- Economic Trend: Global Demand is strengthening
- Source: https://commercial.jpmorganchase.com/pages/commercial-banking/executive-connect/six-key-economic-trends
- I believe that an opportunity might exist because it is predicted that GDP will grow by 4 percent in 2018. In addition, global demand has been being recorded for years. It is stated that they believe India will grow faster than China for the first time in 25 year— this statement illustrates that growth has been recorded for at least this time span.
- The prototypical customer is American businesses because they would benefit from the rise in demand in other countries that they wish to sell their items. I believe this would be relatively easy to exploit since America has already been trading with many of the countries that are growing in demand.
- I think I saw this opportunity because America’s trading relationships is in the media a lot. The countries that America is trading with and not trading with is always being discussed.
- Economic Trend: Rebounding from Natural Disasters
- Source: https://commercial.jpmorganchase.com/pages/commercial-banking/executive-connect/six-key-economic-trends
- Last year, we saw various impactful natural disasters occur in the United States. From the hurricanes that affected Texas and Florida, to mudslides and fires in California there were a plethora of homes, jobs, businesses, and lives lost. Therefore, with Americans rebounding from these natural disasters I believe an opportunity exists.
- The prototypical customer is businesses that are rebuilding, as well as, construction workers that will have to rebuild roads and homes. I believe this would be relatively easy to exploit since there is a lot of work that needs to be done. However, rebuilding homes and businesses will be a big challenge.
- I think I saw this opportunity because I live in Florida and was impacted by Hurricane Irma. Although we did not lose our home, the main road to get to our house washed away and was not repaired for about a week.
- Regulatory Trend: Portable benefits rules
- Source: https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html
- Currently, about 1/3 of Americans are gig workers, meaning they are either independent contractors, temporary workers, or freelancers. Therefore, they do not receive benefits like 401k’s, health insurance, and training. Since this leaves 1/3 of America’s workers neglected, I believe there is an opportunity here.
- The prototypical customer are the 1/3 of Americans that are left without benefits because they do not hold a traditional job. I believe it could be somewhat difficult to exploit since some of these workers probably believe they have been getting along great without benefits. However, I am sure that multiple workers would be eager for these benefits.
- I think I saw this opportunity because my parents and grandparents are independent workers so they do not receive benefits that they would if they worked for a traditional business.
- Regulatory Trend: Paid sick leave and minimum wage policies at local and state levels
- Source: https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html
- I believe there is an opportunity here because paid leave has recently been being pushed on business owners and presented in Congress.
- The prototypical customer is larger businesses that would be able to provide paid leave to its workers easier than small businesses that might have a difficult time with this. I believe it would be difficult to exploit to small businesses. However, it should be easy to exploit to larger businesses that can handle it.
- I think I saw this opportunity because my parents own a small business and I know it would be difficult for them if they were forced to provide paid leave to their workers. Although they would like to be able to do this, it would be a challenge because they only employ a few workers.
I also wrote about portable benefits in my blog, I talked about how we might be able to create organizations that can provide the portable benefits that many are calling for. I think that your approach to the problem is interesting, especially in how it differs from mine.
ReplyDeleteHey Brandi! I also wrote about the GDP growing by 4%! That article was extremely interesting to me, and I think it should lead to a growth in the economy. The wild fact of it all, is that now India is surpassing Chine in over two decades! I wonder how big of a change this will lead to in America. I think the article regarding regulatory change with minimum wage policy was interesting as well. Small businesses couldn’t survive this regulation; even though it may be beneficial to workers at first, I think overall many people would no longer have a job.
ReplyDeleteBrandi, I have enjoyed reading your articles! The paid sick leave and wage policies on local and state levels is well over due for change. Evolving economies are dramatically impacted by quality of support through labor and assigned responsibilities for the value of a given pay rate. As we continue to adapted to many economic changes, the amount of unpaid work and time off adds up. This starts with the culture we have adapted to as social norms have changed through cell phone and electronic communication. Companies are now enforcing cell phone and e-mail use policies to prevent the amount of inundated messages overflowing into personal time and a decrease in social productivity in large organizations. A major issue that goes along with this is the areas where employers have created expectations for work to be acted on during non-working or un-paid hours. We also have reached a point in the job market where hours in and overtime prohibit workers from staying home in sacrifice of individual health as well as the health of others when sick leave if discussed, all of which can be evaluated by the health care reform and statistics that measure the overall margins defining the success of the health care system we have in place.
ReplyDeleteHi Brandi, I thought that all of the topics that you discussed were very interesting. I think you did a great job at identifying economic and regulatory trends that impact society. However, I am not exactly sure about which specific opportunities you are referring to. I'm sure these trends will create many opportunities, but I don't understand which ones you are referring to exactly in your post.
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