Hot opportunities for young entrepreneurs - Page 4 of 5 - Black Enterprise

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Black Enterprise Magazine January-March 2019 Issue

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the partners never intended to compete on price anyway.

With their eyes on growing both market share and annual sales in 2006, the pair sees significant opportunities for entrepreneurs who rise above the commodity-based industries to provide personalized, high-end lifestyle services to their clients. Mwangaguhunga says,”The entrepreneur who approaches a problem in a new, innovative way and looks at giving customers more than what they’re used to will find the most success.” BE

Hot Opportunitiesin high-growth markets for 2006
Car customization. A tricked-out ride is a high priority for many drivers. The trend, which is becoming more mainstream, indicates that consumers want their cars and trucks personalized, or restyled, according to a 2005 market study issued by the Specialty Equipment Market Association.

From racing spoilers and neon accent lighting to custom grilles and fancy seating, many car aficionados are buying the goods and installing it themselves. Others turn to the pros for help with window tinting, a lowered suspension, or a special paint job. Opportunities exist in the areas of wholesale or retail car parts (especially trendy accessories), custom paint jobs, car stereo upgrades, and upholstery customization.

Admissions Consulting. An M.B.A. application is extremely important and merits some constructive preparation from a knowledgeable source. Given the reality that top M.B.A. programs accept about 10% of college applicants, professional assistance from an admissions consultant can make the difference. Total college enrollment of 18- to 24-year-olds has risen over the last three decades, according to the National Center for Education Statistics. This trend bodes well for entrepreneurs interested in establishing services to help students target the best schools. For more information about admissions consulting, contact the Independent Educational Consultants Association. The IECA (703-591-4850; www.iecaon is a nonprofit, professional association representing full-time, experienced independent educational advisers.

Hot Opportunities: More high-growth sectors for 2006
Like what you’ve heard so far about these entrepreneurs? Here are some other business concepts you can explore:
MOBILE TECHNOLOGY. While text messaging, voice, and ring tones are popular right now, mobile technology-driven content also has strong potential. To get a glimpse of where this market is going, content publisher Mobile Lingo will make Hip Hoptionary, a dictionary of hip-hop terminology written by Alonzo Westbrook, available as a mobile phone download service. Subscribers can use the data to instantly find the meaning of the latest hip-hop slang. Developing your own content or helping others convert theirs to a mobile platform is a great way to gain access to a huge audience of cell phone users, whose reliance on mobile technology will continue to increase. Research from In-Stat indicates that the delivery of images, sound, and video through mobile devices is expected to grow by a compound annual growth rate of 50% through 2009.

SECURITY AND PRIVACY. Americans are concerned about their personal security, boosting the total size of the U.S. electronic security industry to $10.2 billion. And it’s still growing at a rate of 8.7% per year through 2008, predicts The Freedonia Group. Products like access control, alarms, biometric devices, digital closed-circuit TV, and contraband detection are

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