Spotting Trends is the Path to Success

Small Business Trends:

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.

The Entrepreneur article has couple of interesting stories about entrpreneurs that saw a trend and siezed the day, including one about Raising A Racquet, a company that makes atheletic maternity clothes.

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