It is important first to tackle what we mean by growth. It might be growth the industry is experiencing, growth in the business’s market share, revenue growth, profit growth, earnings per share growth, or free cash flow per share growth. Industry growth is a good place to start. It is important to understand why the industry is growing at the expected rate in the first place. Does price or volume drive the growth? How sustainable is the growth? Is there a point where the market becomes saturated and high growth slows?