What constitutes a good idea for a startup business? (Part 4)

Right for the times.

Consider what’s going on in the world around you. While you don’t have to jump on the latest fad, you are better off swimming with the current rather than against it. Is the government supporting certain industries (e.g. clean energy)? Is a breakout product creating opportunities for accessories or software (e.g. iPods, iPhones, Twitter, Facebook)? Are economic trends driving new demands (e.g. re-training bankers or auto-workers)? Are major consumer trends creating opportunities (e.g. aging Boomers, organic food, yoga)? If changes in your environment fit with your strengths and expertise, take a closer look. Of course, the overall state of the economy can also be a big factor. As I write this, the economy is in a tailspin. That makes raising capital tougher than squeezing water from a stone, so unless you have a stellar track record as an entrepreneur, a mattress full of cash, or a trust fund, you are probably better off starting a venture that doesn’t require much capital. 

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