September 2016 by Lazy Faire

SEPTEMBER 2016

FREEDOM OF SPEECH Are we censoring more than we should?

ENTREPRENEURSHIP AND INNOVATION Are you ready to be an entrepreneur? Working: For yourself or someone else? Innovation Crossword

AKASH PUREWAL The keys to his entrepreneurial success

THE ULTIMATE GUIDE TO ASOB CLUBS

contents

cover designed by ANNA LEE & FATIMA MOHAMED cover photographed by CANDACE CHU

Editor’s Note

Snapshots of Summer Summer all around the World

last month in pictures

Akash Purewal Achieving major entrepreneurial success

Arden Tse Oodles of Noodles

Clubs of the ASoB The entire platter of ASoB Clubs

So You Want to be an Entrepreneur? Are you prepared for an entrepreneur’s life?

Jeanel Alvarado Trailblazing through the World of Retail

student spotlight

Freedom of Speech for All Censorship in university campuses

SOCIAL STUDIES

external relations

#trendsetter Office Style with a personality

fashion

clubs corner

GOALS Your guide to setting goals GUEST ARTICLE

fyi

10 THOUGHT VS. THOUGHT

Working for Yourself or Someone Else Is working for yourself all that glamourous?

lazy chat

What I Wish I Did This Summer Turning a not so ideal summer into a fun one

Innovation crossword Solve this crossword with your knowledge of innovators and their ideas

Freakeconomics Lazy Faire’s Review of “Freakeconomics”

Summer vs. Fall Which season is the better one?

contributors editor-in-chief

rahique um maktoom handoo

vp editorial

carey poon isabela maciel

writers

matthew ryan saba al hammouri nicole hammond monika sharma ganit singh lindsay rainbow gabriel nunes kara hauca pariyanka chandan

vp art & design

marketing coordinator

art director

vp external

designers

#suitslf director

fatima mohamed marie louise espenido jessica aranibar anna lee marina bryan

photographers

candace chu giselle wong suhur omar-farah

vp communications

alexandra key marichales

suhur omar-farah matthew ryan cole pearson

sponsored by

xerox canada priority printing

special thanks to

diana wyley business alumni association

uofalazyfaire@gmail.com www.lazyfaire.com

editor’s note Navigating through crowded corridors, I finally made my way to my class. Without much preamble, the professor began the discussion on how many languages are known as two separate languages largely due to political reasons than regional. Yeah, this was definitely not my Economics class. It’s that time of the year — new classes, new goals and new people to meet. If you’re reading this, it might be too late for summer plans but there’s a promising school year ahead. Welcome or Welcome back to the School of Business. Let Lazy Faire be your guide. My name is Rahique and I’ll be the Lazy Faire Editor-in-Chief for this year.

PHOTO HERE

Lazy Faire’s theme of the month is Entrepreneurship and Innovation. Entrepreneurship and Innovation is currently the hype of the business world. In this issue, we break it down for you; what is entrepreneurship and what it actually takes to be one. Reading these articles will

give you a better insight to the world of entrepreneurship and innovation. In the spirit of innovation, we are also introducing some new features. “Last Month in Pictures” is a recap of the previous month through captivating pictures. “Social Studies” is a take on the important and current issues of the world. In “LF Reviews”, we provide you with our expert (and maybe not so expert) opinions on a variety of things ranging from books, shows to games. Throughout the year, I hope these features provide you with entertainment, knowledge and insight. It’s September — time for you to set your high ambitious goals and go out and get them. Be it academic or personal, this feels like the year of achievement. Among the chaos of it all, we’re going to get past the bumps on the way and make it! RAHIQUE UM MAKTOOM HANDOO Editor-in-Chief

from the lazy faire team This month, Lazy Faire’s team shares their goals for the academic year. My goal for this year is simple: graduate. I’ve been on campus since 2010, so I’m definitely ready to finish. I’ve done everything that I wanted to do during my degree. I was able to grow, learn, meet new people, join several student groups, compete in case competitions, finish the coop program, and participate in two study abroad programs. Now I only have 3 courses left. I haven’t been in a rush to finish but now, with the finish line approaching, I’m really looking forward to graduating.

My goal this academic year is to become more involved. I spent my first year in business just studying and I really missed out on many opportunities to fully experience what the School of Business has to offer. I’m excited to meet new friends and do some selfdiscovery . - Fatima Mohamed, VP Art & Design

Instagram - @itsfatimafm

- Gabriel Nunes, Writer

Goal for the academic year: To make the most out of my last year in the School of Business! And decide what degree I want next, because I genuinely love learning and want to keep going.

