1. Economic trend: Disney's new Star Wars Land will boost Disney's revenues
a. Source: https://www.ibtimes.com/disneys-new-star-wars-land-could-supercharge-already-dominant-business-2796273
b. I believe this suggests that there is an opportunity because thousands of fans have already made reservations to the new attraction. Disney says they are expecting sellout crowds for months after the new expansion opens. This means that many excited Star Wars fans will be eating, sleeping, and purchasing in the Orlando area all summer.
c. The prototypical customer is described in the article. Disney's target demographic are fans of the original movies, who are now older and more affluent than the average Disney visitor. These customers are also usually visiting without children in tow, allowing them the sort of discretionary income that Disney (and other opportunists) are looking for.
d. It depends on who is exploiting the opportunity. It is stupidly easy for opportunists on Disney property to exploit the opportunity, as guests are coming solely to spend money on themed food, drink, and merchandise. For other opportunists in the Orlando area, the opportunity may be a bit harder to reach. Fans are coming for Star Wars-specific experiences, and if other entrepreneurs can provide those experiences at a price more reasonable than what Disney has to offer, then the opportunity is theirs for the taking.
e. I saw the opportunity because I live in the Orlando area and I know just how much this region revolves around Disney. I'm a passholder myself, so I know how crazy the parks will be once this attraction opens. There will be a huge demand in the hospitality industry to accommodate all the park visitors coming to see the new expansion, and entrepreneurs should be ready for that.
2. Economic trend: Trump tariffs on China will likely hurt U.S. growth
a. Source: https://www.cnbc.com/2019/05/28/trump-tariffs-on-china-likely-hurt-us-economy-fed-set-to-hold-nomura.html
b. This is an opportunity because tariffs discourage imports and encourage domestic production. Less foreign competition means more opportunities for makers of goods in America.
c. The prototypical customer is an American consumer. We all buy things made overseas, whether we know it or not.
d. Part c is what makes the opportunity both easy and difficult to exploit. Since the consumer base is so large, there really is no niche market. On the other hand, since there is no niche market, pretty much any industry can benefit from this opportunity.
e. I saw this as an opportunity because I've been following President Trump's seriously misguided understanding of how tariffs work for a while now. Trump believes that China is paying us billions of dollars in tariffs when American firms and consumers are the ones who pay. He doesn't seem to be picking up on this concept, so domestic entrepreneurs would do well to.
3. Regulatory trend: An act to facilitate the establishment of more or expanded target ranges in the U.S.
a. Source: https://www.govtrack.us/congress/bills/116/hr1222
b. This act has already been enacted and signed by president. It is now law. This means that more target ranges will need to be opened to the public and existing target ranges will need to be expanded. This creates opportunities for all involved in opening these ranges to the public.
c. The prototypical customer is someone who frequents target ranges. This could be weapon enthusiasts, those training for personal safety, those training to receive their concealed carry permit, or those who handle weapons on the job.
d. This is definitely an easy opportunity to exploit because it's required by law. The government will be calling upon contractors to build and expand target ranges, and these ranges will need to be stocked. All of these are opportunities that are required by law.
e. Thankfully, I've never been to a target range, but I know people who have. These are places that must be equipped with quality facilities, stock, and personnel to be safe and effective. When I saw this bill, I knew it would create multiple opportunities because of all that is needed to open a functioning target range.
4. Regulatory trend: Climate Action Now Act
a. Source: https://www.govtrack.us/congress/bills/116/hr9
b. This act would require the U.S. to remain in the Paris Climate Agreement beyond 2020. According to Skopos Labs, the bill has a 58% chance of being enacted. This is a 58% chance that an opportunity exists.
c. The prototypical customer would be businesses who are looking to cut down on their emissions due to the restrictions of the agreement.
d. The opportunity would be difficult to exploit because it involves the government and major corporations. While the ordinary consumer would probably be encouraged to reduce their own carbon footprint under the agreement, it is mostly up to the higher-ups to reduce their emissions. Entrepreneurs who could make this process easier would definitely be needed, however, which makes it an exploitable opportunity.
e. I saw the opportunity because I've seen plenty of entrepreneurs capitalize on consumers moving toward reusable goods, sustainable fashion, and the like. I knew a move to stay in the Paris Agreement would mean a national move toward sustainability, but on a much larger scale than reusable straws.
a. Source: https://www.ibtimes.com/disneys-new-star-wars-land-could-supercharge-already-dominant-business-2796273
b. I believe this suggests that there is an opportunity because thousands of fans have already made reservations to the new attraction. Disney says they are expecting sellout crowds for months after the new expansion opens. This means that many excited Star Wars fans will be eating, sleeping, and purchasing in the Orlando area all summer.
