I just recently (a shame on me, and no, I'm not from the Mars) came across cuddle therapy concept, which proves that if you pay attention exclusively to your sphere (for me it would be graphic design, logo design, visual identity, and branding), you might overlook some news that are going on out there in the world. But you do not want this to happen.
Be aware of market in general
If you are involved in any sort of entrepreneurship, you must, more or less, be aware of major currents and undercurrents not only of your very specific industry, but market in general. So, yes, in order to be successful, it is preferable that you have the complete picture of business life. You need to know the needs of the market in order to satisfy the demand.
Be aware of trends
No matter what scale you represent, micro-business or macro-business, public or private sector. Trends and innovations influence either. The understanding and knowledge of trends will give you ideas on what tools to operate, what strategy to choose, how to adapt your business, what products to supply, or even what products to create.
How to spot trends
Try typing something like '2016 [instead of 2016 put a current year] industry trends', '2016 IT trends', '2016 industry trends' into your searching engine and you will be surprised. Don't search for emerging trends solely in your sphere. For example, if you are a visual designer, a logo designer, like me, searching through a design blogs will give a knowledge of what is already a trend (which is also valuable info), and only in your domain. You would like to scan industry blogs, articles, and publications on what researches have been conducted, what experiments have been done, what new prototype products/services have been launched. Visiting a related exhibition, fair, conference, or asking a knowledgeable friend is also a good practice.
Trends to look at
Disclaimer: this article is not meant to be profound scientific financially and technically justified research. It is just a brief overview of ongoing trends that might give you certain hints of what and where to dig. I would be more than happy to hear from you if you want to disagree on any point, or if you have something to add, please, do. It would be perfect.