The only thing permanent in the world is 'Change'. The person who is capable of adapting to the change is successful. This is true in life and in business. Every day is a new day in business. One should look forward to tomorrow and live in the present. If you want to succeed in business, you have to look into the future and spot trends before others do it. So being able to spot a trend in business is incredibly important.
Spotting trends require a lot of practice. This article dwells on certain tips to follow that can enable you to spot the trends before others beat you to it.
Have a sense of anticipation:
There is a difference between novelty and trends. Every trend begins with a novelty, but not every novelty ends into a trend. One of the finest examples of a novelty becoming a trend is the success of Uber. What started as a mere car-pooling service, ended up as one of the fastest growing 'call taxi service' in the world. This is because the founders of Uber, Travis Kalanick, and Garrett Camp had the vision to grow a business opportunity from an activity as simple as hailing a cab.
Sense the change:
You can experience novelty on a daily basis. It does not take much time for a novelty to develop into a trend. Keeping your eyes and ears wide-open can help under such circumstances. Every novelty displays certain specific characteristics. The trick is in identifying them and cashing in at the appropriate moment.
Know the difference between a fad and a trend:
Most of the novel ideas end up as fads. They are momentary and hence do not have much value in business. However, certain characteristics last long enough for a fad to become a trend. A successful businessperson is one who has the ability to take note of this fact at the earliest opportunity.
Sensing an opportunity is one thing and cashing in on it is something else. You might not be the only entrepreneur to spot a trend. Many more people might have this ability. It boils down to the fact as to who takes the first step. The first entrant into the field stands to gain the most. By remaining ahead of the others, you capture a chunk of the market before the others move in.
If you do not know how to spot a trend, there are organizations of experts who offer free advice to those who are serious in trying to learn how to do so.