Business is a general term that can refer to any economic enterprise for profit. It can be an individual’s occupation or a company. According to the World Bank, business opportunities are any concept that can create value, create income and become a business. Entrepreneurship is an economic concept that refers to the ability to take Initiative, Persistence and Vision to transform ideas into businesses. Find business opportunities in newspapers, magazines, TV, and the internet. The creative use of technology has made business opportunities more accessible than ever before.
Business opportunities outnumber jobs by five to one. That’s because the world’s population is overgrowing while the number of jobs remains stagnant. Instead of creating new jobs, governments focus on increasing business opportunities by lowering prices and providing taxpayer subsidies. At the same time, corporations and entrepreneurs seek new ways to make money through outsourcing and franchising business opportunities. That allows them to remain profitable while creating new jobs for people living in low-cost labour markets. For example, companies in high-cost labour markets can outsource their work to countries with low wages or franchise their ideas to people in low-cost labour markets. Outsourcing provides a growing number of new businesses that help grow the world economy.
Outsourcing has been around for decades but gained global attention after 2001. Before 9/11, they were outsourcing primarily involved American companies operating on American soil. However, following the attacks on America, outsourcing became more popular as companies sought stability and security in unstable world markets. People living in low-cost labor markets suddenly had access to stable jobs with decent pay thanks to outsourcing services like Tata Consultancy Services (TCS). TCS specializes in outsourcing IT services, software development and domain management for businesses. Since low-cost labor markets had access to these services, many have labelled this phenomenon “globalization”. Unfortunately, outsourcing has led many American companies to lose their jobs to other countries due to lower prices and unfair foreign labor laws. However, consumers benefit from lower costs and increased options when they shop at businesses operated by American companies abroad.
A business idea can originate worldwide since it requires Initiative and Vision. However, technology makes it easy for anyone to spread their ideas worldwide quickly via social media like Facebook and Twitter. That allows entrepreneurs living anywhere in the world to find new business ideas from anywhere in the world without moving or hiring help. Since many live outside traditional business markets, this trend is called globalization 2.0. Low-cost labor markets will undoubtedly see an influx of new businesses thanks to technological advances due to lower costs and increased profit margins.
The world economy is booming thanks to business opportunities created by technological advances. Thanks to technological leaps like outsourcing services and social media applications, anyone with an idea can start a business regardless of cost or geographic location. The industry’s future looks bright as long as people are willing to work hard and create value for consumers worldwide!
Top 7 world’s best business opportunities
1. Cannabis
Cannabis is the world’s most popular illicit drug. The United Nations Office on Drugs and Crime (UNODC)… estimated marijuana use at 583 million people worldwide in 2015. That number is expected to reach 1 billion users by 2020.
2. Marijuana Business
The legal market for medical marijuana is projected to hit $22 billion annually by 2023. And while the recreational market may not hit that mark until later, it’s still expected to be worth around $7 billion annually by then.
3. Medical Marijuana
Marijuana has medicinal value in treating conditions such as cancer, AIDS, chronic pain, epilepsy, PTSD, and Parkinson’s disease. Over 60 active compounds in marijuana work together to provide relief.
4. Legalization
In 2014, Uruguay became the first country to legalize marijuana. Since then, Colorado and Washington have legalized recreational pot. Alaska, Oregon, Nevada, California, Massachusetts, Maine, and Washington D.C. have legalized medical marijuana.
5. Marijuana Industry
There are currently over 400 companies involved in the production of marijuana. Many of these companies are based in Canada, Mexico, and South America. But there are also American-based marijuana producers who focus their efforts on the international market.
6. Greenhouse Growers
Greenhouses are used to cultivate marijuana plants using specialized lighting systems and heating units. Conservatories are often used in conjunction with hydroponic growing methods.
7. Hemp
Hemp is a type of cannabis that contains low levels of THC. Unlike its illegal cousin, hemp cannot get someone high. It is commonly used for making clothing, paper, building materials, food, oil, and biofuels.
