Identifying microtrends to be a successful entrepreneur
I was listening to an address by Mark J. Penn, author of book Microtrends: The Small Forces Behind Tomorrow's Big Changes, some time back and was impressed by his views on how microtrends can help identify emerging business opportunities. A microtrend is a trend foreseen in a small but impactful segment of the population. Most successful entrepreneurs knowingly or unknowingly have been identifying these trends and shaping their business plans according to them. For budding entrepreneurs and even for existing small businesses, it is advisable to be constantly on the lookout for emerging trends. For E.g. if more millennials are opting to keep pets, there could be a host of entrepreneurship ventures around pets like dog walkers, pet salons, pet nutritionists/vets.
Entrepreneur’s have to look outside for inspiring and innovative ideas. Change for entrepreneurs is equivalent to opportunity. If you learn to keep an open mind to subtle changes in your immediate environment and have a keen sense of customer needs in the next few years, new business ideas will open newer avenues for you. However, learn not to jump from one trend to the other. Identify the right business opportunity for yourself based on your broad expertise and business goals. Also, understand the difference between a trend and a fad. A trend develops gradually but has staying power whereas a fad comes and vanishes in a flash.
According to Penn’s forecast for the future, experiences and services will have a bigger demand than hard goods and is forecast to be a $20 billion industry by 2021. Being an entrepreneur also means being a lifetime student and learning to identify such subtle trends. It means having the ability to grow, embrace change and evolve based on newer trends shaping the market.
Your entrepreneurship journey will be filled with many small steps but always keep the big picture in mind as you pursue your dream. For any feedback/queries, mail to [email protected]work.com
Ruby Sinha – Founder, sheatwork.com A one stop knowledge hub for women entrepreneurs