The premise of the Arc Initiative is simple, giving entrepreneurs around the world the necessary toolbox for developing their business into an efficiently operated success.The key point I have taken away from all the stories we heard about, is that everyone who has attended the workshop and are now succeeding in business, all share an incredibly strong drive to achieve the best for their enterprise. I realized that although business skills can be taught or acquired, what makes a successful entrepreneur, anywhere in the world, is the universal drive for success. I was particularly impressed by our Skype session with the owner of the Internet café in Addis Ababa, who had such a clear vision of the logistics of his business, as well as a great understanding of where he wanted to take the business in years to come.

It is now clear as ever for me, that great ideas, and capable individuals ready to execute these ideas, will never be in shortage. The Arc Initiative permits people to have access to the same knowledge we get here in Vancouver, thus giving entrepreneurs worldwide the same opportunity to succeed regardless of background, financial standing, or previous education.

Photo Credit: UBC

Should I start a business with my Sauder friends? After hearing from the numerous alumni that have had such great success after graduation, it has given me motivation that entrepreneurship could become a viable career path if I work hard enough and make the right connections.

However, upon reading Michael Fertik’s blog post, he brings up some very critical problems with people who think that they can just start a business with their friends and that it will succeed. He mentions common complications such as not sharing the same decision-making mentality, financial background or simply not getting along with your friends when it comes down to a real life scenario.

Although these points may present some conflict down the road, I believe if everyone you work with is truly invested in making something work, and you have a great idea, anything can be achieved. Although you may hit snags down the road, a career as an entrepreneur would fulfill you in ways a 9 to 5 desk job simply couldn’t.  In my opinion, this article aims to ward off people who don’t have a true passion for entrepreneurship, do not truly understand what it entails, and just view it as a way to make an easy dollar.

Photo Credit: Problogging Success 

After their third championship season in a row, The Vancouver Canadians, out of 170 teams, were just awarded the John H. Johnson President’s Trophy, Minor League Baseball’s top honour, awarded to the best overall franchise of the season. As I have been part of the organization for the past three years, I have come to realize that the recent success of the team can be directly correlated to the large value the management staff they places on the happiness of their employees. They truly make sure that all their employees enjoy working there, by providing discounts on food, free family tickets to every game and truly creating an atmosphere of positivity, where everyone knows your name.

And as we have seen in the success of companies like Zappos or Google, is that satisfied employees results in satisfied customers, which correlates directly with the teams value proposition. As the caliber of baseball is only Single A, the stadium aims to create a memorable experience for customers, so that they will return despite the record of the team. The organization’s core set of values by which they manage their staff, is the definite cause of the their recent success, making it a wonderful experience working there.

Photo Credit: Straight.com

In Clarisa Madilao’s blog post she describes the dilemma Disney is currently facing, due to their absorption of the Marvel franchise. In class, we have studied the impacts of scandals upon businesses reputations, and I have learned, that it is imperative that consumers always view your business the way you want them to. 

Although I understand the need for Disney to promote their “family friendly” image, and thus not associate themselves with anything that contradicts that, I personally do not think that this “dilemma” constitutes anything that Disney should be worried about.

In my opinion, Disney is doing absolutely nothing wrong by displaying superheroes faces on slot machines.  It is not as if they are introducing a line of toys for children that promotes gambling. The branding on slot machines is such a thin association to the brand and would only be seen by adults, therefore making it extremely unlikely that it would decrease profitability or harm their image in any noticeable way. If anything, the absorption of all these new casino games will generate new revenue streams, adding on to the widely branching, virtually indestructible empire that Disney has already created for themselves.

Photo Credit: Jackpot.co.uk, Fanpop!

The post by Karlyn Evans, is a great example of how consumer views of a company are an integral part of their success. In her concluding sentence she summarizes this idea by saying “ this ethical and operational blemish on Avon could skew not only employees but consumer views of the company as whole.” It goes to show that if a company makes a big enough mistake, the consumer will only perceive them as that one negative and nothing else. For example, a huge reputable company like Nike took a severe blow when evidence of their child sweat shops surfaced. Over a decade after this happened, Nike is still recovering, making a continuous effort to improve brand image and consumer perception.

In our current times, the average consumer is bombarded by a plethora of products in the market. This vast amount of choice is the catalyst in the heavy value that is placed on a consumer’s perception of a product. In Avon’s case, if the word that they mistreat their employees continues to spread, as we have seen in many other cases, their reputation, and consequently their business, will deteriorate.

Photo Credit: OLX

It is the first of it’s kind. Urthecast is a high definition camera fixed to a satellite capturing the live streaming of video footage of the earth, shot from outer space.

My initial reaction to the idea within the first ten minutes was that it was a very “cool” concept, something that people would really enjoy watching as a means of entertainment.  However the numerous barriers to entry (scientific development, partnerships, high costs for equipment), had me on the ropes about how they could transform the website from a fun tool, create an effective business plan, and monetize it.

Speaking to Wade’s presentation skills, concise power point and clear explanation, my opinion was completely shifted as he discussed the numerous revenue streams the company proposed after their release in the first quarter of 2014. Being the first video recording device in outer space, there are many companies that want to access their enormous amount of data for various reasons, such as getting information on consumer behaviour, or capturing historical events as they happen live.

