Remember the pearl-shake craze in the summer of 1999? The ice-blended beverage was the drink of choice then for Filipinos longing for a cool respite for those hot summer days. It wasn't long before other enterprising fellows got into the pearl shake bandwagon; even established fast food outlets joined the craze, offering their own versions of the popular beverage. The fancy for pearl-shakes soon faded, however, and so did most of the stores that sold them. Today, only a handful of such kiosks remain.

Similar stories have happened to other businesses. Ventures like shawarma stands, mixed rice-in-a-box kiosks, fortune bamboos and herbal products stores have come and gone. While the entrepreneurs that pioneered these products still enjoy brisk business, those that have jumped on the bandwagon later in the game all eventually had to close shop. Is it simply the case of too many cooks ruining the food, or was it just because the fad simply died out?

When looking to join the bandwagon, would-be entrepreneurs should first determine if a new "hot" product is a trend or a fad - which may confuse some who think of the two terms as one and the same. A trend is something that reaches out to more than just one market segment, industry, and more importantly, values. A fad, on the other hand, is a one-hit wonder, something that comes to enthrall the market and fizzles away just as quickly.

Consider the rise of clothing lines for plus-sized men and women. A few years back, the heavy set was hard-pressed to find clothes that are stylish and fit nicely - resorting to wearing shapeless clothes that make them look heavier. These days, there are several shops plus-sized of all ages people can now find fashionable outfits, and even wear the latest styles, in numerous stores that cater to their needs.

Still in the fashion arena, designing for pregnant women have also become a booming business. Today's women don't just want maternity clothes that fit; they want clothes that allow them to be stylish and comfortable in every aspect of their life. From corporate attire for pregnant women, athletic wear, and even evening clothes for fashionable mothers-to-be, entrepreneurs are seeing the handwriting on the wall: expectant moms lead exciting lives and need clothes that allow them to look stylish even in pregnancy.

Products or services that combine multiple trends also have more staying power. The many coffee shops that dot the metro provide not only good coffee, but also an inexpensive place to hang out. Most shops now even offer Wi-Fi access, a plus for corporate-types who want to get some work done while having a cup of java. While the big chains like Starbucks continue to draw the crowds, smaller coffee shops have their share of loyal customers who want quiet with their coffee - not to mention get a table faster. As a bonus, the rise of the coffee shop has revived the local coffee industry.

Entrepreneurs should know how to trend-spot if they're looking to cash in on the latest "craze". Keeping a pulse on the various industry developments and lifestyle changes can give business-minded people insights on emerging products or services.

Getting in early in the game also allows entrepreneurs to develop a loyal customer base. Knowing one's consumers also helps in building and keeping the business' momentum.

Constant research provides entrepreneurs with a better understanding of their product and market. One needs to know everything about what product you're putting out, but what the competitor is doing, too. Lastly, putting a different spin on a trend allows entrepreneurs to differentiate their offering from others.