The world economy is growing at a rapid rate with the economies of the European Union, Japan, China, and India all growing faster than projected. The rise of the global economy and manufacturing overall means there are now more and more markets that are growing which can be utilized by companies that want to expand internationally. I feel like I am someone who notices a business opportunity like this because I am Indian and I've been raised to have a more global mindset when looking at things. I found this opportunity through the JP Morgan website that discussed major economic trends in 2018. Potential customers now include people in markets like India and China. I believe this is an easy opportunity to exploit because more and more companies are making the move to globalizing already.
Tax Reform Taking Hold
Major tax reforms are set to take place throughout 2018, cutting down federal revenue by
$205 billion. What this means is that the American consumer will have $205 billion more than last year to spend on things. This presents an opportunity for anyone involved in any kind of business since what this indicates is that the American consumer will be spending more in 2018, which only serves to bolster the economy even more. I found this trend on the JP Morgan website also and I noticed the opportunity in this because of my background with accounting classes, I realized that more money in the hands of the consumer automatically presents more business opportunities. The prototypical customers from this opportunity is the American consumer who now has more money. This is a super easy opportunity to exploit because not many additional actions are needed. The average American will have more money to spend now so just utilize this opportunity.
Sales Taxes for E-Commerce
Prior to 2018, e-commerce businesses could not be taxed sales tax because the law required that businesses could only be taxed if they had a physical presence in any given state. The Supreme Court recently voted 5-4 in favor of charging e-commerce sales tax. This now presents more opportunities for brick-and-mortar stores to compete with e-commerce since one of the main advantages of online shopping is the lack of sales tax. I found out about this opportunity through the Business News Daily website. I noticed this as a possible opportunity because my uncle used to own a bookstore but he had to close it down in 2016 because he could not compete with Amazon. I've been paying attention to how e-commerce will effect brick-and-mortar stores more and more because of this. Potential customers from this regulatory change are all consumers that usually purchase things online but will now go to brick-and-mortar stores because there is less cost incentive. This will be a hard regulation to exploit because of the convenience e-commerce offers, customers will still prefer it to shopping in person.
General Data Protection Regulations (GDPR) in the European Union
Regulations regarding cyber security and data privacy in the European Union are tightening up, calling for enhanced protection of people's data to prevent breaches like Equifax. This means that such regulations will come to the United States also. This prevents a huge opportunity in areas such as database management, cyber security, network security, and cloud computing. With increased privacy and protection regulations, companies that specialize in data security and services like this will have the opportunity to reach unparalleled growth. I found this regulation change on the Business News Daily Website. The reason this regulatory change stood out to me as an opportunity is because I am an information systems major. Topics like data management are what I study for my degree so enhanced regulations on data security are things that would directly effect the topics I am studying. Potential customers are corporations with large amounts of data that they need protected properly. This would not be a hard opportunity to exploit for people with experience in network security and data management because all this regulation does is increase demand for their services.
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