Entrepreneurship Due Diligence Report
External Environment:

How is the economic environment where the business is located?
How is the social environment where the business is located?
How is the technological environment where the business is located?
How is the political/legal environment where the business is located?

Industry Environment:

What is the state of the industry in which the business operates? Is the industry in growth mode, or is it mature or in decline?
How does this business compare to competitors in its industry?
What is the business reputation in the industry and the community?
How many competitors are there? What are their strengths and weaknesses?

Business Environment:

What is the state of the business target market? Is its target market growing or shrinking?
Are its target customers undergoing demographic changes, such as aging, loss of disposable income, or other transitions that could put the business at risk?
Is the businesss customer base growing? Is the business adequately diversified, or is it overly dependent on one or two big customers?
What kind of staff does the business have? Do employees have skills that are difficult to find elsewhere? Are their wages average, above average, or below average for the industry?
Is there a lot of turnover at the business?

Finances:

Are the business sales increasing?
What is the business profit margin?
Does the business have adequate funding?
How much debt does the business have?

Conclusion:

Is this a business worthy of consideration for investment?
What are the reasons for your decision?

Adapted from https://www.allbusiness.com/questions-to-ask-when-buying-a-business-567-1.html