Looking for Opportunities Following Market Trends

From Ideas to Success Connecting ideas with viable opportunities is both a reward and a challenge for entrepreneurs Each idea needs to be evaluated to see what needs and wants it can satisfy Successful entrepreneurs look for opportunities in a purposeful and systematic way Look for them where the population is changing, where knowledge and technology are advancing, or where people are struggling with a problem

Following Market Trends Entrepreneurs study trends, identify potential changes in needs and wants, and seek out opportunities for new ventures CHANGES TRIGGER OPPORTUNITIES! Changes in society can develop over a long time, or they can emerge and disappear in a matter of weeks or months. Long-term changes are known as trends Temporary or short-term changes are known as fads Both can be profitable if done right

Forecasting Trends A forecast is a prediction about the future Although there is no guarantee, a careful analysis of past events can help you make educated guesses Being able to chart data and analyze the results will help you identify trends that represent opportunities For example, past entrepreneurs noticed jobs becoming less physically demanding, so predicted a growth in demand for fitness clubs, health food, exercise equipment, etc.

Reading Graphs World Population Trends by Region Which area’s population is growing at the fastest rate? Which area’s population is growing at the slowest rate? What will the world population be in 2015? What would this mean for entrepreneurs?

The Time-Series Forecast In a time-series forecast, you plot data from the past and present, analyze any trends you see and predict information about the future What do you think the population of the developed world will be in the year 2100? What do you think the population of the less developed world will be in the year 2100? What additional factors would you need to think about to be accurate?

Types of Graphs Linear Growth Trend Stable Trend

Types of Graphs Linear Declining Trend Irregular Trending (positive)

Types of Graphs Curved (Non-Linear) Trends Curved (Non-Linear) Trends

Cyclical Graph Most long-term businesses and trends go through a more cyclical type of growth (ups and downs).

Internet Search Activity On a blank word document, complete the following: 1) Find 5 examples of fads in the last 10 years that would be considered successful 2) Find 2 examples of fads in the last 10 years that would be considered unsuccessful 3) Find a graph that illustrates the following Canadian trends: Population growth Level of income People with mobile devices Amount of North American online purchases Level of education obtained 4) Find a chart of data (any topic) and graph using the insert chart function in Word. Once complete, make a forecast for the future.