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973 : STEP ONE – SEEKING AND SHAPING OPPORTUNITIES

product (GDP), Tokyo has created its own, totally different lifestyle. As
a result, companies such as Sony regard Tokyo as an undisputed lead
market for product planning: ‘Devices that work here are forerunners
for the rest of the world.’76

A more transient example of using trend-spotting to secure early
advantage was demonstrated in the very early days of the internet. A
number of entrepreneurs recognised not only that most major
companies would eventually be forced by market pressure in the
medium term to register their domain names, but also that many
companies lacked the technical awareness or belief in the internet’s
potential to do so immediately. These entrepreneurs bought up domain
names which they considered likely candidates for the major players
and commanded high fees for subsequently selling them on.

companies such as Sony regard Tokyo
as an undisputed lead market for product
planning

Hopping back in time, finding new expression for old concepts, can be
equally valuable. Trevor Baylis, for example, made brilliant use of old
technology with his clockwork radio, whose stunning simplicity in not
needing batteries or electricity revolutionised the lives of millions.

moving to step two – acknowledging Catch-22 All the

techniques discussed above will help you to produce new definitions of
the embryo business opportunity. They will also help you break down
your initial business idea into its essential elements. All the data which
you have generated will contribute to a wider and clearer view of your
business opportunity and provide you with the cool detachment you
need to stand back from the enthusiasm of your first definition.

This first step should have moved you from a fuzzy sense that a market
opportunity might exist to a series of clearer definitions of that
opportunity.

identifying the ‘hot-spots’ You must now prioritise the

opportunities so that it is the most promising ones which you take
forward first to the next step of creating business solutions to seize
those opportunities. If you have managed to generate a substantial