Month: November 2012

On November 28th, the UBC Commerce class had the pleasure of hearing from two innovative, hardworking entrepreneurs Janice Cheam and Wade Larson. Janice talked about her experience and the product that she successfully launched in which they sell digital meters that indicate the consumption levels of energy along with the cost regarded to the amount of energy used; her company was called Energy Aware. Wade than told us about his business known as Earthcaste, a high definition video platform on earth from outer-space! Both entrepreneurs shared with us the process from imagination to innovation and then ultimately selling and spreading their product all over.

  It was really eye opening to see successful entrepreneurs. What really stuck out to me was the sacrifice and risk involved in starting a business. To start a firm, money is required and they mentioned using money through family members and possibly angel loans and It really hit me that their is huge risk, you must pay this money back and Investing huge amounts of money for something that could be a complete bust is a scary thought. Not only is the financial sacrifice high, but when you think about the time involved that could have been spent working somewhere else, the opportunity cost of starting a business is also tremendously high! Risk brings a lot of fear, but understanding risk and realizing the importance of taking risks is fundamental to a entrepreneur. I’m finally understanding the phrase, “No guts, no glory.”

The double threat of both increasing environmental threats as well as the economy steadily decreasing has posed huge threats towards societies all over the world. How does a company face these two huge problems to benefit consumers today. A common thought is that when companies go green or implement green strategies, the company will be less profitable.  Implementing products or services that are environmentally friendly can result in a higher amount of costs in production. Despite the higher costs, however, recent studies have shown, however, that going green has huge payoffs as the slight incline in production price (costs) may be more than matched with the high consumer demand for green products (revenue). People have become more inclined to buy the environmentally friendly product over the normal one when both products are placed beside eachother.  Being environmentally cautious has become a huge trend in the cutlure today and from the news on green house gasses and vides like day after tomorrow, people are tending to be more environmentally friendly.

This is absolutely critical information to understand; not only does the company provide social benefits from providing environmentally friendly products, but they also receive huge profits. The common misconception that a company can’t be environmentally friendly and economically profitable is clearly faltered; rather, it proves that being environmentally friendly and profits for a firm are positively related with one another

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Lara Galinsky, a senior vice president in a non-for profit organization known as Echoing Green, recently wrote a post regarding social entrepreneurs and the fact that not everyone should be a social entrepreneur. She mentions the vast array of interest people have as they want to change some of the huge problems around the world. People often mention they want to help education levels in undeveloped countries; however, they don’t understand the threats and just what it takes to be a social entrepreneur.

I agree with Lara Galinsky, It seems apparent that people want to become social entrepreneurs because they have this vision of changing the world; however, its only a far fetch image that isn’t for everyone. They want to create an organization that solves a huge social problem in the world today, but the problem is THEY want to do it. It becomes about saving the world and having a nice title; meanwhile, social entrepreneurship has a tremendous reliance on volunteers, sponsors etc., and they miss the fact that they can’t be selfish. Are humans naturally selfish? This is important to ask and I think to some degree we are, but the true and best social entrepreneurs are the ones who really do seek to make a change for the benefit of others, opposed to simply doing great things to have the title of a world changer. Are you cut out to be a social entrepreneur? or does self gain and motivation hold you back?

In a recent commerce class we had the pleasure of meeting a man by the name of Tom Dobrzanski. Tom was a recent Sauder graduate who visited UBC to tell us about his entrepreneurship in the music industry. Tom told us a simple story of finding a poster on the wall that was looking for a keyboardist in a band. Shortly after he joined this band and discovered himself and his passion for music. Tom knew he wanted to pursuit music and he decided that he would enroll in music management and marketing course. The band members found passions in different industries and this gave tom the space to combine his Sauder business degree with his musical management and marketing to start a recording studio

Tom started in the basement of his parents home. In the duration of five yeras he remodeled and rebuilt his parents basement and transformed it into a professional recording studio. Many high profile artists use Toms Studio. Tom has recently produced albums with bands like The Zolas, Lotus Child, We are the City, Said the Whale and Hello Ocean.Tom story was particularly intriguing because he had a heart for both music and business and what he did was study and combine his passions to make a recording studio. Running a recording studio has some definite advantages for example, no variable costs! I admire Tom and his entrepreneurship in following and linking his passions together. I think many people choose jobs they are not passionate about and they end up being miserable. I think Tom is great example of following your passions and modern entrepreneurship

(A picture of Tom in his recording studio)

The exhilarating sound of the edges of skates ripping through the ice, the puck perfectly placed on the edge of the stick and the sound of rejoice and celebration as your favourite team nets the winning goal. Its nice to reminisce on Canadas favourite sport and pastime,  I almost forgot what the sport was like due to long-lasting hockey lockdown. The Canadian company, Sportchek is one of the largest sports apparel companies in Canada and has a large variety of good ranging from running gear and golf clubs, to hockey equipment. The company is particularly known, however, for its large hockey based section. With the recent NHL lockdown you’d think the company would be loosing big time with respect to the hockey related goods; however, Sportchek took advantage of the free NHL ice and gave minors the opportunity to play on the big ice, with the big lights and the big stage. The company triggered the hearts of young hockey fans and despite the NHL lockdown, they initiated a widely successful event that proved the company was there for the hockey communities.

Sportchek’s new branding strategy was absolutely brilliant. They created an emotional appeal to their consumers and widely popular youtube video. They proved you don’t need a million dollars to market yourself effectively  Sportschek captivated the minors hearts and created a strong bond resulting in long-lasting, loyal consumers. Sportchek is also reaching out to the community with programs to help make hockey equipment more affordable for local families. Sportchek is doing a fantastic job maintaining loyal consumers with their branding and socially beneficial tactics; despite the rather large NHL hiccup. Looks like the puck doesn’t stop here for Sportschek!

http://www.theglobeandmail.com/report-on-business/industry-news/marketing/how-sport-chek-skated-round-the-lockout/article4947866/#

I just finished reading Sean Listers Blog regarding the in-balance between work and leisure time.  The article speaks of the general satisfaction or happiness the employees currently have in the workforce. The article hints some staggering facts regarding the current happiness of workers along with the amount of hours current employees are averaging per week. Sean emphasizes that the more hours put in to work doesn’t necessarily result in a higher level of productivity.

This is a crucial piece of information to understand. If a firm can understand that properly balancing work with free time will result in a higher productivity, companies will be more lenient to changing hours, longer breaks, and/or different daily routines. Companies often see their employees as input in which the longer they are operating  the more output will be produced; however, they fail to understand that employees are humans who are fallible. Breaks and management for companies should be seriously considered and it could very possible result in more focus and more productivity. More hours doesn’t have a direct correlation with productivity.

Not only will reduction in work hours improve the amount employees are able to produce, but it will also increase the overall happiness of the firm. Sean eloquently stated that over 40% of the people in the workforce feel overwhelmed and when consumers are stressed, and unhappy the result is often lower quality goods, poor service, and low productivity.  Less hours will increase employee satisfaction as they can spend more time with family, playing sports or doing the “other things” that they enjoy, this satisfaction can significantly increase the employees abilities with regards to their job.