Research is crucial in science and history but some people forget that it is also a vital part of business. Much research goes into studying the current market and consumers purchasing power. Entrepreneurs working to start up a new business also have to conduct surveys and studies to identify their start up costs and estimated revenues to see if the project is worth starting. Two cases we discussed in class were Disney’s plan to expand into Europe and Burger Kings plan to go to Russia. These cases proved the importance of research because both of these companies did not have previous knowledge of what the expansion would be like, until they researched it further. The difference in culture, financial information, and the popularity of Burger King and Disney in those countries all had to be carefully studied in order to not make a costly mistake. Unfortunetly, Disney did not do enough market research since they found themselves losing large sums of money to their Europe expansion. When your about to put millions of dollars into a project, thoroughly researching the market is one of the most critical things to do.

Social Enterprises are social mission driven organizations which apply market based strategies to achieve a social purpose. In other words, they take the power of the marketplace to solve critical social or environmental problems. A successful example of a Social Enterprise is the Vancouver based company The Cleaning Solution. The Cleaning Solution creates a domino affect by helping one group of people that also leads to helping a larger group of people. They provide environmentally friendly cleaning services to companies, while also providing meaningful employment to people that have experienced mental illness. This company enables individuals recovering from mental illnesses a chance to get back into the work force and re-build their confidence. This leads to businesses being satisfied with their clean working environment and a better quality of life for The Cleaning Solution’s employees.

The Acuman Fund was incorporated on April 1, 2001 and today is renowned for using entrepreneurial approaches to solve the problems of global poverty. They believe that pioneering entrepreneurs will find solutions to poverty and are focused on offering services such as water, health, housing, and energy at an affordable price. People can get involved by donating, volunteering, and keeping up to date on the latest news. Ways to volunteer could be as simple as spreading the word through the book “The Blue Sweater” by Acuman Fund’s CEO and found Jacqueline Novogratz. By reading and sharing the book with friends you can learn about their work and spread the word about new ways to fight poverty. The volunteer group “Chapter” is for people with a passion and interest in Acuman Fund’s work. They are located all over the world and if there is not one located near you, start your own! There is plenty of work that still needs to be done to end poverty and Acuman Fund’s approach is working towards a solution one step at a time.

Researchers are constantly doing studies on the impact humans have on the environment. With global warming on the rise it is important to be aware of your immense role in saving our planet. One extremely informative website that helps make people aware of the amount of carbon they are omitting, is a very useful tool to make yourself realize the impact each person makes. After visiting this site, http://go-beyond.ca/carbon-footprint-calculator, and calculating my carbon footprint I was able to see the simple things I could change in my daily habits that would make a big difference. Things like commuting by carpool, eating locally produced food, and purchasing more fuel efficient home appliances, can help our world become a lot greener. By living on campus at UBC my carbon emissions through transportation were very small. However, my carbon foot print score still said I produced 4.3 tonnes of carbon each year. Walking and riding your bike is the best alternative to driving or taking the bus. Even small things such as turning off the lights, taking shorter showers, and washing your cloths with cold water can go a long way. Besides energy saving tips, the website contains programs, new items, and recommendations on what appliances to buy to limit your carbon emissions. Check it out, you would be surprised.

What is organizational culture? I guess you could describe it as the personality or unwritten rules of a company. A strong organization culture is one where everyone shares the same values and similar behavior in the work place. Without a strong culture a company isn’t unified and problems may arrive concerning the different ways people handle situations. One example of a company that has a very pronounced organizational culture is Zappos.com. They pride themselves not only on their high quality customer service but the strong organizational culture within their company. Their CEO, Tony Hsieh, learned from experience what it was like to run a company that had little organizational culture and made it one of his main focuses for Zappo. Right after an employee is hired Hsieh offers them $2,000 to walk away from the company or stay. This shows that the people who decide to stay aren’t working for Zampo for the money alone but rather that they want to be apart of the company. Employees are also given flexible break times, free food, and the atmosphere around the office isn’t all about work. Zappos employees know how to have fun at work but they also bring in the revenue at the same time.

For a clip of Tony Hsieh explaining Zappo’s organizational culture visit:
https://www.youtube.com/watch?v=fkCAglHn6Es

A brand is a name used to identify and distinguish a specific product, service, or business. A lot of thought and time go into naming a brand and deciding on what it should represent. Some companies have managed to label their business so strongly that when you think of a particular type of product, their specific brand is the first one that pops into your head. For example, when you say the word coffee most people would jump to Starbucks in a matter of seconds. In Comm 299 at UBC we discussed the six steps that go into naming a brand whether it is for a product or what you want people to associate with your personality. The six steps include:

1. Brand Identification
2. Brand Awareness
3. Brand Association
4. Brand Quality & Perception
5. Brand Loyalty
6. Brand Broadening

It’s surprising how much brand names impact our society today. A pair of shoes could be hideous but slap an expensive brand name on them and you have the latest hot item. People are no longer just buy the product, they are buying the name and reputation that comes with it. A successfully branded company has differentiated their product, made their purpose clear, and has associated their company with positive qualities. An article in Business Week ranked the companies that best built their image. Among the top brands were Amazon.com, Ebay, and Starbucks. “They’ve discovered new ways to captivate and intrigue consumers” says Robert Berner, author of the article. A large part of making your company a success is having a well defined brand name that people will remember.

