Entrepreneurship - McGraw-Hill Introduction to Business

MrBeast Sues Food Delivery Partner for “Low-Quality” Products

August 4, 2023

The YouTube star Jimmy Donaldson, better known as MrBeast, is the video-sharing platform’s most popular creator, boasting more than 172 million subscribers and counting. Donaldson has parlayed his massive success on YouTube into numerous other businesses, including food brands like the snack line Feastables and MrBeast Burger. He co-founded the latter in 2020 after partnering with Virtual Dining Concepts, a company that specializes in serving food through “ghost kitchens.” These ventures take up residence in the kitchens of established restaurants Continue reading →

[VIDEO] Why Primark Is Thriving As Other Retailers Struggle

August 2, 2023

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Experts estimate that as many as 80,000 American retail stores will close over the next five years as companies like Forever 21, JCPenney, and Neiman Marcus struggle to stay afloat. That’s not the case for the British retailer Primark, however, which has 18 locations in the U.S. with plans for a lot more to come. This video looks at how the company became a multibillion dollar brand in Europe by sticking to brick-and-mortar stores stocked with high quality items at Continue reading →

[VIDEO] The High Stakes of Spotting Fakes in the Luxury Watch Market

June 23, 2023

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From 2011 to 2021, the value of Rolex watches outperformed real estate and stock markets as well as commodities like gold. This video looks at the risks and rewards of the $20 billion used watch industry, from soaring demand and big price tags to small margins and extensive counterfeiting.

Questions:

Why are counterfeit products harmful to luxury brands like Rolex?
How does high demand for Rolex encourage counterfeiters to produce knockoffs?

Instant Pot Maker Files for Bankruptcy

June 21, 2023

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The Instant Pot first hit the market in 2010 and quickly gained a following of dedicated users who took every opportunity to praise the pot’s pressure cooking and slow cooking abilities. Sales climbed throughout the decade as word-of-mouth spread, and then the Instant Pot truly became a blockbuster during the pandemic. Sales of multicookers and air fryers doubled in 2020 as millions of homebound people searched for ways to make easy meals in their kitchens.

Customers certainly got what Continue reading →

Marketing, Entrepreneurship, Product Development, Product Distribution, Bankruptcy, Supply & Demand, Pandemic

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

Apps Cause Confusion with Customer Ratings

June 9, 2023

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On rideshare apps like Lyft and Uber as well as platforms like Airbnb, customers are encouraged to rate their overall experience out of five stars. The general goal of these ratings is to inform both the company and future customers about an individual’s performance on the job. After all, if an Uber driver keeps their car dirty or swerves all over the road, then the rider can leave a low rating to reflect their subpar experience. Then again, that’s how Continue reading →

Marketing, Ethics, Entrepreneurship, Transportation, Uber, Lyft, Product Distribution, Airbnb, Customer feedback

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

Ed Sheeran Wins Copyright Lawsuit

May 24, 2023

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In 2017, English pop star Ed Sheeran got hit with a legal complaint alleging that the melody of one of his most popular songs was copied from another tune. According to plaintiffs in the lawsuit, his 2014 hit “Thinking Out Loud” resembled the Marvin Gaye classic “Let’s Get It On” to such a degree that it infringed on the latter song’s copyright. Sheeran vehemently denied any wrongdoing and challenged the suit, which lingered in court for years due to the Continue reading →

Ethics, Entrepreneurship, Product Development, Copyright, Entertainment, Music, Product Distribution

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 A: Business Law

Bed Bath & Beyond Goes Bankrupt

April 26, 2023

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On Sunday, the once mighty home goods retailer Bed Bath & Beyond declared bankruptcy after years of poor sales and mounting debt. The company will start closing its 360 locations today and has stopped accepting the big blue coupons that made the brand famous in better days that have long gone. In recent times, Bed Bath and Beyond faced increasingly choosy consumers who avoided the retailer in favor of competitors with better selections and e-commerce capabilities. The company enjoyed a Continue reading →

Marketing, Operations Management, Entrepreneurship, Product Development, Promotions, Product Distribution, Bankruptcy, E-commerce, 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, Chapter 16: Place and Promotion, Chapter 18: Financial Management, Bonus Chapter B: Technology and New Media

[VIDEO] How Girl Scouts’ $800 Million Cookie Empire Works

April 21, 2023

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For a few months every year, legions of Girl Scouts across America set out on entrepreneurial adventures to sell classic cookies like Thin Mints, Samoas, and Tagalongs. This video looks at the $800 million Girl Scout cookie operation, which aims to teach kids valuable business lessons and people skills that remain for a lifetime.

Questions:

How do the Girl Scouts use scarcity to increase demand for cookies every year?
How has e-commerce changed the Girl Scout cookie selling experience?

Marketing, Entrepreneurship, Promotions, Education, Product Distribution, E-commerce, 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, Chapter 16: Place and Promotion, Bonus Chapter B: Technology and New Media, Videos

[VIDEO] How The Oldest Chocolate House In New York Manages to Thrive

March 30, 2023

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The video below takes a long look at Li-Lac Chocolate, the oldest chocolate house in New York that thrives by doing things the old fashioned way. Along with observing their unique production processes, this video examines how Li-Lac made it through the pandemic to continue its century-long tradition.

What value do the antique chocolate molds owned by Li-Lac Chocolates give to the company?
How did the pandemic affect business at Li-Lac Chocolate?

Marketing, Operations Management, Entrepreneurship, Manufacturing, Product Development, Product Distribution, Food & Drink, Supply & Demand, Pandemic

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, Videos

[VIDEO] Making 100,000 Bagels a Week by Hand

February 22, 2023

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While last week we looked at how Domino’s relies on automation to mass produce its pizza dough, today’s video examines the operations at a company that takes the opposite approach. At Utopia Bagels in New York City, a well-trained staff of specialists make thousands of bagels by hand every day, all driven by a passionate owner whose love for his craft comes through in this video.

Questions:

What are the advantages and disadvantages of making bagels entirely by hand?
What Continue reading →

Marketing, Motivation, Operations Management, Entrepreneurship, Training, Product Development, Product Distribution, Supply & Demand, Specialized labor

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 10: Motivation, Chapter 11: Human Resource Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Videos