Identifying Opportunities in Economic & Regulatory Trends -- 6A

Economic Trends 

1. Minimum Wage Increases

• I found this opportunity on the website "The Simple Dollar". On January 1, 19 states raised the minimum wage for workers due to various factors. The increase ranges depending on the state but year-round workers who receive the increase will see their annual pay rise anywhere from $90 to $1300. The opportunity exist for workers making a minimum wage to pocket a higher pay from the increase. The opportunity is applicable to not only the surface-level thought of minimum wage workers like the high school teen working a part-time job, but also the huge population of people working for minimum wage pay and trying to support themselves, a family, etc. I think it is relatively easy to exploit and reap the benefit of the minimum wage raise as people earning this wage have had to live on it since the last raise so anything more will be beneficial. 
• I saw this as an opportunity after reading about and seeing a lot of poverty in America and understanding that so many people do not make a livable wage and it creates such a financial hardship when earning minimum wage pay.

2. Consumer Shifts: End of Ownership -- Renting Is On The Rise

• I found this opportunity on an article posted to Forbes' website about 2019 business trends. Consumers are shifting away from an ownership business model, appealing more toward a renting business model instead. Netflix replaced video stores as well as ZipCar for actually owning a car. The opportunity for businesses to tap into the appeal of renting by changing their business model in order to appeal to and maintain an audience who zeroes in on the idea of access, shifting with the consumers instead of getting left behind only to have to remodel later. The prototypical customer is the consumers who are tailoring their business selections to those with the most access. I think the opportunity is relatively easy to exploit because if businesses choose not to shift with the consumer who values access then the business will cease to exist. 
• I saw this as an opportunity because I am a part of the consumer audience that tailors my selection of a business or service based upon the access factor, so I firsthand feel that it is a legitimate shift of modern consumership. 

Regulatory Trends

1. Massachusetts regulation on Airbnbs

• I found this opportunity on a Massachusetts news outlet. Airbnbs have been a continuing trend around the world, with the rise stemming various regulations depending on the state the Airbnb is located in. Massachusetts recently signed in a regulation to tax Airbnbs the same 5.7% state tax that hotels pay. It will also allow towns and cities to levy their own taxes of up to 6% on rentals over a certain number of days. This will take effect July 1, 2019. This is an opportunity for the state to profit off of an exploding market that has the staying power to generate big numbers. This is relatively easy to exploit because there is no way around the regulation for Airbnbs and the market for them will easily stick around to generate revenue for the state (the prototypical customer).
• I saw this as an opportunity considering the popularity of Airbnb with modern consumers who like that they can easily access a site with photos of the property and instantly book a whole home for less than a hotel price in most circumstances. This appeal leads to the obvious assumption that Airbnb popularity is not going anywhere anytime soon and thus can be a solid way to profit for the state government. 

2. Legalization of Marijuana

• I saw this opportunity on governing.com's website. Marijuana has been legalized recreationally in 10 states while it has been medically legalized in 33 states. There is an opportunity here within the legalization of marijuana for both medical and recreational use in that it could become a taxable entity providing a revenue source for the government which in turn stimulates the economy. The opportunity is applicable to both the government and businesses that participate in the marijuana market. I think this opportunity would be relatively easy to exploit as more states continue to debate and legalize marijuana medically or recreationally and considering the extreme benefits the industry can generate economically.
• I deemed this an opportunity after analyzing and evaluating just how prosperous and advantageous the marijuana industry has proven to be from a business-like viewpoint.