subject: Which sectors of the economy look the most promising? [print this page] You have known this all the way, but perhaps, you have never dared to verbalize the thought. Your company and your economic future are up for grabs. The safety you have worked to build all these years might not withstand the strong winds of change. Global competition is lurking around the street corner.
Now comes the good news. If the currency of your country is losing value by the day, take heart, shift your paradigm, and join the export trade. If businessmen are no longer filling the rooms of your Florida hotel, take a step back and refocus your marketing on more promising clients, such as Norwegian and Swedish pensioners.
While the economy in some parts of the world is falling apart, there are high-growth markets out there. While many traditional professions are disappearing, new jobs are being created for which proper titles are still being sought.
The seeds of major change are all around us these days, together with the indicators of which markets are posed for massive growth. Statistics and surveys can be helpful to identify long-term trends, but they are too slow for entrepreneurs.
When it comes to identifying opportunities as commercially viable, do not rely on traces of past desires. Instead, choose the proven method validated by venture capitalists. Focus on markets where there is maximum pain, extreme discomfort, or unbearable annoyance.
Opportunities are the largest where problems are the deepest. The high-growth markets of the 21st century are being carved out of the troubles inherited from the previous century. If you open any newspaper, you will face the afflictions of the world, each of them crying for entrepreneurial solutions. These are just four examples:
1.- CHINESE AS FOREIGN LANGUAGE. The upcoming value gain of the Chinese currency will create massive changes in global trade flows. Teaching Chinese as foreign language should experience sustained growth in the coming decades.
2.- PROTECTION OF INDIVIDUALS. For different reasons, public safety is deteriorating in many cities of the world. The market for personal protection, in all its different facets, is bound to pick up. The precise shape of that growth will depend on what is allowed by national laws.
3.- GLOBAL CREDIT INSURANCE. During the last decades, global financial markets have expanded faster than the reliability of credit information. There are tremendous opportunities for insurers to step in and offer cost-efficient coverage of global credit risks, both for individuals and corporations.
4.- FAST READY-MADE HABITATION. Compared to the astounding efficiency of car manufacturers, the building trade offers immense opportunities for improvement. Millions of people around the world can still not afford apartments or houses at present construction prices. The adoption of continuous-flow techniques by real estate developers should change radically the way we build and sell houses.
Massive change is coming, but there is nothing to fear. Global competition is making companies and workers amend their ways in all fields of activity. The only safety you can trust is innovation, the only market signal you can rely on, irritation. When you listen to people complain about this or that, realize that they are only waiting for the next entrepreneur to take the plunge.
JOHN VESPASIAN writes about rational living and is the author of the books "When everything fails, try this" and "Rationality is the way to happiness." He has resided in New York, Madrid, Paris and Munich. His stories reflect the values of entrepreneurship, tolerance and self-reliance. See http://johnvespasian.blogspot.com a blog about rational living.
Which sectors of the economy look the most promising?
By: John Vespasian
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