the new items just coming out on the market. Technology is your innovative kitchen appliance, your home computer, NASAs new spacecraft and even the proverbial better mousetrap. For example, lots and lots of people are working feverishly to come up with better video games, laser toothbrushes, wristwatches, TVs and the like. Sometimes it takes years to perfect an item. That can be good news for small businesspeople, as there is plenty of time to prepare to profit. Perhaps youve heard of satellite telephones. This is the new telephone technology which will transmit and receive directly from your telephone to a satellite. Satellite telephones obviously will require large amounts of capital and can produce great profits. Some people will surely profit handsomely from the opportunities that arise.     Of course, there is a downside to new technology, too. It often involves high risk. Theres no guarantee of success just because the product is new. In fact, something like 80% of the new products introduced into the marketplace die a quick death. Remember 3-D movies, the Edsel and eight-track tape players?     What should you do to take advantage of new technologies? First, recognize that large-scale new technology ventures require vast amounts of money and will be beyond your reach unless you plan to have your small business grow in a hurry. Many companies expect to lose money for years during product development and approval before developing a big hit. However, there are often ways creative small businesspeople can find to participate in new technological trends. For example, many computer software companies started with little more than a good idea and a computer. Or to think even smaller-but not necessarily less profitably-lots of carpenters have done well making ergonomically correct furniture for computer work stations.     Pay attention to new developments in your chosen field and think about how you can take advantage of them. With all the camcorders being sold, many people will make a good living repairing them. Maybe thats a good business for you. Or, if you plan to open a television repair shop, you should know that in the next few years many, if not most, new televisions will have HDTV technology. If you are the first TV shop to specialize in that technology in your area, you may do very well.     In short, new technology is a mighty engine that can pull the economy in new directions at terrific speed. Be sure you are riding on the train and not picking daisies on the tracks in front of it.     4. Write a Future Trends Statement the broad movements in the economy that can affect your business idea. Also, remember that there are similar trends in your local community. Its at least as important that you pay attention to these. For example, perhaps you live in a farming community with no manufacturing industries and many migrant workers. It is unlikely that a high fashion clothing store would do well there, but you might do very well selling a new lighter, stronger, cheaper work boot, or chain saw, or stump puller.     Write down your first thoughts about what trends affect your business and where they will be in five years. Nobody expects a perfect forecast, but most financial backers want to know that you have thought through how your business will fit into the world in the next few years.           Future Trends Affecting Antoinettes Dress Shop