Trends

Trends are general directions in which something is developing or changing. Observing trends could indicate to the entrepreneur many opportunities that one can pursue. The key is to look at these factors, and analyzing them, be able to find business, product, or service gaps: differences between what is available, and what is possible. This then can give rise to a new business, product, or service idea for the entrepreneur. There are  five categories of trends to observe, often referred to as the STEEP factors. These are: - Socio-Cultural Factors - Technological Factors - Economic Factors - Environmental Factors - Political Factors * It is best to build a business based on trends, which have a much longer life-span than a fad.