In all, it was an inspiring presentation as it showed us that a degree in business can open the door to whatever field fascinates us.

There has been recent progress in the field of market research, as the UK firm Brain Juicer, has come up with innovative new market research techniques that they proclaim will “reinvent market research”.To test their study of behavioural economics, Brain Juicer struck a deal with European lingerie company Hunkemoller where they agreed to implement the firm’s new sales techniques concerning consumer experience.

After a year of research in select stores, they proved that the usage of aromatherapy increased sales by a whopping 20% per customer! In addition, the customers that ate chocolate while shopping spent an average 6% more than those that didn’t.

What is interesting about the market research is that it completely shifted the perspective of the company. According to the Economic Times, the market intelligence manager for Hunkemoller said: “We realized that people do not always make such rational purchase decisions”.

This is a great example of the concept of active evaluation we discussed in class. A consumer goes into a store knowing they are going to buy one product, but through spontaneous action based on their reaction to the given environment (chocolate, odours) they go in a completely different purchasing direction.

Photo Credit: Forbes, Sound Strategies

In 2008, once esteemed financial expert Bernard Madoff pleaded guilty for conning investors out of 65 billion dollars, through the use of what he called a Ponzi scheme.

Nearly five years have gone by and we are still feeling the after math of one of the largest accounting scandals of all time, as one of Madoff’s accountants, Paul Konigsberg, was indicted for his participation in the Ponzi scheme. The 77 year old Konigsberg is accused of being a key player in Madoff’s particular strategy as his role was said to be the false bookkeeper.

What made Madoff’s scheme so successful for so many years was that he had a trustworthy reputation as a financial advisor, and lacked normal signs of fraudulent behaviour, allowing him to slip under the SEC’s radar. However in my opinion, less emphasis should be attributed to Madoff, because I feel the real issue at hand here is the numerous accountants found guilty, as a direct result of disregarding their code of ethics. My key takeaway the article is that although sometimes it just comes down to someone turning a blind eye, we must always be mindful of our moral code if we wish to succeed in business.

Photo: New York Times

The story of Miller Lite being the first company to enter the Lite Beer market in 1973, greatly emphasizes the importance of a brand’s consumer perception. The competitive advantage Miller sustained due to its “Great taste, Less filling!” campaign was that the advertisers at Miller light were working hard to alter the perception that light beer was not as “manly” as regular beer. In order to counteract this negative perception of the brand, Miller introduced a series of commercials featuring retired professional athletes, quintessential “men”, that endorsed the beer. When beer drinker’s nation wide saw respected sports icons like Joe Frazier, George Steinbrenner and Bob Uecker drinking the light beer, it completely eliminated the stigma associated with the drink.

As the marketplace has now become such a vast smorgasbord of very similar products, I would argue that it is more important that consumer’s differentiate their product from others, than actually having “the best product”. Meaning that more emphasis should be placed on marketing strategies that differentiate yourself from the competition. By promoting a memorable stance, as Miller did so well, you are essentially promoting loyalty to your brand and finding yourself a nice parking spot inside the mind of the consumer.

Photo: Classic Kicks

It is said that hindsight is 20/20. For a company that was a dominant presence in the market less less than 6 years ago, we ask ourselves: what could Blackberry have done to their business model to avoid their imminent sale to a group led by Fairfax Financial?

With much attention being paid to Apple and the release of their sleek new IPhone in the past week, The Economist’s It’s Time for Plan Z states that the recent blows to the phone’s popularity has forced the company to write down 960$ million worth of unsold inventory, and to lay off 40% of their employees.

As I study the characteristics of efficient business models, I have come to the conclusion that any given company must always capitalize on their strengths. By implementing a strategy that focused on capitalizing on the innovation Blackberry had over its competitors in 2007, the company would have had a stronger chance of retaining their presence in years to come.With consideration to the ever changing and competitive cell phone market, an updated value proposition, refined customer segments and customer relationships, would have greatly helped the company in maintaining their status and given them a clear direction moving forward.

Photo Credit: Wired.com

Many say that a businessman’s first priority is to seek profit, but is an individuals decision what moral and ethical boundaries will prevent them from achieving their goal.Currently, Premier Christy Clark is advocating for a project to extract liquefied natural gas in parts of British Columbia. She projects that this could become a hundred billion dollar industry in the next decade. The profit generated from the mining of the natural resource would go towards eliminating provincial debt and reducing taxes in the years to come, as well as creating which would substantially alleviate the financial troubles of British Columbia. Despite the seemingly bright future of LNG, an article in Scientific American explains the severe repercussions to the environment that can be engendered by the process of extraction.

For some, the decision to go ahead with the project is obvious, as the projected revenue speaks for itself. But does any amount of money justify the potential contamination of the drinking water in the areas where is extracted? It is imperative to always be in tune with one’s conscience while making decisions in business. Although an unethical decision may often seem easier short term, it will likely have long term repercussions.

Photo Credit: CTV News