When we begin to design our business plan, it is critical to examine industry that your new business plans to enter.

Nowadays, most information can be obtained on the Internet or via a magazine or journal that covers a broad category of firms to which you believe your new business will belong.

Industry Associations are another prime source of data. There is likely a national Industry associations for virtually any industry you can think of, and many have local or state organizations.

These associations exist primarily to support and promote their industry. They house extensive data and are usually quite willing to share that data with the public.

What are the advantages and the challenges about these three different sources of data?