trends
Tourist Trend
https://data.worldbank.org/indicator/ST.INT.ARVL
The number of tourists all over the world are increasing. Each year more and more people leave their homes, board a ship, plane, train, or bus and enter a new location. The information from the World Bank Organization provides graphs that show the increasing number of tourists visiting each country. An opportunity exists in the hotel, food, and entertainment business to attract these tourists to visit. The prototypical customer is one who chooses to leave their home and discover new parts of the world. Opening up a chain of hotels in a couple of the countries with increasing visitors is an opportunity that should be exploited; although it is relatively difficult because people typically book hotels that they trust and have heard good reviews of. A person interested in opening up hotels also needs a lot of money to pursue this opportunity, for this reason, someone might not see this as an opportunity. I saw this opportunity while watching a lecture from Professor Phallin's International Business where she stated this trend.
Online Shopping Trend
https://www.statista.com/topics/2477/online-shopping-behavior/
The number of online shoppers is expected to double between 2016 to 2020 according to Statista, an online statistics website. Forty percent of Internet users have said that they online shopped more than once in the past month. The trend for online shopping is increasing. Companies like Walmart have even begin selling groceries online and offering free pick up as well as free 2 day shipping on millions of other items. Changing the traditional brick and mortar shops to online stores and avoiding fixed costs such as rent or electricity charges may benefit an aspiring or current entrepreneur. I see this as an opportunity because I am young and am knowledgable of new technology, other current business owners may not believe it is the right way to do things because they don't know how to work the new technologies and are used to doing business a certain way.
Increasing Minimum Wage
https://www.labor.ny.gov/workerprotection/laborstandards/workprot/minwage.shtm
Minimum wage in New York City increased dramatically from $13.00 in December of 2017 to $15.00 in December of 2018 according to labor.gov. The increase in minimum wages would lead to a lot of firing and not as much hiring of employees in minimum waged job opportunities. On the other hand, this grants workers to have more spending money which would in turn allow entrepreneurs in luxury and entertainment businesses to profit off this. This opens opportunities for new entrepreneurs to enter the entertainment, luxury, and recreational businesses. I see this as an opportunity because I am avidly looking for ideas, but I don't think an entrepreneur wouldn't necessarily think of this as an opportunity, just as a source of income.
Legalization of Marijuana
https://edition.cnn.com/2018/01/04/politics/marijuana-legalization-by-the-numbers/index.html
Legalizing marijuana is a heated discussion lately. With multiple states already for it, and people 64% for it, according to a survey in 2017, this is a great opportunity. Marijuana treats so many diseases and mental health disorders. It is a an outlet for stress, insomnia, and arthritis. An opportunity arises when marijuana becomes legal for medicinal purposes in an increasing number of states each year. Becoming a marijuana dispensary in a state just as they declare it legal can have major impacts for the treatment of patients, but also can make for profits for those looking to venture out. I have seen this as an opportunity and others haven't because it is a touchy subject for many individuals who believe it is a drug and can get into the wrong hands. Some people are not as open to the medicinal benefits of medical marijuana and only see the negatives to it.
https://data.worldbank.org/indicator/ST.INT.ARVL
The number of tourists all over the world are increasing. Each year more and more people leave their homes, board a ship, plane, train, or bus and enter a new location. The information from the World Bank Organization provides graphs that show the increasing number of tourists visiting each country. An opportunity exists in the hotel, food, and entertainment business to attract these tourists to visit. The prototypical customer is one who chooses to leave their home and discover new parts of the world. Opening up a chain of hotels in a couple of the countries with increasing visitors is an opportunity that should be exploited; although it is relatively difficult because people typically book hotels that they trust and have heard good reviews of. A person interested in opening up hotels also needs a lot of money to pursue this opportunity, for this reason, someone might not see this as an opportunity. I saw this opportunity while watching a lecture from Professor Phallin's International Business where she stated this trend.
Online Shopping Trend
https://www.statista.com/topics/2477/online-shopping-behavior/
The number of online shoppers is expected to double between 2016 to 2020 according to Statista, an online statistics website. Forty percent of Internet users have said that they online shopped more than once in the past month. The trend for online shopping is increasing. Companies like Walmart have even begin selling groceries online and offering free pick up as well as free 2 day shipping on millions of other items. Changing the traditional brick and mortar shops to online stores and avoiding fixed costs such as rent or electricity charges may benefit an aspiring or current entrepreneur. I see this as an opportunity because I am young and am knowledgable of new technology, other current business owners may not believe it is the right way to do things because they don't know how to work the new technologies and are used to doing business a certain way.
Increasing Minimum Wage
https://www.labor.ny.gov/workerprotection/laborstandards/workprot/minwage.shtm
Minimum wage in New York City increased dramatically from $13.00 in December of 2017 to $15.00 in December of 2018 according to labor.gov. The increase in minimum wages would lead to a lot of firing and not as much hiring of employees in minimum waged job opportunities. On the other hand, this grants workers to have more spending money which would in turn allow entrepreneurs in luxury and entertainment businesses to profit off this. This opens opportunities for new entrepreneurs to enter the entertainment, luxury, and recreational businesses. I see this as an opportunity because I am avidly looking for ideas, but I don't think an entrepreneur wouldn't necessarily think of this as an opportunity, just as a source of income.
Legalization of Marijuana
https://edition.cnn.com/2018/01/04/politics/marijuana-legalization-by-the-numbers/index.html
Legalizing marijuana is a heated discussion lately. With multiple states already for it, and people 64% for it, according to a survey in 2017, this is a great opportunity. Marijuana treats so many diseases and mental health disorders. It is a an outlet for stress, insomnia, and arthritis. An opportunity arises when marijuana becomes legal for medicinal purposes in an increasing number of states each year. Becoming a marijuana dispensary in a state just as they declare it legal can have major impacts for the treatment of patients, but also can make for profits for those looking to venture out. I have seen this as an opportunity and others haven't because it is a touchy subject for many individuals who believe it is a drug and can get into the wrong hands. Some people are not as open to the medicinal benefits of medical marijuana and only see the negatives to it.
Hi Adi,
ReplyDeleteI posted about the legalization of marijuana as well, and I believe that the good that its medicinal use will do is not only a massive business opportunity, but also a humanitarian opportunity that opens up an entirely new stream of medicine to help treat those in need. As far as the recreational use of marijuana goes, I think it is far less harmful than alcohol or tobacco, while the money saved by state governments that previously had to enforce its prohibition and convict & jail its users will be able to be put towards more needed priorities in society.