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4 Changes you should be aware of if you are thinking of starting a small business

October 23rd, 2010 | Small Business | No Comments »

# All of these changes are from the book Finding Fertile Ground: Identifying Extraordinary Opportunities for New Ventures by Dr. Scott A. Shane, which you can buy here. We’re using this in my Entrepreneurial Opportunity Class right now and I thought I’d share. The rest of it is my own words.

Changes in Industry

  1. Part of an industry? Then this should be easier for you.
  2. Not part of an industry or been out of an industry for a while? Then just pick one or keep your eye on the one you left. Look at blogs, the newspaper(which is how I get most of my news), your contacts in the industry(if you have any. If you don’t, get some!)
  3. If there is, then you can start looking for ways to solve that need
  4. Once you’ve found the change, see if there is a need for something.
  5. If there isn’t, then either keep looking in the same industry, look in another industry or change your focus
  6. Start looking people! For this, go check out blogs such as engadget and other blogs that stay on top of new technology. Chances are that once the tech hits the newspapers or magazines such as Wired and PopSci it’ s old news

Changes in Technology

  1. Again, if there’s a need and you know , or have an idea, of how to fill it, the go for it! If not, keep looking, you’ll find something.
  2. Heard about the new Healthcare regulations. Who hasn’t? Regulations such as these, are good for making people need a product or service that lets them comply with the rules.

Changes in Regulation

  1. DoseSpot did this for prescriptions, which allowed doctors to comply with new Healthcare guidelines. If any of you went to the UMD Boot Camp thing yesterday, you might have heard the founder speak.
  2. So again, if you see a need then go for it! Otherwise keep looking

Demographic Change

  1. [For people in the US]Watch the census for demographic change. They have yet to release the results and I don’t think they’re done analyzing the data yet. keep an eye out for the results.
  2. [For people outside the US] Ask your government for your country’s census results.
  3. If there is major demographic change, such as one group becoming more prominent in one part of a country or an increase of immigration of a certain group, then you could possibly start a niche company that aims to fulfill the needs of that group.

Anyone have anything they’d like to add?

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