Fads are a common part of the business world. Out of nowhere, a certain product will bring about a mania, creating lots of millionaires in the process.
The problem is that fads disappear, sometimes as quickly as they emerge, which means that the industry could see a huge decline and even bankruptcies. So, if you are looking to work in a red-hot industry, be careful. The trend may only last a few years. You may end up needing to look for another job.
There are certain industries that are prone to fads. They include:
Restaurants
Fashion
Consumer technology
It's not always easy to identify a fad. Keep in mind that back in the 1960s, the fast food industry was considered a fad. Then, companies such as McDonald's proved that quick and easy food on the go could be very big business indeed.
However, when it comes to a new industry, especially one that gets lots of buzz, there's always a risk that it really is a fad. You simply need to be aware of the risk and ask yourself how strong...