Now that you have an understanding of who you are and what your career aspirations are, the next step to take would be, to identify the industry that will bring out the best in you. The industry (or field) you choose has a major influence on your career and the opportunities you will encounter (i.e. promotions, personal development) and your financial well-being (i.e., salary, opportunity for raises, company stock value). Your quality of life will also very much depend on the industry you choose to step into. An employee with an average capability in an attractive industry frequently earns more and enjoys a much faster career advancement than another capable employee in an unattractive industry.
Choosing an industry also influences what you become known for. Your personal brand and your expertise are related to that specific industry. For example the longer you work in an industry/field, the more difficult it will be to switch if your initial choice does not work for you anymore. You become known by and attached to that industry or occupation. Even if you are willing to take a pay cut, it may be difficult to convince your company to let you move into another function or to convince another company in an unrelated industry to hire you.
|Industry Characteristic||Accelerating industries||Staggering industries|
|Market size & growth rate||Rapid growth||Slower growth, less need for the product|
|Competition||Fewer competitors||Many aggressive, struggling competitors focused on “cut-throat pricing” to compete.|
|Opportunities and threats||New emerging markets are opportunities to provide expanded services and new products to existing and new markets. Few threats.||Foreign competition,
product obsolescence or other factors threaten primary business. Few opportunities.
|Ease of Entry or Exit from the market||Difficult for new competitors to enter the market (e.g., technology, brand name, resources required).||Easy for new competitors to enter the market. Difficult for weak existing competitors to leave (e.g., difficult to redeploy people/equipment, legal restrictions, contractual obligations).|
|Profit / Sales/ Revenue||Profit margins are high and growing. All or most companies in the industry are profitable.||Many companies in the industry are unprofitable. Margins are low and declining. (e.g., Airline industry).|
|Degree of risk||Limited business risk. Predictability in market development, technology and competition.||High business risk/uncertainty (e.g., Litigation prone, rapid product obsolescence.|
|Technology trends||Technology advancements provide opportunities for growth in product use and market size.||Existing products/ services are likely to become obsolete by new technology.|
This such a great to approach a job search journey starting with the foundation. Most times people just want to find a job and that is it, but the truth is that the more specific you are the better your results are going to be. Every country and city has a thriving industry and a slowing industry, pinning down where innovation, conversations, and ideas are happening consistently also highlight where the opportunities could be. Maybe your industry is slowing down and dying, could you look at a closely related industry and the skills required so you can leverage your profile?
Create an excel sheet with a list of companies working in industries you are working in. See which companies are thriving, which ones have the best culture fit for you and then device how to start applying for jobs with them.
Look at one of the excel sheet we created for our former clients and see how to create your own.