All it takes is to look at the world slightly differently

The expanding field of entrepreneurship is more diverse than I originally thought during the class discussing social entrepreneurs.There’s the typical entrepreneur who acts on a notion full of risk and innovation, and successfully creates a profitable company. There’s the social entrepreneur who undertakes a venture with a social mission. And then there’s the serial entrepreneur; an entrepreneur who continuously creates new businesses from new ideas and soon after passes on the responsibility of managing the company. The ability to constantly have an idea and promptly turn it into an innovative and multi-million dollar project is a unique and extraordinary characteristic of a serial entrepreneur. A common example of a serial entrepreneur is Evan Williams who founded Blogger, a social media company eventually bought by Google and of course, Twitter. However, you might wonder what is it about serial entrepreneurs that make them capable of so much innovation? Contrary to common belief, to be an entrepreneur does not mean “you have to be walking down the street and a bolt of lightning hits you and you get inspired to look at the world differently and come up with this brilliant new idea.” A common attribute of all entrepreneurs is the capability to understand what society is currently lacking and what they can do to address the problem, whether it is to create a fun social media website or an online shoe company. What makes the serial entrepreneur different is the need to keep creating, always being unsatisfied when the “easy” job of just running the company arrives.

Business dictionary: Serial entrepreneur. (n.d.). Retrieved from http://www.businessdictionary.com/definition/serial-entrepreneur.html

White, S. (2011, November 21).Serial entrepreneurs: How to find the next great idea. Retrieved from http://www.theglobeandmail.com/report-on-business/small-business/sb-growth/success-stories/serial-entrepreneurs-how-to-find-the-next-great-idea/article2239638/

You’ve heard of it. On CTV News, spread across the newspaper and most recently in Piper Hoekstra’s blog post. The Occupy Movement. You have the general gist in mind, something about a protest against economic inequality. But have you attempted to understand what the true message of the protest is, why it’s happening or how it will affect you? Having been constantly reminded that the world I live in is not perfect, I have tried to learn about the only “revolution” I can come somewhat close to experiencing.

On September 17, 2011, a crowd of protestors flooded Wall Street in haphazard formation with a main demand of “ending the influence money has over our representatives in Washington.” Participants branched off from the principal message with causes regarding the wealth divide, the lack of substantial health insurance, money spent on war, the multitudes of citizens who live in poverty and the ability of large corporations to manipulate government decisions. The protestors call themselves the “99 %”, emphasizing that the majority of citizens are at the low end of the economic scale. The catalyst of the movement is believed to be the successful protests in Egypt, which led to the removal of President Mubarak. Many people have turned a blind eye to the events happening in Zuccotti Park, however there are those who are completely against blaming Wall Street or the government for the individuals’ struggles, known as the 53%. All in all, it is still unclear how the ultimate result of the protests will affect everyone’s daily life. However, it is crucial to realize that there are an enormous number of problems within today’s society and that the real value of the movement comes from the reality that people are willing to fight for solutions.

Craig, G. (2011). What is occupy wall street and should you care?. Retrieved from http://freefrombroke.com/what-is-occupy-wall-street-and-should-you-care/

Occupy wall street- how did it all begin?. (2011, November 4). Retrieved from http://www.onlyinfographic.com/2011/occupy-wall-street-how-did-it-all-begin/

Timson, J. (2011, October 13). Why did occupy wall street take so long to happen?. Retrieved from http://www.theglobeandmail.com/life/relationships/news-and-views/judith-timson/why-did-occupy-wall-street-take-so-long-to-happen/article2200498/page2/

The revolution of online shopping

While reading Kyle Yoshida’s blog post describing Lululemon’s launch of the option to buy products online, I began thinking of what an online sales platform needs to thrive. Selling products and services online have exclusive challenges which are typically not found in stores. Examples of such issues include shipping and handling and an automated sales system. However, possibly the most significant difficulty in selling goods online is being able to portray the product as if the customer was browsing in store. Is there a way to make the online shopping experience equivalent, or even better than walking through congested aisles and searching through endless hangers? As online transactions and sales are rising exponentially, it would appear that companies are doing something right. From user-friendly sites, to incredibly discounted prices, and even virtual fitting rooms, battling crowds at the local mall during the holiday season seems less and less appealing. Of course, online shopping does have a higher risk of a mistake happening in your order (a parka instead of a backpack maybe?), however companies ensure that consumers have a dedicated customer service centre willing and able to assist with any problems. The revolution of online shopping is expanding aggressively, and most certainly not at its end.

