Browse by Tags

KnowNOW!

Tags

Intro To Business

Syndication

Recent Posts

Archives

About the Author

Teri Bernstein, MBA, CPA has been teaching full time in the Business Department of Santa Monica College since 1985.  Prior to that, she worked in Internal Audit and Special Financial Projects for the 1984 Los Angeles Olympics, CBS, Inc., and Coopers & Lybrand (which is now part of PricewaterhouseCoopers).  She attended the University of Michigan and Wayne State University.


  • Brainstorm: harnessing the amazing and wonderful adolescent brain

    [View:http://community.cengage.com/GECResource/themes/gew/ utility/ :550:0] Full length video via YouTube If you are between the ages of 12 and 24--this book can empower you and help you become more effective in your business life and in your personal life. If you are an educator or a manager, it can provide guidelines about motivating students or employees. If you a public policy wonk, it can provide you with the template for an incubator that could solve the world's problems. But if you are an entrepreneur looking to make a fast buck, there is no magic bullet here. A classic way to make money is to create a problem or a need and sell a product or a service that will fix that problem or assuage that need. Demonizing "the teenage brain" and naming diseases and syndromes to identify as a "problem" what may in fact be a natural evolutionary necessity creates business opportunities. Therapists, counselors, pharmaceutical companies, testing laboratories and departments in institutions of higher learning can all profit. If the characteristics of the adolescent brain are hard-wired as part of human growth--making this a problem to be solved is, from a marketing perspective, a huge and unending potential source of revenue. The author of this book takes a different perspective. He argues that the human brain is infinitely "programmable," and that each individual is the best programmer for their own brain. He also argues that the years between 12 and 24 are like a Silicon Valley incubator (or "start-up accelerator") . Any effort during this time period can bring greater life-time rewards. And some of the most effective tools are totally free. The investment requires a small amount of time daily, and the willingness to be in charge of one's own personal brain development. Source: " Brainstorm " by Dan Siegel, M.D., published by Tarcher, 2014. F ollow up: Are the approaches suggested by Dr. Siegel low-risk or high-risk investments? If you were managing a department with individuals in their first jobs out of college, how could you apply some of these principles in a practical way?
  • Wanna make $21 per hour at McDonald's? Move to Denmark

    image from reuters In Denmark, there are two McDonald's wage levels: $21 per hour applies to adults 18 years of age and over. $15 per hour is the minimum wage for workers under 18 years old. Even the lower wage level is more than double the minimum wage for adults in the U.S.--and it exists in a public policy environment where health care is universal. These wage levels were not McDonald's idea. They were bargained for by a union--and putting that union in place required years of work. Sometimes the discussion in the U.S. media around the minimum wage ignores the profits being made by large corporations. The talking points center on the hurdles all costs are for small businesses just starting up. An additional argument for a higher minimum wage is that boosting wages for the lowest paid workers also boosts the salaries of entry-level professionals. This might mean less profit for stockholders of corporations like McDonalds--or fewer bonuses at the highest levels of management. Nevertheless, it also might mean that the social service costs of low-income wage earners are shifted away from middle class taxpayers and onto the corporations who are profiting from the labor provided at these low wages. What do you think? Source: " I’m making $21 an hour at McDonald’s. Why aren’t you? , " by Louise Marie Rantzau, Reuters: The Great Debate , May 15, 2014. F ollow up: One definition of the "minimum wage" is a " living wage ": the wage level that, with full-time work, can support a four person family at a lowest-rung middle class level. What do you think would be the living expenses at this level? What are the pros and cons of raising the minimum wage in the U.S.? What would be your definition of "minimum wage"? Is the concept of a "living wage" relevant? Would one wage work for the entire country? Research the wages paid at Chipotle, Costco and Walmart. How do minimum wage laws affect large corporations and small businesses differently? Have you ever supported yourself while being paid a minimum wage? Explain how that worked or didn't work. Read the article to find out how working for the current U.S. minimum wage affects others, if you do not have experience of your own.
  • Success: structure trumps overwhelm and struggle

