Entrepreneurship - McGraw-Hill Introduction to Business

Fashion Brands Start Selling Virtual Clothing

November 22, 2019

Yesterday, we looked at how video game companies earn billions of dollars annually by selling virtual products to an ever-growing market. Inspired by the success of this unusual industry, some clothing companies have started selling digital outfits that don’t exist in the real world. For instance, the fashion label The Fabricant recently sold a virtual dress for $9,500 to the wife of a San Francisco tech executive. Although she cannot actually put on her expensive new outfit, she can Photoshop Continue reading →

Marketing, Global, Clothing, Entrepreneurship, Product Development, Promotions, Fashion, Product Distribution, Virtual Goods, Scarcity

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, 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

[VIDEO] Why Spend Money in Video Games?

November 21, 2019

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Analysts estimate that last year consumers spent more than $50 billion on virtual items in video games like Counter-Strike and World of Warcraft. This lengthy but highly informative video explains why the market for virtual items has grown bigger than global box office returns for the movie industry.

Questions:

How are in-game economies similar to real-world economic systems?
What are the advantages and disadvantages of online marketplaces that sell virtual goods?

Arenas Can Earn More Money from Concerts than Sports

November 19, 2019

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Thanks to the popularity of streaming services like Spotify and Apple Music, some lucky musicians can go viral and attract large fan bases very quickly. In the past, artists often had to tour across the country for years playing small clubs before they got noticed by major record labels. That’s not the case these days, though. For instance, the teenage singer-songwriter Billie Eilish released her debut album less than a year ago and has already sold out a stretch of Continue reading →

Product Development, Sports, Global, Entertainment, Entrepreneurship, Streaming, Music, Product Distribution, Spotify, Arenas, Stadiums

Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Tech Giants Attempt to Break into Banking

November 15, 2019

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This week, Google announced that it’s launching a banking service next year that will offer “smart checking” accounts to mobile-focused customers. Known as Cache, the program is the result of a collaboration between the search giant and two banks: Citigroup and Stanford Credit Union. Although details of the partnership remain limited at this time, Google eventually wants Cache to become an extension of its Google Pay app. The company also claims that customers will “benefit from useful insights and budgeting Continue reading →

Toilet Paper Startups Challenge Established Brands

November 12, 2019

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Major conglomerates like Procter & Gamble, Kimberly Clark and Georgia-Pacific earn more than $31 billion annually from toilet paper sales. But while this industry is certainly lucrative, it’s not exactly innovative. After all, one of the few significant developments these companies have made in recent decades is to sell larger rolls. Brands such as Charmin and Quilted Northern treat their products like commodities, meaning that they compete primarily based on price. By concentrating on value, the biggest names in toilet Continue reading →

China, Sustainability, Marketing, Product Development, Entrepreneurship, Branding, Manufacturing, Pricing

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

Food Delivery Startups Expand into Groceries

October 4, 2019

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In recent years food delivery startups like Postmates and Doordash have grown into multi-billion dollar operations by bringing takeout from all sorts of places directly to customers’ doors. But these companies don’t just service restaurants: people can also order everyday items from Walgreens or 7-Eleven and receive them hours later. Of course, consumers are more familiar with Postmates and Doordash as takeout services, not grocery delivery companies.

As a result, both startups are brokering deals with retailers and supermarkets Continue reading →

Product Development, Retail, Transportation, Entrepreneurship, Product Distribution, Delivery, E-commerce, Food & Drink

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

[VIDEO] How Minimum Wage Works in the U.S.

September 5, 2019

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In recent years, progressive policymakers have advocated to increase the minimum wage across the nation while other legislators oppose the measure entirely. Along with looking at the reasoning behind both sides, this video also explains how foreign countries deal with the complicated issue of the minimum wage.

Questions:

How does minimum wage policy in the U.S. differ from other countries?
Should the U.S. develop a minimum wage system that is tied to inflation? Why or why not?

Motivation, Ethics, Regulation, Entrepreneurship, Minimum Wage, Compensation, Economics, Management

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 7: Management & Leadership, Chapter 10: Motivation, Chapter 11: Human Resource Management, Bonus Chapter A: Business Law

LaCroix Struggles with Tough Competition in Mineral Water Market

August 30, 2019

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For decades Lacroix sparkling water sat on the bottom shelves of countless grocery stores next to high class competitors like Perrier and S.Pellegrino. Too niche for regular consumers and too cheap for mineral water drinkers, LaCroix struggled for relevance until a company called National Beverage acquired it in the 1990s. Along with developing new flavors and adding more carbonation, the company also redesigned LaCroix’s cans and increased distribution around the country. By the mid-2000s many consumers began to turn away Continue reading →

Management, Marketing, Ethics, Product Development, Entrepreneurship, Branding, Social Media, Product Distribution, Food & Drink, LaCroix

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 7: Management & Leadership, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Streaming Superstar Ninja Moves to Microsoft’s Mixer

August 20, 2019

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In 2018 users on the video streaming platform Twitch watched more than 505 billion minutes of live streams, up from 355 billion minutes the previous year. At some point many of those viewers likely tuned into Tyler “Ninja” Blevins, a streamer of the video game Fortnite who once boasted more than 14 million followers on Twitch. Along with earning ad revenue and subscription money from streaming, Ninja also made millions from lucrative endorsement deals with companies like Uber Eats and Continue reading →

Twitch, Product Development, Entertainment, Streaming, Entrepreneurship, Amazon, Product Distribution, Video Games, Microsoft

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

Virtual Restaurants Rely on Rising Demand for Delivery

August 15, 2019

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In 2017 Ricky Lopez opened a Top Round franchise in San Francisco’s Mission District. With all sorts of well-established competition in the area already, the chef and entrepreneur says that his roast beef business lost tens of thousands of dollars in its first eight months. Then last year a representative from Uber Eats informed Lopez that his area had a high demand for burgers and ice cream that was going unmet. To take advantage of this opportunity, the food delivery Continue reading →

Product Development, Operations Management, Branding, Entrepreneurship, Product Distribution, Restaurants, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, 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