Before charging into the anatomy of a growth stock, it is worth considering how and why they 'happen'.
There seem to be two main drivers:
New technology invariably plays midwife to growth stocks. In the nineteenth century it was railroads. In the 1930s and 40s motor cars, in the 1950s and 1960s mainframe computing, then pharmaceuticals, then biotechnology and software, and now internet companies of all kinds and the network companies behind the internet.
As new growth stocks are created, so their predecessors languish. Which is one reason why you can never take your eye off the ball.
Some growth companies dominate niches in relatively humdrum industries.
The secret seems to be in consolidating a fragmented service industry, or rolling out a proven 'franchise', and steamrolling whatever competition pops up.
Note the difference between a growth industry and a growth stock: