BBR. ISSUE 143
BOND BUSINESS REVIEW
Entrepreneurs Beauty Pageants Best Workplaces Down Under Women and Microcredit
YOUR NEXT
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Shape your future... Oprah style!
INSIDE. CAMPUS NEWS 03 MESSAGE FROM THE EDITOR Introduction to this issue. 04 DEAN’S WELCOME Business Faculty and Bond University news. 05 PRESIDENT’S ADDRESS Business Students’ Association’s updates. 06 PWC JOB INTERVIEW COMP Congratulations to the winners. 07 BOND ALUMNI BUILDING HER DREAM Nicole Gibson
BUSINESS 08 THE POWER OF OPRAH Her entrepreneurial spirit and how you can follow. 12 CELEB ENTREPRENEURS Celebs starting and growing their own companies. 16 ARE YOU A BOND BUSINESS B**** Take the test. 17 UNLINKED LINKED IN LinkedIn the new tinder? 18 BANKING ON BLOOD Youngest female billionaire 20 WIDE OPEN OFFICE SPACES The best workplaces in Australia. 22 WOMEN AND MICROCREDIT Changing the lives of women. 23 IMPACT OF TRANSMEDIA ON STORIES Effect on marketing. 24 HER BUM MADE HER A BILLIONAIRE The story of Spanx. 26 UNEMPLOYMENT UPDATE How’s employment shaping up. 27 TAX AND HAPPINESS Does tax equate to happiness?
STYLE 29 SUITS THROUGH THE AGES The revolution of suit style. 30 BEAUTY PAGEANTS The effect on children and wider society. 32 PRINTING MAKEUP The 3D printer set to revolutionise cosmetic industry 34 6 FASHION BRANDS TO INVEST IN Upcoming designers.
Editor & Graphic Designer Brigette Foot Front Cover Photography: Hollywood Reporter Contributors Current Edition: Ben Carter, Mark Foster, Tom Lennox, Jessica Sargent, Lily Burt, Kate Darlington, Michaela Orsmond, Jessica Howe and Brigette Foot. Past Editions Articles: Jade Hayward, Mary Langley
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elcome to Business Week! This edition is all about ‘Your Next Chapter’ (with a lot of entrepreneurial focus. You might also recognise some old articles which have been re-included to revisit a little ‘a best of the best’). I thought this was a fitting topic for right now. The current outgoing BSA will begin their new journeys as they hand-over their positions, and more excitingly/depressingly, most of us will be spending our last few weeks at Bond before we will be entering that big wide world that exists outside university (but I’m sure we’ll all be back... considering we get free palaver tickets for the rest of our lives... we’ll definitely be back). The new committee will begin their next chapter, facing the next term full of fresh ideas and ambition. And finally, the new year is only a month and a bit away. It will soon be that iconic time of the year when everyone sets new years resolutions which last for a fortnight max (or in my case, they are lucky to last two days). And for all of you readers, I’m sure you’re already shaping your journey of life. And if not, there’s no better time to start, then today. Hopefully this edition inspires you to take that first, or next step, in some way, shape or form. Oh, and Oprah is on the front because she shaped her new journey through her (then) new show ‘Oprah’s Next Chapter’. And let’s not forget she’s one of the most inspiring people to ever exist.
to take the time to thank everyone who has helped shaped my journey and been apart of the best years of my life, and more importantly been there when Adobe makes me go crazeballs. Firstly, I want to thank Jade Hayward because if it wasn’t for you telling Stu to get me to run for Publications, I wouldn’t be here right now. (and thanks Stu, Max and Boycie for picking me for the ‘Excel Pod’). Also, a massive thank you to Jade and Mary for helping with BBR in my first term... absolute rocks and legends. No one will ever understand the amount of times I have sworn at Adobe. But the biggest bunch of thank yous go to the outgoing committee. Thank you to Michaela for being my saviour in times of emergencies and for being my fish n chip buddy. Each of you have all been amazing to work with, party with, bitch with and laugh with. Thank you for all the effort you all put in to writing articles and thank you for making the past year so enjoyable. Ben sums up our term in his Prez Address and I could not have put it any better words.
So, as we’re heading towards exams, just keep smiling because Summer and holidays are only a few weeks away. And these holidays are not like the normal holidays, IT WILL BE CHRISTMAS and NEW YEARS. Hello food, food and more food! (and family and friends, of course).
Au Revoir my business bondies!
As this is my last semester, and my last BBR (can’t believe I’m saying goodbye to my baby after two years) I wanted
On that note. I wish all the candidates the best of luck in the elections. And more importantly, I wish the new Publications Director a whole lot of sanity for the next year... I also wish you all the best hehe. Both of you are perfect for the role! The BSA Big Dogs and BSA Babes are out.
Brigette xx Publications Director Business Students’ Association
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D WELCOME FROM YOUR With our 25th Anniversary coming to a close, I thought I would take this opportunity to reflect on our entrepreneurial spirit. Established in 1989 as Australia’s first private non-profit university, we have now cemented our place among the best business schools in Australia. Entrepreneurship is a key pillar to our success, with influence on our curriculum, strategy, and culture. We provide students with just the right balance of structure and freedom to help them unleash their potential and achieve their ambitions. This year, we further embraced our innovative flair through the introduction of the Bond Business Mentoring Program, delivering a truly personalised approach to pastoral care for all new students. After all, what truly sets us apart from other business schools is that we know our students by name, not by number. Bond Entrepreneurship has shown strong growth over the past year, particularly with the introduction of the Bond Business Accelerator program, helping entrepreneurial students and alumni commercialise their innovative ideas. Combining formal training, academic and industry mentoring with a collaborative learning environment, the program is designed specifically to accelerate early stage business opportunities. With its rapidly increasing popularity, the Accelerator (formerly known as Incubate) has so far attracted a vast range of remarkable start-ups. Examples include Milaana, a social enterprise that connects job seekers with community organisations; Where’s Woody, an eco-friendly organisation that creates handcrafted eyewear and accessories; and Globalex, a livestock shipping service that specialises in sustainable camel exports to global markets.
Next year, Bond Business will reinforce our innovative traditions, with the introduction Queensland’s very first programs in Actuarial Science, focusing on the emerging area of big data analysis. Developed by Professor Terry O’Neill, these programs will parallel the technical requirements of medicine, law and engineering. To support these programs, we have acquired new industry partnerships with the ASX, Suncorp, QIC, and other organisations to help our students gain valuable professional experiences, and we have expanded our state-of-the-art Macquarie Trading Room to provide students with unparalleled access to Bloomberg and other financial data.
In closing, my vision for Bond Business is to achieve its mission of developing the current and future generation of business leaders, working with them one by one to maximise their potential, and to positively impact their lives, families, communities, and the organisations in which they choose to work. Together we can achieve these outcomes by offering market-demanded programs, and attracting the highest quality academics and students, both locally and internationally. Welcome to 143, I trust you will have an enjoyable and successful semester. Professor Mark Hirst Dean of Faculty of Business
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Prez’s Address WELCOME TO BUSINESS WEEK. IT HAS BEEN A MASSIVE SEM FOR THE BSA. WE SAW DONS TURN INTO LAS VEGAS AND JUST LAST WEEK WE RAN THE PREEMINENT PWC JOB INTERVIEW COMPETITION. BUT THIS ADDRESS REFLECTS ON THE PAST YEAR AND THE MEMORIES THAT HAVE COME FROM IT.
Over the past year I have served as President on the Business Students’ Association, along with three other executive members and six incredible Directors. In writing this and reflecting on our committee’s term, I started to become quite nostalgic. Certain past experiences came to mind such as running our first Palaver, printing our first BBR and successfully maintaining the PwC Job Interview Competition. Despite this, after spending a year with a committee your memories come to extend beyond the mere ‘classroom’. Even more so, as President you’re privy to the intricacies of each member, how they think, react and you quickly learn what to say, how to say and when to say certain things. For instance, I know that since Lily Burt’s recent divorce from Lactose and Gluten, I should never speak of them around her, for sake of reminding her that ‘you don’t know what you’ve got until it’s gone’. Even more so, in a situation where the committee is stressed I know that before all else, I must get some form of chocolate to Annabelle Parker stat to contain the beast. Moreover, quite often the comic relief that Thomas Lennox provides, whilst both crude and unoriginal, can be just what the doctor ordered in moments of strife. Whilst I wouldn’t normally approve of ‘secret groups’, within groups, I allowed the girls to have their ‘BSA Babes’ page as overall it seemed to boost moral, except for a few days every month. I’ve come to witness the organization of Jessica Howe extend to a level equal to that of Kate Darlington’s OCD, where if I need something done from either of them, its probably already been completed. Contrastingly, Michaela Orsmond’s mental library and pure understanding of ‘the meme’ has no parallel. I also found that when speaking with other members of my Exec. (Mark Foster and Jessica Sargent), that the mix of American diversity and Doompers, is actually a brilliant breeding ground of ideas and initiatives concerning the student population. Finally, commenting on the works of Brigette Foot goes without saying, her relaxed approach provides the invaluable coolant to all situations. Whilst individual, and quirky, smart and cheeky, each member of the committee bonded to create a truly unique team over the course of a year. Such a process, whilst not without its tears, has made for a single highly cohesive unit. A unit that now will be succeeded by a committee who I have no doubt will continue the strong BSA Legacy. To all candidates, congratulations on having the courage to run, no matter the results you’ll truly learn a lot through this experience. To my current committee, thank you for an absolutely incredible year…Handover awaits.
Ben Carter President BSA bsa@student.bond.edu.au
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PwC Job Interview Comp CONGRATULATIONS TO OUR WINNERS! Congratulations to the three winners, and all who participated. The standard displayed was exceptionally high. On behalf of the BSA we would like to extend a massive thank you for your participation and for the support and assistance from Faculty staff and PwC rep, Sophie. FIRST PRIZE - MARK JOHNMAN (RIGHT) SECOND PRIZE: JACK HANNAH (BOTTOM LEFT) THIRD PRIZE: CHLOE RANICAR (TOP RIGHT) 6 | www.bsabond.com
BOND ALUMNI Breaking into the Business World Nicole’s Next Chapter: dreaming for a better world Nicole Gibson completed a Bachelor of Communications (Business) at Bond University and has since gathered a very, very long list of awards and accolades, including: 2012 GCCC Youth Achievement Award, 2012 Young Social Pioneer. She has also starred in Channel 7’s documentary on Sunsuper Dream winners. In 2014 she was a finalist for Young Australian of the Year and was named as one of Australia’s top influential women, specific in relation to her leadership skills. She was also the youngest ever commissioner to be appointed onto the National Mental Health Commission. She also received the Pride of Australia Inspiration Medal for 2014. At just 21 years of age, Nicole has achieved an enormous amount of both personal and professional goals. In 2011, Nicole established the charitable organisation, the Rogue and Rogue Foundation, to reverse the stigma surrounding mental health, self esteem and body image amongst Australia’s youth. As CEO she has established community outreach programs and worked directly with schools in order improve the self esteem of as many people as she can. She has conducted over 250 workshops at various schools
across Australia and has also been a driving force behind fundraising to provide financial assistance for young people and their families as they under go treatment for their mental health issues. Nicole strives to inspire, educate and connect youth with their passion in life. She is dedicated to helping young people see beauty differently. However, her journey to where she is today, and the ambition to break into the business world has not been easy. Nicole suffered the burdens of mental illness a few years ago, sinking into a pit of despair as she battled her distorted body perception. ‘She exclaimed in an early career interview that ‘anorexia robbed me of my childhood.” Nicole had an experience where she felt a divine energy flow through her, making her realise that ‘as people we’re so much greater than ourselves and we are here for a purpose.’Thankfully Nicole found the courage to defeat those demons and she is now hell-bent on stopping the cycle of self loathing experienced by so many of her peers. In regards to pop culture, and the ‘perfect’ female images found on billboards, magazines and TV, Nicole believes the
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industry is built on the premise that you are not whole until the products advertised are used, because these products make you whole. Her next goal with the Foundation is to raise more than $100,000 for a deposit for a rehabilitation centre here on the Gold Coast, to support young people and their families in the recovery process. We wish Nicole all the best in her future endeavours as this is a definite journey to keep updated on.
0 P R A H
We can all learn a lot from the Queen of Talk. How to be ourselves. How to earn respect. How to strive for our ambitions. How to shape our own personal brands. And how to shape the future of our own businesses.
There’s not many people you can call by one’s first name and instantly know who someone is talking about. But Oprah has shaped her place in the world to become one of these people. More specifically, she is the Queen of Talk. She never let poverty, sexual abuse or racism hold her back. She is living proof that the ‘American Dream’ is still alive. Her fame grew from her inspirational attributes of honesty, care, support and ambition which has now made her one of the most famous and most respected media personalities of all time. Whilst she was the host of her own shows, ‘The Oprah Winfrey Show’ and its’ predecessor, ‘The Next Chapter’, what people might not know about Oprah is that she not only got to interview some of the world’s most famous celebrities, intellects and presidents, but she is a massive supporter of entrepreneurs, and is in fact an entrepreneur herself. 8 | www.bsabond.com
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Despite retiring from one of the most successful talk shows of all time, ‘The Oprah Winfrey Show’, she still earns around 70 million per year. This incredible income stems from two things. First, her respected brand image as one of the history’s most inspirational females has ensured she has remained relevant to all generations. This has given her the ability to use her branding after retirement to continue the inflow of dollar dollar bills. Second, in 1986 she founded her own production company, ‘Harpo’, and now also owns her own TV network, ‘OWN’. Harpo has been responsible for the launch of shows like Dr Phil, Rachel Ray Cooking and Dr Oz. But despite Oprah’s extensive earnings, she is a philanthropist donating a lot of her entrepreneurial wealth to support her school for girls in South Africa. She has also used her power in media to help kick start the careers of many successful businessman and music artists. Take Sara Blakely for an example. As you can read later in the BBR, Blakely is the owner of Spanx and it was an appearance on Oprah’s show which really kick-started her career to become the youngest billionaire entrepreneur in 2012. Taking a seat back, Oprah could have just been another talk show host, or just an average American. But to think of life with no Oprah, is to think of life without bread or milk (or Nutella for me – that’s one of my basic necessities). But thank goodness there is an Oprah. She is the illegitimate daughter of a Mississippi share cropper who conquered poverty, parental neglect, sexual abuse and racism to not only become a talk show host, but to become one of the most influential women in the world. Oprah has said “I don’t think of myself as a poor, deprived ghetto girl who made good. I think of myself as somebody who from an early age knew she was responsible for herself- and I had to make good.” In the early 1970’s Oprah landed a job as the first black female news anchor at Nashville’s WLAC-TV. In 1976 Winfrey got an offer to anchor the six o’clock news in Baltimore. Oprah knew all along that she wasn’t what TV producers wanted in front of the camera. As TIME magazine wrote, “In a field dominated by white males, she was a black female of ample bulk.”In 1984 she finally earned her dream job; hosting a show called ‘AM Chicago’. The liking everyone took to her saw the show go from last to first in ratings. Two years later, this original show was being syndicated nationally as ‘The Oprah Winfrey Show’. So as young business women and men who aspire to be the business leaders of tomorrow, what lessons can we learn from Oprah?
1. Be true to yourself. Always.
“I had no idea that being your authentic self could make me as rich as I’ve become. If I had, I’d have done it a lot earlier.” Her humble roots made her so successful because everyone wanted to be on the Oprah show and if any one was going to do any interview, it was an Oprah one. Take Michael Jackson for an example. His first interview after 15 years of silence is one of the most captivating interviews I have ever seen. With all the rumours surrounding MJ at the time, it is a testament to Oprah that he trusted her to see and tell the truth to his story.
2. If you haven’t fallen, you haven’t walked.
In Oprah’s famous words, ‘go ahead, fall down. The world looks different from the ground. Do the one thing you think you cannot do. Fail at it. Try again. Do better.” Failure is important because it gives you a new perspective on everything, teaches you a lesson or two, and becomes that very crucial stepping stone leading you towards your destination.
3. Make your own luck.
Ironically, Oprah must have had some luck on her side to be worth $2.7 billion, but nevertheless do not rely on chance to shape your journey. In the words of Oprah, “Luck is preparation meeting opportunity” Every entrepreneur hopes to land a huge client or get a sudden spike in traffic, but if you’ve spent all that time hoping (and not preparing), then when that huge opportunity finally does come along, their business won’t be fully equipped to make the most of it. Instead of wishing for luck, think about what opportunity you would most like to receive in your life and whether you are completely prepared to make the most of it?
4. Find the good in the bad.
As Oprah puts it, ‘Turn your wounds into wisdom’. Giving a more light-hearted example, when Oprah was co-anchoring the evening news in her early days, a botched hair treatment destroyed her hair and left her totally bald. Winfrey was devastated, knowing how important a good head of hair is for a news anchor. But she was also able to look on the bright side. Years later, Oprah told Ms. Magazine, “You learn a lot about yourself when you’re bald. I’m not going to tell you that “everything happens for a reason,” but I can promise you that there are two sides to every coin.” As Winfrey puts it, “every single event in life happens in an opportunity to choose love over fear.”
5. Help yourself by helping others.
Not only has Oprah started her own charity (Oprah’s Angel Network), she’s also given more of her own money to philanthropic causes than any other performer in America (estimated at $303 million in 2007). The main reason that Oprah does this is so that she can make a positive impact in the lives of others, but she also has a selfish reason: “The surest way to bring goodness to yourself is to make it your intention to do good for somebody else.” As entrepreneurs helping others, we demonstrate our value, encourage reciprocal help, build our networks, and create good karma. Doing good for others is doing good for yourself.
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top ten
CELEBRITY entrepreneurs Talent, ambition, risk taking and focus are many of the same characteristics which define both Hollywood’s hottest and the entrepreneurs of the world. Therefore, it makes perfects sense when the two of these ambitious careers collide. Whilst these featured entrepreneurs might not be bootstrappers, they haven’t just slapped their names on a brand or been paid big bucks to endorse the brand; in fact they are founders of their own companies and are very influential in company operations and decisions.
01 Victoria Beckham From Posh Spice to the UK’s 2014 Entrepreneur of the Year, Victoria Beckham has made an empire out of her company, Victoria Beckham Ltd. The 40 year old mother and WAG has copped some major backlash from critics who say she was undeserving of the crown and her company only succeeded due to her high profile status. But let’s be honest, she isn’t the most likeable person and I’m sure it isn’t her snobbish, ice-queen persona or ice cold stare which has sold her fashion lines. In fact, she was once one of the most hated people in fashion. Instead, it has been her consistent work ethic, eye for simplistic design and her business mind which has contributed to her company’s success. Since the 2008 launch of her fashion label, her company has experienced sales growth of 2,900% and employment growth of 3,200% (yes, they are meant to be commas...no typos here). Those stats are pretty remarkable on their own and it would be stupid to say that all of her success counts for nothing simply because she was famous before she started. She may have had access to more opportunities than your average Joe Blow, but why hold that against her when she has capitlised on that so well. Besides, I can think of many other celebrities who have been nowhere near as successful.
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02 Jay-Z Jay-Z. Jay-Hova. Jiggaman. Shawn Carter, known for the better part of two decades by these stage names, first earned fame as a rapper in the mid-1990s and has since built a business empire that has included a record label, a clothing line and a minority stake in the Brooklyn Nets basketball team, on top of his own record sales and concert performances. Jay-Z’s latest venture is sports agency Roc Nation Sports, a division of his entertainment company Roc Nation. His first client: top New York Yankees player Robinson Cano .
03 The Kardashians Whether you love to hate them, or hate to love them, or just simply love them with no hate, there is no denying the success of the Kardashian empire. They own their own boutiques, DASH, and have started their own clothing lines, K-Dash and the Kardashian Kollection. They have also launched their own Glamour Tan and make-up line. Many say Kiki is famous for nothing but a sex tape, but she’s proven to be business savvy with the release of five fragrances, co founding ShoeDazzle shopping and the launch of her multi-million dollar earning app game.
04 Miranda Kerr She’s not just a pretty face, but a constant radiating glowing face, and it’s all thanks to her own certified organic skincare line, Kora Organics. Miranda was the founder, and with her mother’s guidance and support, she was also heavily involved in the products’ formulation, testing and branding.
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05 Mary Kate and Ashley Olsen Actresses Mary-Kate Olsen and Ashley Olsen appeared together in a variety of TV, film and video projects throughout their child and teenage years. Through their company Dualstar, the Olsens joined the ranks of the wealthiest women in the entertainment industry at a young age. Dualstar made straight-to-video movies, clothes and toys. Actresses Mary-Kate Olsen and Ashley Olsen appeared together in a variety of TV, film and video projects throughout their child and teenage years. Through their company Dualstar, the Olsens joined the ranks of the wealthiest women in the entertainment industry at a young age. Dualstar made straight-to-video movies, clothes and toys.
06 Gwyneth Paltrow She’s given us the extreme diets, the £300,000 capsule wardrobe and now Gwyneth Paltrow wants to give fans a blow dry. The self-styled lifestyle guru has teamed up with celebrity trainer Tracy Anderson and hairstylist David Babaii to launch her own hair salon in LA. The former Oscar winner wants to make sure everyone looks ready for the cameras after their workouts as the salon will be based with Anderson’s training base in Brentwood. ‘As our members transform themselves into the women and men they want to be [in the studio], the David Babaii team will design a hairstyle customised for their face shape and lifestyle,’ said Anderson. The 40-year-old Iron Man actress is also going to sell 14 different animal cruelty-free products out of her beauty parlour.
07 Tyra Banks The 2000’s have been a busy decade for Tyra Banks. In 2005, the supermodel retired from a 20 year modelling career to focus on her growing media endeavours. She currently has three shows to her name, all produced by her company Bankable Productions: The Tyra Banks Show, America’s Next Top Model, and Stylista. In 2007, Bankable Productions signed a deal with Warner Brothers and came out with the film ‘The Clique.’ She has also launched TypeF, Demand Media fashion and beauty website. On top of all that, she just graduated from Harvard Business school. 14 | www.bsabond.com
09 George Clooney Aside from his much anticipated wedding a few months ago, in early 2013 Clooney launched his new Casamigos tequila with Cindy Crawford’s husband, Rande Gerber. The company website says the duo, motivated by tequila-fueled nights (and, presumably, less than awesome mornings), wanted to drink smooth, great-tasting tequila that doesn’t need to be smothered with salt or lime. So, they made one...fair call.
10 Justin Timberlake He’s best known for his multiplatinum recording career, which began when he was a member of ‘N Sync in the ‘90s. Selling over 14 million records world-wide, Timberlake is one of the most successful artists in the world. But the pop heartthrob can also be recognized as CEO and businessman though his varied business ventures. In 2005 Timberlake co-founded the fashion label William Rast, which pulls in an estimated $50 million at retail each year. Sales tripled in 2010 for his high-end brand of tequila called 901 – named after the area code in his home town Memphis. A golf enthusiast, Timberlake dropped $16 million in 2007 for a golf course in Tennessee. Expanding on his musical roots, the singer serves as CEO and chairman of Interscope record label Tennman Records. Meanwhile, the 30-year-old’s film career is hotter than ever – he’s appeared in over a dozen films, including the 2011 Academy Awardnominated film The Social Network.
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hanks to the rise of a popular YouTube video, the term “bad bitch” has been on the tip of everyone’s tongue this year. Yet, despite the clichéd rap lyrics, few people actually understand what really differentiates the basic bitches from the bad business bitches. While the YouTube video did a great job of illustrating some warning signs (foot tattoo of astrological sign, “Sex and the City” themed brunches, “Teen Mom” marathons), a bad business bitch’s badness extends the basic pencil skirt beyond the knee and directly to her core. Here are a few ways to tell the difference between a bad business bitch and a basic bitch: 1. A basic knows Cue cuts never goes out of style but a bad one knows some prints do. 2. A clued up bad business chick knows you don’t dip the pen in office ink. 3. A basic uses Champagne to refer to sparkling wine, with no remorse. 4. A basic thinks the office shuts on Sundays… and Saturdays too for that matter. 5. A bad one is infuriated when dining options close before 9PM, a basic has never made a reservation for after 7. 6. A bad knows sassy people aren’t bitchy, they’re bitchy because they’re sassy. 7. When the Secretary who refers to the basic as Felicity, she simply thinks they got her name wrong. 8. A basic drinks a long black because she thinks it’s more appropriate than a caramel latte, a bad drinks whatever she wants. 9. A bad might like gossip, but they don’t brunch. Sure, they might eat French toast or pancakes on occasion, but they don’t have time for hours of idle gossip and unproductive chitchat.
Are you a
Basic Business B****? By Michaela Orsmond
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0. Linkedin is the new Tinder for the bad, he doesn’t have time for coy chat.
UNLINKED LINKEDIN By Thomas Lennox
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hroughout this article we are going to look at a phenomenon that took a stronghold on everyone’s life in the modern day, as the pressure mounted of creating an online personal profile of your life. Three basis criteria had to be satisfied to be “popular” on social media depended on, one, how many friends you had, two, how many photos you uploaded, and three, how many likes you acquire. This pivotal stage in many teenagers lives found some finding themselves as self proclaimed models (aka Kurt Coleman) while others used it for socialisation, drunk photo uploads and abusive messaging. But as years have passed, so has the intelligence of many young university students who now realise their cyber footprint is riddled with ‘great’ memories. This brings me to the point of this article, where by we see people moving away from social popularity of Facebook and transferring into a more professional corporate profile of LinkedIn. Now for those of you smart cookies out there changing your Facebook account to your “first name” and “middle name” and removing your last name so that potential employees don’t find you…Come on lets be serious you’ve already handed over your resume with your full name printed on it. But
never fear you can start fresh and create a more business oriented social networking service with LinkedIn. Let me remind you all that our profile is a place to show off our greatest successes and future aspirations. You have the first real opportunity to impress future colleagues and highlight all accolades you’ve received. Yes, this mountain may be intimidating at first, but hopefully with my insight you can gain a few simple and creative tips to tweak your profile. Firstly your title. Your account may be viewed by 1000 people in one gain but your email you receive only says you got 80 viewers. The reason for this is people just glance over names in their newsfeed until they find an interesting point of difference, such as a catchy title, or the industry you work in. You need to sell yourself here, because honestly who really has the time to look at some mediocre 21 years old’s life. Secondly, as I know you all timidly just scroll down the newsfeed endorsing friends for ‘presentation skills’ or viewing some CEO’s profile of a small business hoping to be noticed and messaged as a future date. Why not just use it like Facebook, upload statements, and post interesting articles and comment on other
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topics to have some online activity happening. Thirdly, this is the guts of the profile where you are sweating to write your background, achievements or experience… even if it is only at McDonalds. Make sure your include keywords or quotes because these buzz words can be found in specific searches. When it comes to your experience, use appealing words, upload a professional photo and use some colour and volume to make it pop!When it comes to writing how amazing you are in life… Be precise and don’t be afraid to use detail because being vague will just look crap and you’ll have no success. Another point to add to this if your terrible at English like myself, get some one to edit it for you and help your write it. Yes, these points above may seem very simple and straight forward but don’t be a fool and believe yours is fine right now as your read this. From the few tips and tricks above many of which are unspoken by people will help you enhance your profile and deliver better results with minimal effort.
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BANKING ON BLOOD Meet Elizabeth Holmes, the world’s youngest female billionaire. (and she’s a college dropout) By Lily Burt
Now, I won’t bore you with the science, but basically, Holmes developed a revolutionary pathological technique which only requires a few drops of blood as opposed to the traditional five-minute harvest. The webpage of her company, Theranos, claims that they can accurately test human blood “on samples as small as a single drop.” So how does she do it you ask? Well, in a seminar (ironically held at Stanford University!), Holmes takes the stage in an understated black turtleneck and blazer – reminiscent of some notable young billionaire contemporaries of hers- and says that it’s not about university, “...It’s about you. It’s about conviction, it’s about dedication to make something work no matter what.” This is her key to success. Tenacity and open-mindedness. In the same vein, Holmes speaks about the age of the entrepreneur. “It’s not about age,” she says. She uses the examples of Steve Jobs, “the google guys”, Michael
Dell and Zuckerberg. And similar to these success stories, Holmes began Theranos in a friend’s basement. Current owner and CEO of this Medical breakthrough, Elizabeth Holmes is a success story. She started from the bottom and worked her way to be among the youngest female billionaires. With a net worth of $4.5 billion, it is advisable to listen carefully to her advice. In the inevitable quest for wealth and success “Ultimately, it’s up to you.”
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We’re successful if person by person we help make a difference in their lives. Our purpose is to give people access to the basic right of being (blood) tested when they need to or want to. If we can do that, then we will have made a difference.
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veryone is trying to get rich. But what is wealth? Is it the predictability of spending endless hours at a desk job, to pay off the house of your dreams which you really can’t afford? Or is it having the resilience to be able to survive boom and bust of selfemployment? Well, for Elizabeth Holmes it was the magical concoction of ingenuity, innovation and a rejection of mainstream ‘intelligence’. By nineteen, Holmes had begun and quit a Stanford University Chemical Engineering course. By twenty, she was to have started one of the most successful medical companies of the twenty-first century. By thirty, she clocked in at a net worth of $4.5 billion. So, what is her secret to success?
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Australia:
A COUNTRY OF WIDE ‘OPEN’ OFFICE SPACES By Kate Darlington
IF YOU’RE GOING TO SPEND FIVE DAYS A WEEK AT THE OFFICE FOR THE REST OF YOUR WORKING LIFE, WHY NOT FIND THE COOLEST COMPANY THAT YOU CAN?
#1: Google, Sydney Never the sort to do anything yawn-worthy, Google’s fun-chasers have also added a host of other imaginative features, installing an ocean-inspired chill out room, hammocks and a company-themed electric drum kit to bash out those coding dilemmas. Sydney Googlers can also hop on a tyre swing, borrow a kayak or whiz around in one of the office’s two electric cars. With so much entertainment on offer – there’s also a photography club, a Toastmasters chapter, pinball, table tennis and bootcamps – there’s probably no need leave the Google wonderland at all, unless of course a job comes calling at Atlassian.
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#2: Altassian, Sydney Forget Google just for a moment – and check out the Sydney offices of software success story Atlassian, founded by Aussie rich-listers Scott Farquhar and Mike Cannon-Brookes. No, it’s not a brewery, but there is beer on tap. There’s also a fullystocked kitchen with free breakfast, snacks, espresso and energy drinks to keep those sharp minds at their peak. If you’re lucky enough to work in the company’s Martin Place offices, you can let out your frustrations out with a nerf gun shoot-out across your desktop, or hold a meeting over the pool table.
#3: iSelect, Melbourne Comparison website iSelect is known for its quirky ads, but the company’s quest for individuality extends to its offices in Bay Road, Cheltenham. Meetings are a carnival-like affair, with attendees able to sit atop a bright orange pony or dog. It’s all part of the young company’s ethos to be able to be yourself at work. Each level of iSelect’s offices, designed by V Arc, has a faux running track around its perimeter. But if the pace gets too much, there are plenty of spaces to take a load off. There’s a sleep pod where employees can recharge for 15 minutes, hammocks, free massage chairs and an outside BBQ area where staff can sizzle all the sausages they want.
#4: Seek, Melbourne Speaking of slides, Seek’s chic headquarters in St Kilda Road has one too, whizzing staff and visitors from Level 4 to Level 3. Hopefully this bears no relation to the direction your career will take.
