The movie "Dallas Buyers Club" does a great job highlighting the power of regulations. As we talked about in class, regulations can determine the impact a product or service can have on the market and the consumers with in it. The market consists of producers and consumers. Regulations can limit who is able to produce and enter a marketer, and also can limit what consumers are able to purchase. Regulations are placed on almost everything that is produced and provide in the United States. Regulations are in place in order to keep consumers safe from bad products or services. In the movie, the plot illustrates a great example of how regulations can affect entrepreneurs and their efforts to bring products to market. Often times, as illustrated in the movie, people can be with held from products that would serve great help to their needs. The actors in the movie have aids and are finding ways to try and get around the FDA's regulations on the resources they are giving to their patients. The actors illustrate the pain and sacrifice it can take in order to compete with regulations and the struggles of changing them. Regulations is entrepreneurial do to the extreme factors the innovators have to undergo in order to bring a product to market. Regulations is an interesting aspect in entrepreneurship. There are several good reasons for regulations and a majority of the time they are set with good intentions. Unfortunately, it is not uncommon, as shown in the movie, that regulations can cause more harm than good. Families can be faced to watch their loved ones battle with bad illnesses and not be able to access medicine that may help them. Or an innovator can spend thousands of dollars on their invention for it to not pass regulations.
These two examples are just a small view into how regulations affect society as a whole. Often times, we as consumers do not get to see the behind the scenes of the products we purchase undergoing to revolving steps of getting approved and passing regulations. There can be a ton of steps just to get a product to even be looked at through regulations. Some products may not be as safe as they are today without these regulations. One example that is a huge debate in the United States today is the conversation of recreational marijuana. In several states, laws have been passed to where it can be regulated and sold to those who are eligible for it. On the other hand, there are more states who have different regulation on marijuana. That being that it is illegal to use. These are prime examples of how regulations can affect society. It is also an example of how entrepreneurs are affected by regulations. someone who wants to produce marijuana in Texas does not have the same legal rights to produce it in Oklahoma. This why regulations play a massive factor on how entrepreneurs affect society. Without regulations, the world we reside in today could be completely different.