Month: November 2012

Today the health and wellness craze has become very popular in North America. Sweaty Bands, founded by  fitness instructor Donna Browning, is an up-and-coming athletic wear company that could very well go on and experience the same success that Lululemon Athletica has enjoyed. Reading this article about these stay-put head bands, you can see that this small company is growing fast and has no intention of stopping. With $3-million in revenue in 2011 and an expected $12-million in 2012, you can see that Sweaty Bands did not waste any time in going to sports events to promote their product. What struck me when looking further into this company is what Browning calls the “Sweaty Run.” This tab on the Sweaty Band’s webpage shows the timeline of how the company has grown. When reading this, I could not help thinking about class 19 and the stories we heard from Amielle Lake and Eric H. Carlson about how they became entrepreneurs. Their stories, along with Browning’s, are inspiring for students like me that have yet to find their success in the business world. After listening in class and analyzing Sweaty Bands, one thing has really resonated with me about entrepreneurship: if you want to be a successful entrepreneur, your company or product had to solve a problem for your target customers – even if it is as simple as creating a headband that will not fall off while you play sports – and only after working incredibly hard to make your vision a reality will your company thrive. Just as Eric Thomas said, “when you want to succeed as bad as you want to breathe, then you’ll be successful.”

https://www.youtube.com/watch?v=Hqhk3U7DRvg

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It all started with Muhammad Yunusand and his micro-loan revolution. The idea to make money while also benefiting society is somewhat new to the world. It may be controversial to make a profit while helping society, but I think it is a great idea. That is why, much like my classmate Celine Zacharias, I was inspired by Save-On Meats when we talked about it in during class 12 (CSR and Sustainability). Not only is this a local Vancouver business, but it is also a social enterprise. Mark Brand decided to bring Save-On Meats‘ original idea back to life after it closed in 2009. Brand brought his expertise from his other successful restaurants to bring back Save-On Meats better than ever. Not only does it benefit Vancouver habitants with good food, but it also provided the less fortunate of Downtown Eastside with an opportunity for work, experience, and ultimately to better themselves. The idea of social entrepreneurship is more than just a charity as Celine said: it an opportunity for entrepreneurs to do some good and also make a living. This is something that I have always found to be a problem with non-profit organizations. These organizations do so much good for society, yet the people who run the organization cannot give 100% because they are unable to make a living doing society this great service. With the emergence of social entrepreneurship, this problem is solved. After all, why can’t it be someone’s job to make the world a bit better, one BLT at a time?

Celine’s Blog

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The Korean craze Gangnam Style is know all over the world. With its catchy tune, it’s impossible not to notice. Most of us think that it’s just a catchy song and nothing more, but to Korean businesses and stock buyers, it presents a real money-making opportunity. The power of celebrity endorsement is nothing new when it comes to marketing your product, but I never really gave much thought to how powerful it could be until I came arcoss Tamsin McMahon‘s article on Macleans’ Business Blog. Psy, the creator of Gangnam Style, is not only bringing in better sales for those who endorse him but also boosts in market share price. Companies such as DI Corp., who have seen their stock price soar to 500% of its original value, are taking full advantage of Psy’s fame. In business, if you want to be successful, you have to get yourself noticed by customers. Differentiation from your competitor is very important to get customers to pick your product over all the others. For customers, if they see their favorite pop (or in this case K-Pop) star, they are more inclined to buy a product. When a popular figure, such as Psy, associates himself with your product it gives you the competitive edge you need to make your product the one customers choose.

https://www.youtube.com/watch?v=oHDacG_ESf8&feature=player_embedded

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