Regulatory changes: more Americans are eligible for overtime pay
- The Department of Labor has updated the Fair Labor Standards Act, this update may cause an estimated 1.3 million workers to be entitled to overtime pay, or salaries will increase. I think there is an opportunity here because many businesses will be affected by this law. Companies employing these 1.3 million workers will have to find and ensure that their overtime is paid, or their salary is increased. Not only will this law affect the current employees, but businesses must ensure that they change their payment methods for future employees. I believe that the prototypical customer is going to be a small business. I think that this opportunity would be relatively easy to exploit, find the company that needs help with their funding methods and set up a future payment method.
- I saw this opportunity because my friend owns a boutique in my hometown. The update to this act would have affected her and her current employees. I know she would have to adjust relatively quickly.
Regulatory changes: Medicare providers can’t include ‘gag clauses’ in pharmacy contracts.
- The Know the Lowest Act allows pharmacies to notify customers about lower prices for their prescriptions without insurance. Before the act was implemented, insurance companies would place a clause in the contract that stated that pharmacies were not allowed to offer lower prices. If people believe that they can find drugs for lower prices without insurance, it might cause some people not to get insurance. Not having people getting coverage causes these companies to lose money. The opportunity lies with the fact that the insurance providers have to reposition themselves. The prototypical customer would be insurance companies. I don’t think this opportunity is necessarily easy to exploit. It depends on how and if this act will affect insurance agencies. It could hurt their income, or it couldn’t.
- This caught my attention because, in January, I had to go to the ER for a cornea abrasion. The hospital prescribed me medicine that I had to purchase at a pharmacy. Even with insurance, the cost of the dose was insane. If I could have found it for a lower price, I would have.
Economic trends: “U.S. Home-Price Growth Accelerated in March.”
- Even though home sales have dropped, especially during the pandemic, the actual housing prices are staying stable. Because of the epidemic, fewer people have wanted to buy, and most sellers have pulled their houses off the market. I believe that once the pandemic is over, old sellers will put their homes back on the market to sell. Due to the surface of sellers and maybe even buyers, there is an opportunity to help these extra individuals sell their homes. The prototypical customer would be a person selling their home after the pandemic. I think this opportunity is easy to exploit because there will be a need for realtors after the pandemic. People will feel confident to sell again due to the high prices and returns.
- I think I saw this opportunity because my parents are currently considering selling our home but have put it on hold because of the pandemic. I know they are hoping that they will be able to find a realtor after the pandemic passes.
Economic trends: “Summer Jobs Dry up and Teens Face Highest Unemployment in Decades.”
- Because of the pandemic, many teenagers have had a hard time finding a job. Even when the epidemic begins to lighten the teenagers will face much competition for their jobs because the heightened amount of unemployment in the U.S. I think there is an opportunity here to either find a new source income for these teenagers or a new program that makes it easier for teenagers to connect to potential job offerings. There is an unmet need here, the capability to find a job before others do, and a source of income. The prototypical customer will most likely be high school students and college students. I think this opportunity will be easy to exploit. People are desperate for a form of income or an easy way to find a stable job. If there any method or program that would make that process more accessible, they would use it.
- I saw this opportunity because I was supposed to have an internship this summer but could not go because of the pandemic. I have been looking for a summer job but have not been able to find one. Many of my friends are in the same situation I am. It is incredibly frustrating not to be able to provide for yourself.
Hey Taylor,
ReplyDeleteI experienced unemployment first hand when I was laid off at my restaurant job at the beginning of this pandemic. I was lucky enough to find a job at a local dispensary which is an essential business. However, my roommate could not find a job and still remains jobless two months in. She never received an unemployment check and had to move back in with her parents in order to survive. I think an app that locates jobs near you for hire would be an excelent solution for teenagers and college students in need.
Hello Taylor, I would like to say that all of your changes are ones that I have noticed. I especially relate to the last one as the internship I had planned for the summer got ruined due to the pandemic. Also, your other economic trend relating to house prices affects me to as my parents have been trying to buy a new house but due to the prices and the circumstances it has been quite difficult to do so.
ReplyDeleteHello Taylor, I really enjoyed your post. I especially like your first one because initially I did not identify an opportunity with that news, but as soon as I put myself in the perspective of the business owners, I instantly realized what you had identified. Additionally, there will be a serious need to make extra income with all the unemployment going on, as you stated in your last opportunity, so overall great job.
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