THE RELATIONSHIP BETWEEN TRENDS & OPPORTUNITIES

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OPPORTUNITIES LIE IN PROBLEMS & TRENDS

Opportunities are primarily dependent on two factors:

OPPORTUNITIES LIE IN PROBLEMS & TRENDS: PROBLEMS

OPPORTUNITIES LIE IN PROBLEMS & TRENDS: TRENDS

Problem-orientated entrepreneurship is pretty straightforward. It’s when a pre-defined problem exists to which the entrepreneur seeks to present a viable solution. For example, let’s take the subject of climate change. From an automotive point of view, a viable short-term solution may exist in hybrid technology.

PROBLEM-ORIENTATED ENTREPRENEURSHIP

PROBLEM-ORIENTATED ENTREPRENEURSHIP

PROBLEM-ORIENTATED ENTREPRENEURSHIP

I would include tech-based entrepreneurship within this category, and generally, the bigger the problem the greater the potential pay-off.

TREND-ORIENTATED ENTREPRENEURSHIP

Trend-based entrepreneurship is, simply put, an entrepreneurial response to emerging trends (i.e. the environment, economic downsizing etc.). Examples of such thinking include organic clothing manufacturers and PAYG car clubs.

CONCLUSION

Both avenues are worth exploring. I’d suggest resources such as TrendWatching.com and Mintel as good places to start. Alternatively, David Rae’s Entrepreneurship to Action book offers a great deal of practical insight into problem-based entrepreneurship.