Focus your business on real trends, not fads

Most of the entrepreneurs have a dream of making money capitalizing on a fad. But the reality is, after the craze, most found themselves with a warehouse full of stock products.

As an entrepreneur, you should choose where to focus your efforts and resources. To be more than a flash in the pan, your business should address specific customer problems, offer solutions and latch on to trends that unfold over years and decades, not months.

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Here are five ways to tell if your business aligns with a lasting trend:

1. You solve a problem

The annals of entrepreneurship are rife with solutions in search of a problem. It should be the other way around.

For example, Choi says, online shoe retailers solve a problem of selection and convenience by offering customers wide variety and home delivery. But a monthly subscription service that ships high-fashion shoes with a celebrity's stamp of approval? That's a tougher case, he says.

"Do you really need advice from [a celebrity] on what kind of shoe you want to wear?" asks Choi, who directs the Fred Kiesner Center for Entrepreneurship at Loyola Marymount University.

2. You have a strategy to find customers

Customer acquisition is no small task. But as a start, a New York entrepreneur who runs an online-marketing firm and mentors startups advises, your business should address the demands of more mainstream customers and make it easy for them to add your product or service to their current routine.

3. You tap into big underlying trends

High-end, exotic and rare tea varieties are a small but growing segment, the Tea Association of the U.S.A. says. Meanwhile, Americans are increasingly shopping online, analytics firm comScore notes.

Ritchie, whose business is based near Vancouver, British Columbia, doesn't think about the big market trends every day. Still, they form a foundation for his strategy: to make high-end tea easier to try for those who don't already drink it.

"I like tea, and I like the opportunity in this space," he says.

4. You think long and broad, not short and narrow

Fads happen over months or a few years and typically are characterized by the intense interest of a relatively small group in a narrow set of products. Trends build over years or decades, unfold across different industries and affect broad swaths of people.

5. You see competition as a good sign

Conventional wisdom holds that it's best to be the first mover in a market, but the lack of serious competition can be a red flag, Foxton says.

If others have determined that a trend is worth investment, it can validate your idea. At the very least, a successful similar product may be a sign that your idea is more than a fad.

"You can't imagine a new use case that doesn't exist unless you're Steve Jobs," Foxton tells entrepreneurs , "and you're not Steve Jobs."

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Tips on How Your Firm Make Money from China's Open Door Policy

More sectors are now open for foreign investment in China's 11 pilot free trade zones, ranging from helicopter manufacturing to financial services, the Ministry of Commerce announced on Thursday.

China has pledged to offer more market space to foreign companies to carry out manufacturing, transportation, information, mining, scientific research and culture-related business in these zones.

Sun Jiwen, the ministry's spokesman, said all activities conducted by foreign firms in businesses not on the negative list only need to be filed at the relevant commerce bureau, rather than being reviewed by government branches.

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The central government removed the restriction that Chinese partners must hold stakes when foreign businesses set up companies to manufacture helicopters over three metric tons in its FTZs, and that urban rail vehicle production business must be conducted under the format of joint ventures.

In addition, they are entitled to establish companies with individual ownership.

Eager to restore the country's earning ability, the State Council, or China's cabinet, on June 16 issued the 2017 negative list for its FTZs, which removes 27 items which were in the 2015 edition, leaving 95 areas off-limits to foreign investors after four sets of modification since 2013.

The country had 190 entries on its negative list when the first FTZ－the Shanghai Pilot FTZ－was launched in September 2013.

"The change will allow foreign investors access to the same regulation rules for new investment as domestic firms, as long as the business is not on the negative list," said Sun.

The 2017 negative list has further clarified the requirements of investors' background, earning ability and stock proportion for foreign companies to participate in China's banking and insurance industries to raise transparency and competitiveness in China's FTZs.

Since China launched its first pilot FTZ in Shanghai in 2013, another 10 provinces and municipalities have been included in the second and third batches of new FTZs in 2015 and earlier this year.

Expert said the revision can be viewed as a significant move by China to open its economy in a global environment of rising protectionism.

"The country is moving fast to lower thresholds for foreign investors. More industries have been accessible to foreign investment in the country's FTZs, while laws were amended last year to simplify the approval procedures for foreign companies," said Wei Jianguo, vice-chairman of the Beijing-based China Center for International Economic Exchanges.

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Make a Fast Buck in 5 Easy Steps

Making money fast

Have you ever heard about the story about Apple make a fortune in the car business ?

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Imagine pressing a button on your iPhone or Apple Watch, and a car with no driver pulls up. You get inside and tell Siri where you're heading. You ask it what traffic's going to be like on the way. You tell it to tune the radio to the game you're missing, or to use Bluetooth to stream a song you want to hear from your iPhone.

Then you sit back and work or play on your phone, tablet, or laptop, connecting to the internet over the car's built-in wireless connection.

That’s called “ Prohect Titan” , one of Apple’s automotive project. And the analysts were trying to make sence of Apple’s $1 billion investment in Didi Chuxing, which is basically the Uber of China, with 90% of the ride-sharing market there.

image from internet

Also, there was a successful business man called Mattan Griffel ,who built his business in one month.

He created his SoHo , and start a brand new pattern for ‘One Month’ s teaching , which helped him to gained close to 6,000 students.

image from internet

5 Easy and Useful tips to earn money

How did they make it? Here are some suggestions:

 1. Business is not about making money.

Businesses have to make money, but that is not the essence of business. Business is about building a sustainable way of making the impact you care about making.

2.  The audience comes first.

A business is more likely to be successful and create more impact by putting the audience first. Build or find your audience, learn what solutions and delights they want, and deliver.

3.  Be human.

Encourage conversations with your audiences, including those who aren't customers. Respond to every communication with a human face.

4.  True success is co-created.

Co-creation makes your product special to your customers. So always validate your product ideas with your audience, and then do a piloting process to let your them co-create the product with you.

5.  The worst failure is the failure of imagination.

Failure of imagination means you haven't used your imagination to pursue a big-enough goal, or you've been pursuing a goal that wasn't your own. It would be a shame to do all that work to achieve success only to find it doesn't bring you fulfillment and happiness.

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