#5: CommBank, Sydney Banking and cutting-edge excitement aren’t two concepts that naturally go hand-in-hand, but the Commonwealth Bank’s Darling Quarter offices in the heart of Sydney are setting out to change all that. Ditching the concept of a permanent desk, staff work in a ‘home zone’ of 70 to 100 people, but can also choose to work in many other parts of the innovative building, such as the mobile phone-free library, cafes and meeting rooms. Forget the corner office: no one has one here, and all staff are judged on their output, rather than being clock-watched. Not a bad way to work indeed. www.bsabond.com | 21
Behind the Boardroom Doors Apple’s Boss, Tim Cook has left the closest, but being gay at work is still a struggle for many. By Brigette Foot
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ntil October 30th 2014, there had never been an openly homosexual CEO of a Fortune 500 company. Then Tim Cook courageously announced to the world he was gay. And, just like you’d expect, it made headlines around the globe. Although this is a step forward for the corporate world, it can’t excuse the fact that boardrooms are lagging far, far behind the rest of the society (except maybe not Australia!). In a Bloomberg essay for Businessweek, Cook said:“I don’t seek to draw attention to myself. But If hearing that the CEO of Apple is gay can help someone struggling to come to terms with who he or she is, or bring comfort to anyone who feels alone, or inspire people to insist on their equality, then it’s worth the trade-off with my own privacy.” Whilst hopefully this inspires a lot more CEOs to ‘come out’, the fact is that the average CEO is over 50 years old and they have lived their entire corporate lives hiding their true identity. So why ‘come out’ now? And besides, it doesn’t impact upon whether they can lead the company or not. They’ve already proved they can. But what it can do is help be a role model for the LBGT community, particularly those who have faced, or are facing discrimination behind the boardroom doors. We’re living through a remarkable era for LGBT rights. Ten years ago, few would have predicted that gay marriage would be not only legal but widely supported in most Western democracies. In that context, it’s utterly astounding that it has taken so long for a Fortune 500 company to have an openly gay CEO. Many openly gay people build convoluted arguments against coming out in the workplace. They explain the fear it will hold over the stability of their careers. Furthermore, it’s made more complex by the need to continually come out again and again, every time they make a new
close business connection. However, the times of refusing to hire openly gay employees are slowly disappearing. In fact, there are many American companies head hunting gay people for creative roles, management positions and to enhance the overall diversity of the workforce. An executive search firm, Heidrick & Struggles have a small team specialising in the identification of gay talent. Studies have proven that an overwhelming amount of employees are happier working under a gay manager or boss, than a straight one. But, in light of this, some states in America and around the world, have laws which allow employers to fire people based on their sexual orientation. So, whilst acceptance of gay people in business is growing, there is still some way to go. It will be the responsibility of business leaders to drive future progress. They need to identify more role models, set the right tone from the top, measure the effect of their actions and harness the power of the straight majority and homosexual minority. Cook is a great example of a role model with enormous power. His openness will send an important message around the world that being gay is ok. And being gay most definitely doesn’t impede on one’s ability to be a leader, to be a creative or to simply be employed. He recently said, ‘While I have never denied my sexuality, I haven’t publicly acknowledged it either, until now. So let me be clear; I’m proud to be gay and I consider being gay among the greatest gifts God has given me.” It’s words like that which show he makes a perfect role model. Another approach is to adopt that of which UK business schools are using. Europe has a growing number of LGBT groups, and in response to this, conferences have been introduced these societies across universities can come together and discuss such issues in confidence. These types of activities help normalise the discourse about LGBT issues. 22 | www.bsabond.com
Such discussions between everyone is vital to ensure change of attitude amongst the business leaders of tomorrow. On another note, what will the effect of Cook’s announcement have on Apple? Well firstly, as a brand which had the slogan ‘think different’ in 1997, and a company which is ranked by Forbes as the most admired company in the world, if anything, it shows it’s time for society, and time for the business world, to be more accepting of everyone. Not just gays. But everyone. As Apple seeks to expand more into the Iranian market, it will be interesting to see what occurs. It is well known that Iran has a history of executing those who are gay, thus it will be very intriguing to see if Iran take Cook’s belief personally and makes professional dealings very difficult. “While I have never denied my sexuality, I haven’t publicly acknowledged it either, until now,” wrote Cook. “So let me be clear: I’m proud to be gay, and I consider being gay among the greatest gifts God has given me.”
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WOMEN & MICROCREDIT By Annabelle Parker
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he last time I wrote for BBR I wrote an article about the most influential women in the global business sphere and how we can aspire to be them.This edition sees a piece on women and microcredit detailing how when women are given tools to better themselves, they can effect change. Around the world there is a significant amount of people who do not have access to big banks and all the benefits that come attached to that, the large majority of whom are women. Without access to savings accounts, loans, insurance and the transferal of funds, the obstacles to overcoming poverty and instability can become insurmountable. Enter the promising advances of microcredit. Microcredit is a source of financial services for entrepreneurs and small businesses that lack access to banking and other related financial services. Essentially how it works is that a microfinance institution will employ microcredit (or small loans) to help a person in need get on their feet and become profitably self-employed with their own business. When they generate enough income to keep
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their business alive with some surplus, they repay their microcredit loan. Microcredit interestingly can also be used for housing, education and insurance to ensure that the new business can maintain sustainability in an unpredictable market. What interests me the most about this concept is how it has been turned into a global movement for social change, especially for women. Many organisations exist in developing worlds that focus on building better assets for women with the aim of building better lives for them, their communities and their families. When doing a bit of research into this area, I found a number of scholarly papers detailing the pro’s and con’s of these sorts of systems, but the most convincing research I could see was the progress reports, the business statements and the effects of establishing a microcredit loan programme in villages in central Africa. The leading successful organisation in charge of establishing these systems is the Women’s Microfinance Initiative and their goal is to help women build assets so that they can stablise their income, raise their standard of living and reorient themselves and their families. The loans given by the WMI bring big changes to impoverished women, who use the money to build small businesses. With the pro bono legal assistance of Baker and McKenzie in New York, WMI issued its first microloans in January 2008 and by July this year, WMI had issued 15,000 loans totaling $USD 2 million to women in more than 1,000 villages. WMI has developed a unique economic model to transition women to bank loans and the formal economy within 24 months of establishing their business. Despite many academic and practical criticisms, the success of the WMI programme, and programmes like it can be seen readily, and its programmes and institutions like WMI who give women the self-confidence to become successful in an otherwise bleak economy and inherently patriarchal society.
