Chapter 6: Entrepreneurship - McGraw-Hill Introduction to Business

Record Number of Small Business Owners Sold Their Companies in 2016

January 17, 2017

Running a small business takes a huge amount of work, so it’s not surprising that some entrepreneurs are more than happy to sell their companies if the right offer comes around. And according to data-tracking site BizBuySell, nearly 8,000 businesses did exactly that in 2016. This represents the largest number of small firms sold in a single year since data started getting collected in 2007.

But that doesn’t mean these companies were in financial trouble and needed outside buyers to Continue reading →

Management, Entrepreneurship, Small Business, Growth, Buyouts, Baby Boomers

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 7: Management & Leadership, Chapter 20: Money and Financial Institutions

Hooked: The Millennial-Minded App That Sends Text Message Stories

January 12, 2017

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As the fast-paced world of social media continues to dominate culture, many have worried that traditional forms of media won’t be able to compete. After all, why pick up a book when you can just read text messages and tweets? Although dedicated readers might find that question shocking, it’s precisely what thousands of people are doing with Hooked, a new app that sends out stories to users in bursts of texts.

Currently the top grossing book app in the iOS Continue reading →

Social Media, Product Development, Entertainment, Mobile, Apps, Fiction, Millennials, Hooked

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

How a Small Adjustment Can Transform a Product

January 5, 2017

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When David Malcolm took over his family’s sprinkler system business in 1992, he intended to run the company the same way that his father had over the last few decades. But that soon changed once he picked up an old project that his dad started just before he died: finding another use for a low-flow sprinkler designed for farming. At first Malcolm thought he solved the problem by installing the sprinkler heads on hoses and using them to patch up Continue reading →

Marketing, Product Development, Health, Sustainability, California

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

Indiegogo Allows Crowdfunders to Purchase Equity Stakes

December 2, 2016

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For years crowdfunding sites have provided cash and marketing boosts to entrepreneurs who aren’t afraid to reach out to the public. In exchange, donors receive prizes for their support, ranging from simple displays of gratitude to enormous giveaways for the most generous individuals. One reward they haven’t been able to receive, however, is a stake in the company. For instance, the makers of the Oculus Rift virtual reality headset brought in millions from their 2012 Kickstarter campaign. Facebook eventually purchased Continue reading →

Marketing, Promotions, Crowdfunding, Kickstarter, Financing, Indiegogo, Equity

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 16: Place and Promotion, Chapter 20: Money and Financial Institutions, Bonus Chapter A: Business Law

Entrepreneurs Risk Slow Growth by Keeping Close Control

December 1, 2016

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In order to start a successful company, entrepreneurs must be willing to take charge and lead with authority. After all, founding a business requires hard work and a clear vision, and entrepreneurs need plenty of both if they want to succeed. But what happens once a startup grows into a mature company? By that stage, the founder is far from the only focal point: managers, outside investors and other stakeholders will also want to have their say about the company’s Continue reading →

Management, Entrepreneurship, Startups, Leadership, Mark Zuckerberg, Bill Gates

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

[VIDEO] Inside the Factory Where Robotic Dinosaurs Come to Life

November 10, 2016

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When a group of Australian special effects artists were having trouble finding work, they decided to pool their resources together and create their own animatronics company. Most had planned to return to working on movies and television once they’d made a splash with their enormous, lifelike representations of dinosaurs and monsters. But Creature Technology wowed the world with their creations, leading to the bustling and almost magical workshop shown in the video below.

Questions:

Why must Creature Technology keep Continue reading →

Operations Management, Global, Entrepreneurship, Product Development, Entertainment, Creature Technology, Special Effects, Australia

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

A Class Project Turns Into a Socially Responsible Startup

August 22, 2016

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In 2012, MIT student Amrita Saigal chose to tackle a largely unaddressed health issue for a project in her product design class. She hoped to create a low-cost method to distribute clean, reliable sanitary pads for women across India. The subject of feminine hygiene remains largely taboo on the subcontinent with studies showing that 88 percent of menstruating women are forced to use crude homemade remedies like rags or newspapers. Saigal’s idea centered on a sanitary pad machine that would Continue reading →

Global, Ethics, India, Product Development, Innovation, Education, Health, Sustainability, Product Distribution, Women’s Health

Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 14: Product and Price, Chapter 15: Distribution

The IOC Keeps a Tight Grip on the Olympic Brand

August 18, 2016

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When master salami maker Elias Cairo opened his restaurant Olympic Provisions in 2009, the company’s name seemed to be a gift from fate. Not only did the brand resonate with his Greek heritage, but it also paid tribute to the original resident of his eatery’s building, Olympic Mills. Early success allowed Cairo and his partners to expand the packaged salami-selling side of the business, which eventually grew into a major operation with distribution in 46 states. More restaurant openings and Continue reading →

Marketing, Global, Food, Branding, Promotions, Olympics, Oregon

Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, 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, Uncategorized

The Startup That Wants to Streamline Divorce

June 21, 2016

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Few legal procedures are more emotionally charged than divorce. Former couples often bring the worst out in one another as they contentiously divide their assets in the presence of lawyers. According to the startup Wevorce, however, ending a marriage shouldn’t place such a large strain on anyone’s finances or feelings. Instead, the company hopes to transform divorce from a drawn-out legal nightmare into a civil, streamlined division of property and possessions.

For those who have experienced the devastating effects of Continue reading →

Ethics, Entrepreneurship, Startups, Legal, Divorce, Wevorce

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

Gasoline Delivery Startups Launch with Few Regulations

May 5, 2016

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In our previous post, we explored the new crop of startups that are applying Uber’s on-demand business model to other markets. Although these spinoff services aren’t nearly as successful as the original, a number of entrepreneurs remain convinced that they can develop an Uber for everything. We already took a look at the parking service Luxe and grocery delivery app Instacart, both fairly straightforward and simple adaptations of the concept. But startups like Filld and WeFuel take the idea Continue reading →

Ethics, Product Development, Cars, Regulation, Uber, California, Safety, Petroleum, Gasoline, Filld

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, Chapter 16: Place and Promotion, Bonus Chapter A: Business Law, Bonus Chapter B: Technology and New Media