E-Business

A married couple decided to make a home business and hobby as a job. The job they created is producing websites for companys. The wife expected that expenses wouldn't be high, but it included all the programs needed to create websites. Their business didn't succeed because of high start up costs which made them nearly bankrupt.

I think that creating businesses online is a smart idea since in our century, it's very common to use technology. Though I believed that the reason for their business to do bad was because they're unaware of things needed to start a business. They didn't have enough information and they weren't 100% sure of what was needed and what to do. This married couple didn't have a business plan for their business so there wasn't any back up plan if the business has fallen in a bad position. Also they assumed that it wasn't needed for a high start up cost so that destroyed their business since it was require to have a start up cost to buy all programs to support a website such as anti virus, up dates, etc.

1. What is E-business?
E-business is using the internet to provide services to customers. E-business uses tools such as email, online banking solutions, websites, supply chain management software and web-based customer relationship management.

2. Pros & Cons
Pros:

• Business could be done at home
• Saves time and money
• Promote, market and sell to anyone around the world
• Competing with companies in many different sizes
• Doesn't require face to face interaction with customers

Cons:

• Competing against big known internet companies such as google, yahoo, etc
• Requires large amount of money as start up cost
• Needs to keep updated with anti virus programs, etc
• Full of sites with spams, advertisements, etc
• Unreliable and Untrustworthy customers

Increased Minimum Pay

There will be a sudden increase in 2012 from $8/hr to $10.25/hr. Recently the minimum wage has increased to $8.75/ hr. It'll increase to $9.50/hr in November, 2011 and to $10.25/hr in May 2012. Also province's training wages of $6/hr are removed. Premier Christy Clark quoted that the reason for this is because families that earn low income can not keep up and continue to struggle, so this boost in wages will give them a boost.
Not everyone is satisfied with this raise such as business owners. Ian Tostenson, president and CEO of the B.C. Restaurant and Food Services Association, said that because of this increase, he would have to increase prices of goods sold or reduce the amount of workers in a business.

Source: http://www.vancouversun.com/business/minimum+wage+rise+2012/4451912/story.html

19 Year Old Entrepreneur

This article is about Brian Wong, a 19 year old UBC graduate, who started a 2^nd company start up, Kiip, which gives mobile game players rewards such as vitamin drinks, $100 Sony tablet, etc for reaching a great level of success in the games. The purpose of this business is rewarding tangible goods for virtual accomplishments which makes the people feel satisfied and have achieved something great.. Big companies such as Dr. Pepper, Sephora and 1-800 Flowers have been supporting this business. The company and rewards are currently only available in U.S. but promised that it’ll also be available to Canada.

I’m shocked by the fact a young entrepreneur has reach a great level of success with a creative business. Also this business idea is respected by many people such as gamers because this business shows huge amount of respect to those who worked so hard in reaching high levels of gaming. I also like this idea because it makes people feel special at what they are good at even though these talents were never praised.

            I believe this business is successful because it shows that people are finally appreciated for something parents believe as useless or immature when it could actually show great reflex skills, hand coordination, etc. Also, in this century, we’ve been very dependent on technologies, so mobiles, video games consoles, computers and other technologies are very common around the youth. For example, in Korea, the computer game, StarCraft, is known as an actual game “sport” and people pay to watch gamers compete in this game. The gamers are appreciated for their game play and skills. Also it’s very popular amongst youth and other aged people. Therefore since they’re appreciated for what they do, Kiip, does the same.