The Impact of Transmedia Storytelling on Marketing Communications By Jade Hayward
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ransmedia storytelling represents a process where integral elements of a fiction get dispersed systematically across multiple delivery channels for the purpose of creating a unified and coordinated entertainment experience. It is the ability to leverage content across multiple media platforms, allowing easier access to information and improving the customer experience through wide-ranging communications. It is a widely regarded fact that the marketing umbrella encompasses numerous individual fields, such as public relations, promotions and sales. Another important and significant function of marketing is that of advertising, which is the method used by businesses, companies and organisations to promote their goods and services to the public. One of the most renowned and successful advertising campaigns in the last few years was that of ‘Decoded’, an integrated campaign between Bing search engine and pop icon Jay-Z. The campaign was unique in a number of ways; not only was it based on the idea of consumer interaction and control, it also revolutionised advertising by introducing the world to a viral transmedia storytelling campaign. Utilising search engines, social media, radio stations and urban structures, the campaign told the story of Jay-Z’s life in an extraordinary way. Being one of the first of its kind, the campaign was widely publicized and it’s success provided foundations for advertisers and marketers plans for the future. Evidently, the emergence of transmedia storytelling has already begun to influence and shape the world of marketing, particularly in the field of advertising. Not only does transmedia storytelling provide various media avenues for consumers to receive information, it also provides a comprehensive
story with room for expansion and intricate details on characters and experiences. Being able to share more information across more media platforms gives the marketer increased access to consumers, a wider scope to tell a story and above all, significantly enhanced exposure to the world. Another important function of marketing is public relations (PR), which is a promotion intended to create goodwill for a person or institution. When the goal of a PR profession is to maintain relationships amongst publics and stakeholders, exposure is a key in reaching these specific audiences. The notion of transmedia storytelling facilitates such exposure, allowing organisations and/ or individuals to take advantage of various media outlets to attract wider audiences. Obama’s U.S. Election Campaign in 2008 is a perfect example of this concept in action. Rather than following mainstream campaign media, Obama and his team turned to the Web 2.0. Taking advantage of various internet-based media outlets was fundamental to Obama and his campaign team, who managed to get out his story and messages in ways that had not been considered by previous candidates. A clear example of this transmedia storytelling success can be seen by the fact that the official campaign videos on YouTube were watched for 14.5 million hours, which would have cost over $47 million if such material was to be broadcast on TV. Not only did this innovative method of campaigning save Obama’s team a significant amount of money, it also achieved just as much, if not more exposure than it would have were it aired through traditional media. Dispersing his messages through Myspace and Facebook, having text messages and emails sent out to his subscribers and having all of his policies available online would have
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exposed his campaign to far more people than if he had stuck to radio and TV methods only. As one of the most technologically savvy candidates to run for presidency, it can be safely assumed that Obama significantly increased his popularity amongst the younger (18-25 year-old) demographic by utilising transmedia storytelling. Overall, Obama managed to successfully and strategically leverage different media platforms to his advantage throughout the entirety of his 2008 election campaign, striking the perfect balance between his message and his medium. Based on such examples, I think it is clear not only that transmedia storytelling will effect the marketing communications profession on a large scale, but also that this influence has already begun and will continue to expand in coming years. By telling a compelling story, people’s attention will be captured and the development of the brand will be cultivated. The interest and exposure of brands to the world through transmedia storytelling will assist the brand to grow further and drive new customers to the organisation by sharing a story through social media platforms. Such enabling technology shows us that twentyfirst century branding
Her Bum Made Her A Billionaire I
n 2012 Forbes named Sara Blakely the youngest female self made billionaire. That’s a huge achievement for someone whose business was inspired by her butt (If only my butt could inspire me!). Her now billion dollar company, Spanx, began from the simple, but frustrating, fashion emergency of not being able to find the right underwear to wear under her white pair of pants. She needed something that didn’t show the undie line or expose cellulite, but still shaped the butt nicely. Realising there was nothing on the market that filled all this criteria, she started to build her product and then this lead to the business plan. “I was 27 years old, with a pair of white trousers that I wanted to wear to a party, without VPL, and without showing my cellulite, and I couldn’t find the right underwear to go with them.” Since then, she has revolutionised underwear; sucking in stomachs, slimming thighs, hoisting bums and smoothing bra bulges. She even has the same white pants framed in her office to remind her of the humble beginnings of her butt. The range now offers over 200 products from shorts and slips, to bras and bodysuits. She has also introduced swimwear and pants and is in the process of designing the ‘perfect jean’. Her products are now sold in over 54 countries worldwide. However, what is more inspiring is that Sara has never taken a business class nor ever worked in retail or fashion. And more fascinatingly, she still owns 100% of her company. However, Sara’s life has not always been as bedazzling as it is today. She scored miserably on her LSAT exams (twice) before deciding to forgo law school and deviate from her father’s footsteps as a lawyer. Instead, she spent time working at Disney World wearing Mickey Mouse ears and guiding people onto rides. She then later sold fax machines for the office equipment company, Danka. The problem was that in 1993 fax machines were not in trend (can you believe that)and therefore making sales was tedious and difficult. Interestingly, as draining as the job was, she never resigned from Danka until she was 100% certain her venture would succeed. She’d work all day at Danka amidst truckloads of Spanx being dropped outside her apartment at the same time. Finally, on October 14 2000 (two and a half weeks after being on the Oprah show... coincidence...i think not.) she resigned from Danka. After Oprah’s endorsement 20,000 pairs of Spanx were sold in less than a day with
By Mary Langley celebrities all around the world photographed flaunting their Spanx. It is because of the large celebrity praise and free endorsements which has influenced Sara to have never had to spend a cent on advertising. Celebrities such as Rihanna, Blake Lively, Kim Kardashian and Beyonce are known to flaunt the products, making it so popular that it has become the norm word used for figure-fixing shape wear. Sara believes her determination and success is owed to her father. Each week at the dinner table he would ask his kids to explain something they failed at during the week. He wanted to instil in his children that it’s ok to fail; it’s about learning from failure and stretching yourself to exceed your expectations. If you didn’t think that she was already amazing, well, the truth is, she is even more amazing than amazing can be. Sarah donates 50% of her fortune to various charities around the world. She has donated $100,000 to the Empowerment Plan to help create jobs for homeless women and to provide them with sleeping bags and clothes. She has also contributed to Oprah’s Leadership Academy in South Africa and supports her own charity, the Sara Blakely Foundation. Her own charity is dedicated to helping women globally through education and entrepreneurship. She helps give them a ‘leg up’. She also donates a red back pack; which was a symbolic item to her during her journey to Spanx. Her red backpack was her symbol of luck which she carried everything in! Hence, she attempts to pass on this luck, love and determination through these donations.“I am committed to the belief that we would all be in a much better place if half the human race(women) were empowered to prosper, invent, be educated, start their own businesses, run for office — essentially be given the chance to soar” Sara shrugs off detractors. “It’s not just about weight at all,” she says. Women look to the product to simply “smooth them out,” she says— and she cites a wide demographic. Ms. Blakely recalls hearing about an 80-year-old customer who called 911 after she couldn’t get her Spanx off. When the paramedics tried to cut them, she reportedly screamed, “Don’t you dare—I want to wear them again!” Her aim is to continue to create products that allow women to feel more confident and comfortable. Part of that effort has entailed refusing to make her undergarments the slightest 26 | www.bsabond.com
bit sexy. Since this article was originally published in 2013, Sara has, although only recently, handed over her CEO to past Nike senior leader, Jan Singer. Although Blakely still owns 100% of her company and said she will play an imperative role in the company with Singer reporting directly to her, I’m sure the company is in very good hands. Singer has served as the Vice President and General Manager of Reebok’s women’s business, and played key marketing and global communications roles for Chanel, Calvin Klein, and Prada. Singer also previously served as the Beauty and Fitness editor for YM Magazine.
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It’s important to be willing to make mistakes. The worst thing that happen is that you become memorable.
An Update on Unemployment By Sally Moore
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t could be safely said that the phrase “pleasant surprise” is not often used in relation to economic figures. However, the Australian Bureau of Statistics’ (ABS) latest release on national employment figures presented a surprising increase of 121,000, pushing the total level to 11.7 million - the largest increase in recorded history for Australia. As a result, this month’s unemployment figures have dropped to 6.1%, a significant decrease from the 6.4% figure of July. These unexpected numbers have caused some to draw attention to the imperfections of the way employment data is collected. Doubt around the accuracy of the new figures has been expressed by ANZ’s chief economist, Warren Hogan, RBC capital market strategists, Citi economists and indeed, the Bureau itself. The ABS, however, upon looking for possible causes for the very high results, found no deficiencies in the data or the way it was collected that could account for this. Despite questions about the exact extent of this raise, most critics have agreed that the economy is experiencing improved labour market conditions and that the figures suggest better job growth. For some however, the rosy figures have not translated into real outcomes. Youth unemployment, or employment of Australians between the ages of 15 and 24, remains at close to 15%. As ABC
social affairs correspondent Norman Hermant recently wrote, this is not the worst level in Australian history. But this is little comfort for young people looking for jobs, especially those with few skills or little training, or who have been out of employment for some time. In certain areas, particularly regional areas, levels are as high as 21%. With such high rates, and such a disparity between the national average and the average youth level, it seems that youth unemployment will remain an economic challenge for some time, as well as produce the obvious social and personal detriments. Another concern that remains in the employment field is that of the created jobs, with a mere 14,300 being full-time positions. Coupled with increases in the number of employed people wishing to work more hours, underemployment appears to continue to be an issue. Promisingly, however, increases in job growth were not outweighed by increases in the participation rate. Overall, Australia’s employment situation seems to be improving, especially in the face of suggestions that the US has passed its unemployment woes to Australia. However, in the cautious and hesitant post-GFC environment, we still have areas for improvement, particularly in relation to young people.
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Does Tax equate to happiness? By Joy Du
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n some countries, a high tax rate really does equate to happiness. Denmark is one of the most highly taxed countries on the planet, having a top marginal tax rate of about 66%. Furthermore, they pay a 25% GST rate. Yet the Danes are one of the happiest nations despite paying such high taxes. Why is this? Whilst forking out heaps of money may not make people happy, the benefits that a higher tax rate has might just be enough. Many Danes seem satisfied that they are getting their money’s worth – that is, they enjoy the tangible benefits of the high tax rates. This is seen through their universal health care, tuition-free education at tertiary level, employment benefits as well as security. As such, most people in Denmark think that their tax rate is appropriate, and more than one in ten think that they don’t pay enough. Danish society is also fairly democratic, albeit without the bureaucracy that dominates many other countries with high-quality and numerous social services. What is interesting about Danish public policy, in particular the Danish health care system, is that it is clearly based on ‘social values’, with the people being motivated to pay for this system through higher taxation. Interestingly enough, various surveys have shown that Australians are prepared to pay higher taxes for their health care. In stark contrast to Denmark, Australia has seen the toughest Federal Budget since 1997 in an effort to repair the budget. This has meant spending cuts and increased taxes to generate policy savings on a scale not seen for the better part of two decades. For example, there will be a temporary budget repair levy of 2% on the part of a person’s taxable income which exceeds $180,000, which will apply for the next three financial years. Whilst this is just one example of one of the recent tax changes, the general consensus is that the Australian population is not particularly pleased with these changes.
Maybe what Australia needs is to be able to see the tangible benefits of raised taxes. Whilst no tax system is perfect, the Australia tax system could probably learn a thing or two from the Danish one.
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Success is often achieved by those who don’t know that failure is inevitable
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Coco Chanel
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1930’s
1900’s
The Cinema Age
The Beginnings
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A suit is designed to enhance a man’s physique and masculinity
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- Matt Jensen (Aust. Suit Designer)
SuitsThrough through Suits the Ages the Ages
1940’s Constructed Tailoring
Suits have spent more than a century and a half at the pinnacle of men’s fashion, undoubtedly making them the ultimate symbol of power,Suits style and class. interesting fact is that was in of fact the have spent moreAn than a century and a half at theitpinnacle industrial which has influenced concept of of ‘suiting men’s revolution fashion, undoubtedly making them thethe ultimate symbol power, style An interesting fact is that it was the up’and asclass. a standard corporate ensemble. industrial revolution which influenced the concept of ‘suiting up’
a standard corporate ensemble. Theassuit has been altered throughout time to suit the changes in lifestyle and needs. The cut of the shoulders dates back to The suit has been altered throughout time to suit the changes the military, the flat lapel was developed from a stand up collar in lifestyle and needs. The cut of the shoulders dates back to designed to keeptheout the Navy, the military, flatthe lapelcold was amongst developed the frommembers a stand upofcollar whilst designed cuff buttons were for surgeons in the 19th Century to keep outdesigned the cold amongst the members of the so they could roll up their sleeves whilst operating (working Navy, whilst cuff buttons were designed for surgeons in the in shirtsleeves was tradesmen social status). Today suits 19th Century so for theythe could roll up their sleeves whilst operating (working in shirtsleeves for our the busy tradesmen social The status). continue to be designed towas ‘suit’ lifestyles. recent Today is suits to ‘suit’ ourcan busybe lifestyles. revolution thecontinue designtoofbea designed suit jacket which folded and The recent revolution the design of ahassle suit jacket which can be stored onis aeroplanes, free!
1950’s Age of Charisma
folded and stored on aeroplanes, hassle free!
Not only does a suit bring confidence to a man, but with a diverse Not only does a suit bring confidence to a man, but with a diverse rangerange of designs, materials and colours available, the suit is the of designs, materials and colours available, the suit is the perfect opportunity forfora amale to express express individuality. Italian perfect opportunity male to hishis individuality. Italian fashion powerhouse Giorgio Armani believes “the most important fashion powerhouse Giorgio Armani believes “the most important element confident andcomfortable.” comfortable.” elementisisthat thatthe thewearer wearer feels feels confi dent and
2010
Comedian and ex-host of Channel Ten’s The Project, Charlie
Retrosexual
2000’s
Metrosexual
Pickering, has loved suits, but recently their Comedian andalways host of Channel Ten’s The discovered Project, Charlie practicalhas value. “Whenloved I wassuits, studying law school and gettingtheir Pickering, always butatrecently discovered clerkships at various firms, I was probably focused practical value. “Whenlaw I was studying at law more school and on getting wearing a nice suit than doing a good job. I think a 33-year-old clerkships at various law firms, I was probably more focused on middle-class guy maybe doesn’t carry that much gravitas when wearing a nice suit than doing a good job. I think a 33-year-old talking about serious news, but when you put on a decent tie and middle-class guylisten.” maybe doesn’t carry that much gravitas when jacket, people talking about serious news, but when you put on a decent tie and jacket, people listen.”
1990’s
1960’s
Rise of Pop Culture
1970’s
Minimalism
Hedonism
1980’s
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Babes & Beauty The new combo that’s got everybody talking. By Jessica Howe
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abe, you know your eyelashes are lifting, right? While this may seem like a relatively normal comment to come out of a teenage girl’s mouth, it might surprise you that babes as young as three years old are also using the same sentences. Yes, that’s right – babes. Literally babies - or close enough, anyway. The beauty industry for babies and toddlers is the next big thing in Hollywood and is slowly taking a hold in the UK. With everyone looking to cash in on their own little slice of reality TV, beauty pageant mothers are no exception. While the dramas of a patchy fake tan are undoubtedly annoying and occasionally time-consuming, I never thought that such dramas would be the kind of thing consuming the minds of today’s toddlers and pre-teens. A new TV series is challenging my perceptions, along with the perceptions of millions of other conservative (or just plain
old-fashioned) viewers. Toddlers and Tiaras follows the stories of several toddlers as they travel to various different beauty pageants around the country. The young starlets are judged on their beauty, personality and costume. What many may find ironic is that by the time these beautified babes reach the stage they are anything but themselves. The finished product is a toddler who has sat through hours of rehearsed answers, hair appointments and nail sculpting sessions. The line between the role of supportive parent and over-aggressive socio-path is blurred as the drama intensifies on judgment day. But Toddlers and Tiaras isn’t the only part of the beauty pageant industry that’s taking off. A new niche market is emerging. Beauty salons and spas catering for children as young as five are opening up in major cities in America. Last year, the American beauty
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pageant industry was worth $5.376 billion dollars, and it is predicted to continue to grow over the next few years. With so many people getting in on the hottest new trend, it’s hard to tell the good from the bad. These pageants encourage young children to be more mature, and as such, they learn skills at a very young age that some adults never attain in their lives. Some argue that this has the potential to revolutionise society – with more young people understanding adult concepts and mature viewpoints. Katie Froud, the founder of Alba Model Information, the only independent modeling advice service in the UK, believes that “the contests can promote grace and good manners and wanting to give back to society… the girls who enter learn to focus on a goal and they can start to learn better behaviour”.
In contrast, others argue that the industry is leading to the increased sexualisation of children. An Ofsted study of almost 150,000 children aged 10 to 15 found that 32% worried about their bodies, while a recent BBC survey highlighted the fact that “half of girls aged eight to 12 want to look like the women they see in the media and six out of 10 thought they’d be happier if they were thinner”. While these stats could be put down to any number of factors, one must admit that they seem to be alarmingly consistent with the rise in beauty pageants for young children. Frank Furedi, professor of sociology at the University of Kent and author of Paranoid Parenting, says that modern parents are encouraged to make a heightened emotional investment in their children and to view their children as somewhat of an extension of themselves. It is easy to understand why some people have this view – pageants, after all, are not primarily run for the entertainment of little girls – it is all adults in the audience. Others suggest that an underlying source of the opposition towards baby beauty pageants is from the class divide that exists around the world. Although beauty pageants are perhaps a little tacky; what, in the scheme of things, is so different about parading your child around in costumes and teasing their hair to within an inch of its life, to running Jenny to her 5th piano lesson for the week, and driving darling Johnny six hours to his chess competition every weekend? The answer is… nothing. Every activity a child partakes in, whether it is because they genuinely want to participate, or their parents strongly encourage them to participate, can be seen in some way as the parent re-living their own desires for success. “In America [beauty pageants are] seen as a white trailer-trash kind of thing and there’s real contempt for that. But if you come from a middle-class background and shove your child into music lessons each week, that’s okay. Parental aspiration acquires different forms, but it’s a very similar kind of impulse,” Furedi explains. When you consider this view, is there any wonder that the baby beauty industry is booming? With statistics continually claiming that ‘prettier’ people will receive more opportunities in life, why wouldn’t parents want their children to learn how to be beautiful, how to behave, and how to socialise properly? Beauty pageants for youngsters might currently seem wildly inappropriate… but our society that is so focused on the importance of physical appearance that it has sparked initiatives such as the Dove campaign for “Real Beauty”. It could be that beauty pageants for children are simply a natural extension of the values of society. Food for thought.
