MSU Entrepreneurship Library Resources and Research Process — Notes

Session Context and Housekeeping

• Terrence O’Neil introduced as the entrepreneurship librarian at Michigan State University (MSU).
• MSU has multiple campuses and a big program; the library supports entrepreneurship with a dedicated librarian who showcases tools and tactics for researching business models and planning.
• Quick housekeeping items before Terrence takes the floor:
  • Quiz two goes live today at $04:00$.
  • It covers the last two lectures (Tuesday and Thursday); emphasis is on Tuesday’s content (value proposition design, metrics, etc.).
  • If you encounter hiccups, contact the quiz course administration (logistics handled through Canvas/learning system).
  • Quiz two has $15$ questions and is due at $11:59\text{PM}$ on Monday.
• Transition to Terrence’s session: plan to hear about tools/databases that MSU provides for research around business models and planning.
• Opening theme: creativity and its role in entrepreneurship; a discussion of creating a space or “world for creative acts” and potential daily creativity challenges (ideas but no concrete plan yet).
• Acknowledgement that engagement events (as of today) haven’t added new items since Tuesday; students can brainstorm engagement concepts.
• Quotes of the day feature Derek Sivers, author and founder of CD Baby; discussion includes the company’s niche model of distributing unsigned artists, revenue sharing, and philosophical points about social entrepreneurship.
  • CD Baby reportedly generated about $20,000,000$ from its sale, of which roughly $19,000,000$ was given away, enabling the founder to live globally on a relatively small amount thereafter.
  • Derek Sivers wrote several short, impactful books (three out of five read as of now): Useful Not True and Your Music, Your People have been read; other two are noted as highly recommended.
• Summary note: Derek Sivers is presented as a pioneer in social innovation and social entrepreneurship; his work and books are recommended for students exploring creative and ethical business ideas.

Last Lectures Recap and How Terrence Fits In

• Prior lectures covered:
  • Value proposition design
  • Product-market fit
  • Jobs-to-be-done journey
  • Business Model Canvas (BMC) components and patterns
  • A brief look at strategy
• Terrence’s upcoming guest aligns with these topics by surfacing library resources that support business planning.
• Emphasis on MSU’s databases and paid resources that can be expensive outside the university; the library provides access for student use to support business ventures.
• The library aims to help you navigate uncertainty and validate ideas with data rather than relying solely on anecdotal evidence or personal networks.
• The lecturer emphasizes that the goal is to use reputable secondary research and to pair it with primary research (customer discovery).

Research Framework: Secondary and Primary Research

• Secondary research pyramid: start with reputable, public sources (Google Scholar, journals, industry blogs, news outlets).
• Terrence will demonstrate primary data sources for secondary research—databases that provide structured data and analytics.
• The core goal is to marry secondary data with primary insights gathered from field interviews and customer discovery.
• Important caution: the Internet contains both reliable and unreliable data; students must assess data quality and source credibility.
• Practical tip: use Statista as a visual data resource with strong graphics and accessible visuals; MSU provides access to Statista via campus login.
• Emphasize the idea that data can conflict (e.g., two reputable datasets showing different trends). The task is to triangulate and understand the angles to avoid bias and to build robust models.
• Terrence positions himself as a gatekeeper for data resources that can help clear hurdles in market/industry research for business model validation.

Use of Large Language Models (LLMs) and Data Evaluation

• LLMs (e.g., ChatGPT) can be helpful for idea generation and learning new topics, but they can produce information with high confidence that isn’t guaranteed to be accurate.
• Guidelines when using LLMs:
  • Treat outputs as starting points; verify with primary and secondary data.
  • Check the age of data: older data can be less relevant for fast-moving markets.
  • Assess reliability and credibility of sources; don’t quote LLMs as authoritative in a business plan.
• Practical rule of thumb: use LLMs selectively and always triangulate with reputable data sources.

Library Structure and Access: MSU Resources

• Three main library entry points for entrepreneurs:
  • MSU Libraries main site (hours, Wi‑Fi, study rooms, etc.).
  • MSU Business Library site (company information, industry information, etc.).
  • MSU Entrepreneurship and Small Business Lib Guide (curated resources for entrepreneurs).
• Access tips:
  • On-campus access usually authenticates automatically; off-campus access may require login.
  • Many resources are subscription-based; the library negotiates access for MSU students and may provide paywall bypass via login.
  • Statista, Mintel, and other databases may have limited download options depending on the platform; if issues occur, contact library support.
• Practical note: bring up-to-date awareness that access to some databases (e.g., IbisWorld) ends after graduation; MSU covers students while enrolled but access may not extend to alumni.
• Book resources and physical reserves exist in addition to online databases; some textbooks for the course are on reserve and may be available online via library access.
• The library also maintains spaces that support entrepreneurship work (see Makerspace and Digital Scholarship Lab below).

