Hey everyone, very similar to my last post, this post will be identifying opportunities. Unlike the last post, this post will have a much broader view though! Instead of focusing on Gaineville, I will be stating a few opportunities large scale.
1. First and foremost, I would like to identify a generalized opportunity that deals with economic factors, and really the economy. In this class, entrepreneurship, we are developing the mindset of entrepreneurs. Well for those of you who want to start your own business and didn't know when to do so with the economy and all. The time is now! The first opportunity I want to identify is the present time! Right now the economy is at the highest point it has been in over 10 years. The economy is growing and thriving beautifully! There have been recent tax cuts that have further boosted household incomes and has caused for larger expansions on the corporate scale, leading to lower unemployment rates, and higher GDP. My first economic opportunity that I have identified is the present time, because the time is now! Being an economic major at the University of Florida, I am constantly studying the economy as a whole and how it fluctuates. The availability for this opportunity is anyone, and the time is now.
2. The second economic opportunity that I have wanted to elaborate on was pursuing a career in biotechnology. With the world population increasing and the amount of room to grow food is decreasing, we have to figure something out. There are many agriculturists who have chosen to join the movement of Feed the World 2050. Feed the World 2050 is the challenge to be able to have a sustainable food supply for the predicted 9 billion people that we will have on Earth by 2050. The way that we are going to achieve this goal is through biotechnology. People will always have to eat, and biotechnology is needed now more than ever. I found this opportunity through my many years of agricultural pursuits and there is an actual goal that has now been created through the United Nations. The opportunity definitely exists and every person in the world is your potential customers. I was able to identify this opportunity because of my many years in agriculture. Here is a link to learn a little bit more regarding the need for biotechnology:
https://www.fb.org/market-intel/biotechnology-roads-left-untraveled
3. There has been some drastic regulatory changes to gun laws in the state of Florida over the past couple of months due to recent events. The new laws have raised the age to purchase a firearm to twenty one, along with multiple other contingencies. The opportunity that I see here is to offer gun ranges across the states to allow the "youth" to come and shoot firearms that they could otherwise not possess. With the regulatory actions that have been happening, this will allow the younger generations to come and shoot firearms with the more difficult purchasing processes. The typical customer would be under the age of 21 because these are the individuals who cannot purchase a gun otherwise. This kind of opportunity really would not be difficult, as it would be similar to just another gun range. Proper training and respect can be taught to the youth so that they properly know how to handle the guns. I know that this opportunity would exist because I am 20 years old and I am no longer able to purchase any firearm or ammunition. I would love to have such an opportunity and I could see a real business opportunity across the states as the regulations become more strict. Here is the article regarding the changes to the Florida gun laws:
https://www.nytimes.com/2018/03/08/us/florida-gun-bill.html
4. Another regulatory change that has presented opportunity stems off of the first economic opportunity that I mentioned. The Trump administration has enacted new tax policies in 2018, which can be classified as tax cuts on all levels. These huge tax cuts that have occurred have opened up a multitude of new opportunities for everyone across the United States. The new regulatory change in taxes has allowed more businesses to expand operations and has allowed for more opportunity for the unemployed to find jobs. I identified this opportunity from being an economics major at the University of Florida, so I study this type of stuff every day. This opportunity is perhaps the easiest opportunity on the list as it expands a multitude of opportunities instead of just one specific one. Here is a link that helps further explain the opportunities that has arose from the tax cuts:
https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html
Dakota- Your first economic trend is a great point, the economy is doing great so it is a perfect time to start a business. I think it could be combined with your second point of how biotechnology is a great field to be in right now. If you created a company, you would be much more likely to get research grants at the moment then you would during a recession.
ReplyDeleteI really liked your first point about the present time being an opportunity in and of itself because of the fact that it is such a good time to start a business. However, I think that perhaps that point ties into the other points you made throughout your post. All of those opportunities only work as a result of the present time and circumstances providing the ability to make it work.
ReplyDeleteHi Dakota,
ReplyDeleteWhile reading through your post, I found myself particularly interested in your opportunity about biotechnology. I grew up in an agricultural part of the country and agree with what you said about how the land to grow food is decreasing. Over the years, I saw many fields sold and developed into subdivisions, shopping centers and storage facilities. The borders of the cities kept spreading outward, meaning people who used to live in the country were over time brought into city limits. While it is a good thing for people who will use those developments, it did make me wonder about all those crops that could no longer be grown there.
Ashley Decker
Hi Dakota.
ReplyDeleteI am a little confused about the reference for your first economic trend. Did you find this in your economics classes?
Many people would disagree with you that the economy is “growing and thriving beautifully.” Many experts think that the economy is very slack, and is hardly moving. This would be a good place for a supporting reference. According to an article in the Washington Post dated Jan 22, 2018, the U.S. economy is only expected to grow 2.7% in 2018, and the International Monetary Fund does not expect that growth to last. https://www.washingtonpost.com/news/wonk/wp/2018/01/22/u-s-economy-to-grow-nearly-3-percent-in-2018-because-of-trump-tax-cuts-imf-says/?noredirect=on&utm_term=.1dd44df375de
I have a question about your third article- if people under 21 are not legally allowed to purchase firearms would they be legally allowed to use firearms at a gun range? The laws pertaining to this matter might have changed as well, due to the recent events you mentioned. I agree with you that everyone should learn to competently handle firearms, and to respect their power. Whatever your views on gun control, it seems that personal firearms will always be with us.
I also discussed the tax cuts in my discussion, but these cuts are not as wide-ranging as it may seem at first. The tax cuts for business focus on a very narrow range of businesses, and some businesses will actually be getting a tax increase! Check this article from Forbes magazine: GOP's 'Small Business Tax Cut' Will Elude Most Small Businesses. https://www.forbes.com/sites/robbmandelbaum/2017/09/28/gops-small-business-tax-cut-will-elude-most-small-businesses/#123f08f61ec5
It seems that our lawmakers have more work to do on the tax structure if they truly want to benefit small business owners.
Hi again Dakota- despite my comments I want to tell you I appreciate your enthusiasm in your blog posts. Your first comment made me want to go out and start another business!
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