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Trends reveal new business opportunities.... |
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Successful entrepreneurs understand the importance of reading
trends. They fashion their business to take advantage of what they believe are
the current and near-term needs of prospective customers. |
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Here are some trends that may offer new opportunities. |
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Balance personal time with company demands. A constant
complaint. among working men and women is: "I have no time for me." They strain
to keep up with the workload, feeling that society will view them as lazy if
they slow down or take a break. |
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Even when business people find time for themselves, they
often do not know how to spend it. They appear to have lost the ability to
relax. They need to learn how to balance work and personal needs more
effectively. Providing a solution will be an industry unto itself. |
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Challenges associated with rapid growth. Many businesses
suffer enormous pressure in going from a modest enterprise with a few workers
to a substantial concern employing hundreds. |
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Some do not handle rapid growth, well. The owner-manager who
started the business often does not have the skills to run a large company.
Unless remedial action is taken quickly, the company will fail. Providing
experts to assist "gazelles" will be a niche industry in Canada, particularly
in knowledge- based industries. |
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Finding and keeping great people. As the industrial base
gives way to a more knowledge-based economy, the key resource of any business
becomes its people. Large organizations constantly struggle to find and keep
skilled personnel. Their culture and organizational structure usually guarantee
a mediocre work force. Many consultants offer solutions to these corporations.
Build a better mousetrap and large organizations will beat a path to your
door. |
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International trade. For Canadian companies to grow,
they must do so globally. But very few enterprises have the right experience to
build their business outside Canada's borders. Although the Internet provides
easy access to potential international contacts and the federal government
assists Canadians who want to do business abroad, there is no substitute for
personal contact and experience. Ventures that can offer these services will be
in great demand. |
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Retirement services. As baby boomers approach
retirement age, there will be significant demand for firms to fill certain
needs. This generation will not only need financial management assistance but,
more importantly, services to make retirement exciting. |
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With the population living longer, people often spend 20 to
30 years in retirement before passing on. Safety and quality of life will be
the predominant themes. Many companies already serve this market. However, as
more people move into this stage of life, there is lots of room for innovative
ideas. |
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Transgenerational services. While baby boomers are
moving into retirement, younger people are entering the work force. This
generation is highly educated and demands a different work environment than
their parents did. They have a short attention span and get bored quickly. |
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Huge business opportunities will be available for companies
catering to this market. They may include providing constantly changing
entertainment venues, unique adventures, challenging work opportunities and
"translation service" - acting as a communications buffer between this
generation and baby boomers. |
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Published February 22, 1999 |
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