Key Databases and Their Uses

• IbisWorld
  • Best-in-class for learning about an industry quickly; organized into industry reports with a consistent structure and a left-hand table of contents.
  • Early-stage research workflow: identify relevant keywords, search for appropriate industry reports, and navigate to trends, major players, and structural insights.
  • Important caveat: access privileges end after graduation; campus access is limited to MSU students.
  • Keywords strategy: think in terms of technology keywords, industry keywords, and demographic keywords; maintain synonyms.
  • Example discussion: construction materials and wall paneling; producer price index; US vs Canada; US market specifics; major players and local firms; discovering industry fragmentation (e.g., Home Depot vs smaller local suppliers).
  • Practical note: IBIS reports can justify financial projections (revenues, costs, labor %, etc.); even if exact numbers vary, they provide a logical starting point for financial modeling.
  • Limitations and coding nuance: multiple industry classifications (codes) can obscure the real players; you may need to synthesize data from multiple sources to understand a given opportunity.
  • Sample usage in class conversation: a business idea around software for lumber and building-material stores may require using industry data outside IbisWorld (and complement with software- or IT-focused reports).
  • Example: rough cost structure snapshot hints: labor ~10 ext{%}, marketing ~20 ext{%}, COGS ~30 ext{%}, but these are rough starting points, not exact forecasts.
• Mintel
  • Focuses on consumer insights, product categories, and consumer behavior; strong for understanding customer segments and market opportunities from a consumer perspective.
  • Strengths: provides trend analyses, consumer drivers (sustainability, health, price sensitivity), and storytelling-ready charts.
  • Real-world use: identifying product innovations, consumer preferences, and market-entry considerations for consumer-facing products.
  • Practical notes: access and download issues may occur; customer support can assist; Mintel often includes global perspectives and store-trend data from diverse markets.
• Statista
  • Aggregates statistics from a wide range of sources (government, industry groups, research firms); strong for quick visuals and cross-topic comparisons.
  • Pros: easy-to-navigate topics, consistent chart formats, exportable images and data where allowed by platform rules.
  • Cons: not all data is downloadable without purchase; source transparency is a strength—Statista often cites original sources.
  • Practical tips: use topic pages like Home Improvement to surface relevant charts; beware of dated data in some categories; always check primary source data when possible.
  • Extra context: Statista charts can be instrumental for pitching or executive summaries and for illustrating market trends to investors or teammates.
• SimplyAnalytics
  • Geography-based analytics platform; combines federal data with local data to support location planning and consumer profiling.
  • Useful for brick-and-mortar decisions, drive-time analyses, and demographic overlays by geography (e.g., MSU/East Lansing area services planning).
  • Features: drive-time analysis (e.g., populations within 15–20 minutes of a site), demographic breakouts, and spending patterns by geography.
  • Tips: effective for evaluating site feasibility and understanding local consumer bases for new stores, restaurants, or service locations.
• Data Axle (formerly ReferenceUSA)
  • Business lists and company data with NAICS-based search; good for B2B market discovery, supplier discovery, and competitor reconnaissance.
  • Example usage: search for building-material suppliers in Michigan; filter by NAICS codes (e.g., building materials, finished contractors, etc.); map the locations; view subsidiaries and corporate structures.
  • Practical notes: often used to assemble target lists for outreach or direct marketing; can generate heat maps of business density.
• CB Insights
  • VC-funded and private-company intelligence; strong for technology-forward and venture-backed spaces.
  • Useful for benchmarking against comparable startups, identifying funders, and tracing funding rounds over time.
  • Best used for high-tech or cutting-edge business concepts where venture funding is anticipated.
• BCC Research
  • Technical market research focusing on how technology shifts within specific sectors (e.g., digital entertainment, digital identity, access management).
  • Not as broad as IBISWorld; deeper on technology trajectories and niche markets.
  • Often includes forward-looking insights with a more technical tilt.
• eMarketer
  • Digital advertising, retail media, and digital consumer behavior trends; global but with strong US and cross-border context.
  • Good for understanding digital channel shifts, path-to-purchase analyses, in-store digital experiences, and AR/VR shopping implications.
• MIS Intelligence (and related international business databases)
  • International business data and cross-border market intelligence; useful for global supplier analysis and cross-country comparisons.
• Other notable databases and tools mentioned
  • CB Insights (venture funding data)
  • The Hollander Makerspace (physical prototyping space)
  • The Digital Scholarship Lab (VR and digital media workstations)
  • The Entrepreneurship and Small Business Lib Guide (curated collection of entrepreneurial datasets and pointers)

