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Monitoring Future Trends for Your Business Success

Are you familiar with Masayoshi Son’s 300-year plan? Provided his greatest startup fund in the history of humanity was a complete bust, monitoring future trends is an effective strategy.

Broke people plan for the weekends, and entrepreneurs plan for the Future.

The lesson here is, don’t start in a Dying industry. Start with upcoming industries and trends in business globally.

Monitoring Future Trends for Your Business Success

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You Want to Target where the Puck will Move, Not where it is Now.

Global trends such as Increasing Urbanisation of our planet, Population Growth, The Life Span of Humans, and Global Warming indicate where the puck will move in the future.

For example, reducing fossil fuel and carbon emissions to slow Global warming is of the biggest challenges of our time, and Tesla is riding and capitalizing on this wave with great success.

I liked Teslas better when Elon Musk hadn't purchased Twitter; I think it's great that he's brought in a CEO; his attention-seeking antics were getting borderline desperate.

As cool and sexy as Tesla cars are, his Why is more inspiring. Setting out to create a world where fossil fuels would no longer be used to power vehicles.

You could check out Gartner’s Hype Cycle Emerging Technologies Graph to get a heads up on technologies in the Upward or downward spiral.

Drones, VR, AI, and IoT are emerging technologies occupying a larger mainstream landscape in the Future. Something to think about.

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AI is already Mainstream

Thanks to our friendly neighborhood chatbot "ChatGPT". Everywhere you look, there's a new AI project being launched.

Over 300 new projects were launched last month alone. AI as a Startup category is already turning "Red" and is completely cornered by a few companies, namely Microsoft, via its investments in OpenAI and Google.

If your startup isn't developing base models, know you are one feature update away from MS and Google eating your lunch.

Be courteous to your little AI bot while asking questions.

Detect Inefficiencies

Well-established industries are just waiting to be disrupted.

Legacy industries and businesses lack customer empathy and almost zero customer service, lethargy to adapt to new trends and technology, opaque bureaucracy, and outdated business practices.

Less competition stimulates less or zero innovation.

For example, Timer Warner and Comcast, cable companies in the US, used to compete for cities rather than individual customers, and that was the law of the land back then.

And when a city was awarded to a cable operator, the end users were stuck with the same operator.

The markets were closed with zero user choices and almost 100% monopoly for the businesses.

So, what happens in a monopoly? Prices go up, customer service goes down, and the business processes become more important than the users, so of course, Netflix came by and flipped the industry 360.

Cable cords were cut, and Time Warner and Comcast witnessed a massive loss of viewership.

Same for the taxi business when Uber came along. You get a taxi license, and you get it for life (Keep paying the renewal fee). It doesn’t matter the massive queues you have to wait at the airport terminals, compared with a notification that your taxi has arrived.

Or if you are wondering whether my driver is taking me for a ride (literally) vs. the ability to view the itinerary on the app.

And having to pay without knowing what the meter will charge, compared with the ability to see the price first and rate the driver.

As it turns out, detecting and resolving inefficiencies coupled with a commitment to excellent customer service is a recipe for a thriving business.

Follow the Thumb Rule: Improve and Simplify.

Skip the Middlemen

Another way to spot startup ideas with great potential is to look for industries with multiple middlemen & lots of bureaucracy.

And it's not about taking away the livelihoods of the middlemen; it's about transparency and helping improve the overall ecosystem within the industry.

If it's good for the customers, understand it's good for business. Everything else is just background noise.

Technology has the potential to create and nurture communities. Technology can create a go-to place or a hub for resolving a problem.

The travel industry, for example, has seen a drastic change in how it operates.

Many travel services can be easily booked online using many online portals, and customers no longer need to visit a travel agent. They can plan and execute their vacation, business trip, etc., without worrying about the lack of transparency.

There are so many players in the online travel industry that there exist portals to help compare the various portals.

Trivago, for example, helps find the best deals among all the online players in the industry.

