Trends and Fads What are they?

What do the following movies have in common?

3-D Movies Trend – a general direction in society that may last for a long time – Ex. health trend, Green Trend Fad – A craze that people take up quickly and then drop just as quickly. – Ex. Pogs, Tickle-Me Elmo, Hummers

So, the question is..... TREND or FAD

Identifying Trends As an entrepreneur you want to – ID potential changes in needs and wants – Seek out opportunities Changes in society will do both – Trends – these changes are long lasting – Fads – these changes disappear in a matter of months or even weeks

Forecasting Trends Forecast – A prediction about the future No one can 100% predict the future, but people get paid a lot of money for educated guesses Accurate forecasting depends on your ability to organize data in order to see patterns

Forecasting Trends A number of entrepreneurs saw the growing concern for obesity, fatty foods, etc – Opened businesses in physical fitness (Mcfit), health foods (McDonalds), exercise equipment (Bowflex) and clothing (Underarmour) Businesses that jump aboard Fads do not succeed – Can you think of any?

Current Trends The world’s population is at an all-time max and is growing More than 50% of the world is under 20 years of age By 2150 – life expectancy is expected to be 86 for males and 92 for females – Population over 65 will be greater than population under 15 Families are shrinking in size – More duel income families – City Living, crowded, social pressures

Current Trends

Green Living Active Living Lifelong Learning – Learning in school type environments after high school/post-secondary Universal Design – Accessibility of all things for all people (races, sexes, religions, handicaps, etc) Nature – Trails, Rooftop Gardens Digitalization – Of everything! – Books, music, TV, Movies, etc.

Today’s Assignment I want you to identify some Fad’s and Trends We are going to use the website In the 2000’s you will see a list of items that could be considered trends or fads I want you to name – 5 fads – explain why you think they are fads – 5 trends – explain why you think they will become trends – Opportunities: I want you to brainstorm 3 businesses that could take advantage of these trends