Question

After completion of his training of cutting, tailoring and embroidery from a skill development institute, Sujit wanted to start his own business. He discussed this idea with his mother who advised him to identify the new trends in this area. She also advised him to take the help of professional trend spotters for this. When Sujit contacted some of the best professional trend spotters, he found that their fee was too high. So he decided to do this work himself, started reading the leading publications and visited websites related to the type of business he wanted to start. This way he was able to spot related trends.

Identify and explain the method used by Sujit to spot the trends. Also list two other ways in which trends can be spotted.

Answer 1

Method used by Sujit to spot trends: Read trends. Entrepreneurs regularly read industry reports, market analyses, consumer behaviour studies, and thought leadership articles. This could include subscribing to newsletters, following blogs, and reading books on emerging business practices or innovations.

Two other ways to spot trends:

1. Think trends
2. Watch trends
3. Talk trends