Fomo Fad Leads To Many Failed Biz Ventures Just Focus On Selling Essential Goods Services

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FOMO – in case one is in the dark – stands for ‘fear of missing out’.
It is the phenomenon largely driven by social media where the masses flock to the latest fad just to be part of the trend.
One consequence of this herd mentality is the rush to be part of whatever business or investment trend that has captured the imagination for the moment.
And before long, there will be a raft of casualties as the trend fizzes out and the public moves on to the next hot ticket item.
This was certainly the observation of finfluencer Pelabur Bijak (@Pelabur_Bijak) who pinpointed certain businesses as being all the rage before fading into obscurity.

He was responding to a post by Roman Akromovic (@SyedAkramin) who shared yet another pickleball facility that is up for sale.
The pertinent question that needs to be asked is if the business can survive for at least five years.
Therefore, the poster argued that it is better to focus on essential goods and services. He went on to highlight a number of ventures which he considers as essential. These include F&B (food & beverage) outlets, automotive repair shops, pet hotels and car wash facilities, among others.

He further contended that long-term growth is the key factor – not hype and hot air. Repeat customers are the lifeblood of any business and it matters not if the grind is unglamourous.

He went on to counsel that a business is only worth pursuing if it has potential to last a decade or more. Trending businesses are often those with many unforeseen and unending problems.

The poster posited that trends come and go but real businesses are rooted in needs. Food, transport and knowledge will always be in demand, he surmised.

The poster highlighted automotive repair shops as being essential with each having its niche specialities and own set of customers. One cannot expect to capture the entire market.

One netizen highlighted the different types of cafes offering trending products or beverages – notably bubble tea – as examples of FOMO businesses.

Another commenter also noted shops that sold nachos loaded with cheese and other toppings seem to have faded out as well.

A few though disagreed with pet hotels being a fad as it was a service which is very much needed.
One commenter pointed out that proper pet hotels were few and far between as those which moonlighted as other businesses as well did not count.

One netizen wondered why more were not opening cyber cafes, observing that nine out of 10 that opened in his old residential area of of Damansara Damai did a roaring trade 24×7.

Cafes and the aforementioned pet hotels were still viable business prospects as they stand a “50-50 survival chance”, claimed one commenter.

All said and done, all business ventures entail some degree of risk. Otherwise, everybody would be running their own businesses, right?
Whether there is merit to this poster’s arguments is open to debate. Even with trending businesses, there is an opportunity for those who strike while the iron is hot.
Those who venture into business has best be prepared to face umpteen challenges.
Similar to the British Special Air Service motto, it is very much a case of “who dares wins”. –  Focus Malaysia

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