Chapter 6: Entrepreneurship - McGraw-Hill Introduction to Business

Why Some Texans’ Electricity Bills Went Through the Roof

February 25, 2021

A couple of weeks ago, Texas’ power grid failed after a historic snowstorm and cold snap overwhelmed the state. As millions struggled without electricity or heat, those who had power potentially faced exorbitant electric bills because of changes Texas made to its utility system more than 20 years ago. Back then, much of the state switched from using regulated utilities to a deregulated market where customers could choose from a variety of power providers. As a result, nearly 60 percent Continue reading →

Entrepreneurship, Product Development, Regulation, Operations Management, Utilities, Ethics

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 15: Distribution, Bonus Chapter A: Business Law

Digital NBA Trading Cards Sell For Thousands of Dollars

February 23, 2021

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In February 2020 during a regular season NBA game, Lebron James performed a two-handed windmill slam dunk that he afterwards said was a tribute to the late Kobe Bryant. A clip of James’ dunk placed side-by-side with a nearly identical one of Bryant’s from 2001 quickly went viral and can be easily found from multiple sources on YouTube. Then again, you could also do what social media entrepreneur Jack Settleman did in January: pay $47,500 for a clip of the Continue reading →

Economics, Marketing, Pricing, Ethics, Product Distribution, Entrepreneurship, Blockchain, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Shopify Sales Skyrocket as More People Start up Side Businesses

February 16, 2021

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After millions of Americans either lost work or saw their incomes drop during the pandemic, many started side businesses as a way to make up for lost revenue. In fact, last year new business applications increased by 24 percent compared to 2019, reaching their highest level on record. The retail sector comprised 54 percent of new businesses as many people used platforms like Shopify to sell products online. Founded in 2006, Shopify provides entrepreneurs with e-commerce tools that can handle Continue reading →

E-commerce, Coronavirus, Pandemic, Marketing, Shopify, Entrepreneurship, Product Distribution

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Caterers Struggle as Events Stay Small and Sparse

January 19, 2021

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The food service industry has been hit especially hard during the pandemic as restaurants and bars try to stay afloat with fewer customers. But while the struggles of the nation’s eateries have received a lot of attention, catering companies have suffered just as much behind the scenes. With restrictions in place that keep gatherings small, not many people need caterers to provide food for their weddings or office parties. As a result, catering companies across the country are laying off Continue reading →

Marketing, Coronavirus, Entrepreneurship, Pandemic, Product Distribution, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

Face Mask Sales Send Etsy Stock Skyrocketing

December 10, 2020

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The e-commerce site Etsy was founded in 2005 as a place where crafty, independent creators could sell their wares online to consumers. In 2015 the company went public and greatly expanded its product offerings to include items from larger brands. The following years saw Etsy struggle with its brand identity as it cycled through different leadership and organizational structures. Then came 2020 and the coronavirus pandemic, which has caused countless businesses to struggle or outright close in the last few Continue reading →

Stocks, Marketing, Product Distribution, Entrepreneurship, Etsy, Layoffs, E-commerce, Supply & Demand, Coronavirus

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 11: Human Resource Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Chipotle Opens Digital-Only Restaurant for Pickup and Delivery

November 17, 2020

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Since the start of the pandemic, takeout and delivery orders have taken on outsized importance at restaurants that have been unable to open to full capacity. As a result, some companies are investing in “ghost kitchens” that focus solely on pickup and delivery orders. For instance, last week Chipotle opened its first Digital Kitchen in New York, a location with no dining room that is largely closed off to walk-in customers.

“The Digital Kitchen incorporates innovative features that will complement Continue reading →

Entrepreneurship, E-commerce, Restaurants, Food & Drink, Coronavirus, Chipotle, Marketing, Product Distribution, Operations Management, Delivery

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Demand Surges for Nugget Couches during Pandemic

November 10, 2020

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When lockdowns started to be put in place in March and April, parents across the country took to social media to find out which products would keep their kids entertained at home for extended periods of time. The overwhelming favorite among Facebook groups and blogs soon became the Nugget couch, a microsuede fabric couch that is specifically designed for kids to go crazy on. Although it certainly can be used as regular furniture, the Nugget is mainly designed for fort-building, Continue reading →

Marketing, Operations Management, Ethics, Entrepreneurship, Promotions, Social Media, Product Distribution, Manufacturing, Coronavirus

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

Costume Shops Struggle with Low Seasonal Sales

October 6, 2020

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October is usually the month that Halloween store owners look forward to all year round. Adult customers often spend well over $100 on costumes and accessories as they prepare for parties or haunted pub crawls. But with many of these social events now canceled due to the pandemic, Halloween stores are struggling to make up this essential source of revenue. At Lorenzo Caltagirone’s Virginia costume shop, for instance, sales are down 80 percent. “I’ve never been this worried before,” said Continue reading →

Supply & Demand, Coronavirus, Health, Marketing, Product Distribution, Entrepreneurship, Halloween, Seasonal

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

[VIDEO] How Private Companies Are Bypassing the IPO Process

October 2, 2020

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In the last few months, companies like the space tourism agency Virgin Galactic and the data-mining firm Palantir have debuted on the stock exchange without launching IPOs. This video looks at the pros and cons of the SPAC process that allows businesses to go public through so-called “blank check” companies.

Questions:

What are the advantages of taking a company public through a SPAC rather than a traditional IPO?
What are the potential drawbacks of SPACs compared to IPOs?

Regulation, IPO, SEC, Stock Exchange, Ethics, Entrepreneurship

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 19: Securities Markets, Bonus Chapter A: Business Law

Winter Could Bring an End to Outdoor Dining in 2020

September 29, 2020

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According to the National Restaurant Association, during the pandemic more than 100,000 restaurants have closed either indefinitely or permanently and millions of jobs have been lost. Experts expect that the nation’s eateries will lose more than $240 million this year and warn that the worst could be yet to come. Along with takeout and curbside business, many restaurants have relied on outdoor dining to drive sales as many customers remain wary about eating inside. With winter on the horizon, however, Continue reading →

Operations Management, Ethics, Entrepreneurship, Health, Product Distribution, Supply & Demand, Coronavirus

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 11: Human Resource Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion