Industry Understanding - Industry Conditions - Knowledge Conditions
‘Industry’ is a type of economic activity. Understanding the knowledge conditions and demand conditions within industry provides:
Insights into the attractiveness of an industry for new entrants
Information on if and how to compete effectively within a chosen industry
Knowledge conditions:
Explore ideas that leverage what you know and what you would like to know.
Entrepreneurs who have knowledge see opportunities sooner and see opportunities that others do not see. Entrepreneurs who like to know seek opportunities to build knowledge of industries, markets, technologies etc.
Seek ideas that intersect your know how, interests and social capital.
Consider co-founder or team members that bring complimentary knowledge and adds social capital for the venture.
Consider amount and type of knowledge creation that is required to generate the industry’s products or services.
High knowledge industries favour entrepreneurs. When it is easy for you, it is easy for others also.
Knowledge is difficult to imitate. Knowledge is rare.
You are young, have less knowledge and experience, but if you start in industry which is new, you might be the person who has more experience in that industry.
Insights into the attractiveness of an industry for new entrants
Information on if and how to compete effectively within a chosen industry
Knowledge conditions:
Explore ideas that leverage what you know and what you would like to know.
Entrepreneurs who have knowledge see opportunities sooner and see opportunities that others do not see. Entrepreneurs who like to know seek opportunities to build knowledge of industries, markets, technologies etc.
Seek ideas that intersect your know how, interests and social capital.
Consider co-founder or team members that bring complimentary knowledge and adds social capital for the venture.
Consider amount and type of knowledge creation that is required to generate the industry’s products or services.
High knowledge industries favour entrepreneurs. When it is easy for you, it is easy for others also.
Knowledge is difficult to imitate. Knowledge is rare.
You are young, have less knowledge and experience, but if you start in industry which is new, you might be the person who has more experience in that industry.
This blog post is based on my learnings from the course on ‘entrepreneurship’ offered by Maryland Technology Enterprise Institute, University of Maryland through Coursera (2014).
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