In this blog, the first two opportunities I will discuss will be dealing with economic trends and the last two will be associated with regulatory changes.
The first opportunity I found is in the trucking industry. Their is actually a massive shortage in trucks drivers. Companies have to compete with Amazon and Walmart for drivers to take their products all over the country.
A) I found out about the opportunity originally this summer while working for Bealls, Inc. As a clothing retailer, they have to ship there merchandise all over the southeastern United States. They also have to ship the paper used for advertisements and the advertisements themselves. When learning more about this process, I was told how volatile the trucking industry is right now.
B)I believe that there is either employment opportunities for being who are willing to live this rough lifestyle or for some innovative company to figure out an alternative method for how large quantities of products are currently shipped. The railways are too damaged to easily fix and do not have as much access as trucks do. Boats take a long time and again do not have a great amount of access to large cities unless they are located on the coast.
C) I believe the most likely person to take advantage of this opportunity would be someone single or someone with a lot of extra funds to spend. A single person can start their own trucking companies so they can invest in quality trucks and show value to their employees. I chose a single person as the one most likely because they can devote a lot of their time to the business rather than having to spend time at home. A rich person can invest in finding an alternative shipping method.
D) There are so many different unknowns about the future of the trucking industry besides one. In a nation of consumers, retailers still very much rely on trucks. With this being said, it still takes a lot of commitment and investment to take advantage of this opportunity.
I believe this opportunity exists because of evident articles talking about truck driver shortages as well as witnessing how necessary they are to a company. I saw this opportunity mainly because of my employment at Bealls, Inc. Here's one article discussing this topic.
https://www.washingtonpost.com/news/wonk/wp/2018/05/28/america-has-a-massive-truck-driver-shortage-heres-why-few-want-an-80000-job/?noredirect=on&utm_term=.7443a1b9db6a
The next opportunity I think is found in the paper industry. It has become harder and harder for companies to find good supplier to build relationships with when acquiring paper. Paper mills have been shutting down all around the country due to a couple different factors.
A) I heard about this opportunity also at my summer internship. As a company that has an older target customer, they still use many newspaper advertisements that require paper (obviously).
B) With that being said, it seemed to me like there could be an opportunity to make the process more efficient and better run. Paper mills are currently closing down because of the amount of power and wood it takes to run effectively. Although we couldn't change the amount of wood, we could change what powers the mill and automation to help improve how the paper is processed.
C) Current owners of paper mills, investors in energy sources, and innovators of product development and machinery could all possibly take interest in this opportunity.
D) This opportunity could be easy or hard to accomplish depending on your current involvement with paper mills or energy sources and/or how much capital you have to invest.
I believe there is a possibility here because of how many paper mills are shutting down and the opportunity to create paper or paper alternatives in an environmentally friendly way (such as replanting forests and recycling paper products). Like the previous opportunity, I saw this because of my employment at Bealls, Inc.
The next opportunity has to deal with regulatory changes to social security. Let's get real... the chances young adults right now will be able to receive social security in their 60s is pretty much non existent.
A) I found this opportunity or problem just by watching the news and reading articles. I have changed my mindset to think of social security as a maybe in my future. The only thing that would be for sure is 401K and long term saving.
B) There is so much talk on how many new regulations are to come when talking about social security. When social security was first put in place, the life expectancy age was not near as high as it is now. People are now struggling to live off social security when they retire in their mid sixties. It leads me to believe that many people will have to work beyond their sixties in order to sustain the lifestyle they wish to have.
C) This most likely customer for an alternative to social security would be anyone between the ranges of 20 - 50 who is working a job.
D) This opportunity would be difficult to come up with an innovative way to save/raise money for retirement. There would also most likely be a lot of legal implications.
This opportunity came to mind when thinking of my grandparents. They rely on social security checks (and savings) because they are both retired. I feel unsettled when think about how I might not even have social security when I reach that age.
The last opportunity comes from regulatory changes being made to student loans.
A) I heard of this opportunity through the news as well. There have been many people who have either fought for student loan forgiveness or that have had to deal with the long process of paying off student loans.
B) I think an opportunity exists when dealing with student loans because of how many people need to take out loans in order to complete college. Obtaining a higher education has become somewhat of a necessity when looking to apply to jobs. Often times it does not necessarily matter what major or school you attended, but employers like to see that you have received a higher education.
C) All college students especially those pursuing a masters degree, out-of-state degree, a law degree, or looking to become a doctor. These are the students who will have the highest bill to pay after their time in school.
D) This opportunity would be difficult to figure out due to the fact that it deals with money and with that comes many regulations.
I believe this opportunity exists because of how many students struggle to pay off loans as well as how many laws are being created or revised that deal with the payment of student loans. I thought of this opportunity because of watching my friend struggle with now trying to pay off her student loans.
Hi Taylor,
ReplyDeleteI really enjoyed reading your post. I can tell you put a lot of time and effort into this assignment. I appreciate the depth and detail you went into for each opportunity as it helps me better understand the information you are trying to convey. I found the social security one particularly interesting because it is a topic that my father brings up all the time. Nice job!