E-business is also known as an electronic or internet business, where they process orders, handle customer service, and cooperate with other business partners online.
The advantages of having an e-business include lower start-up costs because it is online. One would only need access to the internet to be able to start this e-business. Another advantage would be more customers. With your business being online, you would get more customers because it can be viewed globally so customers all over the world can purchase form you. Your business will also be running all day and night because it does not require supervision.
The disadvantages of having an e-business include site security. You must be able to keep your site up to date and not get scammed by online frauds.
Sunday, May 15, 2011
Increased Minimum Wage
The minimum wage used to be $8 an hour but as of May 1st, it has increased to $8.75. By November 1st, the wage will increase to $9.50 and by May 1st, 2012, the minimum wage would increase to $10.25. The training wage of $6 has also been eliminated.
With the minimum wage going up, a full-time minimum wage worker will have more than $4, 000 to support themselves and their families. This is going to be extremely helpful in creating stronger and more stable families.
For employers, this is another case. By increasing the minimum wage, employers have either two choices. One, to raise his prices or two, gets rid of employees. This is an extremely important factor because in today’s
economy, raising the prices will most likely not happen so employers will probably get rid of employees.
I think that the rise in the minimum wage is a good thing but I don’t think that it will be that great for the families with lower incomes. This is the case because prices are more than likely to rise and this would definitely become a problem. The impact for employers would be different depending on the size of their business. Small businesses will most likely benefit because they have few employees. Larger companies will have to cut down on employees because they would need to reduce their numbers of workers.
http://www.vancouversun.com/business/minimum+wage+rise+2012/4451912/story.html
Wednesday, May 4, 2011
UBC grad, 19, launches second starting
Brian Wong, a 19 year old UBC graduate already has two venture ideas under his belt. He has received $4 million for financing a new ad model that gives mobile game players real rewards ranging from vitamin drinks to a $100 Sony tablet. This new venture is called Kiip. These gifts will only be offered to players who reach milestones in games on their smartphones and other mobile devices. Kiip expects the rewards from its brand advertisers to achieve a viral life of their own through social media. As of right now, these rewards are only available to the United States but Canada will soon follow.
I think that Brian is an extremely inventive and motivated entrepreneur. I think that his venture idea, Kiip, is pretty interesting especially if one were to be an intense gamer. Although this idea would not interest everyone, it would definitely attract quite a crowd with smartphones and mobile devices becoming an everyday essential in today's society.
I think that many entrepreneurs start young in technology related industries because there are many opportunities available in that field. Technology is everywhere and it is always improving one way or another and this allows young entrepreneurs to make their own venture ideas flourish. An example would be Mark Zuckerberg. He is the creator of Facebook and he basically created a page for millions and millions of people to connect.
I think that Brian is an extremely inventive and motivated entrepreneur. I think that his venture idea, Kiip, is pretty interesting especially if one were to be an intense gamer. Although this idea would not interest everyone, it would definitely attract quite a crowd with smartphones and mobile devices becoming an everyday essential in today's society.
I think that many entrepreneurs start young in technology related industries because there are many opportunities available in that field. Technology is everywhere and it is always improving one way or another and this allows young entrepreneurs to make their own venture ideas flourish. An example would be Mark Zuckerberg. He is the creator of Facebook and he basically created a page for millions and millions of people to connect.
Friday, April 22, 2011
Xerox Case Study
After reading the Xerox case study, I definitely have to agree that running a company is about leveraging talent to produce products and services. Whether a company has the top-level talent, physical resources or financial capital, it actually depends on how they take these resources and use them. In the Xerox case study, the company did not suffer from a shortage of talent or technological innovation. Rather, it experienced problems with leverage. The politics in the company was also very corrupt and dysfunctional. This lead the company on a downward spiral even though Thoman was trying his best to address the problems.
I believe that in order for a company to succeed, the company must know how to function properly. The person in charge must first assign the correct jobs for the right people in order for things to function smoothly. This can be accomplished by hiring the right people. By hiring people with talent and experience in each field, the company will most likely run smoothly because these professionals know what they are doing. In the end, with everyone doing their part, products and services will definitely be valued by the marketplace.
I believe that in order for a company to succeed, the company must know how to function properly. The person in charge must first assign the correct jobs for the right people in order for things to function smoothly. This can be accomplished by hiring the right people. By hiring people with talent and experience in each field, the company will most likely run smoothly because these professionals know what they are doing. In the end, with everyone doing their part, products and services will definitely be valued by the marketplace.
Wednesday, February 2, 2011
Venture Ideas!
Bubble Tea Delivery Service
1. As a teenager myself, I know what it feels like to crave bubble tea of all things at 3AM in the morning. The sad truth is that there are no 24/7 bubble tea places that deliver! We would have a menu with all the different flavors of bubble tea on our online website and we would also have fliers. Our target market would be the teenage asian population in Vancouver. As we all know, Vancouver is filled with asian teenagers therefore, the demand for bubble tea will be high. The price of one bubble tea would be $5 with a minimum purchase of $10 (HST and tips not included). We would be using a car for our delivery service for speed.