Graham, P. (n.d.). The 10 secrets of selling online. Retrieved from http://store.yahoo.com/secrets.html

Yoshida, K. (2011, October 31). Lululemon update: Inventory woes could persist, company moves to launch online sales [Web log message]. Retrieved from https://blogs.ubc.ca/kyleyoshida/2011/10/31/lululemon-update-inventory-woes-could-persist-company-moves-to-launch-online-sales/

h.u.m.a.n

An article I recently read described a new company focused on creating vending machines which only sells snacks high in nutritional value. “I left the sports club in search of fuel, but couldn’t find anything healthy for five square blocks,” Kelly says. “. The founder, Sean Kelly launched the company in 2009 and entitled it h.u.m.a.n Healthy Vending (helping unite man and nutrition). The vending machines are bigger however, they are also more efficient, accept debit and credit, and run ads describing the importance of a healthy lifestyle. Already selling 500 vending machines, Kelly hopes to expand into schools, gyms and office buildings by the end of 2011. H.u.m.a.n. is considered entrepreneurial based on many characteristics, one of which being the risk involved in the start up. Vending machines have always been associated with guilt-inducing snacks that are not linked with nutrition. Running against the status quo entails high risk yet also means innovation. Without innovation, h.u.m.a.n. would be just like any other small business. By striving to change the way society thinks and acts on a daily basis, Kelly has climbed into the world of entrepreneurship, connecting convenience and health like never before.

A definition of entrepreneurship. (n.d.). Retrieved from http://www.quickmba.com/entre/definition/

Daley, J. (2011, May 24). How h.u.m.a.n. is breaking through as the next-generation snack machine. Retrieved from http://www.entrepreneur.com/article/219671

Rogers applies for banking license

Can you imagine signing a three year contract for a credit card? With Rogers recently applying for a bank license, telco companies entering the bank sector is becoming a very vivid reality. If so, what is stopping Facebook from joining the rush for the pot of gold at the end of the rainbow? Venessa Miemis, an external blogger for a global community of innovation, highlights the possibility that social networks could be next on the Minister of Finance’s waitlist. With banking as the new battleground, it is useful to question why telco companies are vying for the money in your wallet and if other large organizations will follow suit. Rogers strives to capitalize on the spread of financial transactions being completed over mobile phone and providing credit and payment services seems to be a logical launch pad. In fact, it seems to be what every company is trying to accomplish as “every year Canadians make more than $40-trillion of transactions and that generates huge profits for the handful of banks and financial firms that operate the payment system”. Venessa Miemis suggests that social networks are quite similar to telcos in her blog, meaning Facebook or Twitter could be next in asking you to apply for a credit card. Although the question lies in whether customers will be attracted to the financial services that Rogers could provide with the many options offered by other companies (Airmiles anyone?). The general consensus appears to be wariness of the corporate giant. The company with an average of four hours for waiting on hold for customer service is offering a credit card? Where do I sign up?

Gazze, M. (2011, September 06).Rogers wants to start a bank, could bring mobile               payment to mainstream. Retrieved from http://www.canadianbusiness.com/article/43486- -rogers-wants-to-start-bank-could-bring-mobile-payment-to-mainstream

Greenwood, J. (2011, September 07).Rogers one of ‘a dozen’ seeking bank post. Retrieved from http://business.financialpost.com/2011/09/07/rogers-one-of-a-dozen-seeking-banking-licence/

Miemis, V. (2011, September 09).Telcos becomes bank-facebook next?. Retrieved from http://www.innovationexcellence.com/blog/2011/09/09/telcos-become-banks-facebook-next/

Sturgeon, J. (2011, September 06).Rogers applies to open bank. Retrieved from     http://business.financialpost.com/2011/09/06/rogers-applies-to-open-bank/

Qwikie Separation

After the class discussion on the division of Netflix into two companies, I still felt the need for the juicy details of the separation. I could not fathom a good enough reason to entice Netflix to create Qwikster, forcing customers to pay double for both streaming and DVD borrowing. At first glance the decision appears to only be hurting the already failed marriage between Mr. Qwikster and Ms. Netflix. The stock has fallen 56% over a span of two months.  More than 1 million customers left both services simultaneously. The expected subscriber growth rate is diminishing. Yet these outcomes could have easily been predicted and probably were. Was breaking up the right thing to do? Many analysts point out the advantage of selling off Qwikster once provided with a profitable gain. However, it is quite obvious to consumers that the DVD business is dying a painful death as displayed by the Blockbuster demise. Then there is the idea of innovation. “When it comes to innovation, scale and breadth of offering often lose out to focus.” The splitting of Netflix can bring opportunities for the company to focus solely on the one purpose of the company whether it is streaming or mail, and inputting all resources towards the product. Although only the future can tell if the decision is right, for the time being the reasons are clear.

