Once you have settled on business opportunities that have the potential to become sustainable and scalable brands, the next step is to understand the industry; where the white spaces are, who the key players are and how they are positioned.
It is very important to identify the industry your business opportunity is going to be playing in.
You need to understand and evaluate this industry by asking and answering the following questions
What is the size of the industry?
What is going on in the industry?
Is it a saturated industry?
What are the entry barriers and exit barriers?
What are the growth enablers and obstacles in the industry?
Who are the key players in their industry?
What do they focus on?
What are their strengths as well as areas of growth?
What is their geographic and market reach?
Who is their target market?