Inventory is an aspect of small businesses that must be tended to. An article by Ted Hurlburt gave possible steps for small businesses to take when planning to reduce potential inventory problems. These steps include:

1. Plan Sales
2. Plan Inventories
3. Plan Inventory Receipts
4. Plan Markdowns
5. Plan Dynamically

The article states that businesses often view compiling all of this information as time consuming and too expensive. However, this information can be utilized throughout the entire year as a way to reduce the amount of products leftover at the end and therefore decrease the necessary markdown in prices. Small businesses often face the issue of having too much or too little to ofter consumers. While it is beneficial for businesses to always have products in stock upon a customers request, it also poses a risk of potential loss in capital. Because of this, if companies can better predict and prepare for their year of sales ahead, they can reduce the risk of losing money which is vital for the success of small businesses.

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An intriguing blog by Hailey Jellema, “Laundering Lies”, discusses the importance of consumers examining so called “green products” before make their purchase. By researching the validity of a company’s claims, if forces the firm to be honest in their environmental message, which is a critical point brought forth by Hailey. Some companies are going as far as requesting their creative departments design fake “green certification labels”, which I agree feel is unfair to consumers who often pay more for “organic” and “environmentally friendly” products that do not meet the necessary requirements. In our current society, it is uplifting to witness the movement towards health and concern for the environment. However, upon hearing about instances of companies pretending to be green, it becomes worrisome that unless consumers change their buying practices, companies will never have the incentive to change. Haley’s blog also addressed the movement towards utilizing app capabilities when determining whether a product truthfully meets the green requirements. I find Hailey’s outlook very insightful and agree that unless we as consumers decide to change our buying practices, companies will maintain their poor business practices.

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For coffee lovers who wait in line patiently as the person in front of them fumbles to find their money, things may be looking up! An external blog by Peter Nowak on mobile Starbucks, discusses a new innovative payment method moving into Canada. Starbucks recently released a mobile app allowing customers to pay for their drinks over their phones. All that customers must do is show the cashiers their phone and they will scan the bar code which then makes the necessary deduction to the customer’s account. This concept has been being used among Starbucks in America since earlier in the year, and is now primarily launching into Canada through the iPhone. What makes this innovative technology so intriguing, is that it eliminates to use of cash or credit. The hope is that Starbucks will lead the way to a “currency less world”. Innovation is a word used in many of our class discussions pertaining to various topics. The reason innovation is so important is because it advances a company. By raising what the company has to offer, it will attract new customers, increase customer loyalty, and allow the company to continually grow, as are the hopes for Starbucks.

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While reading Edward Tung’s blog about a person he considered to be an entrepreneur, Oprah Winfrey, I felt compelled to respond. Coupled with our readings, Joel Primus, creator of Naked underwear, gave his definition of what he believes to be entrepreneurship. During our class discussion about entrepreneurship, it was evident that people have many different beliefs about what constitutes an entrepreneur. I agree with Edward’s categorization of Winfrey as the epitome of an entrepreneur. Winfrey gives meaning to my outlook, and evidently Edwards as well, on entrepreneurial behavior. Many young people grew up watching Oprah with their families. They watched as her career grew exponentially into what became her television network, OWN, and witnessed all of her philanthropic endeavors. The inspiration she instilled in these young males and females could possibly be attributed to the success of some aspiring entrepreneurs. I feel that this is a crucial characteristic entrepreneurs must embody, the ability to inspire others. While I agree with all other definitions provided, one key component I feel is important is the influence entrepreneurs have on others. A possible reason that the Comm 101 classes were gifted with presentations by various entrepreneurs, could have been to inspire students looking to start companies, or venture on their own path to success.

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Watch highlights from Oprah’s 25 years of inspiration: watch?v=o5Y9PrQirvA

The genius creator of Facebook, Mark Zuckerberg, was recently listed in Forbes’ 2011 billionaires as number 52. His success aligns perfectly with the definition of an entrepreneur. Categories taken into consideration when classifying someone as performing entrepreneurial ventures are: amount of wealth created, speed of wealth creation, risk, and innovation. Facebook has an estimated value of $82.9 billion by SharesPost Inc. Of this, Zuckerberg’s initial wealth increased to an estimated value of $17.5 billion. This value extends well beyond that of the definition’s several million dollars. What makes these numbers so astonishing is the speed at which they rose. Facebook was created in 2004, and within the 7 years of its commencement its value increased exponentially. This success however, was not attainable without some risk involved. As was seen in the film, “The Social Network”, law suits over where the idea for a social networking website originated were a barrier Zuckerberg was forced to overcome. The innovation behind his idea is unimaginable. Zuckerberg created a website allowing people to share the innermost aspects of their lives in ways never done before. The undertaking was no small feat; however, Zuckerberg was an instant success, and will forever remain a superb example of a modern day entrepreneur.

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An article in the Globe and Mail discussing the Musqueam first nation’s real estate development plans contained an example of long-term strategy. Currently, the Musqueam nation possesses vast areas of land, ranging from the 59-hectare University golf course with 9-hectares adjacent to it, to the Fraser Arms Hotel property in Marpole. Their primary focus is to develop a hotel on the 9-hectares beside the golf course. Mr. Campbell, the Musqueam Chief, recognizes the need to connect with the non-native community as the project gets underway.

The investment company, Aquilini, recently constructed 40 new residences on reserve land and now has its development manager working on the reserve for the next three years as an “in-house project manager”. Through having an office on the native reserve, Hoffman will create relationships and trust with the people, and favorably set his company up with the natives who are a nation commonly viewed as difficult to work with. Aquilini hopes that when it comes time to develop the project, they will be the chosen partner. This strategy of maintaining a good relationship and learning how to work in each others’ environments, will give Aquilini a competitive advantage for potential future projects over other organizations, and will give the Musqueam the non-native connection they desire.

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