6A – Identifying Opportunities in Economic & Regulatory Trends

Economic Trends

A business that deals specifically providing translators for businesses

a.)   Where you found it? An article that was discussing how small businesses want to be globalized. This is the Link to the article: https://www.inc.com/jessica-stillman/the-5-biggest-economic-trends-for-small-businesses-in-2017.html

b.)   What leads you to believe that his information suggests an opportunity might exist? As I was reading an article regarding how small business are wanting to be globalized, I thought that there needed to be something to connect the business with other companies around the world. By providing translators, this barrier can be close.

c.)   Who is the prototypical customer? Small businesses or even large corporation.

d.)  Is the opportunity relatively easy or relatively difficult to exploit, and why do you think so? The opportunity is relatively difficult to exploit. There are multiple reasons why this is the case such as gaining the trust of the companies or the facts that many employees know the language of the country the companies is trying to expand into.

3.) As I was reading the article about globalization of businesses, I thought that there is no way that one company can have employees that know all of the language in the world. With knowing two languages, I can tell that when translating documents especially business documents there are a lot of aspects that are lost during translations. In addition, idioms cannot be translated directly and this may cause confrontation between the business partners. These reasons lead me to believe this opportunity may exist if small businesses want to be globalized.

The New Banking System

a.)   Where you found it? The idea of a new banking system came about after reading an article on how millennials have a desire for international banking or a banking where they can withdraw or deposit money anywhere and anytime. Link to the article: https://www.businessnewsdaily.com/7605-business-trend-predictions.html

b.)  What leads you to believe that his information suggests an opportunity might exist? In the article, it discusses how younger individuals were dissatisfied with the current banking situation. They are not able to deposit or withdraw money at their will. The situation gets more complicated if they are in another country. Taking all of these things into account, I think that an international banking system is necessary in the future.

c.)   Who is the prototypical customer? People who likes traveling and millennials

d.)  Is the opportunity relatively easy or relatively difficult to exploit, and why do you think so? This opportunity is extremely difficult to exploit as it involves many different people with different expertise and different government around the world.

3.) The current banking system is something that bothers me, thus I thought that there needs to be some changes. As a person who likes travel, I find it extremely inconvenience to be charge a fee when using a debit or credit card in another country. If you, however, do not want to be charge a fee then you need to apply to a different card, which then complicates things further because now you have to keep track of multiple balances. With all of these things, I thought that the opportunity for international banking may exist.

Regulatory Changes

A comfortable workplace (working from home or anyplace around the work)

a.)   Where you found it? The idea came about after reading an article about globalization and how younger millennial are wanting a more comfortable workspace. Link to article: https://www.businessnewsdaily.com/7605-business-trend-predictions.html

b.)  What leads you to believe that his information suggests an opportunity might exist? The information suggests that there might be an opportunity due the facts that younger generation tends to want independent and do not want to be restricted in one place.

c.)   Who is the prototypical customer? Office workers or anyone who want to travel and work at the same time.

d.)  Is the opportunity relatively easy or relatively difficult to exploit, and why do you think so? I think this opportunity is relatively hard as it requires company to set a new system of how to keep track of the worker. In addition, this new idea is probably foreign to most companies that have been established for a long time.

3.) I constantly hear friends saying that they want to travel but they are stuck at their job or that they want to have a job in the future where they can travel places. With this and the development of the internet, I believe that working around the world or at home is not a foreign idea anymore. It just that more companies need to adopt this way of working.

A new twist on Milktea

a.)   Where you found it? This idea came about after reading an article and experience this first hand while in Vietnam. The link to the article:  https://qz.com/581715/america-is-a-coffee-country-does-bubble-tea-stand-a-chance/

b.)  What leads you to believe that his information suggests an opportunity might exist? This opportunity might exist because of the growth in popularity of milktea. In addition, the milktea and boba (the chewy pearl) will be homemade, something completely different from most other café.

c.)   Who is the prototypical customer? College students or anyone interested in the café culture

d.)  Is the opportunity relatively easy or relatively difficult to exploit, and why do you think so? There are different components in the opportunity that are relatively easy and relatively hard. The hard part about this opportunity is familiarizing people with what is milktea. The relatively easy part is opening a café to introduce customers to the brand and what it stands for.

3.) The idea of homemade milktea came to me when I was in Vietnam this summer. After seeing the success that my cousin had with opening her stores over there, I thought that there would be an opportunity over here to open a store as well. Knowing that we are in a college town where there is a diverse student population, I thought that there may be an opportunity for my idea of homemade milktea. In addition, students in college are willing to try new things or try things that are trendy, which are factors that will aid in my opportunity. In order word, college is a perfect market to introduce a product that is trendy and new.