Quiz Page 78 of 99 (PART TWO)

1. Conduct Market Research: Market research helps to determine the __________ state of the industry. Entrepreneurs can make use of a variety of sources, including industry reports, academic publications, and trade publications. 

2. Identify Industry Trends: This includes changes in consumer behaviour, advancements in technology, and shifts in the __________ landscape.

3. Determine Key Players: The entrepreneur would try to identify key players from both established companies and __________ startups. They should analyse their competitors’ strengths and weaknesses, as well as their market __________.

4. Investigate Innovation: The entrepreneur should examine the current state of innovation within their industry. By reviewing the number of __________, the number of startups entering the market, and the amount of venture capital invested in the industry, they can get a better picture.

5. Evaluate Disruption: The entrepreneur can evaluate industry disruption by examining how new technologies or business models could __________ the industry, and how these changes could affect their startup concept.

6. Determine Industry Life Cycle Stage: Based on the above analysis, the entrepreneur can determine the current stage of their industry life cycle as per the theory of creative destruction. The industry life cycle stages are: (1) introduction, (2) growth, (3) maturity, and (4) __________.

7. Adjust Startup Strategy: Based on their analysis of the industry life cycle stage, the entrepreneur can adjust their startup strategy accordingly. For example, if the industry is in the decline stage, they may need to focus on __________ and efficiency to survive. If the industry is in the growth stage, they may need to focus on rapid expansion and gaining __________.