Have you ever thought about a new field of activity or business model for your law firm, but weren't sure if it had legs? If you're looking for a quick way to find out the NBT, try the “rule of three”. This is how Chris Wilson, founder of Lululemon, knew that a company that focused on yoga clothing would be a success.
As Wilson describes in this video, he often used a “rule of three” to assess the potential for his business ideas. For Lululemon, Wilson noticed a strong interest in yoga at three points of contact: he observed a few women going to a yoga class, saw a sign for a yoga class, and had attended a yoga class himself. The increasing popularity of yoga combined with the rise of a generation of young working women with disposable income to pay for clothes (another trend Wilson discovered) eventually led to Lululemon's popularity.
In today's world, despite partial isolation and social distancing, there are dozens of data points where information can be accessed: social media, conventional press, chatting with friends and family on zoom. What trend have you discovered that will catapult your law firm into the spotlight? Remember, when it comes to finding a trend that gives you a first-mover advantage, there is three times the appeal.
← Power Pact recording now onlineEarn money on Mondays: replace what doesn't come back with something better →