    Image from tompooleymarketing.com Have a goal? Almost every business situation and every career path is about setting goals and achieving them. But what does research show us makes the difference between someone who meets their goals and someone who doesn't? According to Tony Stubblebine , the CEO of Lift (a goal-setting app), here are some results: " Th e number one driver of whether a habit change is a success or not is how big the initial goal is. Everyone, if they're consistent, will eventually achieve something massive. But the people that end up failing are the people trying to achieve overnight success. " In other words: set small goals to get to your ultimate ai m step-by-step. " The structure matters. People put all of this effort into optimization and research, but honestly everything we see about success rate says that the most important thing is to structure your goals so you can be consistent. " In other words, only pick intermediate goal steps that you KNOW you can achieve on a schedule. One example cited is setting the goal "Go to the gym" rather than "Work out for 60 minutes on the elliptical machine." Getting a four-year college degree is an example of institutionalized structure that creates opportunities for success. One reason that it works is that a 120 semester-unit degree is broken down into semesters containing 3-5 classes. Still challenging, of course--but manageable. No one is expecting anyone to complete all 120 units at once. The goal-achieving system described by Stubblebine highlights programming reminders into your phone or creating some other unavoidable trigger that will inspire consistency. This is where the app comes in handy. By the way, the tagline of Lift is "Succeed at Everything." Source: " WHY SUCCESSFUL HABITS ARE ABOUT STRUCTURE, NOT EFFORT, " by Drake Baer, fastcompany.com , May, 2014. F ollow up: Check out this app: Lift . What will be your first goal and what are the steps you will take to achieve it? List three long range goals that someone you know aspires to. Act as a consultant to that person. What small-step actions would you recommend that will lead to success in each of those goals?
  • The Income Gap: How to fix it

    image from therealsingapore.com Robert Reich , U-C Berkeley professor and noted economist, is a huge fan of the middle class. Therefore, income equality is an issue that he has a lot to say about. And--unlike Thomas Piketty --Reich does not believe we are doomed. Some major factors which influence his position include the following actions which need to be taken to counteract the income gap: Make work pay. If a minimum wage of $15 per hour were attached to the fast-growing fields of hospitality, restauranteurism, and tourism, this would make a huge difference. According to Reich, " No American who works full time should be in poverty. " Unionize Low Wage Workers . Unions gave the middle class clout, and unions are now the only way that low-wage workers can face off against global competiion. Invest in eduation. This might seem like a no-brainer, but education costs money and the uneducated sometime do not have a voice in policy decisions. According to Reich, " Education should not be thought of as a privae investiment; it is a public good that helps both individuals and the economy. " Invest in infrastructure . This means road, public transportation, decent rents in places near to work, affordable utilities, education from age 3-23. Everything. America is behind on investing in these basic, business-supporting needs. Pay for these investments with higher taxes on the wealthy . According to Reich, " Between the end of World War II and 1981 (when the wealthiest were getting paid a far lower share of toalt nation income), the highest marginal federal income tax rate never fell below 70 percent, and the effective rate (including tax deductions and credits) hovered around 50%. But with Ronal Regan's tax cut of 1981, followed by George W. Bush's tax cuts of 2001 and 2003, the taxes on top incomes wer slashed, and tax loopholes favoring the wealthy were widened ." M ake the payroll tax progressive . Since payroll taxes are 40% of government revenues, shouldn't they be progressive, if that is an American value? Government could exempt the first $15,000 of income from these taxes for a start. R aise the estate tax and eliminate the “stepped-up basis” for determining capital gains at death . OUCH. This one would personally hurt me, but I have to admit that inherited wealth is not really fair. Taxing wealth that has not been personally earned is actually a very good idea--especially as far as adjusting for income inequality is concerned. Fist step : reduce the taxable threshold on inherited wealth from $5.34 million down to $1 million. How many people is that going to hurt? And those that it does "hurt"--can they afford it? Stepped up basis inequality : Here is how the current rule works: If my parents sell their house before they die, they are subject to tax on the increase in its worth since they bought it. But...if it is in their estate, it passes to their heirs at the value it had the day they died. The increase in capital worth that occurred while they were alive is NEVER TAXED. Is that fair? Constrain Wall Street : Resurrect the Glass-Steagall Act in full and restrict the size of banks--back to the 1975 level ideally. (Fat chance). Give all Americans a share in future economic gains. According to Reich, one thing that aggravates the inequality is that, " The richest 10 percent of Americans own roughly 80 percent of the value of the nation’s capital stock; the richest 1 percent own about 35 percent. " He advises that," As the returns to capital continue to outpace the returns to labor, this allocation of ownership further aggravates inequality. Ownership should be broadened through a plan that would give every newborn American an “opportunity share” worth, say, $5,000 in a diversified index of stocks and bonds—which, compounded over time, would be worth considerably more. The share could be cashed in gradually starting at the age of 18 ." RADICAL. Get big money out of politics. If corporations, with multi-thousand...and now multi-million dollar contributions to lawmakers allowed didn't control our political representatives, average Americans might have a voice. the Supreme Court's Citizens United decision made that impossilbe. But a Constitutional Amendment (according to Elizabeth Warren) or at least full disclosure (still possible under current Supreme Court direction, but not yet mandated by law) would be a step in the right direction. Is there a chance to reign in income equality? What are we willing to do to make that a reality? Source: " Robert Reich: 10 ways to close the inequality gap: The former secretary of labor on American society's single greatest obstacle -- and what we can do about it , " by Robert Reich, the Salon , May 13, 2014. F ollow up: What are some of the highlights of Robert Reich's resume? Are you inclined to listen to his ideas because of this resume, or reject...
  • Accounting skills linked to moral high ground

