How to Identify Declining Industries

To figure out what a sunset industry is, look at one thing: how long has it been since a new player emerged? When no new entrants appear, it's essentially a stock market where users only recognize established names, not newcomers.

Knowing what to do is always more important than knowing how to do it. Business isn't about whether you like or agree with something—first and foremost, it's about whether the market is right and whether the direction is right. If the direction is right, great. If it's wrong, all your effort is wasted.