6A - Identifying Opportunities in Economic & Regulatory Trends

Economic Trends
Embracing An "I Want It Now" Mentality
a) https://www.forbes.com/sites/stephaniedenning/2018/12/27/2019-business-trends-executives-need-to-consider/#4d6ecec5229e
b) An opportunity exists here for companies of all types to develop innovative ways to interact with their specified audience in a more immediate manner. With technology constantly evolving, smart phones, social media and apps are a great way for both small and large businesses to take advantage of this.
c) Customers of any business are bound to take advantage of this opportunity because they will want to embrace the mentality where they can click a button do things like express ship clothes or order food for delivery.
d) Obstacles one might experience with this opportunity is that big name businesses might already have a similar type of convenience but if local businesses do the same to exploit their services, people in the area would be more prone to use their services because it is something they are more familiar with.
Why? I feel that is opportunity a beneficial one because, as college students, we love nothing more than to get what we want - whether it be food, an Uber or into a bar - as fast as possible. Therefore, anyone in any town or city will want to be able to get their favorite local pizza or make a reservation in the same manner.

Getting Woke - Redefining How Consumers View Business
a) https://www.forbes.com/sites/stephaniedenning/2018/12/27/2019-business-trends-executives-need-to-consider/#4d6ecec5229e
b) An opportunity exists here for businesses to attract more of their consumers and customers by expressing their values and standards in any way, shape or form. By signaling their merits, they are expressing their commitments to their craft which will build a more substantial relationship with their audience to gain further trust.
c) Any customer to a store, restaurant, organization, etc. will take advantage of this opportunity. They will notice what the seller or producer views as important in their production process and feel that they are getting the best service possible, based on their personal beliefs.
d) Obstacles with this opportunity are that businesses could very well lie about their values or bend the truth about them in order to try and gain more consumers. However, getting certified with different verifications will help avoid this and further exploit their services.
Why? This is a beneficial opportunity because "fake news" is constantly being thrown up everywhere we turn and it is important for people to know that, when they are spending money on a product or service, they are getting the best product.

Regulatory Trends
Minimum Wage Increases
a) https://www.thesimpledollar.com/four-economic-trends-that-will-impact-you-this-year/
b) With 19 states across the country increasing their minimum wage on January 1, an opportunity exists here for more people to join the workforce and make a more substantial amount of money to support themselves.
c) High school workers or a single mother supporting her children will appreciate and definitely benefit this spike because they will be making more money that will go toward their ability to get a college education or better their living conditions.
d) A huge obstacle that comes along with this is that the difference between higher-paid workers and lower-paid workers will be even higher. Due to the benefits that minimum wage workers will be receiving, exploiting this to other states should not be difficult as they should also want their residents to be better off because of the pay bump.
Why? Again, as a college student, I feel that this is an extremely beneficial trend. Students working jobs in those selected states while taking classes who might have to pay for their rent or car insurance will hands down appreciate and gain from this transition.

Privacy Regulations
a) https://www.benefitspro.com/2018/01/10/top-10-regulatory-issues-for-small-businesses-in-2/?slreturn=20190025180825
b) This opportunity has come about because privacy has become a huge concern for everyone with social media. People are constantly sharing where they are, who they're with and what they're doing on the internet. Public awareness, and even state regulations have tackled into the issues on this both on and offline.
c) Everyone from businesses to individual citizens can benefit from their in order to improve their confidentiality and safety. They will be able to keep certain information under lock without the worry of outsiders invading it.
d) People hold their privacy to a high standard, therefore I think it is easy to exploit because they want to make sure they are safe. Businesses and individuals will pay however much they need to if it means that their privacy is upheld.
Why? As I said, with social media at the forefront of our every day lives, we are constantly questioning whether our privacy is legitimate or not. Although certain regulations do protect people to a certain extent, the need for a higher, more secure level of privacy is necessary.