    image by Javier Jaén from the article linked below Americans don't understand much about accounting and finance. Jacob Soll , a professor of history and accounting at the University of Southern California, thinks that this lack of cultural literacy in accounting may be partially responsible for the unfettered lack of morality and self control exhibited by financial institutions in modern life. He makes the point that when accounting skills were pervasive in society, people viewed keeping things in balance as a moral prerogative as well. In the heyday of the Dutch East India Company and the Medici financiers in Italy, portraits of businessmen were painted with the individuals actually doing accounting, or with their books of account in prominent display. The basis essence of double-entry accounting is fairness and equality in each business transaction. Debits = Credits. According to Soll, as a society we have left the understanding of these accounting basics concept to "specialists and computerized banking." He suggests, " If we want stable, sustainable capitalism, a good place to start would be to make double-entry accounting and basic finance part of the curriculum in high school, as they were in Renaissance Florence and Amsterdam ." It can't hurt. Source: " No Accounting Skills? No Moral Reckoning ," by Jacob Soll, New York Times opinionator , April 27, 2014. F ollow up: Do you want to get started on your accounting literacy? Check out this link from the Accounting Coach. Summarize what you learned. What is the historical significance of the Dutch East India Company?
  • What "the 1% don't want you to know": Paul Krugman on Thomas Piketty

    image is from an interview at BillMoyers.com, via VIMEO According to Paul Krugman 's analysis of newly observed changes in the structure of the U.S. economy, if you are not part of a family in which you will get a piece of inherited wealth--you and your own heirs are doomed. Not only will you never be rich--you and your family will become poorer with each generation...as those with inherited family wealth become richer. The focal point of the interview linked above between Bill Moyers and Paul Krugman is the new book by Thomas Piketty of the Paris School of Economics: Capital in the Twenty-First Century . In the book Piketty delineates how 67% of the increase in the top-heavy distribution of wealth that has occurred since the 1970's is the result of huge raises given to corporate executives. These huge salaries, combined with tax and other governmental policies in the U.S., have created the perfect storm for the formation of an oligarchical economic structure that has now become hard-wired and institutionalized. Krugman makes the additional point that wealth is now so concentrated that it is invisible to most of the public--the shear size of the fortunes are out of the realm of what the average person can understand in terms of wealth management. The impact of this wealth concentration on middle and lower income people in the United States is much more pronounced than it is in Europe because governmental policies in Europe create a higher standard of living for the poorest 20% by providing health care, higher minimum wage and other income and social service support. book image from amazon.com Krugman experienced reading Piketty's book as as "Eureka!" moment, as it showed how radically the economic structure had changed when analyzed over the long term. The book also pointed out that o nce wealth is held in the hands of the oligarchical few, it becomes nearly impossible to change the laws to tax the wealthy at a greater rate. The concentrated wealth has gained control over public policy as well. Can the situation be changed--to favor real competition and the growth of small businesses and the middle class? I'm going to read the book to find out... Source: " Bill Moyers w/Paul Krugman: “What the 1% Don't Want You to Know ” " by bobswern, the Daily Kos , April 18, 2014. F ollow up: According to Paul Krugman, what forces might counter the oligarchical situation which we now find ourselves in? [this is about 18 minutes into the interview] What is the "high r, low g" economy that Krugman refers to? According to Bill Moyers and tax analysts, how many times greater are top management salaries more than low income workers, based on recent tax data?
  • Beer solves water crisis in California town

