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Business Advice

What’s going on?

Sniff out clues to fresh business opportunities
CATS Classified In The Straits Times - December 21, 2010
By: Sheila Lim
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What’s going on?

Meeting needs, scoring success
If entrepreneurs carefully observe what’s happening around them and study current lifestyle trends, they will find plenty of business opportunities that are ripe for the picking.

Let’s take a look at some of these trends:

    Due to their continuous quest to maintain a high standard of living and keep abreast of things, Singaporeans are subjected to high levels of stress and are becoming more time-starved than ever.
    Singaporeans are becoming more IT-savvy. Though new-age media tools have made life more convenient in many ways, they also “rob” us of our time when misused, and created new social problems like gaming addiction and the young gaining easier access to pornographic material.
    Singaporeans are travelling overseas more frequently and imbibing foreign cultures through cable television. Many of them have thus acquired the taste for the “finer things in life”, such as wines, truffles, caviar and brand-name goods, and are more willing to try new products and services.
    There is a rise in the population of singles, expatriates and elderly people who are living on their own.
    Diseases like cancer, diabetes and high blood pressure are becoming more common. People are becoming more aware and concerned about their health, and are more conscientious about trying to lead a healthier lifestyle.  
    Parents are lamenting the high costs of bringing up children, and the increasingly competitive environment in their children’s school-lives.

Next month, we shall examine some possible business opportunities that can be offered to fit the needs and solve the problems arising from these lifestyle trends.

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