Trends
Let's dive into the world of trends in the context of entrepreneurship projects and how we, as consultants at Legacy, identify and research trends for our clients' businesses.
Defining Trends in Entrepreneurship
Trends, in the context of entrepreneurship projects, are the evolving patterns of behavior, preferences, and activities within a specific industry or market. They represent what's currently gaining traction and influencing the direction of businesses. Recognizing and capitalizing on these trends can be a game-changer for entrepreneurs looking to innovate, stay competitive, and meet the evolving needs of their target audience.
Identifying Trends
Identifying trends is a crucial part of our consultancy process. We want to ensure that our clients are well-informed and equipped to make strategic decisions for their businesses. Here's how we go about it:
- Keyword and Search String Exploration: We start with a thorough search using relevant keywords and search strings. This initial step helps us gauge the overall landscape of potential trends in the industry.
- Market Research and Business Databases: We leverage market research reports and reputable business databases specific to our client's industry. These sources often provide valuable insights into emerging trends, even if the complete reports are behind paywalls.
- Industry Expert Reports: We keep an eye out for reports from industry giants such as EY, Deloitte, PwC, and Accenture. These reports are treasure troves of industry trends, backed by extensive research and expertise.
- Validation through Reputed Sources: To confirm a trend's authenticity, we look for multiple mentions across various reliable sources. A trend isn't just a passing mention in a single article; it's a recurring theme discussed by industry experts and supported by data.
- Niche Market Exploration: For niche markets, we delve deeper into expert interviews and specialized news sources. Niche trends can often be subtle and require a more targeted approach.
Research Strategy
Our research strategy is designed to provide our clients with well-founded insights. Here's how we craft our research strategy:
- Selection of Reputable Sources: We focus on using the most reputable sources available in the public domain, ensuring the highest level of credibility.
- Criteria for "Top" Trends: When our clients seek the "top" or "biggest" trends, we determine these based on factors like being widely discussed by industry experts, having a significant impact, or involving a large number of businesses or customers.
- Assumptions and Calculations: If we need to make assumptions or perform calculations, we transparently state them in the report. Our goal is to be as clear and accurate as possible in our findings.
Client Update (PCU/FCU)
If, for any reason, we can't find certain information or encounter challenges in our research, we prepare a Client Update. This update includes alternative findings, a description of our research process, and an explanation of what information was not available and why. We believe in full transparency and providing our clients with a comprehensive picture.
At Legacy, we are dedicated to helping entrepreneurs thrive in the ever-changing business landscape. Our commitment to robust research ensures that our clients are well-equipped to navigate trends, innovate, and achieve long-term success. We look forward to assisting you in your entrepreneurial journey!