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When opportunity knocks...
By Chris Haycock | 04 January 2022
Rather than copying everyone else and jumping on the latest bandwagon, look at the opportunity in a different way to unlock the TRUE potential.
By 1856, the Californian Gold Rush was over for the 49ers.These early prospectors risked their lives getting to California to seek quick fortunes, and many of them did make their fortune. Even ordinary gold-seekers with little experience were earning more than 10 times what they could earn at home. But by the mid 50s, the Californian Dream was over. Prospecting for gold had become increasingly dangerous as the "easy" gold started to deplete. Tens of thousands of ordinary people had made big bucks from the gold. It was the first Get Rich Quick scheme, but it didn't last. Prospecting for gold wasn't sustainable, at least for the folks who were panning for gold by hand. As boom-times go, it was fairly short lived. But for some clever entrepreneurs, the Gold Rush unlocked a lifetime of success - but not from the gold itself. Some people reaped decades of fortune by providing complementary services to the rapidly expanding population. Transportation, entertainment, hardware and lodging became huge business to accommodate the needs of the prospectors. Even clothing created more wealthy individuals than the gold prospectors themselves, including Levi Strauss, who created the first company to create the now famous blue denim jeans for the miners. These entrepreneurs realised that long-term profits don’t always come from trends themselves, but from the opportunities surrounding the trend. And they're not always easy to identify. As we begin a new year #backtowork, there are emerging trends that you can capitalise on. I can see huge opportunities in sustainability, artificial intelligence, blockchain, VR, green transport, complementary medicines, home entertainment, and the fusion of Big Datasets. However, don't get caught up in the stampede for emerging gold rushes, because you'll be competing with everyone else. Instead, look for opportunities surrounding the trend. Think laterally about what impact the emerging trends will have on society, on businesses, and the environment, and how/where you can create something to support these trends. When you discover a new opportunity, don't sit on it. Act. Being the first in a new market can be tough going, but the long-term rewards are worth it. Look at emerging trends not from a get-rich-quick point of view, but an opportunity to create sustainable revenue streams that are still going long after the Gold Rush is over.
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