What do I need to know about my industry?

Knowing your industry helps you build a good strategic plan for finding a good fit for your venture. Here is a starting checklist for analyzing an industry ...

1. What is the name of the industry?
2. How can you best describe your industry? (Try keeping this to 100 words or less.)
3. What is the size of this industry? (In dollars, in units sold, in other terms ... ?)
4. What is the state of the industry? (New, growing, mature ... ?)
5. Who are the key players in the industry? (Largest companies, most innovative companies ... ?)
6. Which companies are the biggest rivals, and how do they compete with each other? (Price driven, benefit driven ... ?)
7. What are the key regulatory issues in this industry?
8. What are the key legal issues in this industry?
9. What are the key political issues in this industry?
10. What are the primary strengths of this industry?
11. What are the primary weaknesses of this industry?
12. What are the key opportunities within this industry?
13. What are the key threats to the health of this industry?
14. What are the key trends of this industry?