    image from article linked below--online version of radio story The drought in California does not just affect farmers--or homeowners worrying about their lawns. As it turns out...this drought is so bad that the state of California has made a list of cities that will actually run out of water soon. So the businesses in these towns have a big problem to worry about...especially a business that is water-dependent like the Bear Republic Brewing Company in Cloverdale, CA. Acting in self-interest--but also realizing that its investment must first serve the citizens of the town--Bear Republic Brewing Company loaned the city of Cloverdale $466,133,000 to dig two new wells. The owner of Bear Republic, Ricardo Norgrove, took this bold action because he was a 5th generation resident of Sonoma County, and he wanted to stay put. He also wanted to keep Bear Republic Brewing in Cloverdale if at all possible. Of course he has considered moving his company, but he figures the water problem is going to have to be addressed everywhere: it is a global issue. Sources: " Beer: Saving a town from drought ," by Kai Ryssdal, Marketplace.com , April 15, 2014. F ollow up: What does Ricardo Norgrove recommend at the end of the online article? How might this be a marketing strategy by American Public Media to attract more hits to this article? What other strategies might be employed, if more hits to the website is APM's aim? What other business/community partnerships might be encouraged to solve sustainability problems or other environmental or life-style issues?
  • Coffee convenience bad for the environment (and expensive)

    image from www.coffeemarvel.com As a committed coffee enthusiast, I periodically pine for a Keurig single-service brewing machine. The problem is, the little cups that that machine requires are not only expensive--they are bad for the environment. Still--the convenience and the visual artistry of it all does speak to me. I have to admit that the first time I tried to use this machine--at a motel--I had no idea how to manage it, and I made every mistake, creating a colossal mess. Now, however, I am an expert, and each morning--as I am either making my pot of home brew or walking the 1/2 a block to my neighborhood coffee house--I fantasize about what it would be like to have one of those splendid little single-brew machines. I'm not alone. In 2008, single-pod coffee sales were $132 million; in 2013, they were $3.1 Billion. But there are issues. First, to properly recycle the remains of the pods means separating the aluminum top, from the plastic pod, from the wet coffee. Do users really do that? Probably not. Moreover, the #7 plastic that almost all of the K-cups are made from is not recyclable. In addition: there are a lot of tiny cups to recycle. To put it in perspective, the 8.3 billion cups produced last year by Green Mountain for Keurig machines would circle the earth more than 10 times. For now, I'm sticking to home-brewed or my Tall red-eye half-caf dark in a personal cup at my local coffee place. Source: " Your Coffee Pods' Dirty Secret ," by Maddie Oatman, Mother Jones , March 19, 2014. Follow up: Make a chart comparing the cost of a cup of coffee, 5 cups, 10 cups, 20 cups, 100 cups and 365 cups brewed vs. K-cup. What can you conclude from this analysis? What are all of the environmental and health issues of these cups, according to the article?
  • Jobs added in February: what does it mean?

    [View:http://community.cengage.com/GECResource/themes/ gew/utility/ :550:0] Link to video from Bloomberg , via LA Times. How can the number of jobs increase by 175,000 in the last month...at the same time the unemployment rate ALSO goes up by .1%? And is this news good or bad? Part of analyzing labor reports is looking at what had been predicted...so since 150,000 new jobs had been predicted by economists, the increase of 25,000 more than had been predicted is a positive outcome. 162,000 of the new jobs were private sector jobs and 13,000 of the new jobs were government jobs. The unemployment rate was expected to stay flat at 6.6%, but it did increase to 6.7%. Is this because more people than were expected to look for work were entering the job market? Is it because the bad weather decreased job opportunities or eliminated some part time jobs? The Labor Report is filled with statistics, but not many answers. Other factors measured include: The percentage of people in the workforce The length of the average workweek in hours Average hourly earnings (which were at $24.31/hr in February) Source: " Economy adds 175,000 jobs in February; unemployment rate up to 6.7% " by Jim Puzzangherra, Los Angeles Times , March 7, 2014. Follow up: How much has the bad weather affected the employment rates, according to the video? What employment sector LOST jobs in February? How would you explain this loss?
  • Substance vs. form: who you are versus how you look

