Month: November 2010

Among the various definitions of entrepreneurship, Schumpeter places emphasis on:

a. new products,

b. new production methods,

c. new markets, and

d. new forms of organization.

Apple is definitely a pioneering company in terms of change and innovation. Not only does the company release innovative products on a periodic basis, Apple also works towards engaging different sectors of the market. For instance, while targeting youth with the iPad and iPod, Apple has also introduced office-oriented products geared for professionals.

Innovation is not limited to products, as changes in organizational structure are also encouraged in the company. Steve Jobs’ transformational leadership instils a sense of vision among the employees and develops a culture rewarding positive changes to the company.

As opposed to small businesses, Apple has the resources and reputation to generate a significant amount of wealth in a relatively short period of time. Furthermore, the risk of Apple’s entrepreneurial venture is considerably high, but this is justified by the incentive of the profits that the company can earn.

Innovation is necessary for an entrepreneur, but it does not necessarily lead to entrepreneurship.

“It’s partially BlackBerry’s fault – that’s the device that first said your business life is your personal life.”

In a recent article about BlackBerry, the author claims that the device has successfully meshed the business life with the personal life. It is this invisible dividing line that engages the market with BlackBerry products.

I recently made the switch from an LG phone to a BlackBerry, and it is undeniable that putting down my new device is a challenge. By equipping the device with popular social media applications, allowing access to emails and work-related software, and introducing programs offering access to personal functions, this CrackBerry is becoming a trend today. This is an effective marketing strategy, as consumers now hold a device that acts as a portal to three separate doors: the personal life, the business life, and the social life.

Convenience is Blackberry’s selling point. It is because of convenience that consumers are in a mad scramble to follow this CrackBerry trend.

Recent iClicker question:

What motivates you?

a. money

b. fame

c. other

Among Sauder students, I was caught off guard by the fact that many people chose c. other as their answer. At the Sauder School of Business, I expected wealth and reputation to be the primary driving force. To my surprise, happiness is of higher value than many extrinsic rewards. This is a pleasant surprise because it shows that there is a human touch to the field of business and that satisfaction is not measured by the digits on a paycheque or the figures of an income statement.

This also sheds light on employee behaviour. Many employers tend to reduce turnover by increasing workers’ benefits and adding zeros to their paycheques. What they overlook is that what gives someone a push may not have the same effect on another. Not everyone is driven by money or fame, and this should be considered when bosses try to boost job satisfaction.

Money and fame are not always the driving force behind every action, every decision. Rather, happiness is a long-term goal sought by many.