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Looking Ahead For Trouble Spots

Have you ever wondered how ends were going to met after a tight money situation? Well, it happens. That’s why it’s important to be aware of the current situation and how it may develop. In the text “The Hydrogen Economy” by Jeremy Rifkin, it discusses the rise in factors that could result in climate change. These climate changes can result in sea levels rising and potentially other catastrophic episodes. According to Rifkin, “The IPCC also reports a disturbing rise in seawater levels around the world. The newest data show a rise in global mean sea level of between 0.1 and 0.2 meters during the 20^th Century.” This not only is a result of a cause and effect relationship of global warming, but the rational for humankind to continuously develop safe, practical and innovative measures to resolve solutions.  These same strategies can be related to other areas. From a business perspective, we must always be aware of possible negative outcomes or setbacks so that we can already have solutions in place.

Here are two questions to consider:
Would my company or organization survive in a potential economic downturn?
Of course, the Great Depression was a prime example within the 20th century of the possibility of losing it all when the nation isn’t doing the best fiscally. Many corporations which had been successful in that past century, no longer prospered. In contemporary history, there are examples that the economy is very unpredictable and we have to constantly be aware of it. The economy was in a recession from 2008 to around 2012 had detrimental effects on small to mid-sized companies. According to an article by CNBC, the materials industry was an industry that was heavily affected by the recession. This was due to individuals putting holds on major construction and renovation projects so the clientele for the materials didn’t make purchases.

What can my company provide to my customers now?

I think it’s also very practical for companies to know what they can provide and whether it’s a high priority for individuals who use particular products. For example, I have had friends who have worked in the hairstyling industry. These types of businesses tend to decrease in sales during economic hardship. During these times, hair salon owners have to ensure that their staff is constantly following up on appointments because people tend to go longer amounts of time without getting haircuts. Companies should also consider action plans regarding coupons and other sales tactics. Additionally, companies can ask themselves whether it’s possible to introduce new services that could be beneficial to customers. This could be a pay as you go installment plans or package deals.

While it can feel hopeless to consider solutions in these tight financial circumstances, it’s imperative that we always consider our options. While we are in better economic times, occasionally unpredictable points can happen in our economy. Hopefully, with a bit of strategy, you and your company can be prepared to take the necessary steps to push through it.

Resources Galore Is What’s In Store

Entrepreneurial Innovation: Week 3 Blog

Your resources need to be in order for any business to continue to grow. It’s important for any entrepreneur to make investments to secure resources. Currently, I’m still a student in the Master’s in Entrepreneurship program at Western Carolina. We have been discussing innovation in businesses. While reading the “The Hydrogen Economy” by Jeremy Rifkin, there were examples of the US securing oil reserves by investing in military. Oil is a needed natural resource that helps run our nation, particularly in industry. According to Rifkin, “The military cost alone of protecting the U.S. oil interests in the Middle East has been enormous…. The U.S. government is estimated to have spent between $61 billion and $71 billion in additional funds in deployment, construction and operations in the Gulf War.” This is the cost that the government has taken in order to keep a stake in this power for resources. It was in America’s best interest to ensure the security if this asset. The need to understand resources and potential can be applied to other institutions or companies as well.

Commonly, we must make financial sacrifices in order to secure the future of our organization or company. Partially, we can see this as not being afraid in taking a risk on investment. I also equate this to investing in the research development of a company. A company or individual buying property in a highly developed area of a burgeoning city in order to gain new business opportunities is an example.

As for business opportunity examples, I think of Charlotte, NC. Within the past 20 years it has truly grown in development. Many businesses, particularly financial institutions, have continued to seek out Charlotte as a headquarters because of the influx of individuals coming in from rural areas and other cities. I personally see the potential to have property within Charlotte for an expanding business. Due to Charlotte being a financial hub, there are plenty of opportunities to receive business loans and other investments from business owners. I’m not exactly sure if I would prefer for my business which is an educational/entertainment center could be housed in the city or just in the outskirts, in perhaps a suburb of Charlotte. I’m also looking at office spaces for “business” purposes and perhaps creating other arrangements and partnerships for foreign students to have housing. There is a current listing at Brookshire Business Center for $944 dollars a month. This is located in the Southwest Charlotte area. There is a lot of potential in this area due to its diversity and location to other South Charlotte communities and neighboring Pineville. I think it could be a great location to potentially hold my education business.

Seeing opportunities to expand your resources ideal for a business or organization. This includes finding a great location that can lead to further business in the future. While it often takes risk, it may pay off in the long run. Possibly consider certain business opportunities, even if it may seem a bit costly.

Bad Guys Sometimes Finish First?

There are often business professionals we just don’t care for. Usually it’s because of their business values or practices. Often we try to dissociate ourselves from our enemies, particularly those who we consider unethical or immoral. Believe me, I’m always the first to (mentally) call someone out on his or her misdeeds. All the time people spend on negativity and injustice in regards to building organizations could be spent on creating viable, strong and respectable institutions. As you know, I am in the Entrepreneurial Innovation course at Western Carolina’s Masters in Entrepreneurship program. While reading “The Hydrogen Economy” by Jeremy Rifkin, I stumbled across a portion of text that discussed a certain dictator of Germany circa 1930s. We know much about his horrendous actions, manipulation of the government and people, but what apparent in the text was his constant search to use new military strategies during war. Though this particular dictator is not the ideal prototype for positive leadership, innovation was evident there. According to Rifkin, “(He) realized that his country’s dependency on coal-fired military equipment had cost them World War I and was anxious not to repeat the mistake of the past.” This statement notes (His) reflection on past military victories and understanding that something different must done in the future. The text continued discussing how the dictator “set its sights on a two prolonged approach to securing oil: first, developing a synthetic-fuel industry at home; second, pushing into a war with Russia to secure access to the rich oil fields at Baku in central Asia.” This explains the strategically approach that this political leaders used to ensure his nation was in the correct position. While I am not particularly a fan of dictatorships, particularly those, which aren’t benevolent, it is fascinating to see the thought process of these types of leaders.