    image from www.bubblews.com Which is more important: Who you ARE? or How you LOOK? What you CAN do? or What other people THINK you can do? Whether personal gain influences the decisions you make for others? or Whether it looks as though you could benefit financially from the decisions you make for others? In the current social environment of Twitter and Instagram--where one picture or fewer than 140 characters can communicate information in isolation--without context or the opportunity for rebuttal or additional information, it seems as though "form" may have the upper hand. One bad review on Yelp can unfairly effect the reputation and revenue stream of a restaurant. When it comes to making life choices--about where to live, what to own, who to hang out with, and where to work--form and substance can guide your decision-making process in very different ways. Choices based on how things look to others might bring you a different kind of security of satisfaction than choices based on how you feel and what is important to you--regardless of the opinions of others. According to Peter Vadja , " Substance is the inner you. Substance is your true, authentic self. It's the 'you' who shows up with the conscious intention of doing and being the very best you can be in every area of your life... Substance focuses on truth-telling, not elaborate stories, rationalizations and excuses for avoiding the truth. Substance focuses on integrity, not tap-dancing around honesty, sincerity and self-responsibility. Substance focuses on conscious self-management, not on controlling others ." Peter Vadja is the author of " Becoming a Better You: Who You Are vs. Who You Think You Are ." The issue of substance vs. form also arises in accounting and auditing relationships and in determining whether certain investments are properly held when political figures are part of decisions that affect the profit margins of companies in which investments may be held. Source: " Substance vs. Form, " by Peter Vadja, Management Issues.com, October 21, 2013. Follow up: Pick an arena (for example--choosing a person to "date"--but don't pick this one, pick your own). What factors influence your choice of who to "date" in substance? What factors influence your choice in form? (That is, how does the person look to you and to others.) How do you decide which to value? How do issues of form and substance affect hiring decisions? What about discrimination issue, in various Human Resources decisions? How do issues of form and substance affect performance reviews and management decisions?
  • Blackfish: whistleblowing ethics and animal welfare

    image from www.examiner.com What do the bands Heart, Willie Nelson, and Barenaked Ladies have in common? It seems that all of them have dropped out of commitments to play at SeaWorld due to the " Blackfish " scandal. Animal welfare is a hot-button topic that can polarize fans and radically influence events. If you aren't up on this particular scandal, here are the particulars: "Blackfish" is a documentary, directed by Gabriela Cowperthwaite , that is critical of the treatment of whales in captivity. It is currently available on Netflix . Controversy surrounding the leaking of documents relating to the 2010 fatal attack by a killer whale named Tilikum on Dawn Brancheau, a SeaWorld trainer, is a major part of the current issue. SeaWorld has pursued an aggressive campaign to deny harm to killer whales in captivity and to block certain OSHA officers from oversight of their facilities while the whole issue is under review. According to the NYT article, " Whether the film and a subsequent debate about the propriety of orca captivity have taken a toll on SeaWorld’s business — a publicly traded company with a stock market value of more than $3 billion — remains an open question ." Whether relevant or not..."Blackfish"--once considered a contender for the 2013 Best Documentary Oscar--was not nominated. It seems that SeaWorld's pushback against what may or may not have been unfair ethical complaints has had some influence in at least the small community of Academy voters. It remains to be seen what effects accusations--true or untrue--may have on the SeaWorld business model for years to come. Source: " Seaworld Questions Ethics of Blackfish Investigator ," by Michael Cieply, New York Times, February 28, 2014. Follow up: What effect do animal rights issues have on you and your business decisions? Do you eat meat? Wear fur? Wear leather shoes or belts? How do these issues affect your peer group? Are there any broader issues that influence your decisions? What are your thoughts about misplaced indignation and the effects it can have on legitimate business operations? What should the penalties, if any, be for this type of breach? What should the standards of proof or business harm be for damages? Have you seen "Blackfish"? What are your thoughts?
  • Sweet-to-the-core product launch

    image from article linked below Pictured above is one of Ben & Jerry's new "core" ice cream flavors: Hazed and Confused. There is a core of Nutella (chocolate/hazelnut), surrounded by hazelnut ice cream and chocolate ice cream with fudge chips. The products in this launch have multiple ice creams in one yummy container. Ben & Jerry's is a company that started in 1978. During that time, they have expanded world-wide and have remained profitable. One way that they have continued to thrive has been to adapt their product line on a regular basis. This product launch is one innovation. The other products that are a part of this launch are: That's My Jam Chocolate Peanut Butter Fudge Salted Caramel I wish I could say I'd already done a product taste test. Which flavor do you think will be most successful? Source: " Ben & Jerry's Nails It With New Core Ice Cream Flavors, " Huffington Post, February 25, 2014. Follow up: Read about Ben & Jerry's on their website, linked above. What attributes make Ben & Jerry's different from other corporations, and in what way is it similar in terms of structure? What are Ben & Jerry's "core" values? How do they influence the following: marketing campaigns? product manufacture? employee relations?
  • Income inequality