c. The prototypical customer is described in the article. Disney's target demographic are fans of the original movies, who are now older and more affluent than the average Disney visitor. These customers are also usually visiting without children in tow, allowing them the sort of discretionary income that Disney (and other opportunists) are looking for.
d. It depends on who is exploiting the opportunity. It is stupidly easy for opportunists on Disney property to exploit the opportunity, as guests are coming solely to spend money on themed food, drink, and merchandise. For other opportunists in the Orlando area, the opportunity may be a bit harder to reach. Fans are coming for Star Wars-specific experiences, and if other entrepreneurs can provide those experiences at a price more reasonable than what Disney has to offer, then the opportunity is theirs for the taking.
e. I saw the opportunity because I live in the Orlando area and I know just how much this region revolves around Disney. I'm a passholder myself, so I know how crazy the parks will be once this attraction opens. There will be a huge demand in the hospitality industry to accommodate all the park visitors coming to see the new expansion, and entrepreneurs should be ready for that.
2. Economic trend: Trump tariffs on China will likely hurt U.S. growth
a. Source: https://www.cnbc.com/2019/05/28/trump-tariffs-on-china-likely-hurt-us-economy-fed-set-to-hold-nomura.html
b. This is an opportunity because tariffs discourage imports and encourage domestic production. Less foreign competition means more opportunities for makers of goods in America.
c. The prototypical customer is an American consumer. We all buy things made overseas, whether we know it or not.
d. Part c is what makes the opportunity both easy and difficult to exploit. Since the consumer base is so large, there really is no niche market. On the other hand, since there is no niche market, pretty much any industry can benefit from this opportunity.
e. I saw this as an opportunity because I've been following President Trump's seriously misguided understanding of how tariffs work for a while now. Trump believes that China is paying us billions of dollars in tariffs when American firms and consumers are the ones who pay. He doesn't seem to be picking up on this concept, so domestic entrepreneurs would do well to.
3. Regulatory trend: An act to facilitate the establishment of more or expanded target ranges in the U.S.
a. Source: https://www.govtrack.us/congress/bills/116/hr1222
b. This act has already been enacted and signed by president. It is now law. This means that more target ranges will need to be opened to the public and existing target ranges will need to be expanded. This creates opportunities for all involved in opening these ranges to the public.
c. The prototypical customer is someone who frequents target ranges. This could be weapon enthusiasts, those training for personal safety, those training to receive their concealed carry permit, or those who handle weapons on the job.
d. This is definitely an easy opportunity to exploit because it's required by law. The government will be calling upon contractors to build and expand target ranges, and these ranges will need to be stocked. All of these are opportunities that are required by law.
e. Thankfully, I've never been to a target range, but I know people who have. These are places that must be equipped with quality facilities, stock, and personnel to be safe and effective. When I saw this bill, I knew it would create multiple opportunities because of all that is needed to open a functioning target range.
4. Regulatory trend: Climate Action Now Act
a. Source: https://www.govtrack.us/congress/bills/116/hr9
b. This act would require the U.S. to remain in the Paris Climate Agreement beyond 2020. According to Skopos Labs, the bill has a 58% chance of being enacted. This is a 58% chance that an opportunity exists.
c. The prototypical customer would be businesses who are looking to cut down on their emissions due to the restrictions of the agreement.
d. The opportunity would be difficult to exploit because it involves the government and major corporations. While the ordinary consumer would probably be encouraged to reduce their own carbon footprint under the agreement, it is mostly up to the higher-ups to reduce their emissions. Entrepreneurs who could make this process easier would definitely be needed, however, which makes it an exploitable opportunity.
e. I saw the opportunity because I've seen plenty of entrepreneurs capitalize on consumers moving toward reusable goods, sustainable fashion, and the like. I knew a move to stay in the Paris Agreement would mean a national move toward sustainability, but on a much larger scale than reusable straws.
Hey Peyton,
ReplyDeleteI’m interested in how successful this Star Wars park will be. The success of the park depends on how well Disney, not only pleases the hardcore fans, but how well they grow the fandom and create new fans. Disney has had mixed reviews in this area. The traffic and increased demand on service industries will be a great opportunity for any business in the area!
Hi Peyton! These are really interesting trends to look at! I think you did a really awesome job on this assignment, both identifying current economic trends and connecting them to different ideas for innovative solutions. I was most interested in your first topic and I definitely would be interested in seeing how theme park expansions change both the industry of Disney and the economics of that area as a whole. Again, great job!
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