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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

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