One of the keys to business success is to anticipate what the market will want or need. Since it is not possible for an entrepreneur to see into the future, there is one best way. The best way will help the entrepreneur to understand the market and produce goods or services accordingly.
(a) Identify the concept stated in the above lines
(b) Explain any three ways in which an entrepreneur can perform the activities related to concept identified.

Question

One of the keys to business success is to anticipate what the market will want or need. Since it is not possible for an entrepreneur to see into the future, there is one best way. The best way will help the entrepreneur to understand the market and produce goods or services accordingly.

(a) Identify the concept stated in the above lines

(b) Explain any three ways in which an entrepreneur can perform the activities related to concept identified.

(a) Identify the concept stated in the above lines

(b) Explain any three ways in which an entrepreneur can perform the activities related to concept identified.

Accepted Answer

**(a)** The concept stated in the above lines is **Trend Spotting**. Trend spotting means identification of new trends. This will help the entrepreneur to understand the market and produce goods or provide services in sync with the market trends. One of the keys to business success is to anticipate what the market will want or need before the entrepreneurs are aware of it themselves. Since it is unlikely for an entrepreneur to see into the future, the best way to do this is to become a trend-spotter.

**(b)** Three ways in which an entrepreneur can perform the activities related to trend spotting are:

1. **Read Trends** — Entrepreneurs regularly read the leading publications and websites affecting their business. This could include industry publications, trade association sites, major newspapers, key business magazines, thought leaders and influential bloggers. They use tech-tools like RSS feeds, e-mail newsletters or websites and forums to keep on top of all information.

2. **Talk Trends** — Talking to people is an equally important trend-spotting tactic. Entrepreneurs get involved in specific industry trade associations and attend events both online and offline. They also talk to customers and prospective customers, both online and offline, and pay attention to ratings and review sites.

3. **Watch Trends** — Entrepreneurs observe target customers in their natural environment. They watch how people behave, what they buy, and how they use products in real life settings. This helps understand consumer behaviour patterns.