Entrepreneurship - McGraw-Hill Introduction to Business

[VIDEO] How One Business Pivoted to Fighting Coronavirus

April 30, 2020

Although many companies remain closed during the ongoing pandemic, some businesses have been able to alter their operations to produce increasingly vital supplies. This video looks at how Dogfish Head Brewery managed to keep its employees on the payroll while also supplying local hospitals with hand sanitizer.

Questions:

How did Dogfish Head Brewery change its operations to make hand sanitizer?
What is the three-step process that Dogfish Head Brewery used to engage with their community during the coronavirus crisis?

Product Distribution, Coronavirus, Operations Management, Ethics, Product Development, Entrepreneurship, Health, Human Resources, Manufacturing

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 11: Human Resource Management, Chapter 14: Product and Price, Chapter 15: Distribution, Videos

New Round of Small Business Relief Arrives with Similar Problems

April 28, 2020

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Last week, legislators approved of another round of small business loans after funding failed to reach thousands of companies the first time. Unfortunately, many of these desperate businesses are encountering the same problems as they did a few weeks ago. Shortly after going online on Monday, the Small Business Administration’s electronic loan portal crashed due to high demand. “The SBA’s systems were not designed to and are not capable of handling the volume of loans banks processed over the last Continue reading →

Regulation, Operations Management, Health, Ethics, Small Business, Entrepreneurship, Financing, Coronavirus, Loans

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 20: Money and Financial Institutions, Bonus Chapter A: Business Law

Retail Sales Plummet with Worst Monthly Loss on Record

April 16, 2020

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With thousands of stores closed around the country, U.S. retailers saw sales plunge by 8.7 percent in March. That represents the worst monthly decline on record as millions of consumers stopped visiting restaurants, bars, and shopping malls due to stay-at-home orders for coronavirus containment. While sales of cars, furniture, and electronics all experienced double digit drops, spending at clothing stores plummeted by more than 50 percent. Manufacturing capacity and oil production also fell to their lowest rates since the end Continue reading →

Small Businesses Have Trouble Securing Vital Loans

April 7, 2020

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The ongoing coronavirus pandemic has caused countless restaurants and stores across the country to alter their services or close entirely, some for as long as a month so far. This stretch of downtime has been devastating for many small businesses that usually get by on week-to-week sales. At Old Town Pizza & Brewing in Portland, Oregon, owner Adam Milne had to lay off two-thirds of his staff as the brewpub transitioned into carry-out only service. In the process he racked Continue reading →

Startups Hit Hard By Coronavirus Shutdowns

April 3, 2020

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Earlier this year, we looked at how the fitness startup ClassPass grew into a $1 billion company thanks to an innovative business model that allows members to easily find exercise classes in their area. Flash forward just a few months later, however, and ClassPass finds itself in a completely different position due to widespread shutdowns caused by coronavirus containment. As gyms and fitness centers closed across the world in March, ClassPass watched as 95 percent of its revenue disappeared within Continue reading →

Bob’s Red Mill Transfers Company Ownership to Employees

February 25, 2020

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Since 1978, Bob’s Red Mill has made high quality whole-grain products that are staples of upscale grocery stores across the country. The California company generated more than $50 million in sales in 2018 and employs nearly 600 people. Although staffers at Bob’s Red Mill enjoy wide-ranging benefits including profit sharing, their stake in the company got even bigger at a recent birthday party for founder Bob Moore.

During a speech in front of many employees, the 91-year-old entrepreneur announced that Continue reading →

Employee Ownership, Motivation, Ethics, Entrepreneurship, Forms of Business

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 5: Forms of Business Ownership, Chapter 6: Entrepreneurship, Chapter 10: Motivation

[VIDEO] Are Americans Ready to Love Trains Again?

February 21, 2020

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For much of the 19th and early 20th centuries, train travel was the primary mode of transportation for millions of Americans. Once cars and air travel rose to prominence, however, trains fell out of use in the U.S. while other European and Asian nations greatly expanded their railway capabilities. Along with looking at the history of American train travel, this in-depth video examines a modern company that wants to connect the nation with high-speed trains like so many other countries Continue reading →

Direct-to-Consumer Company Brandless Closes Down

February 13, 2020

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In 2017, the home goods company Brandless launched with a novel way to take on Amazon as well as other big-box retailers. The direct-to-consumer startup sold high-quality, organic versions of everything from toilet paper to beauty products in simple, no-frills packaging. Brandless claimed that this eliminated the so-called “BrandTax” levied by many companies, which could account for as much as 40 percent of the product’s actual cost. With little money spent on traditional marketing, Brandless initially charged just $3 for Continue reading →

Food Delivery Services Anger Unsuspecting Restaurants

January 30, 2020

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Last weekend during a busy dinner service, San Francisco restaurant owner Pim Techamuanvivit received a strange phone call. The caller wanted to know when the delivery he ordered through Seamless would turn up since he had already waited 45 minutes for it. “I think you must be confused, because I don’t do delivery,” replied Techamuanvivit. The frustrated person on the other line then asked why her business was listed on Seamless. Upon further investigation, Techamuanvivit discovered that both Seamless and Continue reading →

Grubhub, Seamless, Pricing, Operations Management, Legal, Ethics, Product Distribution, Entrepreneurship, California, Food & Drink

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 14: Product and Price, Bonus Chapter A: Business Law, Bonus Chapter B: Technology and New Media

ClassPass Grows into $1 Billion Company

January 28, 2020

NickelsMcHughMcHugh

In 2013 the fitness startup ClassPass launched as a way to help gyms and workout studios fill open spaces in exercise classes. Through the ClassPass app, users can browse a list of available classes in their area and book times that fit within their schedule. They also don’t need to sign up for a variety of different gym memberships since ClassPass now partners with more than 30,000 fitness centers in 28 countries. The company’s growing global reach has attracted interest Continue reading →

Pricing, Marketing, Venture Capital, Global, Startups, Entrepreneurship, Unicorn, Fitness, ClassPass

Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 18: Financial Management, Bonus Chapter B: Technology and New Media