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.

Hint:

Reading industry publications and websites is a smart and affordable way to spot trends — ideal for startups!

Answer 1

Sujit's Trend Spotting Method: Sujit employs the self-trend spotting method known as “Read Trend Publications”. He researches emerging fashion and tailoring trends through industry magazines, fashion journals, and relevant websites. This approach is economical and allows for independent learning about market advancements.
This method equips entrepreneurs with direct insights into current trends.
It fosters ongoing learning and keeps entrepreneurs abreast of industry shifts.
Sujit's strategy demonstrates self-motivation and flexibility, core entrepreneurial qualities. Alternative Trend Spotting Strategies:

Engage Professional Trend Spotters: These specialists or firms focus on identifying and evaluating market trends, utilizing data analysis, consumer behavior insights, and predictive tools. They deliver professional analyses and recommendations.
Monitor Competitors and Consumers: By observing competitor offerings and consumer preferences or purchases, entrepreneurs can discern popular trends. Customer feedback also provides indications of future trends.