It’s been over a year since I’ve travelledunless you count my exotic weekend in Grand Prairie this summer-so my goal for the year would be to travel more. Specifically, I would love to do more travelling in Canada. I used to go on vacation to Victoria every spring with my grandparents and I need to revisit it. My “to-travel-to” list also includes Montreal and Toronto-I have yet to visit either.

- Matthew Ryan, VP External

- Cole Pearson, #SuitsLF Director

Instagram - @mattr_95

Instagram - @colempearson

Instagram - @ZEEnon_

LAST MONTH IN PICTURES

Snapshots of Summer

this article is sponsored by Cafe Rista

Banff, Alberta

Edmonton,Alberta

SUHUR OMAR-FARAH

FATIMA MOHAMED

ALEXANDRA KEY MARICHALES

Marseille, France CANDACE CHU

14213 - 103 AVENUE NW PHONE: 780-761-1155 CAFERISTA.CA

MON-FRI: 7AM - 5PM SAT: 9AM - 2PM CLOSED ON SUNDAYS

LOCALLY ROASTED COFFEE. ARTISAN FRESH FOOD.

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social Studies

FREE SPEECH FOR ALL An interesting phenomenon is sweeping across university campuses, and the University of Alberta is no exception (no, not Pokémon Go). Universities pride themselves as champions of liberal thought and free speech, but these ideals are seemingly giving way to increased censorship. Young students are becoming shockingly resistant to even being exposed to ideas which they find offensive. The freedom of expression is protected under the Canadian Charter of Rights and Freedoms, but it may be helpful to remind ourselves that there is no right protecting Canadians from ‘being offended’. Safe Spaces do not normally exist outside of university campuses. University students increasingly try to stifle minority opinions, and silence the voices of those whom they deem offensive — yet isn’t the primary reason for higher education to challenge our ideas and force ourselves to think critically about the world around us? Fulfilling

this purpose requires open debate around controversial ideas and opinions. But debates are flawed when one side has its ideas blocked from the public. Most students on this campus probably remember the ProLife campaign last winter, and the backlash this event received from many students. The main argument against this campaign was that some people (particularly women who have had an abortion) would find the images offensive or disturbing, and the location was too public. Was the ProLife demonstration tasteless? Definitely. Nonetheless, the demonstration was peaceful and did not make personal attacks on specific individuals. People who found the images disturbing had the option to look away or to take a different route across campus. Rather than blocking the images and creating a polarizing environment without room for debate, it would have been nice to see people upset by the images initiate an open dialogue about the morality of

abortion. A higher education challenges students to develop their critical thinking, writing, speaking. This was a perfect opportunity to put those skills to use and start a conversation about the issues that affect us, not to take the road of censorship and erase the conversation altogether. Censorship does not allow for open debate and critical thinking. Without these liberties, ideas cannot be properly compared and debated, which limits society’s potential to improve or evolve beyond the status quo. For a liberal democracy to advance, we must realize that we will be confronted with ideas that make us uncomfortable, and opinions that we disagree with. This is the only way to challenge public opinion and pressure society to create change. It’s about time that students understood what it means to “agree to disagree”, and to fully embrace pluralism. written by MATTHEW RYAN designed by FATIMA MOHAMED 7

fashion

#trendsetter:

written by NICOLE HAMMOND www.pinkpencilskirt.com Instagram @pinkpencilskirt designed by ANNA LEE

The Up and Coming in Office Style

Working four months at an office makes the classic pencil skirt and suit jacket combo a little tiring to wear everyday. Exuding personal style while still maintaining professionalism is a difficult (but not impossible) balance, especially after what I like to call the “Renaissance of Menswear” – a new era where men have begun to feel comfortable mixing bold patterns and prints. There are so many options when it comes to office wear, and more room for experimentation in both men’s and women’s fashion than ever before. While you may still want to stick to traditional business attire to land the job, here are some business clothes to wear when you feel like switching things up mid-week.

For men: The Burgundy Suit: I first stumbled across this menswear trend on Pinterest last summer, and since then it has continued to gain momentum. A couple dapper dandies have been spotted wearing burgundy suits around the office, plus a feature of burgundy suits appeared in the Winter 2015 catalogue for Simons. It seems like most guys sport a navy suit these days to stand out from the sea of black suits, and burgundy is one way to stay even one step further ahead of that curve. It’s either that or olive-coloured suits, and my money is on maroon and burgundy. Double Monk Straps: The dandy’s new favourite shoe - shiny, slick, and a little bit vintage. Playing off the existing prep school trend, this shoe fuses the worlds of academia and business. Monkstraps are also trending as a transition shoe, functioning for both dressy and casual occasions.

