Change, Trends & ForecastingFinding the Opportunities

CHANGE AND OPPORTUNITY Changes in society are where opportunities lie

e.g., with the changes in computer technology and thus word processing, typewriter makers were facing great difficulties – loss of their market

IBM – International Business Machines – was primarily a typewriter maker. Did they decide to fold or to accept the change in society and in the marketplace as an opportunity?

BROTHER – still in existence, still making typewriters, but much smaller market

TRENDS AND FADS Changes that develop and endure for long periods of time

are called TRENDS e.g., The Agricultural Age, The Industrial Age, The

Information Age e.g., Internet usage, mobile phone ownership

Changes that are temporary or short lived are called FADS e.g., mood rings, flare jeans, Tamagochi, most fashion

changes

Both can be the basis for a venture, but how you approachthem is different – thus, you need to be able to distinguishwhether the change is a trend or a fad

Successful Entrepreneurs… …see the opportunities in the trends E.g.:

Trend: Aging Population (very large percentage of people in society will soon be over the age of 65)Opportunity: Older people want to socialize with people their ageEntrepreneurial Idea: Cruises catering to senior citizens

(Trend) Rapid growth in the global economy

Opportunities forEntrepreneurs

Opportunities for Enterprising

Peopleimporting / exportingproducts & services

more jobs for people withinternational experiencesand/or a second language

(Trend) Increasing use of contract labour (outsourcing)

Opportunities forEntrepreneurs

Opportunities for Enterprising

People

. entrepreneurs can set upconsulting practices withprofessionals who canwork for a variety ofclients

. opportunity to become self-employedwhile working fora large organization on acontract‐by‐contract basis

Situation – Opportunity – Idea

Situation Opportunity

• Hot chocolate won’t stay hot

on a cold day.

• Something is needed to

keep the hot chocolate hot.

Idea

• Thermal, insulated mugs

Situation – Opportunity – Idea

Situation Opportunity

• Referee’s whistle won’t work at a crucial point in a game.

• The whistle needs to work all the time.

Idea

• Create a whistle that doesn’t need a pea (since the pea was the problem).