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Questions and Answers
What is the key to identifying emerging trends?
What is the key to identifying emerging trends?
- Following popular fads
- Ignoring current trends
- Anticipating change (correct)
- Copying competitors
How can entrepreneurs track trends?
How can entrepreneurs track trends?
- By using all senses (correct)
- By only reading articles
- By ignoring conversations
- By relying on social media
How can entrepreneurs distinguish between short-lived fads and long-term trends?
How can entrepreneurs distinguish between short-lived fads and long-term trends?
- By talking to potential buyers (correct)
- By ignoring customer feedback
- By investing in unrealistic solutions
- By copying competitors
What should entrepreneurs ensure about their solutions?
What should entrepreneurs ensure about their solutions?
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Where is the sweet spot for a trend-exploiting start-up?
Where is the sweet spot for a trend-exploiting start-up?
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How can entrepreneurs create a competitive advantage?
How can entrepreneurs create a competitive advantage?
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What should entrepreneurs do before committing to a trend?
What should entrepreneurs do before committing to a trend?
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Study Notes
- Successful businesses are often started by entrepreneurs who can identify emerging trends and capitalize on them creatively.
- Anticipating change is key, as trends can be social, technological, or cyclical.
- Use all senses to track trends, from reading and watching to overhearing conversations.
- Distinguish between short-lived fads and long-term trends by talking to potential buyers and filtering out unrealistic solutions.
- Make sure your solutions are realistic and can be provided with features that compare favorably to alternatives.
- The sweet spot for a trend-exploiting start-up is at the intersection of business capability and customer need.
- Create a competitive advantage by being the first to stake out a market and capture customer loyalty.
- Test before committing to avoid committing too much too early and in the wrong place.
- Look for revenues that overwhelm costs and customers who are overjoyed.
- It's not easy to spot trends first and capitalize on them, but these tips can help entrepreneurs stay ahead of the competition.
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