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After presenting and being receptive to other’s presentations this week I’ve found that many people talked about implementing social media to their company’s business plan. Although a popular recommendation I got the feeling how some groups didn’t realize how important social media can be to get an edge over competitors, especially for small businesses.

The costs are minimal except for the constant demand of time to continue updating the public on your product, social integration and, most importantly, the company’s story. To take full advantage of websites such as Facebook and Twitter, one needs to be updating constantly because people are on these outlets everyday and if the small business doesn’t keep a constant stream of information potential customers will get bored and the company will be forgotten.

There is a fine line though with constantly updating Facebook and Twitter. Some people may find this as spam so they get frustrated. This is why the company must concentrate on their story to differentiate themselves from the others and create a more personal bond with the customer. If one can harness and balance the power of social media, surely their business with wept the benefits.

Video: Dispelling some social media myths

Experiments and new tactics happen in business all the time. What Imax and Paramount are doing is no exception. For the upcoming release of the Mission impossible series will only appear on Imax screens for the opening weekend according to The Globe and Mail. This new tactic is being scrutinized by competitors of Paramount. There is potential for great opportunities but also balanced out by possible threats.

With releasing the movie on only Imax for the opening weekend will give the viewer a better experience due to the improved vision. Also, if viewer’s like it, this will create word of mouth advertising so others are more inclined to check it out. Not to mention the increase in prices could create a bigger revenue for the movie.

One problem is that Imax theatres are not as widespread as normal theatres thus reducing the supply and could possibly miss out on a higher demand. This creates the problem of people not being able to see the movie since there is no Imax theatre around or if there is, it’s all sold out.

This tactical experiment could possibly change the market of movie releases forever. If profitable others will follow suit creating a Imax only opening weekend release which will be amazing for the Canadian company.

The dream of cheap wireless plans with great service is beginning to seem of something of the past. The little guys are having troubles breaking the stranglehold of the oligopoly on the market. The federal government doesn’t look like they’re going to set aside any of the 700 MHz spectrum in the upcoming auction as they have done in previous years, stated BNN. This means that the little guys won’t have a chance in out bidding the Big Three.

A new strategy needs to arise if the small firms, like WIND mobile, wish to expand or even survive. People know that they’re cell phone coverage isn’t the best so they should focus on things that the Big Three don’t to get an some sort of competitive advantage. Target teenagers, create amazing customer service, or maybe cut costs by only selling the product online to be more direct. There are many possible ideas but no guaranteed solution. I’ll be interested to see if firms such as WIND mobile will get blown away and be a thing of the past.

After reading Dorfam Mirgharavi’s post about how if she had to choose between money, power or recognition she would choose a combination of all three but most importantly she would concentrate on being happy.

Wanting happiness is universal but a very broad topic. Before telling you what I would pick to create happiness, I’ll go over the other choices.

Recognition just shows that people only would do things if other people knew about it. This is extremely unethical and selfish thus not promoting happiness.

Money is fun but what’s money worth if you can’t share it with others? Sure being able to buy your kid a ferrari for his birthday would be amazing but this wouldn’t make him love you more. He would end up being spoiled and would only look at you with $$ in his eyes. You would be alone and that doesn’t sound like happiness to me.

I would choose power. One who has power can make a difference. I would use this power to look over people who I care for and thus they would show reciprocal treatment towards me. This creates a bond and a system of caring and thus creates happiness.

What other entrepreneur would I ever consider over the Canadian icon Ron Joyce? No one. As noted in Ron’s biography, he was Co-Founder of Tim Hortons and later after his partner, Tim Horton, died in a car accident he took full control of the restaurant chain and set up the non-profit, charitable organization named Tim Horton Children’s Foundation.

Not only did Ron Joyce build a Canadian Symbol with his amazing branding power, exceptional social responsibility integration and a great cup of Jo but he did it without a background in business. Sure he has many honourary doctorate degrees now from various universities but before his entrepreneur talent kicked in he was a police officer. It’s amazing how much can be accomplished with hard work, a little luck and a great idea.

Ron defiantly has earned his spot in the Canadian Business Hall of Fame and his extensive list of other awards, and that’s why he’s the entrepreneur I look up to most.

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