When talking about what has made him successful, Duncan Bannatyne, one of the UK's greatest entrepreneurs, talks about one of his secrets that has brought him a £168m fortune.
According to Bannatyne, it's easy and as simple as understanding what is trending; and the difference between a trend and a fad.
First of all he talks about keeping things simple. He doesn't try to reinvent anything or thing of what is "cool" or popular at the moment. He also points out that it has nothing to do with patenting or inventing anything from scratch.
He says, "Everyone seems to be obsessed with finding ‘never-been-seen- before’, ‘cutting edge’, ‘breakthrough’, ‘all-improved’ ideas for businesses that nobody has ever heard of before."
So how does he find trends? All he does is continuously check out newspapers and publications that carry stories "consistently," over long periods of time. The major difference between a trend and a fad, he says, is nothing more than longevity.
When you spot a trend he advises to "jump on the bandwagon" and ride it for all its worth.
While this seems contrary to the innovation, creativity talk we always hear about, it's not. Once you spot trends and build businesses around them, from there you can innovate and experiment with numerous things to make it a better business.
In the area of what business to enter into, remember the power of trends!
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