Category Archives: Uncategorized

What I’m about to talk about is quite common amongst teenagers.  Most of us don’t learn our lesson until we experience it ourselves.  When I was in high school, I’ve often trusted other people, sometimes even more than myself.  High school is well known for rumors and gossips, but many students know better than believing in these rumors.  I still remember this one time when I told my best friend a secret, one who i would trust even if someone else told me she was the one who did it, and a couple days later I found out others knew about the secret.  At that moment, I still didn’t believe she was the one who did it, maybe…just maybe..someone over heard us when I was telling her?  Or perhaps there was some other reason, it just can’t be her.  There’s no reason for her to do it, it can’t be her.  A couple years later, I found out that it was her who did it.  Although it was a couple years later, my heart felt broken, I couldn’t believe it, it just didn’t make sense.  Ever since this incident, it takes me quite a long time before I can trust someone.  The safest, and most trustworthy people will always be yourself and your family.

I came across another article today about social media. Not only teenagers interact online, but even the older generation like our parents communicate through Facebook and Twitter now. A company name Mabel’s Labels have mastered the use of social media.

Mabel’s Labels is a company started by four moms seven years ago. The owners were early adopters of social media, and as moms themselves, they were able to reach out to other moms easily. They found out that moms not just chat with other moms in playgrounds and parks, but online as well. Many moms do product research online, and Mabel’s Labels used this chance to target their market. What led their company to success is that they actually spent the time to listen to their consumers feedback and being active. Mabel’s Labels really does care about their customers and connects to their audience.

Companies who advertise and interact with their consumers through social media benefits enormously.Social media is the fastest and cheapest way to connect to the world of consumers. Using social media, feedback can be done. I remember just last year in high school, as a member of Career Prep, my group and I sold bubble tea during lunch. We were usually able to sell around 60 cups within the first ten minutes of lunch time, but after we collected data through our customers’ feedback on what flavors were most liked, we were able to sell a surprising amount of 100 cups in ten minutes. Companies value consumer feedback because their opinions can assist the business in doing even better.

Never underestimate the power of social media. Feedback is directly linked under social media and consumers appreciate being heard. Just like what Ms.Cole, one of the partners of Mabel’s Labels, said in the article: “Have a consistent voice. Don’t push out your products – engage in conversation … You have to genuinely be interested.”

Source:

http://www.theglobeandmail.com/report-on-business/your-business/grow/mia-wedgbury/mastering-the-mom-market-one-label-at-a-time/article1812271/

http://www.mabel.ca/

It is almost the time of year again where great deals are in every store and long line ups are formed outside each store.  The month of December is what many consumers look forward to every year because of the crazy bargains and deals offered.  But before the month of December comes today is Black Friday, where massive sales are occuring in the states.
 
For many of us, we are willing to sacrifice our sleep and time just to line up early outside a store to be able to get these decent deals.  For some of us on the other hand, prefer to stay home and not go through that stampede.  This morning I came across an article in the Globe and Mail about personal finance.  The article’s about the author finding a black friday-like deal at home instead of going to the states and getting stuck within a crowd.  There is a website that surveys prices of retail products from various merchants to identify the best deals called Wishabi.  The author printed out the deal that Wishabi provided, showing that there was a better deal of the product in the states, and used it as a bargaining chip in a local store.  In the end, the author bought the product at a very low price after negotiating.  What the author is trying to get at in this article is that you’ll never get a decent deal without trying to bargain and ask for it.  Many consumers may feel shy or embarassed to bargain, but if you never try, you’re the one who misses out and have to end up paying a higher price than a price you could of bargained lower for. 

I’ve actually experienced this myself.  As you know, Hong Kong is a place full of bargaining.  When I went back last summer I wasn’t use to it and was always afraid to bargain because I felt embarassed.  It turned out that it was actually a lot easier than I thought.  Many times owners know that consumers want to substitute away from the more expensive good and into the cheaper good, so if they don’t lower the price like you asked for, they can predict that most likely you’re just going to buy it from another store who’s willing to offer you a better deal.

