There are many free resources when it comes to writing a business plan. What is the advantage of The Economic Census to a new entrepreneur?
Economic Census and its usefulness in business plan:
First we will get a brief idea about economic census and what is included in it.
Economic census of US is the five year measure of US business and economy. Many countries conduct economic census every 5 year. The methods and units are different in each country. If we talk about US economic census it covers the data related to following areas.
According to the US Census Bureau: “The key statistics produced for the Economic Census include Total Number of Establishments; Value of Sales, Shipments, Receipts, Revenue; Primary Business Activity; Number of Employees; Total Annual Payroll; Total First Quarter Payroll; and industry specific statistics.”
Usefulness for a new entrepreneur:
Now come to the understanding that who is an entrepreneur and how this data is helpful for the entrepreneur.
In simple terms, an entrepreneur is the person who wants to start his/her new venture to earn wealth. To earn the wealth he/she will deliver the value to the potential buyers. How will they deliver the value? By providing excellent product/ services or both. Now to produce product/service or both the entrepreneur has to work in the community. He has to interact with community. He has to identify opportunity from the surrounding. To identify these opportunities he has to analyse the information about the economy.
For example, consider that an entrepreneur, Mr. X, wants to start his new business of car production. For this he needs the information about the number of establishments in USA which produce cars, what are their revenues, what is the current situation of automobile industry in USA, sales of cars, how transportation industry is growing and many more. How the utility (Electricity, water etc.) sector is working. These data can be accessed through the economic census. Thus Mr. X can find and relate the data and can make necessary calculated assumptions for his venture. He can project the sales, revenue, payback period etc. from that.
Thank you.
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