Economic Opportunity Identification


6A:
(Regulations)
Implementation of tariffs
a) I found this regulation on businessnewsdaily.com where it discusses how tariffs can have affects on people by causing a strain on supply chains and affect material costs.  
b) I believe that there is an opportunity here because the use of tariffs is going to affect our country and how we import goods.
c) This regulation will affect business owners but more specifically, small business owners.
d) I think that the problem would be moderately hard to exploit because there would have to be a way to help small business owners keep costs down. Potentially there could be a company to help small businesses with contracts, etc.
3. I believe that there is opportunity here because the decision on tariffs was not favored by everyone in America. It is going to affect the costs of products which is going to make it difficult for some businesses to stay up and running. I’m not exactly sure what the result could be from this opportunity but I think there is a way to help these business owners manage the tariff system to best help their business.

Paid sick leave and minimum wage levels at local and state levels
a)    I also found this potential regulatory change on businessnewsdaily.com.
b)   I definitely think that there is opportunity here to help businesses manage this potential change in the sense that it can be hard for businesses to pay employees more or give them more time off.
c)    The customer for this opportunity would be business owners. They would need to work with a service who could help them budget or figure out strategic ways to best utilize this regulation.
d)   I don’t think the opportunity would be too hard to implement since a lot of it would most likely come down to budgeting.
I see this opportunity because of the constant debate of employees wanting higher minimum wage rates. I remember being in high school and watching news segments of McDonalds workers wanting way more money per hour. In order to make this possible I would say that an outside company can help to strategize and budget to make this happen. It may mean cutting down on employees to pay more money, but it would need to be beneficial for the company and overall economy.

(Economic Trends)
Expansion Phase of the Business Cycle
a)    I found the expansion phase on thebalance.com where they discuss common economic trends in America.
b)   I believe that there is opportunity here because people should be aware of what cycle the country is in. By knowing what business cycle we are in, it can help better prepare Americans for potential economic crises.
c)    I think that any American would be a potential customer for this opportunity.
d)   Depending on how you wanted to exploit the opportunity it could be relatively easy. My idea would be to develop a service that can help Americans prepare for an economic crash to happen so that they can be as protected as possible.
I see this opportunity because the economy is constantly going in cycles so there will always be room for helping Americans. The only personal experience with this is seeing what my family dealt with during the crash of 2008. Although it was not too bad for us, I saw the effects that we felt even though we were prepared. I think there is definitely an opportunity in helping people be even more ready.

Baby Boomers Not Retiring
a)    Another opportunity I discovered on thebalance.com was that baby boomers are not retiring as early.  
b)   I believe that there may be an opportunity here for the younger generations as the article touched on. Creating more opportunities for jobs that are not as traditional as the occupations baby boomers have is a great opportunity. Baby boomers are not retiring as early because they want to keep their income high, leaving less traditional job opportunities for millennials.
c)    I believe that millenials and other future generations would most likely be the customer.
d)   I think that it could be relatively easy to create a service where we help younger generations find jobs that are out of the ordinary. I even think that there can be different schooling programs to help people think outside of the box in creating new opportunities for themselves.
Nowadays with technology constantly changing and advancing, I think that there is a lot of room for growth and job creation with millenials. I have so many friends and even follow influencers on Instagram who have discovered how to make a living by growing a social media following. It is so fascinating to see the entrepreneurship and work ethic of the younger generations and I think that a great opportunity is there.


Website References:
http://www.businessdictionary.com/definition/economic-tsunami.html
https://www.thebalance.com/top-usa-future-economic-trends-3305666

Comments

  1. Jake Fuhrman (606)September 17, 2018 at 11:00 AM

    Hi Brooke, I think that the economic opportunities and trends that you wrote about are very fascinating. Especially the baby boomers not retiring. It is interesting that it is making it harder for millenials to find jobs since the baby boomers are holding on to their jobs for longer. The ways that younger people are learning to find employment is interesting, like social media accounts.

    ReplyDelete
  2. Austin GalbraithSeptember 17, 2018 at 7:56 PM

    Brooke,
    These examples are all great and you backed up every example with realistic answers to make these opportunities possible. I love your economic opportunities and I agree that it would be a great idea for a company to focus on business cycles and help their clients understand these cycles and what to do with their money in these situations. Also, I agree with your argument that there should be a business that helps millennials find jobs that are out of the ordinary and that baby boomers are not as qualified for.

    ReplyDelete

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