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Did you just say I can print makeup? Serial inventor and Harvard Business student Grace Choi is looking to disrupt the $55 billion global makeup industry, which she says “makes a whole lot of money on a whole lot of bull shit.” “They do this by charging a huge premium on one thing that technology provides for free... and that one thing is colour.”
priced. Finally we can see the future of being able to make our own perfect shades! Beyond addressing an antiquated business model, Choi says her invention has a greater philosophical message. More than anything, Mink seeks to prove that “the definition of beauty is something that [girls] should be able to control, not our corporations.”
Accordingly, Choi constructed Mink -a proprietary 3-D printer that allows users to select any colour on the internet and print it into an eye shadow pod. She says that Mink will eventually be able to print other cosmetic products as well, including lipstick, foundation, powder and blush. The device aims to fundamentally change how the world buys makeup and calls young women 13 to 21 with unformed shopping habits her target customers. She is looking to disrupt both the mass and prestige makeup categories. While a wide selection of shade offerings at high-end outlets like Sephora come at a steep cost, mass retailers stock cheaper items but in fewer shades. “I’m beating the selection of prestige because I’m giving you the selection of the internet,” Choi said. “And I’m beating the convenience of mass, because I’m giving you the convenience of your own freakin’ house.” Mink will retail for roughly $300 and works just like an inkjet printer. Users simply find a colour they like anywhere on the internet, copy the hex code (a six-digit pigment reference figure) into a program like Photoshop or Paint, and print as normal. In addition to the printer itself, consumers will have to buy ink and substrates (the base material upon which something is printed), both of which will be FDA compliant and commodity-
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6 SIX EMERGING FASHION
BRANDS TO INVEST IN ASAP
Instead of spending all your pay cheques on fashion, why not actually get some financial returns out of your passion too?
Investing in fashion can be very difficult. How do you predict the success of a new designer when everyone has different styles and different tastes. In a sea of wannabe fashion brands, what does it take to attract a financial backer? Gary Wassner, co-CEO and principal of InterLuxe, told BoF Wassner, “a brand has to resonate with consumers in a way that allows it to be scalable. I have to be able to imagine brand extensions in multiple categories. I also see opportunity when the designer is focused and clear — and that focus has become identifiable by the style and essence of the product, not a logo or label.”
So who’s next? While most emerging fashion businesses struggle to generate strong brand identities, product signatures and sustainable revenues that attract potential backers, a number of young labels based in New York, London and Florence have become interesting targets for investment. Keep an eye on these upcoming designers because they are sure to be movers and shakers in the fashion industry very, very soon.
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#1 Tim Coppens New York-based upocming designer, Tim Coppens, a former BoF Spotlight, has rapidly ascended the menswear ranks with a sleek aesthetic that blends classic tailoring with the technical details of active wear. Building a men’s fashion brand can be difficult and designers often follow a formulaic approach. Coppens, on the other hand, has succeeded in striking a winning balance between being wearable and being cool. Indeed, along with particularly great outerwear and skilled tailoring, his greatest strength lies in his ability to produce slick and sporty clothing that is directional, but not unattainable for the average guy. Coppens has attracted influential stockists, including Barneys New York and Matches Fashion. In 2014, Coppens won the CFDA Swarovski Award for Menswear and was a finalist for this year’s LVMH Prize. And, as the global menswear market continues to accelerate, Coppens has carved out an enviable position that is sure to attract attention from investors.
#2 Simone Rocha Since introducing her collection at Fashion East in 2010, London-based Simone Rocha has, in short order, become one of the highlights of London Fashion Week. The transparent Perspex-heeled brogues, which she presented during her first collection, were an immediate hit and stocked at I.T in Hong Kong and 10 Corso Como in Milan, earning her valuable exposure in new markets. She has since attracted influential wholesale partners (including Dover Street Market in London and Tokyo, Ikram in Chicago and Colette in Paris) and, in less than five years, defined a real signature aesthetic: a mash-up of distinctive feminine and masculine shapes, with dose of gothic romanticism. Rocha’s Elizabethan-inspired collection for Autumn/Winter 2014 was hailed by critics as her most polished to date. Her Spring 2015 collection, presented a few weeks ago, was her first after the designer came within a hair’s breadth of winning the inaugural LVMH Prize (according to market sources, she was considered a front-runner, but was passed over due to her family’s wealth, as she is the daughter of esteemed designer John Rocha). Definitely| one www.bsabond.com 37 to watch!
#3 Erdem Canadian-born Erdem Moralioğlu moved from Montreal to London to attend the Royal College of Art, where he received his master’s degree in 2003. His debut collection won him £100,000 in prize money from Fashion Fringe prize. Shortly after, Moralioğlu won the 2007 Swarovski British Fashion Council Enterprise Award. Over time, the designer has developed a real signature for graceful, feminine designs that fuse serious craftsmanship with custom-designed prints. The level of handiwork that goes into Moralioğlu’s clothes is whispered to rival that of a respectable Paris couture house and his recently debuted Spring 2015 collection was no exception. Erdem’s work appeals to clients across multiple generations. The designer is something of a modern Oscar de la Renta, who has attracted a wide range of customers, dressing both mothers and daughters, young starlets and grande dames, and managing to be both fashionable and creative without being inaccessible.
#4 Peter Pilotto Commercially-savvy upstarts Peter Pilotto and Christopher de Vos met while studying at Antwerp’s Royal Academy of Fine Arts in 2000, before going on to launch their own womenswear label in 2007. Since debuting at the Vauxhall Fashion Scout showcase in London, which gave the brand its first real exposure, Peter Pilotto has become known for its vibrant yet approachable digital prints. Industry recognition has come fast and furious: the label was awarded Best Emerging Talent at the British Fashion Awards in 2009 and the BFC/Vogue Designer Fashion Fund in 2014. It’s certainly no disadvantage that this buzzy London label is a two-man team and can, therefore, share the heavy workload of building a fashion brand from scratch. 38 | www.bsabond.com
#5 Mary Katrantzou Mary Katrantzou first gained a strong following for her sublime prints shortly after launching her namesake line in 2008. In only six years, the Greek-born, London-based designer has built one of the largest and fastest growing business of any independent designer, not just in London, but across the world. Her early collections were quickly snapped up by prestigious international stockists including Colette in Paris and Joyce in Hong Kong. She has since attracted over 200 stockists and, in 2010, won the British Fashion Award for Emerging Talent in Womenswear. While Katrantzou’s eye-popping digital prints have long been her signature, industry observers have wondered if the designer might fall into a trap, presenting a predictable repertoire of prints season after season. Katrantzou’s design talent, existing business traction, personal drive and commitment easily make her an attractive contender for investment.
#6 Aquazzura Designer of emerging women’s footwear label Aquazzura, Edgardo Osorio, has spent over 10 years perfecting his craft and designing footwear for luxury brands such as Salvatore Ferragamoand Roberto Cavalli. Osorio has since built a largely self-financed, fast-growing business based on sexy, high-quality shoes. Based in Florence, the designer has defined himself as a real expert in shoe manufacturing; a true cobbler who understands construction and quality. His shoes are currently stocked at influential stockists including Barneys New York, Saks Fifth Avenue, Neiman Marcus, Harvey Nichols, Net-a-Porter and Matches Fashion. Osorio has big plans for his label and aims to expand into new product categories, including bags, small leather goods and jewellery, turning Aquazzura into a full-fledged lifestyle brand and, no doubt, making the company an attractive proposition for investors. www.bsabond.com | 39
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