Identifying Opportunities in Economic and Regulatory Trends
1. The economic trend of financial markets controlling oil, gas, and food prices is definitely one that presents an opportunity. I found this trend when I was looking online for economic trends in America and came across an article about the top 6 economic trends in America right now. I found this article on a website called The Balance. This information leads me to think an opportunity exists because now that supply and demand have become not as important in terms of controlling prices, commodity traders have more power when it comes to setting prices for oil, gas, and food. The prototypical customer would be any consumer interested in buying/selling oil and gas and obviously every person on the world would be a prototypical customer for food. I think that the opportunity for commodity traders is very easy to exploit because everyone needs oil, gas, and food and if they are able to set prices, they should easily make a lot of money. I think that I saw this as an opportunity when other people did not is because I have experience talking to commodity brokers and know that oil and gas are always in demand and if you can set the price yourself, you're golden.
2. Another economic trend that presents an opportunity is the fact that Baby Boomers are not retiring. I also found this trend on the website The Balance in the same article about the top 6 economic trends in America right now. Due to the Great Recession and retirement crises, the older generation has to stay in the workforce longer because they cannot afford to retire. This leaves less room available for millennials to get typical jobs in the workforce. However, I think this creates an opportunity and opens the door for more millennials to be entrepreneurs and work in more innovative fields where they can work on something they love and make money rather than just work 9-5 everyday and hate your job. I think that this opportunity is fairly hard to exploit because it is not easy to go out and create your own successful business. I think that I see less jobs available due to less retiring baby boomers as an opportunity when most wouldn't because of my mindset for innovation and entrepreneurship. I would much rather work hard and create my own job rather than work for an established company, which makes me see this as an opportunity for millennials rather than a problem.
3. A regulatory trend that I think presents an opportunity is the trend toward more attention and medical coverage for first responders. They have needed extra attention and expanded coverage for things such as PTSD and cancer. Recently, Florida passed a new law that recognizes PTSD as an occupational disease and does not require someone to also have a physical injury to be treated for it. I found this regulatory trend on a website called WorkCompWire in an article titled "4 Current Regulatory Trends and What They Mean for Pharmacy Management". This trend leads me to think an opportunity exists for doctors offices and pharmaceutical companies because now that more first responders can be covered for PTSD and cancers, there will be more opportunity for doctors and pharmacies to make money off of treating these diseases. The prototypical customer would be the first responders suffering from these diseases and I think that this opportunity would be relatively easy to exploit. I think I saw this as an opportunity when others might not because my mom had cancer before and I witnessed first hand how easy it is for doctors and pharmacies to make money off of treating someone who has an illness that requires treatment.
4. Another regulatory trend that I think presents an opportunity is the trend toward legalization of marijuana. Marijuana is now legal for medical purposes in 30 states and the District of Columbia. I found this trend also on the website WorkCompWire in the same article titled "4 Current Regulatory Trends and What They Mean for Pharmacy Management." This information leads me to think an opportunity exists for medical marijuana companies. They can exploit the fact that more and more people want access to medical marijuana and are suffering from conditions that deem them able to use medical marijuana to treat these conditions. The prototypical customer would be any patient suffering from a conditions that deems it allowable to be treated with medical marijuana such as chronic migraines or even eating disorders. I think this opportunity is relatively easy to exploit because of how many people want to use marijuana nowadays. I think I saw this as an opportunity when some may not because my aunt owns a medical marijuana dispensary in Colorado so I know how lucrative of a business it could be if managed properly.
Hi! The economic and regulatory trends you found are very interesting. All the trends, both regulatory and economic can definitely be opportunities. You found trends that easily identified as opportunities with problems that could be fixed. The regulatory trend you found about medical marijuana is very interesting and could be a good opportunity for companies to exploit marijuana for many uses. You chose really interesting trends and changes that could definitely be opportunities. Really good job!
ReplyDeleteHi Reed,
ReplyDeleteI also did an article on marijuana. Mine was in regards to how it can be used as a medical drug but there were some similarities between our articles and that is the stigma of marijuana. Both our articles explained that there were some conditions that medical marijuana can actually help a patient. More and more people are in seeking for marijuana for the help of their health.
Reed, the opportunities you chose are interestingly complex and quite similar to my own! I also wrote about the federal legalization of marijuana, as well as the exploitation of consumers by oil producers and exporters. I am sure prototypical customers are sick of high oil/gas prices so there is definitely an opportunity there (if someone can manage to lower the prices to a reasonable level). I agree with you that medical marijuana companies have a great opportunity with federal legalization, as well as investors and medical patients. The youth and the common people -- I'm not so sure about. However, I'm a strong believer of the idea that if you make it harder for someone to obtain something, they will be more inclined to obtain it. Similarly, legalizing marijuana may have a reverse effect in that people will begin to see its flaws (considering it's around them more).
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