Entrepreneur magazine suggests that spotting trends is a path to business success. Part of the article outlines mogul Donald Trump’s trend spotting tips. Trump, who has built a business on trends (which partly explains his involvement in The Apprentice reality TV trend), offers these tips for entrepreneurs eager to capitalize on what’s next:
- Do Your Research: read magazines and study pop culture for signs of what’s next.
- Extend a Trend: try a variation on an existing trend.
- Be a Contrarian: sometimes it pays to go against the trend, because trends change over time.
- Be Flexible: you never know when a trend is about to stop, and you need to be able to stop manufacturing production when the trend stops.
- Be First: if you’re too cautious, you may be too late.
- Follow Your Gut: follow your instinct, even if friends and family don’t understand your vision.
And don’t miss the list of trend websites at the end of the Entrepreneur magazine article. Dave and I were pleasantly surprised to find our own site listed as one of ten online trends resources. Here’s how Entrepreneur magazine listed us: “Small Business Trends is a business trend-tracking blog for entrepreneurs and small and mid-sized businesses that’s updated even on the weekends.”
Yes when one is free in their enterprise. They will freely produce and produce what sells. That is that the one will get to know their business inside and out.
Yes, trend matters when one is starting their business. If one does not know what would be the future of his/her product is not a good businessman. Yes, there are risks that he/she may not understand the trend but business and entrepreneurship is all about taking risk.