Business Research
Research Essentials:
Why?
Try pitching ideas in front of venture capitalists or bankers when they ask about size of market, profit margins for competitors,
growth rate of industry, or competition.
Where to locate demographically.
Using libraries - Knoxville library card helps with database research - use Reference USA, EBSCO, or InfoTrac with library
card.
University libraries research guides for entrepreneurs:
www.gsb.stanford.edu/library/research/index.html - research guides
www.rh.edu/library/industry/industry.htm - industry data finder
www.libraries.rutgers.edu/rul/rr_gateway/research_guides/busi/business.shtml
www.missouribusiness.net/library/ - SBDC library sources
www.som.yale.edu/ssl/ - Research guide to business, finance, and management
If you don't have access to library or University try James J. Hill Research library www.jjhill.org
Types of business research - Primary versus Secondary
Primary - surveys; focus groups; interviews; sampling
Secondary uses primary research to come up with analysis - reports; graphs; articles based on data.
SEARCH Techniques
Keywords - words or phrases to best describe what you are looking for - particularly used with search engines such as Google,
Yahoo, MSN, and AOL.
SEO - Search Engine Optimization - is how businesses (and their products or services) appear prominently in search engine results.
SEO specialists track the evolving methods, algorithms, and other factors used by search engines to rank sites on search result lists.
Narrow the terms - use expanded phrases - for example, if you are looking for companies that publish computer books, search under
"computer book publishers" as opposed to just "publishers." When searching business databases use the NAICS codes (North
American Industry Classification System) for narrowing the data ( http://www.census.gov/epcd/naics02/naicod02.htm ) . The NAICS
number breaks down industries into 20 broad sectors and then subdivides these down fairly to fairly narrow classifications.
The United Nations Statistical Division ( http://unstats.un.org/unsd/cr/ctryreg/ctrylist2.asp ) shows other nations system of classification.
Research Process
How am I going to use this data? (example: to determine market size; business planning; budgeting).
Use current information when possible.
Some Top Free Databases
INFOTRAC - www.infotrac.com usually available through public or college libraries - helps track hard-to-find company and trade
information. It categorizes magazine and reference articles and books.
ReferenceUSA - www.referenceusa.com is used to track specific company information. The database holds information of more
than 12 million companies and organizations. It is available at TSBDC and Knoxville Library.
Fee-Based Databases
ABI/Inform Global - business articles.
MINTEL - detailed target marketing information on consumer lifestyle and psychographic behavior.
Dataquest: www.dataquest.com
eMarketer: www.emarketer.com
Forrester: www.forrester.com
The Gardner Group: www.jupiterresearch.com
A list of research firms can be found at www.infotechtrends.com/free_research.htm
US Government Data Portals
Firstgov: www.firstgov.gov The US Governments "Official" web portal to all of the federal government information.
Fedstats: www.fedstats.gov Statistic compiled by over 100 government agencies.
US GOVERNMENT DATA
US Census: www.census.gov also included
American Factfinder: www.factfinder.census.gov
Quickfacts http://quickfacts.census.gov
County Business Patterns: www.census.gov/epcd/cbp/view/cbpview.html (can find e.g. number and size of the number of
drycleaners in a county)
The Economic Census www.census.gov/econ/census02/ (NAICS reports)
American Community Survey: www.census.gov/acs/www/ (lifestyle demographics including income, commute times, home
ownership, etc.)
Statistical Abstract of the US: www.census.gov/statab/www/ (very broad overview since 1881.
US BUREAU OF LABOR STATISTICS
www.bls.gov (American economy relating to employment)
Industry at a Glance www.bls.gov/iag/iaghome.htm (summaries of the 12 major economic sectors - e.g. manufacturing, retail,
business services, etc.)
Occupational Outlook Handbook www.bls.gov/oco/home.htm (gives details on hundreds of job including wages, growth, and
links to these jobs)
Career Guide to Industries www.bls.gov/oco/cg/home.htm (gives average wages and type of jobs in certain industries)
Economy at a Glance www.bls.gov/eag/home.htm (employment data by state or MSA).
US DEPARTMENT OF COMMERCE
www.bea.gov (contains economic data such as Gross Domestic Product (GDP) by industry or State and personal income at
State and local levels).
Economic Indicators, DOC www.economicindicators.gov/ (most recent information such as GDP, new construction,
retail/wholesale trade, and income).
OTHER GOVERNMENT RESOURCES
Edgar Database/US Securities and Exchange http://www.sec.gov/edgar.shtml (al publicly held companies information).
US Patent and Trademark Office www.uspto.gov (search of registered patents and trademarks).
Internal Revenue Service www.irs.ustreas.gov/taxstats/index.html (average income and expenses of companies by industry -
click on Corporations then Business Tax Statistics then Corporate Source Book)
National Bureau of Economic Research www.nber.org/ (quasi government that provides statistical evaluations on economic
issues)
STATE AND LOCAL GOVERNMET RESOURCES
State Data Centers www.census.gov/sdc/www/ (network of data providers)
Library of Congress Directory of State Governments www.loc.gov/rr/news/stategov/stategov.html (links to state government
websites)
State and Local Government on the Net www.statelocalgov.net (easy entrance to state and local governments)
Sperling's Best Places www.bestplaces.net (get details on various cities)
Canadian Government Resources
Statistics Canada www.statcan.ca (main entry point for Canada)
Canadian Economy Online www.canadianeconomy.gc.ca/english/economy/ (recent statistics on Canadian economy)
Tennessee State Information
www.state.tn.us/ecd click on "Data and Demographics"
TVA Information
www.tvasites.com click on "County Profiles"
Traffic Counts
Tennessee Department of Transportation www.tdot.state.tn.us click on "TDOT services Index", go to the letter
"T" and click on "Traffic Counts".
MEDIA WEBSITES
Business/Financial Websites
Marketwatch from DowJones: www.marketwatch.com
CNN Money: http://money.cnn.com
Reuters: www.reuters.com
Yahoo! Finance: http://finance.yahoo.com
MSN Money: www.moneycentral.msn.com
AllBusiness: www.allbusiness.com
Wall Street Journal: www.wsj.com (subscription required)
American City Business Journals: www.bizjournals.com
Financial Times: www.ft.com
Investors Business Daily: www.investors.com
Crain's local newspapers: www.crain.com
Business Week: www.businessweek.com
Fortune: www.fortune.com
Business 2.0: www.business2.com
Forbes: www.forbes.com
Inc.: www.inc.com
The Economist: www.economist.com
Red Herring: www.redherring.com
To locate trade and industry periodicals visit:
Public Library list of magazines: www.ipl.org/div/serials/
Univ. of Florida industry journals:
http://web.uflib.ufl.edu/cm/business/journals/tradejournals.htm
The Planning Shop's list of industry associations: www.planningshop.com/associations
Industry News Sources: http://dmoz.org/Business/News_and_Media/By_Industry/
http://www.asaenet.org highlight "Directories" and click on "associations", then select "Gateway to Associations" and
then search on a word that is in the association name.