    [View:http://community.cengage.com/GECResource/themes/gew/ utility/ :550:0] video from mediaMatters. com Income inequality may be the greatest problem that current and future generations of Americans face. It matters little who is to blame. It is important to identify and act on the what can be done about it. It is interesting to see how one's perspective can change when one's circumstances change. If a person is doing really well, sometimes they think that income inequality is not an issue. But if they lose their job, or become disabled or...like all of us who are lucky to live so long...grow old--the principle "I've got mine...too bad if you don't have yours" doesn't seem to be the best way to go. Source: " Fox Doesn't Believe In Income Inequality But Still Blames Obama For It ," by Tyler Hansen, Media Matters.org , January 14, 2014. Follow up: What are your thoughts about income inequality? Are you a "have" or a "have-not"? What about your parents or grandparents? Do you think that solutions to this perceived problem should be implemented? Who should be in charge? What should the governing values be?
  • Small business opportunities for 2014

    image from www.webparx.com Thinking of starting a small business in 2014? Here are fields where some experts think there are significant opportunities: Social Media Consultant --Since many companies want to get on the social media bandwagon, but few have the skills to set up and manage social media, an opportunity exists for individuals who know social media advertising techniques. Application Engineer --or "App creator"--These professionals can design small single-function programs to be used on various mobile devices. Green Living Adviser --Companies and individuals need help to learn the skills of living and working in line with sustainability principles. Personal Coach --no kidding--this can be a lucrative career for those who truly enjoying seeing the strengths in others and helping them reach their life goals--and people are willing to pay others to help them. Professional Organizer --The TV program "Hoarders" has help boost business for professional organizers, who help people sort through their belongings and organize their lives and the spaces they live in. Retirement Services Provider --Many service opportunities exist for helping the "active" retiree who wants to learn new skills, or travel on trips that cater to their needs, or rent property in an up-and-coming retirement community. Elder Services Provider --As the baby boom generation ages beyond the "active retiree" stage, they will need more help with "activities of daily living" such as grocery shopping, driving to appointments, paying bills, pet care, food preparation...or help organizing a move to an assisted living situation. Personal Concierge --Busy lives mean that people are willing to pay others to do their personal business--shopping, errand-running, setting up appointments--whatever comes up. Specialty Food Supplier --A person who knows about food and logistics can either market online or provide help to smaller groceries who want to provide gluten-free or other allergy related foods for their customers. IT consultant --More businesses are going fully digital, so the need for professionals able to maintain and debug systems will continue to grow. I haven't personally researched most of these suggestions as a market analyst, but I have personally hired individuals working in 5 of the fields mentioned... Source: " Top 10 Small Businesses To Start In 2014 " by Amber Rose, Empowered Ezine, January 9, 2014, picked up by PRNewswire . Follow up: Do any of these suggestions look like a good fit for you? If so, research the start up costs and possible revenues. Which of these jobs seems to have the most potential--either in terms of money or in terms of personal fulfillment?
  • Body parts: an entrepreneurial business opportunity?

    image from blog.mannequin.com OK...These are mannequin body parts. So I guess it isn't quite as gruesome as real body parts. But who knew they would represent an entrepreneurial opportunity? Actually, the business-- Mannequin Madness --has been in existence for 15 years. The revenues are modest but not inconsequential: they range from $500,000 to $800,000 annually...and the work involves selling, renting and recycling mannequins. The entrepreneur, Ms. Henderson-Townsend, says that she was perusing Craigslist one day...and came upon a person selling mannequins and parts. She bought the entire inventory for $2500. She first ran a rental business part time, but, when her employer went bankrupt in the following year, she pursued the business full time. She found that it was moderately easy to accumulate the non-biodegradable mannequin parts as inventory...which she then recycled to Sears, Nordstrom, Ralph Lauren and Kohl's. The Environment al Protection Agency gave her an award for recycling more than 100,000 pounds of mannequin in a year. She hopes her newly independently-contracted "controller" can help her figure out how to manage and control her business and her profits. In addition, she ha s been reading: “ How Rich People Think ” by Steve Siebold. She is trying to develop her "million dollar mindset" in order to maximize her business potential. Sources: " Turning Body Parts--Mannequin Body Parts--Into a Business ," by Coleen DeBaise, The New York Times--Small Business, January 9, 201 4. “ How Rich People Think ” by Steve Siebold, published by London House Press, July, 2010. Follow up: What wacky business opportunity can you brainstorm, given that this one was viable? Check out the book “ How Rich People Think ” by Steve Siebold. Do you think it will help Ms. Henderson-Townsend achieve her goals?
1 2 3 4 5 Next > ... Last »