MANAGEMENT

Detailed explanation-1: -Trend analysis helps you compare your business against other businesses to establish a benchmark of how your business should be operating, at both the initial stage and ongoing, or developing.

Detailed explanation-2: -Entrepreneurs should observe at least four types of trends-economic, social, technological and regulatory-to identify business opportunities and grow their startups. By paying close attention to economic trends, they can identify areas that are ripe for new ideas.

Detailed explanation-3: -Trends create opportunities for entrepreneurs to pursue. Economic trends help determine areas that are ripe for new start-ups and areas that start-ups should avoid. A weak economy favors start-ups that help consumers save money. An example is GasBuddy.com, a company started to help consumers save money on gas.