where, which might suggest a HQ location). Video tutorial from Ahrefs.
Tips for Getting the Best Info from Library Databases
JMU Libraries has created several tutorials in Google Slides to help students use our specialized business resources.
Click on the name of the database to open the tutorial that shows how to search for data and cite the information you find in APA style.
