Hailey Coleman, a successful entrepreneur, holds an award for "innovation in business".

Like many other entrepreneurs, Hailey Coleman, had ambition, a dream, and not much else. She created a shoe company named “Damn Heels” straight out of university. Recognizing that she lacked the skills to help the company reach it’s potential, she enlisted the help of “Ideal Samples”, a Toronto-based company that helps entrepreneurs get their product from idea to marketplace. While this service was highly beneficial to her, it raises the question: How important is it that entrepreneurs independently create and manage their company?

Brian Anderson, assistant profesor of entrepreneurship at Western Ontario University, believes that “first hand experience of hustling to to achieve all of these things is the single best way to learn how to run a business”.

Jay Lebo disagrees and shares his belief that individuals should seek help when they need it. He states that, “Developing competitive business strategies is a skill. Not everyone is good at it”.

While I see the merit in both of the above opinions, I am most in agreement with Jay. If entrepreneurs value the success of their company, they will recognize that they cannot fill every position in the company and it may be in their best interest to seek external help.

Picture- Hailey Coleman 

Manulife Financial Corporation announced a loss of $1.28 billion in the third quarter. While low interest rates and falling stock markets have certainly contributed to the company’s profit loss, there is another vital factor at play here: discrepancies between the American and Canadian accounting rules.

Were Manulife to be located south of the border, they would have reported a $2.2 billion profit in the third quarter, this calculates to a discrepancy of $3.4 billion. Manulife’s shareholder equity is also $16 billion higher when calculated according to American standards.

These technical differences put Manulife as well as all other Canadian companies at a competitive disadvantage when compared to their American counterparts. Potential stakeholders will look at a company’s accounting statements to estimate the future return of the company before investing in it. A company with more profitable accounting statements will naturally attract more investors as it gives an image of secure returns.

In conjunction with the notion of ethics, the discrepancies between the American and Canadian accounting regulations are unethical for investors because they are not given a “true” picture of the market, and thus may be irresponsibly investing money.

Picture- Manulife Stock Prices

Manulife's stocks see a significant decline this week

Most of us probably associate the name “Oprah Winfrey” with a bubbly and compassionate woman that can be found on daytime TV. Alongside being an incredibly successful TV host, however, Oprah is also an equally successful entrepreneur.

Dissatisfied with working for anyone but herself, Oprah created Harpo Studios in 1988. Since then it has grown into Harpo Inc. and employs around 250 employees working in all forms of media production. She is also the co-founder for Oxygen Media, which provides a cable network to over 54 million viewers.

Although Harpo Inc. demonstrates all of the characteristics of an entrepreneurship, the most prevalent appear to be risk and innovation. Starting up an independent media company amidst the uncertainty of the entertainment industry has obvious inherent risks. Oprah’s decision to accept these risks highlight her bravery as an entrepreneur. Harpo Inc. displays the characteristics of innovation as it has taken the basic product of daytime television and innovated it into a fresh and exciting program for viewers. For many the Oprah Winfrey show is not just mindless television, it is an experience.

Picture- Harpo Inc. 

An article posted this summer on MSN News, gives shocking statistics that relay an overwhelming message of customer dissatisfaction. It states that 64% of consumers have walked out of a store as a result of poor service, and an even greater 67% have hung up the phone after a disappointing experience with a call centre.

Among the top contenders for worst customer service was America’s low cost giant, Wal-Mart. Initially I did not find this surprising as the company employs a low price strategy, and is therefore able to get away with a small focus on customer service. After further research, however, I found an statement from Wal-Mart President, Bob L. Martin, that said “one of the major strategies of the company is the promotion of a global brand name.”This statement in context with the above statistics provides a puzzling juxtaposition to me as a company’s brand name is associated with the overall organizational culture of the company, not just their primary strategy. Wal-Mart is spending unnecessary money and resources on advertising campaigns (such as their partnership with Yahoo), and neglecting a highly important marketing faucet: their customers.

In my opinion, the company would be better off improving their customer relations than spending money on external advertising.

A satirical take on the customer service industry

 Picture- Logic Buy