For Further Reading:
http://www.businessweek.com/magazine/content/05_31/b3945098.htm

What traits make a successful entrepreneur? My class concluded that it takes drive, perseverance, self awareness, creativity, etc. The chances of becoming a successful entrepreneur are very small and so is the number of females in the business field. Why is that? A study was done and out of 549 successful entrepreneurs only 8% were female. Further more, there are only three companies on the Fortune 1000 that were founded or co founded by woman. The two most popular reasons for there being more men in the workforce is that men have easier access to bankers, venture capitalists, and private equity and second, woman are more devoted to family and have less time to start a business.

I think that is a total stereotype and there is no excuse for the lack of female entrepreneurs. In this day in age, gender should no longer be a factor in business. Female entrepreneurs such as Oprah, J.K Rowling, Estee Lauder, and Debbie Fields are four of the ten females who are self made billionaires. The other 1,121 billionaires in the world are men. Other possible reasons for male dominance in the business field is that traits such as stubbornness, competitiveness, and risk taking are key to being an entrepreneur. Im not saying woman don’t possess these traits but men tend to be more risk takers than woman which may be a big part of the reason why there are so few female entrepreneurs.

After my Business Fundamentals class last week, I thought further about the key role technology is playing in business. In class, we discussed the importance of marketing through Facebook, Twitter, and Blogging in order to successfully run a business in the 21st century. These sites not only allow millions of viewers to have access to company updates but the companies in return can easily receive feedback from their consumers. The companies that fail to take full advantage of the technology made easily available to them will surely fall behind.
One thing that came to mind after that class was the roles of cell phones in future marketing strategies. Many techniques are being used to target websites via internet but there is still room for advancement in the cell phone industry. For example, Starbucks is taking full advantage of applications on the iphone by designing an app for purchasing Starbucks products and checking gift card balances. People may not have cash on them 24/7 but they rarely have their phones out of site. Best Buy is another company that designed a site that is easily accessible by cell phones and allows customers to search store locations and merchandise without being bombarded by advertisements on the internet. Times are changing fast and with the increasing use of technology in our day to day lives, innumerable possibilities for gains in advertising are constantly being created.

for further reading on this topic visit:
http://www.businessweek.com/technology/content/may2009/tc2009054_249180.htm

http://www.bnet.com/2403-13070_23-219914.html

When it comes to “Fast Fashion”, Amancio Ortega, Spanish typhoon and owner of the clothing brand Zara, knows what it takes to be a success in the fashion world. Surprising, it isn’t the advertising, outscoring, or the use of famous faces that brings this company success. It all has to do with their ability to observe popular trends in fashion and quickly produce new styles that change as fast as their consumer’s minds.

One of the main reasons why the production behind Zara is so effective is because management allows every employee to have a key role in the production of their clothing. In “Organizational Behaviors”, I learned about the correlation between worker satisfaction and increase in profits. By giving every employee a vital task and offering constant constructive feedback, employees are satisfied with their work and more inclined to be efficient on the job. Store managers are given the task of compiling data of what sells the best while designers prepare the next fashion statement. Their quick production line and shared situation awareness takes this company to a whole new level and is the reason why they have become such an enormous success in fast fashion.

Consumers have been skeptical of Walmart’s low prices for years now. The companies policies and foreign product sourcing have been scrutinized for there unethical aspects. In 2004, The New York Times reported that Walmart used child labor and violated laws that require time for breaks and meals. They also ignore social responsibilities to their employees. Walmart spends 27% less on health care compared to the rest of the retail-industry. However, the biggest speculation of Walmarts unethical conduct is the assumption that they use sweatshops and prison labor in foreign countries. Since they never release their audits or factory names, customers are not fully aware of where their products are coming from.

Walmart is the largest retail industry in the world. Therefore, they should have a social responsibility to follow ethical standards. With all the scandals in Walmart’s history, it is no surprise that one of their executives, Tom Coughlin, was charged with embezzlement in 2005. When the executives in charge of running a company are morally irresponsible, you know the company is going to have some major problems.

For further reading on Walmart’s scandals! Check out these articles: http://blog.cleveland.com/business/2008/02/_a_federal_judge_in.html
http://www.businessweek.com/bwdaily/dnflash/content/oct2008/db2008109_219930.htm
http://www.businessweek.com/magazine/content/06_07/b3971115.htm