There are always various styles of leadership and there will always be competitors, however, I think that it’s beneficial to able to see the strengths of those we may consider foes. This may push us into an innovative mindset to achieve and constantly grow. It’s important for businesses to recognize how they can learn from their failures, in addition, see what others are doing in order to be innovative. To bring the conversation on competitors to a lighter note, I remember the various competitions in the music industry. Two that come to mind is Prince vs. Michael and Whitney vs. Madonna in the 80s. The media would constantly place these individuals against one another.  Nonetheless, the constant comparisons pushed each to continue developing in their personal brand and artistry. All of these pop artists were known to be innovative in their own right. Both Madonna and Prince have continued to develop their markets in popular music and have challenged the entertainment industries in various ways. I’m not certain if good always triumphs over evil, but for innovation, it is is often more useful then stagnation in the life of a business model.

Change A Little, Innovate A Little, Make Your Business Great…A Little

That’s the story of, that’s glory entrepreneurship. Always seek new ways to do things. There is absolutely nothing wrong with following this motto. I am currently in the “Entrepreneurial Innovation” class within the Master’s of Entrepreneurship program at Western Carolina. This semester, we had to choose a book to base our discussions on. I chose “The Hydrogen Economy” by Jeremy Rifkin; it discusses how the use of natural resources has changed over time and the different ways that humankind is adapting to this. Mentioned within the text were examples of coal and other fossil fuels that were used in revolutionary ways. These innovations changed the business, military and public landscape of the world. Often times, when many of these innovations in technology occurred, it was simply out of necessity. The use of coal allowed for society to move from relying on horse power (literally) to creating an environment that focused more on productivity. Looking at this, how can this all relate to businesses and innovation?

The idea of innovation is difficult for many businesses and entrepreneurs to fathom. Why or when to change systems, particularly if they are currently working? I believe that it’s necessary for business leaders to seek change, even if it’s minor, to constantly grow or develop competitive strategies for their businesses. Again, these can be small changes to any part of the business strategy, including the product itself. Of course, business principle should be considered (if you are known for your vanilla ice cream, I’m not saying to only sell rainbow swirl). Companies who are not afraid to constantly adapt or change always astound me. For instance, Facebook constantly changes applications in order to develop their platform. While this may frustrate some end-users, it greatly helps developers know what will and will not be a great addition to the social media platform.

There are several positives to companies attempting to be innovative, however, it doesn’t always work in the favor of the business leader. Sometimes, innovation can appear problematic. For example, my school district tried to implement a one hundred percent online/computerized testing module for end of grade testing. This did not work out according to plan. There were several glitches in the testing platform, which caused issues during the test. Due to these mishaps and public outcry from administration and teachers, the school board had to desist with the computerized test and make plans to execute the paper form of the test. For the remaining testing windows students will have to take the test with pencil and paper. While I can see how the school board was being innovative because of the shift in technology and online learning, the schools just weren’t set up for the testing environment. This is an example how we must properly prepare for rolling out innovations in exiting business models.

Innovation is something that all businesses or organizations should strive for. However, take note of how to roll it out. Look at successful models and how others have implemented changes within their business models and strategies. Let’s see what will happen.

Maintaining Control or Wealth?

Should I maintain control or wealth in reference to my business venture? I think this is a complex notion for me, however, I think that I’m more interested in control “initially,” however, gradually, I would want to shift control to others in order to maintain freedom of time, maintain wealth and pursue other ventures. Many entrepreneurs, including myself, are constantly inspired to find various outlets to make revenue. Additionally, as a creative, I may want to find various avenues to express myself. Furthermore, I would love to maintain “creative” control over my business ventures even if I shift over more operational decisions to other figures. I do not mind finding individuals who have strengths in particular areas, such as, “logistics” or “operations” because it would be more effective for the business to have masters within these areas, however, it’s still imperative that I am competent in all aspects of business. I would like to eventually get away from just a creative person though and develop my wealth management skills, which includes having pipelines in various industries. I remember following a few years in ago that Tyra Banks, creator of America’s Next Top Model, decided to attend Harvard Executive Business program in order to develop more technical business school. I commend her for developing her business acumen. Additionally, I think she also wants to maintain control by broadening her understanding of the technical aspect of her business and brand.

I will add that I’m the entrepreneur who desires prestige, which is partially the reason why I’m seeking entrepreneurship. Within the text, The Founder’s Dilemma, statistics showed that many males seek “prestige” in establishing their own businesses. I’m very eager to develop skills in operations and finance as well. I think it’s important for business leaders, particularly creative people, to understand the value in learning these aspects of their business. I suppose this leads into a further discussion of finding “founders” who are trustworthy as well so that business deals and decisions are done in everyone’s best interest.

In conclusion, I would like to discuss the idea of wealth. I was discussing this concept with a classmate of mine and we mentioned how having multiple streams of income is a key factor. Additionally, revenue and profit is fundamental in maintaining wealth. I think maintaining wealth eventually will be more important for me because of my upbringing and the want to acquire wealth for future generations of my family. Though, this is possible with control of my business, I think that because I come from a working-class family, there may be more incentives to find a good deal. Additionally, we must know when to right time is to leave a venture as entrepreneurs. If I were offered a sufficient deal that could provide for my family’s estate, perhaps I would go with said deal. I think it would come to a point where I would have to set my pride aside and allow for my company to develop a legacy of its own.