Chapter 6: Entrepreneurship - McGraw-Hill Introduction to Business

How Tourism Is Threatening a Newly Discovered Natural Wonder

May 15, 2018

About five years ago, the residents of a small village in Peru discovered that a nearby mountain had suddenly burst into color. The snow that once capped the mountain had melted away, revealing a marvelous spectrum of multicolored soils on its peaks. Word about the “Rainbow Mountain” soon spread throughout Peru and then the world, instantly transforming this remote region into a bustling tourist destination.

Local guides lead about 1,000 hikers to the site every day, charging $3 per Continue reading →

Global, Ethics, Entrepreneurship, Pricing, Tourism, Sustainability, Peru

Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 14: Product and Price

Making Things Insta-Worthy on a Tiny Budget

April 30, 2018

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American millennials’ tastes have turned many markets on their heads. From choice of food to the ways companies structure leadership, this large generation makes its preferences known. One trend companies are considering is how millennials tend to prefer amazing experiences rather than accumulating “things.” How can companies adapt traditional products and services to appeal to millennials?

As we know, people of all generations share experiences from travel, life events, and plain everyday life on social media. However, to earn Continue reading →

Marketing, Social Media, Product Development, Demographics, Millennials, Hotels

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion, Bonus Chapter B: Technology and New Media

Is Your Dog Ready to Go Meatless?

April 26, 2018

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Americans spend roughly $30 billion each year on food for their dogs. As millennials have grown to be the top dog-owning demographic, they’re changing the way our furry friends eat. The growing trend, at first created for humans and now for pets, is to increase foods’ nutritional value while also keeping food sources environmentally sustainable.

American dogs are the fifth highest consumers of meat in the world. In addition, pets are responsible for 64 million tons of greenhouse gasses each Continue reading →

Entrepreneurship, Food, Product Development, Innovation, Sustainability, Synthetic Meat, Pets

Chapter 1: Taking Risks and Making Profits, 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

How Private Funding Fuels Modern Corporations

April 17, 2018

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Earlier this month, the music streaming service Spotify went public on the New York Stock Exchange with a valuation worth approximately $30 billion. And while that is certainly an enormous amount of money, it pales in comparison to the $93 billion that the Japanese telecom giant Softbank privately raised last year to create a technology investment fund. In the past, major IPOs such as Spotify’s tended to be the most dependable way for up-and-coming companies to receive a major infusion Continue reading →

Finance, Regulation, Investing, Wall Street, Spotify, Capital, IPO

Chapter 1: Taking Risks and Making Profits, Chapter 5: Forms of Business Ownership, Chapter 6: Entrepreneurship, Chapter 18: Financial Management, Chapter 19: Securities Markets, Chapter 20: Money and Financial Institutions, Bonus Chapter A: Business Law, Bonus Chapter B: Technology and New Media

It’s a Hard Time to Be a Clown

April 13, 2018

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Way back in 2014, we looked at how changing tastes had led to declining interest in the art and business of clowning. Unfortunately for these red-nosed entertainers, matters haven’t improved much in the following years. In fact, 2017 may have marked an all-time low for American clowns. Not only did the Ringling Bros. circus shut down after nearly a century and a half in operation, but also McDonald’s ended its regional Ronald McDonald program. Without the work that these Continue reading →

Marketing, Entrepreneurship, Entertainment, Clowns, Public Opinion

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 16: Place and Promotion

Converting Tourists into Residents to Combat a Worker Shortage

April 5, 2018

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With its rolling mountains and vibrant fall foliage, Vermont ranks as one of America’s most beautiful states. But while these sights attract thousands of visitors every year, they’re apparently not enough to convince some residents to remain in Vermont for the long term. In fact, the state’s labor force is smaller today than it was before the last recession. Young people have largely led this exodus, causing Vermont’s median age to become the second-highest in the nation. Combined with a Continue reading →

Economics, Marketing, Entrepreneurship, Human Resources, Promotions, Tourism, Vermont, Labor Shortage

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 11: Human Resource Management, Chapter 13: Marketing, Chapter 16: Place and Promotion

Farmers Find a New Purpose for Alpacas

April 3, 2018

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With their fuzzy frames and quizzical expressions, alpacas might be one of the world’s goofiest looking animals. Of course, these llama-like creatures have much more to offer than just their funny faces. Alpaca fleece ranks as one of the finest textile materials available, similar to sheep’s wool only warmer and without any prickliness. In the 1990s these key qualities fueled a boom in alpaca fleece production that also encouraged many Americans to purchase their own animals for breeding. Once called Continue reading →

Economics, Marketing, Entrepreneurship, Product Development, Innovation, Agriculture

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

Ebook Sales Have Been Slumping since 2015

March 16, 2018

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As we saw yesterday with the sad state of Toys ‘R’ Us, the last few years have not been kind to brick-and-mortar retailers. The rise of online commerce has encouraged an increasing number of consumers to do their shopping at home, leaving many companies worried that they could be the next to go under. But while this is a new feeling for some, others like independent bookstore owners have had to deal with such fears for a long time. Continue reading →

Entrepreneurship, Product Development, Retail, Innovation, Product Distribution, E-commerce, Books

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

How a Janitor Invented Flamin’ Hot Cheetos

March 2, 2018

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A good idea can come from anywhere. Whether the inspiration is drawn from years of research or a sudden flash of brilliance, the best organizations know how to spot new concepts and bring them to life no matter their source. That’s why in the 1990s the then-CEO of Frito-Lay sent a video message to his employees encouraging them to speak up if they had something to contribute. “We want every worker in this company to act like an owner,” said Continue reading →

Management, Motivation, Entrepreneurship, Food, Product Development, Frito-Lay

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 7: Management & Leadership, Chapter 10: Motivation, Chapter 14: Product and Price

L.L. Bean Ends Generous Return Policy

February 13, 2018

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In 1912 Leon Leonwood Bean sold his first 100 pairs of boots to local hunters, promising that the footwear would “give perfect satisfaction in every way.” Soon enough, though, 90 customers brought their boots back after the bottoms became separated from the tops. While Bean nearly went bankrupt providing refunds, he knew that he had to stick to his word in order to regain his customers’ trust. As a result, people continued to support his business, which eventually grew from Continue reading →

Marketing, Ethics, Entrepreneurship, Clothing, Retail, Pricing, L.L. Bean, Maine, Product Returns

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 16: Place and Promotion, Bonus Chapter B: Technology and New Media