It never hurts to try.  Bargaining can be a strategy for personal finanace.  If you don’t give it a shot, you won’t know if you can get that product cheaper, so why not just try?  Bargainers have an advantage because the store wan’ts to make the sale, so if they don’t negotiate knowing that other stores offer the same product at a lower price they will just lose the customer.  December is almost here so it is time for a month of cheap deals, joy and shopping!!!

Source:

http://www.theglobeandmail.com/globe-investor/personal-finance/preet-banerjee/nabbing-a-black-friday-like-deal-at-home/article1813034/

Have you ever walked to a certain section of a mall and the scent of delicious cream puffs filled your nose?  You stand still looking around, wondering where that scent is coming from and then you see the big yellow sign with Beard Papa’s on it.  Beard Papa’s is definitely a company I consider to be entrepreneurial.  Beard Papa’s (麦の穂, Muginoho) is a Japanese company founded in 1999.  They’re known for their “Fresh’n natural cream puffs” with a choux pastry shell, filled with whipped cream custard available in different flavours.

In reference to our class prep article, Beard Papa’s exhibits innovation, risk, and wealth creation.  Beard Papa’s exhibits innovation because of their unique product.  There is no product in the market like the company’s cream puffs.  This advantage they have from their product is also a risk.  That is because a cream puff is not a neccessity, therefore there is no profit guaranteed when the company first started.  Many customers would probably prefer buying their cream puffs once in a while, but not daily. The success this unique product brought to the company, generated a substantial wealth for Beard Papa’s. Beard Papa’s now have over 250 stores in Japan and 300 worldwide.

Beard Papa’s creative idea of selling fresh cream puffs with different flavours is what makes them different, compared to their competitors in the market. For this reason, they are also at an advantage and making an enormous profit.

source: http://beardpapascanada.com/

http://en.wikipedia.org/wiki/Beard_Papa’s

In this article, the owners of School Bakery Café uses social media to assist in their business.  School Bakery Café,  a bar in Totonto’s Liberty Village neighborhood, decided to use Facebook to reach out to their customers.  When the World Cup was coming they turned to Jaime Almond, a social media strategist.  She first predicted a list of national teams that would go far in the tournament and then looked for fan groups on Facebook that might be looking for a place to watch the game.  As a result, the bar was packed and built a relationship with the group.  The strategy in using Facebook is not about sales, but interaction; a tool to build a brand for a product or service and gain customer loyalty.

A couple classes ago we discussed the power of social media in class, and this article links to our discussion.  Social media is a strong source to create a relationship between customers and a business.  Just today, when I logged on to Facebook, I saw pending invitation requests from multiple groups and fan pages.  They range from small to big businesses.  For example, there are numerous small businesses selling clothing or cosmetics, that created groups on Facebook where customers can make orders through and give comments.  Many small businesses use Facebook as a tool to connect with their customers.

Social media is the quickest way to get people’s attention and stay connected with them.  The interaction a business can form with different groups through Facebook, or any other site, is unbelievable.  Not only can businesses create events to inform thousands of people about special promotions or sales and advertise, they can also receive feedback from their customers and make improvements.  The best part of all is that there are no costs, it is absolutely free.

