Industry analysis and business opportunities
Entrepreneurs must know about industry and market trends to accurately grab business opportunities. Understanding market trends is a basic requirement for entrepreneurs. Industry analysis is a part of good management and not for only business planning but also for business survival. The internet and technology are fast and others can also start similar to your business. So, the most important thing is that you should have well knowledge of the market and market positioning.
For industry analysis, several tools can be implemented such as; data charts, logical analysis tools, STP SWOT analysis, organizational analysis, Capability analysis, Risk analysis, Product life cycle, Customer group analysis, and many more. Generally, industry analysis helps entrepreneurs identify both opportunities and threats.
From an effective industry analysis, entrepreneurs can have information about specific terminology differences, specific regulations, cost, and profit analysis, market scale, operating risk, dark sides, network marketing feasibility, and more variables. To see business opportunities the ecosystem of the industry is to be well known by entrepreneurs.

