Profiting from a Trend: Wireless Technology
There are two major trends going on that are merging into one: communication and
computing. Our world is not only becoming obsessed with them, it wants non-stop access anytime, anywhere.
I admit, it’s true even for myself. It's no longer good enough to be able to access virtually any
information I want from my desktop computer at home. I now want it while I'm sitting in traffic, while I'm
waiting in an airport - I could go on and on. So it's no surprise that the purchases of laptop computers and
cellular phones are now increasing at a faster rate than their wired siblings.
Although we want access to all of this information, no one wants to haul around a cell phone, pager,
computer and fax machine - that counteracts the whole convenience factor we are trying to achieve. So now we
see companies integrating a variety of services into one product. It's all about saving time, money and
offering convenience.
But then again, access to all kinds of information 24 hours a day from virtually anywhere in the world is
just not enough. We now want our wireless companions to be smaller, lighter, faster and, of course, cheaper. So
the trend will probably continue until we create the perfect solution to our *anywhere-anytime* craze.
As entrepreneurs, it's a good idea to note trends like this - as they most likely will affect our
businesses. These trends also reveal clues that allow us to capitalize on profitable opportunities - if we are
paying attention.
THE MOMENTUM BEHIND THE TREND
First, understand what is fueling the trend. Generally, this is what the market needs or wants. For example,
a significant percentage of today's workforce is mobile. Companies using wireless computing (that have a mobile
workforce) have a competitive advantage over those who don’t. In some cases, that instant accessibility to
information could be vital to a business’s success.
In addition to being used in the workplace, these wireless conveniences have become a part of our personal
lives as well.
CURRENT DRAWBACKS
As you might have guessed, wireless products aren't perfect. Until the day we create perfection, wireless
computing needs to become faster, cheaper, more reliable, more secure and manageable in order to persuade
customers to let go of their desktop umbilical cords.
Disadvantages of wireless computing:
1. Wireless networks are considerably slower than current wireline networks.
2. Communication is less reliable since radio signal quality changes as computers move around.
3. Wireless coverage areas are limited.
4. Power management is not as convenient, since batteries constantly need to be re-charged.
CAPITALIZING ON A TREND
This wireless trend tells us that people want to save time and money by being able to access information
anytime, anywhere. However, they want this information to be conveniently accessible, and they don't want to
pay an arm and a leg to get it.
So how do we capitalize on this trend?
I see four ways:
1. Create a wireless product or service that provides that non-stop information accessibility factor people
are looking for.
2. Create an accessory to a wireless product or service that eliminates one or more of the industry's
current drawbacks.
3. Create a product or service that is not necessarily wireless, but incorporates those convenient
time-saving and money-saving solutions that people are looking for.
4. Of course, there are opportunities out there for us to profit from somebody else's timely idea. Some
companies producing these new wireless products and services are now offering turn-key re-seller
opportunities that let you get a piece of the action.