Source:

http://www.theglobeandmail.com/report-on-business/your-business/business-categories/web-strategy/facebook-is-about-interaction-its-not-about-sales/article1733173/

As I came across this article, I immediately thought of the PoP and PoD we discussed two classes ago.  The article discussed the many features of the new Toshiba Libretto W100.  This book-sized, $1,099 Libretto W100 is not a Nintendo DSi XXL, a tablet, or netbook.  It is practically a combination of all of these, but even better.  It is some sort of hybrid tablook.  The new portable Toshiba Libretto W100 is touch screen, similar to an Ipad, yet offers a virtual keyboard application that functions like a netbook.  The points of parity of this new multi-featured hybrid tablook is that it contains all the functions of any regular lap top, Ipad, and netbook.  For example, the web browser and applications.  On the other hand, it has many points of difference in comparison to other products.  It not only has a virtual keyboard application, but a mouse pad as well.  At any time if you decide to read a book online or watch a movie you can simply tilt the device sideways to enter portrait mode and you can read it full screen.  Although this device seems almost perfect, there are certain areas, such as battery life, where tuning will improve the device.  With the many points of difference this Toshiba Libretto W100 brings to the table, I have faith that this new device will attract many customers.  Within a couple years, after improvements have been made toward this hybrid tablook, it will be a very competitive product in the market.

Source:

http://www.theglobeandmail.com/news/technology/personal-tech/gadgets/review-defining-the-toshiba-libretto-w100-is-no-easy-task/article1737697/

If  a  teen started smoking at age fifteen, paying $9 for a pack of cigarettes, then in the long-term after-inflation and such, it is equal to around $375,000 by the time they reach 65.  It’s practically blowing up a Porsche 911 cabriolet according to the article.  Last class we talked about finance, and I agree with the article where smoking is not an ideal choice considering personal finance.  Many people smoke, like the young, the old, male, female, basically there is no age or gender limit.  Although smokers know smoking concerns their health, many still continue on.  Smoking doesn’t just affect health; there is also a huge opportunity cost smokers trade back in return for smoking.  Just think about it.  If you smoke you not only waste money on buying cigarettes, have a higher chance of getting cancer, but also a higher cost for insurance premiums.  Your life insurance will probably cost more because your risk of dying is above everyone else, and your health costs will be higher as well compared to non-smokers.  Oh and how can I forget the gray teeth and mucus that also comes along with smoking.  The opportunity cost of smoking is huge.  Smoking is an issue, and if you stop smoking you’re already investing in a life time savings plan.

Sources:

http://www.theglobeandmail.com/globe-investor/personal-finance/preet-banerjee/stop-smoking-cigarettes-and-start-smoking-tires/article1735191/

Last class we started talking about business plans, this reminded me of an article I read a while back about a winning business plan by an entrepreneur star, Hailey Coleman.  In  2009, Coleman was awarded a $25,000 grant, in the Slaight Communications Business Plan Competition and launched her company Damn Heels.  The company sells fold-up ballet slippers that woman can slip on after wearing painful stilettos at a party.  Coleman said this simple idea originated from her own experience, where one night she had to limp home bare feet from painful heels after a party.  Apparently Coleman’s idea was not original.

Matt Horan, a 29 year old entrepreneur, came up with a similar idea in 2008.  He came up with the idea of selling emergency foldable flats in vending machines.  His idea was created after hearing his girlfriend complain about her feet every time they went out and had to piggy back her home.

Today I came across an article called “Red carpet leads to gold for Damn Heels”, it described Coleman going on Dragons Den recently and her idea impressed Arlene Dickinson.  Coleman accepted her offer of 5% of royalties for a 20-year term in exchange for $25,000 in cash and $25,000 in marketing services.  Many times great ideas are imitated, and in this case, Coleman is still very successful with her company.

Around two classes ago we discussed business ethics, and in the business world ideas are often copied.  Just like what Coco Chanel says in the article, “I would shed tears the day no one copied me. For me being copied means success. Success without copies or imitations just doesn’t exist.”

Youtube Video: (Dragons Den)

Sources:

http://alexandrahighcrest.com/blog/2010/04/29/damn-heels-looks-like-a-damn-knockoff/

http://www.nationalpost.com/todays-paper/carpet+leads+gold+Damn+Heels/3583386/story.html

Youtube Video: (Dragons Den)

https://www.youtube.com/watch?v=Gz6c1N8Lk7M