“Ten Steps to Map Any Industry: Steve Blank’s Exploration of the Unknown”

Mapping Out a New Industry: A Ten-Step Guide

Starting a new project in an industry that’s foreign to you can seem daunting at first. With so much information out there, it’s difficult to know where to start. However, as Lǎozi famously said, “A journey of a thousand miles begins with a single step.” In this case, that first step is creating a map of the industry you’re entering. Here’s a ten-step guide to help you get started.

Step One: Basic Industry Understanding
The first step is to diagram the industry and its segments. This will help you understand how the industry works and who the key players are. As you read through reports, blogs, and other sources of information, create a glossary of terms in your own words.

Step Two: Who are the key suppliers to each segment?
Identifying the key suppliers to each segment of the industry will help you understand how the industry’s different parts fit together. You can use this information to create a more detailed map.

Step Three: How does this industry feed into the larger economy?
Understanding how the industry feeds into the larger economy will help you understand how the industry is influenced by economic trends. This information will help you create a more accurate forecast.

Step Four: Create a glossary of industry unique terms
As you encounter industry-specific terms and concepts, create a glossary to help you keep everything straight.

Step Five: Identify industry experts
Identifying industry experts will help you find the best sources of information. Look for industry analysts, universities, think tanks, and other experts who specialize in the industry you’re entering.

Step Six: Identify technology experts
Identifying technology experts will help you understand the role that technology plays in the industry. Look for universities, think tanks, and other experts who specialize in the technology used in the industry.

Step Seven: Identify geographic experts
Identifying geographic experts will help you understand how the industry varies in different regions. Look for key conferences, blogs, web sites, and other sources of information.

Step Eight: Identify the best data feeds
Identifying open-source and paid data feeds will help you find the best sources of information. This information will be essential for creating accurate forecasts.

Step Nine: Overlay numbers, dollars, and market share
Overlaying numbers, dollars, and market share on your industry map will help you understand the velocity and direction of the market. This information will be essential for creating accurate forecasts.

Step Ten: Forecasting
Use the information you’ve gathered to create a model of the industry in five years. Identify any major changes that are likely to occur and create a plan for adapting to those changes.

Final Thoughts
Mapping out a new industry can seem daunting at first, but with a little bit of guidance, it’s possible to create an accurate map that will help you make informed decisions. So go ahead and take that first step – you never know where it might lead.