There are various ways in which an entrepreneur can spot trends. Describe the four ways of identifying the trends with the help of examples.

Question

Accepted Answer

The four ways in which an entrepreneur spots trends are:

1. **Read trends** — Entrepreneurs regularly read the leading publications and websites affecting their business — industry publications, trade association sites, major newspapers, key business magazines, thought leaders and influential bloggers. They use tech-tools like RSS feeds and e-mail newsletters to stay on top of information; for example, they follow trends that start overseas in London, Paris and Tokyo.

2. **Talk trends** — They get involved in their industry's trade associations and attend events both online and offline. They talk to customers and prospective customers, use social media and online surveys to learn what customers are thinking, buying and craving, and identify key influencers and trendsetters through social network websites and forums.

3. **Watch trends** — They regularly go where their target customers hang out — the local mall for teenagers or 'power lunch' restaurants for business people — and observe what people are eating, doing, wearing and using. Trade shows are a great place to get trend ideas, even when they are not looking to buy.

4. **Think trends** — As they absorb and mull over what they have read, heard and observed, they develop a 'trend-spotter mind' and make connections that lead to business-boosting insights. For example, news of rising shrimp prices, long queues at an Asian-fusion restaurant and a customer's comment together suggest a new menu item or product line.