Assessing Your Industry
Often times, a business can succeeds even when they are losing market share to thier competition. That’s because even if you can’t get a bigger “piece of the pie” you might be sharing a pie thaf is growing bigger fast!
An analysis of your industry and where it is headed should be recent and come from a trusted source (eg. PwC, Reuters, etc). Depending on what the estimated growth rate is, you should adapt your business model and statement to take advantage of the direction your industry is moving.
If an investor you are talking to knows more about this industry than you do, then show humility during that meeting and take every opportunity to ask questions, showing your eagerness to learn the nuances.
While it might be possible to be successful during a negative growth or bubble market, be careful. Your industry is an externality that you cannot control, so if things are uncertain be ready to adapt your business model early and often.
Complete the following sentence to help score your business on it’s Thriveability
- According to … this authority … this industry’s direction and growth rate is this … (linear, exponential, S-curve, or bubble)