Identifying Opportunities in Economic & Regulatory Trends

Economic Trend: Businesses growing presence online leads to more freelance writers
  • https://www.thebalance.com/find-a-freelance-writing-job-3515141
  • I believe that businesses growing in the online world open up many opportunities for people that are computer savvy and allows more people to be employed, higher employment rates lead to economic growth. 
  • The prototypical would be part time writers or people who have been unsuccessful in getting a job and are currently searching for one. Freelance writing mostly appeals to journalism majors/writers, however anyone can do it and be successful at it if they have basic writing skills. 
  • I think this opportunity is relatively easy to exploit because it is accessible to everyone, regardless of education and background, and can be done anywhere regardless of location.
  • I think I saw this as an opportunity because freelance writing is something I have previously researched and has gained my attention because of its accessibility. Anyone can become a writer and the only tools they need to have is good grammar and a computer. Another reason I saw this as an opportunity is because it can easily provide people with a source of income and improve the economy. 

Economic Trend: The US is currently in the expansion phase of the business cycle
  • https://www.thebalance.com/top-usa-future-economic-trends-3305666
  • I believe this means an opportunity exists because when the economy is in the expansion phase there is a surge of business activity which means more employment opportunities. More employment opportunities means lower unemployment rates which one again leads to a surge in economic activity. 
  • The prototypical customer would be discouraged and unemployed workers that had difficulties finding jobs while the US was in a recession. This applies to varying industries, not one specific one. 
  • I think the opportunity is of medium difficulty to exploit. Although there are more jobs available due to increased business activity, workers still have to meet the criteria and have the skillset to be able to be successful in the job.
  • I saw this as an opportunity because of the economics courses i have taken. The courses showed how the expansion phase of the cycle can help raise GDP in a country and improve quality of life for many workers. 

Regulatory Changes: New York State Department of Financial Services establishing cybersecurity programs
  • https://www2.deloitte.com/us/en/pages/regulatory/articles/banking-regulatory-outlook.html
  • I believe that the establishment of these cyber security programs, which will be implemented in banks, insurance companies, and other financial companies presents an opportunity because it provides for safer/more stable places for people to keep their money and private information.
  • The prototypical customer for this program would be the banks, insurance companies, and other financial institutions that were previously listed. 
  • I think the opportunity is more difficult to exploit since these cybersecurity programs are only being implemented in New York and not across the US.
  • I saw this as an opportunity because theft, particularly identity theft is a major issue in the US and much of it stems from cybersecurity breaches. I believe that a program like this can help make people’s private information with companies safer. 

Regulatory Changes: EU changes requirements for medical devices

  • https://www2.deloitte.com/us/en/pages/regulatory/articles/life-sciences-regulatory-outlook.html
  • I believe that an opportunity exists here because the new regulations require that companies are more transparent with their product information to the public and that devices must undergo more testing to meet safety requirements. This allows customers to have safer products as well as be aware of how they're made. 
  • The prototypical customer would be medical company manufacturers as well as the people who use the medical devices. 
  • I think this opportunity will be of medium difficulty to exploit because it will take a while for all the companies to implement the steps for product assessment that the EU is asking for.
  • I saw this as an opportunity because more transparency with medical products and more safety assessments means the people are getting safer to use products. This is turn could result in more usage of medical devices and less lawsuits over malfunctioning devices. 

Comments

  1. UnknownSeptember 21, 2017 at 6:14 PM

    I thought the two regulatory articles were very interesting. The cyber-security programs, in my opinion, are very important because as you mentioned theft is an issue that occurs more often than we think. Maybe if it finds success in New York it may be used across the US. Also, having new regulations for medical devices is a positive change. These devices are designed to help people and hopefully offering more information about the product will help keep customers safe.

    ReplyDelete
  2. ShelleySeptember 21, 2017 at 6:30 PM

    Hi Elizabeth,
    This was a very interesting post! I loved seeing your views on different opportunities. I particularly found the article on freelance writing interesting! I would never have thought about the increasing popularity of online positing to affect the economy but your post shows it does. I too thought about how the internet has taken over our world by storm. I read an article about online shopping. I think that many people would see this as opportunity too. It is a good way to create jobs.

    ReplyDelete
  3. UnknownSeptember 22, 2017 at 3:39 PM

    I really like your mention of the EU. My roommate is from the UK and he and I have been discussing the business opportunities that are in the EU and the different regulations that they have there. He mentioned that there are a lot of major differences in the quality of medical care in the EU and the United States. Very cool stuff!

    ReplyDelete

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