Berman, D. (2011, September 20).Making sense of netflix, or not. Retrieved from http://www.theglobeandmail.com/globe-investor/markets/markets-blog/making-sense-of-netflix-or-not/article2172703/

Kelley, B. (2011, September 19).Netflux – a qwikster innovation divorce for netflix. Retrieved from http://www.innovationexcellence.com/blog/2011/09/19/netflux-a-qwikster-innovation-divorce-for-netflix/

The genius of Apple

The COMM 101 class on Brand Positioning and Value Proposition triggered my curiosity regarding the business strategies of Apple Inc. The reason I chose Apple is simple. Although I thought extensively, I could not understand how I became convinced that Apple was an innovative company with unique products. I know I didn’t look up product specifications or read reviews, but somehow Apple won the battle for my mind. “Apple has positioned itself to a certain type of customer; people with good jobs, good lifestyle.” An interesting paradox is that if Apple were to decrease the prices of its products, sales would decrease dramatically and the brand would lose significance. It ties in with the belief that expensive equals high quality. The IPod, IPhone, MAC and IPad are all number one products in most consumers’ minds. However, there are also many similar products, why choose an apple over a berry? The key is that the products are not the entire story: “Apple’s genius was to make [their products] a platform that could feed off a vast ecosystem that included iTunes and a stunning array of apps.” Apple also caters to the creative side in every person. By fabricating an image that using a computer can be fun and even easy, the company seized an unmet position in the technological world. ‘”[Apple is] the only one I can think of that i truly couldn’t replace — in work or in entertainment. With any other brand that I love, there’s some other one I can turn to if it disappeared. But not Apple,” said one voter.’ Moreover, Apple repositions its competitors, continuously reminding the public of its stature. Apple Commercial. Mixing these factors creates a deeply engrained product ladder, making it clear why Apple is on my mind.

Miguel, A. (2003, June 29).Analyzing apple’s market position. Retrieved from http://www.osnews.com/story/3921

Nguyen, T. (2008 , March 31). Apple considered world’s best brand. Retrieved from http://www.tomsguide.com/us/apple-microsoft-google,news-889.html

Reguly, E. (2011, October 07). How apple outsmarted rim and nokia. Retrieved from http://www.theglobeandmail.com/report-on-business/commentary/eric-reguly/how-apple-outsmarted-rim-and-nokia/article2195146/

Women just don't ask

Since women entered the workforce, there has always been the underlying issue of a gender pay gap. However there is a small task that needs to be completed before the bigger problem can even begin on the path towards resolved. Women need to ask. In today’s society, “women earn on average about 78 cents to a man’s dollar.”Unfortunately waiting for a promotion or a salary increase won’t make it happen and can in fact hinder your future earnings greatly. Although, it brings up the question of “what make women to play into the stereotype of not advocating for themselves?” Is it because of their genetic makeup or the expectancy surrounding women employees? Since caring is a natural instinct for women, many have no trouble promoting others yet when it comes to supporting themselves, all engines fail. On the other hand, an interesting study gave results that given the same speech for a pay raise, viewers were more accepting of men negotiating than women. In fact women were considered aggressive when negotiating promotions. It has even become the norm for women to search out classes which specialize in the teachings for speaking up for women. At least steps are being taken to break through the stereotypes which lock women on the second step of the corporate ladder.

Eichler, L. (2011, October 05). At the risk of sounding pushy, you should pay me more.. Retrieved from http://www.theglobeandmail.com/report-on-business/careers/career-advice/leah-eichler/at-the-risk-of-sounding-pushy-you-should-pay-me-more/article2195052/

Ludden, J. (2011, February 14). Ask for a pay raise? most women hesitate. Retrieved from http://www.npr.org/2011/02/14/133599768/ask-for-a-raise-most-women-hesitate

LinkedIn joins the herd of social media

“It will get me a career”. “It is my path to a new life”. “I will make hundreds of connections”. These are just a few of the many beliefs that are linked to the increasingly popular business networking site, LinkedIn. Over the past few weeks at Sauder, it is a term that I hear more and more of, especially in my classes. After doing some research into the many views surrounding the career-oriented site, I have ambivalent feelings. The first reviews about LinkedIn revolved around how unnecessary another networking site after Facebook is, and there is only so much time people have to devote to online social activities. However, in the “always connected” business world, it appears to be a godsend. “Its value lies in the ability to create a digital network to complement and enhance your real-world network.” Some reports even conclude that LinkedIn is a dangerous addiction and gives users a false sense of security that online networking will really bring them the career they have always wanted on a silver platter. My analysis of the different views and opinions floating around in the World Wide Web leads me to believe that LinkedIn can be your new best friend, provided that it is used wisely, with a realistic view of the work needed to present oneself as a qualified and competitive candidate. Username and password? Done.

Caprino, K. (2011, September 13).Busting 8 damaging myths about what it can do for your career. Retrieved from http://www.forbes.com/sites/85broads/2011/09/13/linkedin-busting-8-damaging-myths-about-what-it-can-do-for-your-career/

Evans, M. (2011, September 30).Confession of a linkedin addict. Retrieved from http://www.theglobeandmail.com/report-on-business/small-business/digital/biz-categories-technology/confession-of-a-linkedin-addict/article2180658/