In the world we live today to be a successful entrepreneur one has to be in touch with what is trendy. Trends in society are transforming the way that business is being done. Not only is the art of doing business being affected but it is also affecting trends.
This is not something that is amazing because business tends to drive advancements in society, especially technological advancements. Most of the technological advancements where created for use in business and found their way on to social platforms. Having the ability to identify technologies that will influence social behaviour is essential for one to be a successful entrepreneur. However, it is not this ability alone that will set one on the path to success as an entrepreneur.
Another entrepreneurial skill that is essential to possess in order to be successful is the ability to assess the potential threat or opportunity associated with the tech. Once an analysis has been made it important that the business owner properly aligns their business model to take advantage of or to reduce the harmful effects.
A popular case study is in the online gambling industry. Click here best online casinos Johannesburg to find more information about internet gambling laws. The industry now set to continue growing exponentially for the next couple of years was in its greatest depression less than a decade ago.
Entrepreneurs that failed to correctly assess the threat presented in the American, Unlawful Internet Gambling Enforcement Act closed shop. Not entirely because of the act but also because of they failed to see the opportunities that lay ahead. They failed to see how technological advancements in Internet connection speeds and mobile devices would open up whole new markets. Keeping fully aware of trends may one day prove to be the difference between staying afloat and shutting down. If it happened before it may just happen again.