Question

What four environmental trends provide the richest sources of new business ideas? List each environmental trend and provide an example of the type of business idea that it might create.

Answer 1

The four environmental trends that provide the richest sources of new business ideas are:

• Economic trends - It is important to evaluate how the economy is changing with regards to "who has the money to spend" and "what they generally spend it on". For example - Since people are getting inclined towards buying organic food, it would be good idea to open stores that make it convenient for population to buy organic foods.
• Social trends - Changes that happen within the society and change the perception of how we behave and what we buy. Example - People are getting more and more fitness conscious and many apps that track calories are a good business idea for this market.
• Technological changes - The advances in technology that save a lot of time and money for the company or customer OR these disruptions change the landscape of the industry. For example - The technology behind bitcoin is Blockchain, which is a safe way to do secure transactions. Blockchain has now been used and implemented in multiple industries. A good business idea would be to form a group of Blockchain experts to support consulting for various companies in this latest and developing technology.
• Regulatory/Political changes - These are changes in the regulatory environments or laws that create a need for the society. For example - When Obamacare was launched, it was required to control patient readmissions. Hospitals payments were tied to the rate of readmission. A lot of companies came up with algorithms to evaluate patient risk of readmission to help companies comply with Obamacare.