Industry Entrepreneurship 12

Outcomes: MC2: explore the impact of entrepreneurship on local, national, and international economies TE1: demonstrate an understanding of the role of technology in business

What is Industry? Every product/service falls into an industry. In a broad sense it is the category of a business activity. Each of the four industry sectors include numerous smaller industries that are categorized by a group of people or companies who are engaged in a particular kind of commercial enterprise. – Example: aerospace and defense = manufacturing industry. – Fish and seafood = resource industry – Tourism = service industry – Life sciences = technology sector.

Activity: In four groups, write down as many businesses as possible under the industry written on the chart paper. After 5 minutes you will be asked to switch to the next chart paper until your group has been to all four industries.

Industry Segments Industries can be narrowed down further into industry segments: – E.g. Retail can include: » Clothing and accessories » Food and beverage » Automotive » Pharmacies » Personal Care

Impact on the Entrepreneur It is important for the entrepreneur to identify and understand their segment within their industry. This way, the entrepreneur can complete accurate market research and run their business more effectively. Narrowing down to a segment in an industry also allows the entrepreneur to identify their target market and customer.

Assignment Identify three different businesses in your community. For each, include the industry they are a part of, the category, and two competitors. EXAMPLE: Company: Halifax Shipyards, Irving Industry: Manufacturing Category: Shipbuilding and Industrial marine Competitors: Lunenburg Shipyard, Lunenburg Industrial Foundry & Engineering limited.