"Hidden costs can kill your web business"

REFLECTION:
After reading the article, "Hidden costs can kill your web business", I learned many new things I never considered before. With our venture project, I've learned we have to carefully design our business plan with all the operation, financial, and marketing plans but I never considered them when thinking about e-businesses. The article speaks of people who choose to run an internet business without designing a business plan and not considering the "hidden costs". After reading this, I realized that running an internet business is nowhere as easy as it seems. People have to consider privacy, and the ability to provide excellent customer services, just like a regular business.

1. What is e-business?
An e-business is an electronic business. It involves the use of the computer for all activities and parts of a business. An e-business allows for the owner to communicate to it's customers through the simple use of a computer.

2. Pros & Cons (Minimum 1 paragraph)
The pros of running an e-business include lower start up costs, the ability to run it at home, and the quick access to respond to customers. With people having internet access on their phones, it is very easy to check any emails from customers whenever, and wherever, whereas running a "real business" would be harder to come in contact with them through closed hours. Although running an e-business may seem easier, there are several cons that occur with it. Although there are low start up costs, e-business owners must constantly be testing order processes and computer anti-virus protection, update blog posts, and traffic their site. Also, it would be smart to always be aware of scams, frauds and of their company's privacy. It is also harder to build customer loyalty as there is no face-to-face interaction. Another thing that people look past in e-businesses is the coordination of returns, refunds, answering questions and special requests. This helps build possibly customer loyalty and will make them want to buy from the e-business again, but it is just as easy for a customer to not want to buy from them again.

BC's Minimum Wage

http://www.vancouversun.com/sports/minimum+wage+increased+Sunday/4706418/story.html

As of Sunday, May 1st, the minimum wage of BC has risen from $8/hr to $8.75/hr. In November, it will raise again, to $9.50/hr and in the following year, to $10.25/hr. To me, I don't think it makes a significant difference that the minimum wage has increased, as it means that everything else will have inflated prices. For employees, it may seem that they make more, but like previously stated, all the prices will go up because employers have to pay their employees more and therefore, they have to compensate this difference some way. In the end, I see raising the minimum wage a way of looking positively at premier, Christy Clark. If wages go up, prices of everything else will go up as well, and will just be back to the stage of where it was before minimum wages were raised.

"UBC grad, 19, launches second startup" reflection

a) Summarize the article in a few sentences and write a reflection.

At just age 19, UBC graduate Brian Wong, has launched his second company, called Kiip, which has beaten out Facebook (Mark Zuckerberg) as the youngest entrepreneur to raise capital funding. He graduated from University Hill Secondary at age 11, and UBC at age 19. Www.kiip.me is a site where online game players can win prizes for reaching certain milestones in games. These rewards come from large companies like Sephora, Sony, 1-800 Flowers, and Dr Pepper. Currently, this venture is only available in the United States, but will hopefully soon be available to Canada as well.

b) Entrepreneurs come in all shapes and sizes, but many entrepreneurs succeed or start young in technology - related industries. What may have caused this? Explain your reasons with actual examples

Different experience as they are younger can influence entrepreneurs succession. For example, Bill Gates, the chairman of the multinational corporation, Microsoft, was exposed to technology during his teenage years. In eighth grade, he bought his first ASR-33 Teletype which allowed him to write his first computer program. After, a few classmates and him exploited bugs into the computers at school in order to get computer time. Young exposure to technology allowed him to build a successful company in the future.