Many factors have led to an increase in minimum wage among 19 states. When the minimum wage increases, there are many economic implications, such as a decrease in labor demand. This, in turn, increases unemployment. Homelessness has the potential to increase during this time, leading to an opportunity for social entrepreneurship. This issue has various prospective opportunities, but the largest one I see is in the real-estate market. This opportunity involves employing homeless people to house-flip, allowing them to live in the homes as they are flipped and as they earn money. Depending on execution, this opportunity is likely moderately easy to exploit. I was able to identify this opportunity as a consequence and combination of my economics background and my work with the non-profit Food Recovery Network, that benefits the homeless.
Since interest rates have been quite low for a while, and individuals fear not being able to sustain themselves if another recession hits, the baby boomers are not leaving the workforce. As this is the case, those seeking to replace baby boomers can find opportunity in entrepreneurship. Rather than working at an already established company, millennials will have the chance to build a business and make their own workforce. The customers of this opportunity will be dependent on what is made. This opportunity is relatively hard, as it requires creating an entire business at a young age with little-to-no experience working for an employer at an already successful company. I think that this opportunity was clear to me because I enjoy entrepreneurship and likely will make my own company one day.
As artificial intelligence is introduced into the workplace, productivity surges and human labor demand decreases. AI’s introduction into businesses has been making the execution of manual jobs more efficient. This creates an opportunity for entrepreneurs seeking to develop something that requires manual labor, without the fear of workers comp. This can extend to car parts, kitchenware, etc. This opportunity is relatively easy but has costs associated. As someone who has been curious as to the implications of AI, this opportunity was not difficult for me to find.
In the food industry, management is being held responsible for food borne illness outbreaks, despite a lack of evidence linking intention or knowledge of harm. This regulatory trend, seen in the case of the DeCosters, is one that leads way for opportunity. Development of a device that can detect food borne illnesses has the potential to save lives and futures. The customers of this would be food companies that have perishable foods or foods that can be infected with contaminants. This opportunity requires a heavy chemical and technological background, so it is not relatively easy. I was able to identify this opportunity because the recent romaine lettuce recall made me consider what can be done to prevent issues of this sort.
I think the opportunity with less manual labor due to artificial intelligence and robots being used instead could be a great opportunity as companies can say they use manual labor instead and pride themselves on it. I also believe the food illness can be an exceptional opportunity as everyone will always need a food source and so the risk of food-borne disease will always be there so many opportunities can be made in order to prevent those diseases or see if they exist in the food before selling them to the public.
ReplyDeleteI feel that the opportunity regarding the food industry and food borne illnesses seems to be a rather miraculous sort of opportunity, by creating a machine that could detect food borne illnesses could indeed save many lives. However, I will have to agree that it will be a difficult opportunity because asides from having the need to have experience in two different backgrounds, the knowledge or technology might not exist yet.
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