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MGT 471 - Entrepreneurship

This guide will help students in MGT research their industries and potential valuations.

Identify your industry (NAICS)

An industry is a group of businesses that produce and/or sell similar goods or services (Ruediger & Olsen, 2013). 

To streamline collection of data about industries, the U.S. Federal Government developed the North American Industry Classification System or NAICS.

NAICS codes enable you to search for information about your industry, including the number of establishments, types of expenses, financial benchmarks, etc.  

Help

Recommended resources

Remember that an emerging product might not fit perfectly into a single NAICS code. You might need to strategically weigh and average two or more industries to produce the best presentation.

Stuck? Consider which industry might lose customers to your product. For example, dessert hummus likely would appeal to consumers who purchase ice cream and/or frozen yogurt (311520).

Research your industry

These cover topics such as growth outlook, key success factors, and margins.

Research private companies & startups

A privately-owned or privately-held company is not traded on any stock exchange. These companies don't have to file documents with the U.S. Securities and Exchange Commission. That means that finding information on private companies can be quite challenging.

Research the management team

Organizational charts can be considered proprietary information, so they might be difficult to find for small firms or privately-held companies. To see examples from large public companies or startups, try The Official Board or Crunchbase. 

Other strategies for finding charts: try asking a similar firm if they'd be wiling to share theirs, or Google strategically and look through LOTS of results. Copy and paste this search: ("organizational chart" OR "org chart") [your industry] ext:pdf. Change [your industry} to the one you want to find. Here is an example search for org charts posted by libraries.  

Learn more about Organizational Charts and how to structure them from the Encyclopedia of Management. (2019). 

Research market share & demand

These databases can help you find market share/brand share for different industries and companies.

JMU Libraries resources

Non-Libraries resources

Research news and events affecting your industry

Find & evaluate product reviews

While product reviews are easily found on shopping sites, researchers have estimated the share of fake reviews could range from 4% to more than 30% (Totty, 2022). Review these tips for spotting fake reviews:

For independent product reviews, try these reputable sources