6A- Identifying Opportunities in Economic and Regulatory Trends

6A- Identifying Opportunities in Economic and Regulatory Trends 

Economic opportunity: As the internet continues to expand and social media becomes more popular, small businesses have a greater opportunity to go global. I found this opportunity when I was looking at ordering new swimsuits from my favorite swimsuit company, Moana Bikini which is based out of Australia. Moana Bikini is a small company ran by about 5 people who design, make and ship all of the swimsuits out. Through social media, Moana Bikini has become extremely popular all over the world. I think small businesses that can sell their products online can greatly benefit from the growing and expanding internet shopping trend. This opportunity is relatively easily however if you are selling certain products like sunscreen, you have to get that sunscreen formula approved in every country you wish to sell in. But, for a product like swimwear, it is easy to sell around the world through social media. I see this as an opportunity because it allows for small business owners to expand their market. 

Article about Moana Bikini’s success: http://mediakix.com/2017/09/karina-irby-interview-moana-bikini-body-burn/#gs.Vvab0sdt

Economic opportunity: With different generations on the rise, young adults are looking for unique items and experiences. I found this opportunity with Etsy when I was seeing how many unique clothing items there was. Now, people do not want things that are mass produced. Stores that sell millions of the exact same item do not attract the rising generation. People are looking for things that make them stand out. I think this opportunity exists because vintage clothing has become so popular. People wear vintage because nobody else has it. I think that the customer of this opportunity is the young adults who go to festivals and who travel and go on adventures. People who aspire to live life in their own way. I think this opportunity is easy to exploit because there are so many creative people out there. If clothing stores would stop selling exact replicas of each other’s products, then people would be more interested in going to more than one store. I see this as an opportunity because there are so many stores like Forever 21 and H&M that sell products that look very similar but the stores that have unique items are the ones that are selling. 

Article about customization: https://www.industryweek.com/technology-and-iiot/five-expert-insights-digital-manufacturing-and-mass-customization

Regulatory opportunity: Since the aggressive panhandling problem in Daytona Beach the state of Florida is looking at making a law that keeps panhandlers away from major intersections and panhandlers must be at least 20 feet away from a businesses entrance. I found this opportunity when I was reading the local news articles for our last assignment. I have looked deeper past the local problem of panhandling in Daytona Beach and now into the panhandling problem in Florida. Ocala has since voted on this ordinance and it passed. Other cities in Florida are voting on the ordinance and it is expected to soon be practiced in the whole state of Florida. This will allow for businesses to have a cleaner and more peaceful appearance and tourists will not feel threatened when going to busy, popular areas. I think this opportunity exists because Florida is a huge tourist destination but places like Daytona that use to be very popular are now getting a bad rep for being filled with panhandlers. Tourists and business owners in popular areas of Florida are most likely to be positively affected by this opportunity. I think this opportunity is relatively easy to get started by voting but it will take time for police to regulate and move panhandlers into less busy areas. I see this opportunity from a business’s perspective and a person who use to go to school in Daytona where there were a lot of panhandlers. I can see how some may say people should be able to stand where ever they want but I have felt threaten before and have decided not to go into a store because a panhandler was outside. 

Article about panhandlers: https://www.ocala.com/news/20181106/ocala-city-council-approves-new-panhandling-ordinance

Regulatory opportunity: When researching changes in the business world I found an article explaining that now in the hospitality industry workers who earn higher salaries do not qualify for over time. This will allow people who only work part time to now work full time. I think this opportunity exists because there are people like managers and higher up staff that earn plenty of money and would not notice a few hundred dollars lost a month and there are lower workers who a couple hundred dollars a month could change their lives. I think minimum wage hospitality workers are most likely to benefit from this opportunity. I think this opportunity is difficult to sell to the high earners in hospitality but most of the industry would be pleased with this new regulation. I see this opportunity because I have worked in the hospitality industry and I have seen the major difference in pay. 

Article about overtime: https://www.hotelmanagement.net/operate/new-overtime-rule-to-reshape-hospitality-environment