2. I think this idea/service will work because I know many many people who crave bubble tea late at night. This would be a perfect service that could satisfy many peoples midnight cravings. This is a pretty easy product to create as long as you know how to blend fruit and powders. The only problem would be getting the food safe certificate. The start up cost would not be over $1000 so it is very affordable.
Gardening Service
1. This service is going to be very beneficial to homeowners who want a beautiful yard. This service being provided includes, raking, shoveling, mowing, trimming, planting and watering. Our target customers would be anyone owning a lawn! We would promote our gardening service by delivering fliers to everyone around the neighborhood.
2. This is a good idea/service because many people are too lazy or have no time to attend to their yards/gardens. This would not be a hard service to provide as long as one knows the basics to gardening. Most of the tools needed can be found in ones garage so the start-up cost will be considerably low. The only thing that is needed for this service is time and patience.
1. As a teenager myself, I know what it feels like to crave bubble tea of all things at 3AM in the morning. The sad truth is that there are no 24/7 bubble tea places that deliver! We would have a menu with all the different flavors of bubble tea on our online website and we would also have fliers. Our target market would be the teenage asian population in Vancouver. As we all know, Vancouver is filled with asian teenagers therefore, the demand for bubble tea will be high. The price of one bubble tea would be $5 with a minimum purchase of $10 (HST and tips not included). We would be using a car for our delivery service for speed.
2. I think this idea/service will work because I know many many people who crave bubble tea late at night. This would be a perfect service that could satisfy many peoples midnight cravings. This is a pretty easy product to create as long as you know how to blend fruit and powders. The only problem would be getting the food safe certificate. The start up cost would not be over $1000 so it is very affordable.
Gardening Service
1. This service is going to be very beneficial to homeowners who want a beautiful yard. This service being provided includes, raking, shoveling, mowing, trimming, planting and watering. Our target customers would be anyone owning a lawn! We would promote our gardening service by delivering fliers to everyone around the neighborhood.
2. This is a good idea/service because many people are too lazy or have no time to attend to their yards/gardens. This would not be a hard service to provide as long as one knows the basics to gardening. Most of the tools needed can be found in ones garage so the start-up cost will be considerably low. The only thing that is needed for this service is time and patience.
Tuesday, January 11, 2011
OQOQO Lululemon - Sustainability
After watching the youtube videos regarding sustainability, I definitely agree with businesses assuming a greater role in society today. It is certainly hard to bring up sustainability today with businesses because they are so preoccupied with their own needs and goals.
Lululemon's sister company, OQOQO (pronounced "oh ko ko"), brings an earth friendly approach to casual athletic clothing. All OQOQO garments are to be made with at least 75% natural, organic or sustainable fabrics such as bamboo, organic cotton, hemp, etc. These garmets are also to be coloured with eco-friendly dyes. This new label is trying to reach a goal of using 100% renewable resources to produce their clothing. In my opinion, this company is definitely taking sustainability into their own hands. They are not only worried about profits or stakeholders, but also the environment and society as a whole. This new line of clothing is really beneficial because of all the reusable products! As a consumer, I would absolutely not hesitate to go OQOQO or Lululemon to purchase casual athletic clothing.
Lululemon's sister company, OQOQO (pronounced "oh ko ko"), brings an earth friendly approach to casual athletic clothing. All OQOQO garments are to be made with at least 75% natural, organic or sustainable fabrics such as bamboo, organic cotton, hemp, etc. These garmets are also to be coloured with eco-friendly dyes. This new label is trying to reach a goal of using 100% renewable resources to produce their clothing. In my opinion, this company is definitely taking sustainability into their own hands. They are not only worried about profits or stakeholders, but also the environment and society as a whole. This new line of clothing is really beneficial because of all the reusable products! As a consumer, I would absolutely not hesitate to go OQOQO or Lululemon to purchase casual athletic clothing.
Business Ethics & Social Responsibilities
We all know what ethics and social responsibilities are but how do we apply them to business? In business, ethics is the behavior that a business adheres to in its daily routine. Larger organizations or publicly held companies often use corporate governance to uphold business ethics and social responsibility. They create a framework of policies and guidelines for all individuals related to the company. Both employees and employers are expected to stick by these ethics and at times, there may be disagreements but ultimately, they must choose to agree with these ethics. Social responsibilities are also to be promoted throughout the company. Companies today are expected to have greater social responsibility because they also use resources that we, people, use. If they are abusing these limited resources, then there would be a penalty. It is important for companies to abide by the laws and assume their role in society. By becoming more socially responsible, consumers become more willing to invest in the company's product or service. This is certainly a win-win situation.
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