Business Reflection #8 - Brianna

Students Get a Failing Grade on Taxes 

Article taken from Times & Transcript March 10, 2014 

The article that I am writing about today is about students and doing their taxes. Getting taxes done is an important subject, and I will admit I am one of the people who has no idea how to do my own taxes. To be honest I would love to learn how to do it, and it is my goal to learn how before next year. The article was conducted by H&R Block and they found that more than three quarters of students did not have nearly enough knowledge to do their own taxes. On a scale of 1 to 5, the average of students ranked themselves as a 2.8.

Most students in the article thought there was no need to do their taxes because they had little or no income. In reality, it is the opposite because students can qualify for credits from the tuition they pay. Everyone needs to do their taxes, especially students because they pay tuition. This article was very important to me because as business students, we should all learn how to do our taxes (or at least know how they work).  

Business Reflection #7 - Brianna

Loblaw Expands Joe Fresh

Article taken from Times & Transcript February 21, 2014

I am sure we have all seen the orange Joe sign at our local Super Value or at least seen a commercial on television for it. Joe Fresh is a discounted clothing line offered by Loblaws to in Canadian grocery stores, and some American stores as well. Recently the Joe line announced they would be expanding their stores by adding 141 stores in 23 countries over the next four years. The stores will go to such places as South Korea and Europe, and Galen Weston said it the company has a belief that Joe Fresh should be offered to an international customer base. 

Right now Joe Fresh has 300 grocery store locations, so by opening 141 more business should boom for this popular clothing line. Unfortunately, sales have not been as well as the brand would hope, and it only got worse by a factory in Bangladesh collapsing and killing 1,100 people. Joe Fresh hopes to come back from their recent drop in business, and I believe the surely can! I have seen the clothes Joe Fresh offers, and they have tons of cute children's clothes, as well as very stylish adult clothes at a great price. 

Business Reflection # 6 - Brianna

Ice Cream Brand, Tims to End Partnership

Article taken from Times & Transcript February 21, 2014

Tim Hortons announced that Cold Stone Creamery will no longer be in their chain of stores. I have never tried Cold Stone, but I always wished that I would be able to. Knowing that Tim Hortons will no longer be associated with Cold Stone means the closest store to Miramichi (located in Bathurst) will be closed, and decrease my chances of trying the ice cream. Tims announced the choice to remove Cold Stone Creamery was purely a financial decision. Income was down by several million compared to previous years, so Tim Hortons decided to focus their attention fully on their main store. American Tim Hortons will not be affected by the removal of Cold Stone Creamery because it is an American ice cream chain. In my opinion, it makes me sad to have Cold Stone removed but Tims should focus on their own business. Tim Hortons knows how to please their customers, and I believe they can raise sales in the next year by removing the ice cream stores. 

Business Reflection #5 - Brianna

Young Toronto Entrepreneur Makes Forbes' 30 Under 30 List

Article taken from Times & Transcript February 3, 2014

The article that I read was about Derrick Fung, who created the business Tunezy. He is 26 years old, and quit his banking job to pursue his dream. Derrick made his spot on the Forbes' 30 under 30 list along big music names like Drake and Lady Gaga. Fung created Tunezy which he describes as a unique music experience, including backstage passes to concerts and meet and greets with a customers favourite artist. Derrick noticed that artists were not making as much money on selling their actual music, so he created a place where artists could offer unique experiences to promote themselves. 

Derrick was a graduate of University of Toronto in 2009 with a bachelor's degree in business administration. This story is a great example that any of us in this class could create a big business if we put our minds to it. Two years after creating Tunezy. it was  bought from American electronic dance promoter SFX for a seven figure amount. This story really inspires me that our youth in Canada can reach great heights, especially if they have a passion for what they are doing. 

Business Reflection #4 - Brianna

Victoria's Secret Planning a New Store In Metro 

Article taken from Times & Transcript February 8, 2014

I was very pleased to discover the buzz I was hearing recently happens to be true. Victoria’s Secret will be opening its first store in New Brunswick; the store will be located at The Champlain mall in Moncton. To the males in the class this may not be a big deal, but to me it surely is. There is no set open date, but the word got out based on a job advertisement for a manager released on Victoria Secret website. For anyone familiar with Champlain mall Victoria’s Secret will be located on the corner where Laura Secord was previously located. To the new Victoria Secret store this is a prime location, being steps away from Bath & Body Works, as well as Sephora.

 On the other hand, Victoria Secret is also steps away from La Senza which is an off brand of Victoria Secret. Victoria Secret offers a wider variety of products, and I feel this could damage sales at La Senza. Everyone has their preference, but only time will tell what happens to the competing stores. In my opinion, having a Victoria’s Secret in Moncton will be a great move on the company’s part. Based on the popularity of the chain and the placement of the store they will do amazing at Champlain Mall. 

Business Reflection #3 - Brianna

N.B. Company Sold to U.S. IT Giant

 Article taken from Times and Transcript Wednesday January 29, 2014

This article is about a small technology company created in Fredericton. The company named UserEvents was created to track online transactions, and alert corporations when a consumer is having problems making online purchases. Recently UserEvents was sold to LiveOps which is a company based in Redwood City, California. The purchase price was not released, but there was a 33.3 million debt financing agreement along with the deal. After the deal was made, the seven employees working for UserEvents now work for LiveOps; the employees will still work based in Fredericton.

Jeff Thompson, the CEO of UserEvents, stated that the company's goal from the beginning (2012) was to help large organizations. Thompson got to that goal by selling to a company in California, which now allows his program to reach more than 300 companies around the world. Jeff comments on this big accomplishment by saying, "It's another feather in our cap and shows we can do tremendous things in a small town in a small province on a world stage." UserEvents is challenging old ways of doing business, and I believe it was a great step for Fredericton. Personally, it gives me great hope that other companies in New Brunswick can reach the same heights. 

Business Reflection #2 - Brianna

Canada Helped Spy on Phones

 Article taken from Times and Transcript Wednesday January 29, 2014

In this article it says that Canada was helping allies from Britain spy on smartphones by possibly using the app "Angry Birds". The data they could receive from spying on the app would include, phone models, screen size,or personal things like, age, and gender. To me, spying through an app seems a little bit ridiculous and creepy. Spies could access things on phones, including the microphone to listen to conversations; tapping is called making the microphone "hot". According to this newspaper piece, the code name for making a microphone hot was "Nosey Smurf". Spies used this name trying to keep with the "playful theme". 

All of this information was released from a former American spy Edward Snowden. To me, it is scary to know that a company could be spying on me while I play a game on my phone. I have never played Angry Birds before, and am glad that I have not. Although, that is not to say that in the future, a company would not pick a different app to spy through. Overall, I was shocked to read this and will be more aware with downloading free apps on my phone. The world is changing, and technology is becoming scary if you ask me.