Practical Demonstrations and Real-World Examples

• Keyword-driven search workflow (IbisWorld example):
  • Start with a concrete domain (e.g., construction materials).
  • Try different keywords and related terms (e.g., wall paneling, SIPs, precast concrete).
  • If initial searches fail, iterate with alternative terms (e.g., “building materials” vs. “construction materials”).
  • Examine reports for industry structure, major players, and trends; cross-check with related products/services.
• Example discussion: differentiating between home improvement and construction materials markets; large players vs. local firms; how industry classification can obscure actual market dynamics (e.g., Home Depot vs. a local lumber yard).
• How to use data in business planning:
  • Use industry metrics (e.g., COGS, labor, marketing) to sketch approximate income statements and determine potential profitability.
  • Cross-reference multiple data sources to triangulate trends, costs, and revenue opportunities.
  • Use industry data to inform value proposition design and channel decisions in the Business Model Canvas.
• Data-informed storytelling for pitches:
  • Pair personal or experiential insights with reputable data to increase credibility.
  • Use charts and statistics to support customer segments and value propositions; ensure data credibility and currency.

In-Session Tips for Students

• Access and login: ensure you’re logged in to access paywalled databases; this is critical for seamless access during class.
• Start with the Lib Guide (Entrepreneurship and Small Business) as a central hub to identify the most useful databases for your topic.
• Use a keyword-driven approach and iterate often; industry terms and synonyms evolve across datasets.
• Cross-check data sources when building a business model canvas;
  • For the left side (activities and resources), examine cost structure, key resources, and key partnerships.
  • For the right side (value proposition, customer segments, channels), rely on consumer-focused databases (Mintel, Statista, SimplyAnalytics).
• Recognize limitations:
  • Some databases require subscriptions or campus access; post-graduation access may be limited for some sources (e.g., IbisWorld).
  • Data can be conflicting; triangulate and triangulate again to derive robust conclusions.
• Ethical and practical considerations:
  • Do not overstate data or misrepresent figures to support a hypothesis.
  • Use reputable sources and clearly cite data in business plans and pitches.
• Hands-on spaces for prototyping and media work:
  • Hollander Makerspace: 3D printing, laser cutting, vacuum forming, sewing, electronics (Arduinos), cameras, and other fabrication tools.
  • Digital Scholarship Lab: VR workflows, large video editing, and Adobe Suite workstations for digital content creation.
• Real-world research mindset:
  • Align library resources with the 9-building-block structure of the Business Model Canvas to systematically validate each component.
  • The process emphasizes balancing empirical data with user discovery to craft a viable business model.
• Final takeaway:
  • Terrence’s session reinforces that the library’s databases and tools can save time, increase credibility, and reduce the cost of entrepreneurship by providing credible data and research pathways that students can use long after graduation.

Quick Reference: Key Numbers and Formulas

• Quiz details:
  • Go-live time: $04:00$
  • Number of questions: $15$
  • Due time: $11:59\text{PM}$, on Monday
• Business Model Canvas: $9$ building blocks
  • The blocks: Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships, Cost Structure
• Derek Sivers / CD Baby figures:
  • Sale value: $20{,}000{,}000$
  • Amount given away: $19{,}000{,}000$
• Growth and time horizons mentioned:
  • Year-over-year growth example: $21\%$
  • Projection horizon example: up to $2028$
• Economic/industry terms mentioned in the example search:
  • Housing/building materials sector metrics (labor, marketing, COGS) used as rough starting points (e.g., $10\%$ labor, $20\%$ marketing, $30\%$ COGS)
• Access and licensing notes:
  • Alumni access to certain databases may be restricted; MSU maintains access for current students.

Conclusion

• Terrence’s session emphasizes leveraging MSU library resources to inform and validate entrepreneurial business models.
• The approach combines robust, reputable secondary data with primary research (customer discovery) to build credible business plans and pitches.
• Students learn to navigate data sources, validate information, and use data-driven storytelling to persuade investors, partners, and stakeholders.
• Prototyping and media/workspace resources (Makerspace and Digital Scholarship Lab) offer hands-on opportunities to develop and present ideas.