EMERGING TRENDS LEAD TO BUSINESS OPPORTUNITIES
‘Evolution IS the Secret for the Next Step’ –Karl Lagerfield
EMERGING TRENDS LEAD TO BUSINESS OPPORTUNITIES
This blog is part of a series to encourage the entrepreneurial ambience in the country by
helping you ‘kick-start your own enterprise to succeed in your business dreams’ -
especially during this pandemic. Just our way of contributing back to society...
‘Evolution IS the Secret for the Next Step’
– Karl Lagerfield
So it is with any aspect in the world. Take the latest technology trends. Drones for aerial surveillance and control, drones for covering a mega event, drones for checking crops in farms, drones for courier delivery. It is certainly not the end of the list for drone-based applications.
Look at how this technology has taken off in the near past. An unmanned vehicle or a mini aircraft without a pilot continues to create headlines as it finds newer applications. The latest, drones for delivering Covid vaccines to remote locations? Well, the Government of India is currently trying it out.
I believe, witnessing drone and robot technology combo to conduct, say an open heart surgery in remote locations is not too far. In that case, Telemedicine can boast of potentially newer heights and direction.
When it does, will it not help rural India in a big way? Indeed.
So, by all means, begin noticing emerging trends and let your fertile thinking unleash some yet-to-be mega business opportunities…
Consider this. Some time ago during my corporate life, while designing electronic boards, I had an idea to use LEDs instead of the filament in incandescent bulbs. At a time when incandescent bulbs, mercury tube lights, and CFL lighting were very much trending, it was a good idea to replace the filament in our regular Edison bulb with an LED. Result? It can save at least 50% of electric power, reducing lighting charges for the consumer.
I regret not having pursued a trend in ‘green’ power. If I did, I perhaps may have been very early in the Indian market to make an LED bulb and may have created history. So, despite having the expertise, being very much in the same industry, and even noticing the trend, I never acted on it, never implemented the idea, and lost out big time. For, a good five years later around 2015-16, we had eco bulbs flooding the Indian market and the Govt. of India announcing LED bulbs for everyone.
So what does it take to sense the emerging trends that may lead to a roaring business?
A CONSTANT WATCH – At the outset, orienting you to begin noticing emerging trends, gaining knowledge and awareness can be eventually very rewarding. When you are acquainted with the trends, you will be able to analyse and once you evaluate your findings a direction to act can emerge. Also, a constant watch on the developments in areas related to your interest will add some fresh perspectives.
Initially, it could just be a lot of reading for awareness and knowledge. However, as you get familiar, identifying trends becomes a lot easier. Subsequently, you could evaluate and shortlist the best that suits your interest and expertise and analyse them for potential business opportunities.
GIVING IT TIME – Sometimes the newness of events can stump many of us. The human body needs time to move over from its comfort zone. It takes time to primarily recognise a trend, time to grasp a new concept, time to analyse the trend as a business opportunity, and of course time to implement the same and work out the future as best as possible.
Sometimes, it is simply a fear of the unknown inhibiting our actions and at other times, a lack of clarity. The fear of the unknown can be overcome only by executing the idea. Had I even taken one single step towards implementing the LED bulbs, rather than letting it hang as an idea in my mind, I may have progressed in starting up a venture. Then, as I begin to understand this space of business, I may have had more clarity engaging me to advance even further.
The ‘from knowing to doing’ gap can be too big for most of us as it was for me. So, learn from my inaction and don’t get stumped. Just give it time and implement.
STRENGTHENING YOUR STRENGTHS – Besides, your familiarity with new perspectives and trends in your area of expertise will also help you to strengthen your strengths.
After all, practice makes a man perfect. “You are what you do repeatedly, therefore excellence is a habit”, says Aristotle.
So, half the battle is won, when you focus on new trends in your domain of expertise since you can always relate to it the best. This way you will avoid major roadblocks that result from new domains – having to navigate through major learning which constrain your time, effort, and energy. You are always building on a foundation you have taken years to fortify. So, largely stay with your domain of expertise.
At times, even observing fields that are closely associated with your expertise can also immensely benefit you.
Say for example, if you are a food expert, exploring how vegan diets can impact health or especially help you reverse lifestyle-based diseases like diabetes can be very rewarding. In India, Vegan restaurants or the production of Vegan foods even to this day are very new and can turn out to be great business opportunities once pursued.
Whatever trend you choose to chase as a start-up, the key is to strengthen your strengths. The more you focus on your strengths, the stronger you get and the better the result.
To sum up, noticing and analysing emerging trends, either directly in your field or associated field of expertise and short-listing some which when doggedly implemented, can lead to potential business opportunities sooner or later. Even if there are a few players in the market who have adopted the emerging trends you have acted on, attempting to stand out of the clutter with your innovations and uniqueness, can open the market wider for you to make your mark.
If you are looking out to start something on your own (and it better be considering how the pandemic is treating the economy) we strongly urge you to get started, observing new trends.
One day, you may surprise yourself with your vision for the world.
Before we close, here is SOMETHING FOR YOU TO PONDER…
What business can you and I as ordinary citizens do to reduce fossil fuel imports in a big way? Notice any trends here?
Watch This Space For More…
We trust this blog has added value in using emerging trends as an ideation technique leading to business opportunities. If you feel it has, we urge you to share this with everyone you think will benefit.
We are more powerful when we empower each other.
Come, Explore,
Signing off,
KAVITHA SHENOI is an internationally certified Trainer, Speaker & Author
She is an electronics engineer and a management professional with over 20 years in the IT industry in various leadership roles. She is an accomplished manager with outstanding business acumen, technical leadership, and big-picture thinking. She has since moved on from the IT industry and has now rendered her rich industry experience and learning to design various training programs making them insightful and effective. Her well-received workshops have benefitted more than 5000 participants, across the country. She believes “experimenting to excel” alone, drives us to the pinnacle of our potential.
Kick-Start Your Own Enterprise,
Succeed In Your Business Dreams!