Similar disruptions have been seen across the Food delivery and logistics industry.

The budget hotel industry has seen a similar wave of disruption, with Oyo rooms leading the charge. (I don't recommend Oyo lol) I'm using their name for lack of a better option.

These startups have one thing in common; they are all Unicorns, i.e., valued @ over $1B. Although, the Unicorn status is losing its shine. This funding dry spell has exposed how fragile these "Unicorns" are. We'll talk about this later.

Another industry getting disrupted is Banking. Although banking is a complex industry, we see it getting disrupted by many Tech Companies operating within the payments division. Such as Google Pay, Apple Pay, Amazon Pay, Paytm in India, etc.

Let's take an example of Transfer wise. They are taking on banks in the domain of Internal Money transfer. Transferwise offers international money transfer @ much lower commissions with a much more streamlined and less complex system. Their campaigns are provocative, to say the least. RIP hidden fees garnered much social media attention in London and went viral worldwide.

Portraying banks as evil institutions hell-bent on stealing from us common men resonated well with the masses.

Attention, as Gary Vaynerchuk puts it, is the new currency.

Next time you see a broker trying to sell you to get his commission, realize there is potential for disruption.

Copy Competition and Improve

What about all the copycats that seem to prop up every day in every industry?

Copying what’s working and improving the business model to make it better is a norm in business.

Disruptive ideas are rare, and pioneers always have the most arrows on their backs.

You pick where a pioneer died, learn all that you can, and build upon it your profitable venture with all the zest you can muster.

Russel Brunson, the Co-founder of ClickFunnels and internet entrepreneur, calls this technique Funnel Hacking.

A funnel is a pre-defined sales system created to move prospects along their journey to become customers of a particular company. Creating high-converting sales funnels or a high-converting buyer journey is a time taking process that requires much trial and error and testing. Rather than going through the process yourself, you see how your competitors are doing it and learn from their process or blatantly replicate it to your advantage.

Facebook did it with stories when Mark Zuckerberg copied the stories concept from Snapchat and applied it to Facebook and Instagram.

Instagram created Reels, a copy of TikTok, the ability to create full-screen 15sec videos that can be edited on the app, with filters and music, etc., and share it with your audience.

Copying successful business models is a business model of its own.

Facebook itself is a copy of MySpace.

Zomato was one of India's First food delivery Apps and aggregators, followed suit by Swiggy. Ola has a model similar to Uber; however, more in tune with the Indian market.

When ‘Tinder’ hit it big, all of a sudden, you had the market filled with copycats, Tinder for pets (All Paws), Tinder for Shopping (Tunsy), Tinder for Recipes (Tender), all following the fabulous left or right swipe.

The same is true for Uber; you have now an Uber for Helicoptors (Gotham Air), Uber for Groceries (Instacart), and Uber for Dry Cleaning (Washio), all based on one button push.

Push a button to get anything. Once the concept has proven market acceptance, it's all for the taking.

If an idea proves successful in one industry, would it be so bad to try it out in another?

If you want to learn more about launching a startup, please check out my online course here.

Umran Nayani
Featured Uplyrn Expert
Umran Nayani
Amazon Best Selling Author, Entrepreneur, Growth Marketer
Subjects of Expertise: Digital Solutions, Mobile & Web Applications, Startup Advisory
Featured Uplyrn Expert
Umran Nayani
Amazon Best Selling Author
Entrepreneur
Growth Marketer

Subjects of Expertise

Digital Solutions
Mobile & Web Applications
Startup Advisory

Leave your thoughts here...

none-user
Yash MISHRA - N
  • 2023-08-07 13:18:21
Important facts explained...
none-user
Yash Mittal Mittal
  • 2023-08-07 01:34:37
Great platform ...
none-user
Yash Mittal Mittal
  • 2023-08-07 01:34:33
Great platform ...
none-user
Anshika Singh
  • 2023-08-07 00:57:21
Indeed a good blog...

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