Be a PEST. Make money.Written by Aaron Colman info@ibasics.biz http://www.ibasics.biz
You can't help but turn on TV these days and hear about some new technology or development. Entire businesses are born and die on basis of a single trend.
Most small business have missed crucial lesson of watching trends.
Remember following Acronym: PEST
1. Political. Never underestimate power of politics to mess up your business. Statistics show that stock market undergoes a reversal following a major Presidential election. There's an entire investment strategy called "Presidential Cycle Dollar Cost Averaging" based on following politics.
Think that's it? Think again. War effects price of hundreds of commodities. Trade agreements effect buying power of our money. Changes in laws effect everything from business creation to new product development, marketing and everything in between.
2. Economic. If you had started buying dot.com stock short back at start of fall a few years ago, you could've retired early. Of course you can never predict these kind of dream situations, but you can predict certain trends. A close friend of mine lost his job as a programmer when it was shipped overseas. Today he works as an "outsource re-integration engineer" helping companies integrate and overcome problems of outsourced software. Shipping jobs overseas has become an economic reality for many people. But a few smart people have learned to take advantage of this situation to make money and start a new business. The power of distributed work projects can be seen on any freelance site you find. 3. Social. When people get used to an idea, it becomes a powerful business model. It takes nothing more than a quick glance in newspaper to see how some movies spawn an entire cottage industry. Even years from now there will be a tremendous market for fan-based creations based on hits like The Matrix and The Lord of Rings. How many times, in last month, have you heard about "low carb" diets? Think anyone is making money there? Oh yea.