Emergent trends can be alluring but can obscure the bigger picture of a business’s longevity.
Take Jordan. She’s an entrepreneur who started a VR gaming franchise. Despite her initial success, market volatility and the fleeting nature of trends left her without a business.
Hopefully, Jordan learned a few lessons from her business. Fortunately, we can benefit just from hearing it.
Here are the takeaways from my mind:
Avoid FOMO
Actually, you can’t avoid FOMO (the fear of missing out). However, you can avoid basing your decisions on it. Instead, I like to choose franchises based on what franchises people need in their lives.
Distinguish Between Long-Term and New Trends
Immediate profitability doesn’t guarantee longevity. Focus on franchises with a proven track record unless you’re financially prepared for shortfalls.
Value Adaptability
A franchise’s resilience to market fluctuations will determine its longevity. You want to get a franchise that performs well in good times and bad times.
In short, channel your inner Warren Buffett. (You can hold off on the Coke and peanut brittle.)
Base your investments on prudence, not novelty.
Be cautious. Be methodical.
Focus on consistent growth and sustainability.
Of course, it’s not as exciting, but you’re far more likely to outperform investors who roll the dice in the long term.
