When you prepare your business plan or assess the opportunities for your venture, do you confuse the ‘market’ and ‘industry’?  It is easy for would-be entrepreneurs to confuse the two; markets define the group of customers that may buy your products or services, and the industry is the competitor landscape within the market you are targeting.

John Mullins, associate professor of management practice in the entrepreneurship and marketing groups at London Business School outlines how to assess entrepreneurial opportunities and explains the difference between markets and industry in this video which last just less than four minutes. He also talks about the keeping a business plan options, sustainability of the business, and VCs and networks.  To view the video, click here.

John Mullins is an award-winning teacher with 20 years of executive experience, mainly in high-growth retailing firms, including two ventures he founded and one he took public. He has published three books, including ‘The New Business Road Test: What Entrepreneurs and Executives Should Do Before Writing a Business’. His research has won national and international awards from the Marketing Science Institute, the American Marketing Association, and the Richard D. Irwin Foundation.