For women: Sleeveless Jackets: Who doesn’t love vests? Sleeveless jackets aren’t exclusively reserved for make-up artists and minimalist-types anymore; they are making a comeback in office style as well. Although not for the most formal of occasions, these ultra-fancy vests are perfect for layering with long-sleeved shirts to brave the fluctuating temperatures characteristic of an office environment. The Jumpsuit: This one is purely my own conjecture, as I haven’t seen anyone actually wearing a jumpsuit to work. But we’re not far off, I tell you! Rompers have become widespread, and have stuck around relentlessly in summer fashion, year after year. With work-appropriate jumpsuits cropping up everywhere from Anthropologie to Artitzia, the time to embrace the professional jumpsuit is now. 8

#GOALS

written by SABA AL HAMMOURI designed by JESSICA ARANIBAR & FATIMA MOHAMED

FYI

WHY SET GOALS?

It’s been said that people who set goals for themselves tend to be more successful. So it’s surprising that the majority of people don’t set goals for themselves. After all, aren’t we all trying to get on the path to success? Since I am in the business of giving advice, I thought I would give you the ins and outs of goal setting, and how to make your journey towards success as seamless as possible! STEP 1 : BE SMART. First things first, you have to come up with your goals. Not just any goals, but SMART goals. Yes I know, this concept has been beaten to death, but for good reason, SMART goals work. Now if you are unfamiliar with SMART goals, which as a business student I find hard to believe, I will give you a quick rundown of what they are. SMART goals are goals that are • • • • •

Specific Measurable Attainable Realistic Timely

The reason SMART goals work is because they make your goals seem less intimidating. So from now on instead of setting goals like “I want to be rich”, try setting goals like “I want to be in a comfortable financial position by the time I am thirty, by running my own business.” STEP 2 : WRITE IT DOWN. The next step is to write them down. There are a few reasons why writing your goals down is important. First of all, if you don’t write down your goals you risk forgetting them. Secondly, writing down your goals allows

you to see the progress you have made, and to readjust your goals accordingly. Finally, seeing a list of things you want to accomplish can be really motivating. I know that personally nothing feels more empowering than checking things off of a long to do list. STEP 3 : BREAK IT DOWN. Okay, so you have your goals, you’ve written them down, but now they seem almost overwhelming. The key here is to break it down. For each goal that you have, jot down notes on how you are going to achieve it. Think of it like a miniature business plan, without all the stress of BUS 201. Breaking your big goals down into smaller steps makes accomplishing them much easier. STEP 4: ON SIGHT AND ON MIND. The important thing to remember about goals is that they are not meant to be out of sight and out of mind. So it probably wouldn’t do you any good to keep your list of goals somewhere secluded like the back of your closet, or under your bed. The best place to keep your list of goals is someplace you frequently look. It’s important that your goals are visible because it reminds you of what you are working towards. So

basically what I’m saying is you have to keep your eyes on the prize- literally. STEP 5 : KEEP IT CURRENT AND RELEVANT. So now that you have done all of the above, you can go out there and start working on those goals and fulfilling your dreams! Now that you are checking things off left and right, are you updating your goals? If the answer is no, you may want to take a step back for a second. While it may feel good to see what you’ve accomplished, keeping completed goals on your to do list can be extremely counterproductive. It’s important that you only keep goals that you want to accomplish on your list, to ensure you are always moving forward. That’s not to say keeping track of your accomplishments isn’t a good thing, but it’s important to keep those two lists separate. Be proud of what you’ve done, but remember there is always more to do. That’s it! You’re now armed and ready to take on the semester! Follow these five steps and get closer to achieving your dreams. Good luck! 9

THOUGHT VS. THOUGHT

Working for Yourself VS. Working for Someone Else?

Working For Yourself I just want a Picasso. It’s a Jay-Z quote that I think about weekly. In this line, Jay-Z boasts about having great ambitions. Beyond ambition, Jay-Z is referencing his desire to create something historic. Sean Carter owns several multi-million dollar companies; he’s a testament of what it means to be a successful entrepreneur. I am always astonished when I think about his success in the business world. What shocks me even more though is that nobody would know his name if not for his decision to grow his brand and work for himself. When you work for yourself you are allowed to build your own dreams. You acquire the ability to monetize your life in a way that working for someone else never could. Selfemployment frees you from the need to keep your employer happy, it allows you to take a chance on your own decision making skills. You get to pick your own hours and have full creative and administrative control of your business. You can be at the frontlines every hour of every day, or you can hire a team and delegate the workload to your preference. When you’re selfemployed you even have the freedom 10

to choose the size of your operations. You can adjust your career so that you can work wherever you want to in the world. You can wake up whenever you want, and work in any way you like – you just have to get your work done. Perhaps best of all, you are given full autonomy over your enterprise. Every last detail is in yours to control, which is a benefit that is not commonly shared amongst company employees. I always hear that that working for somebody else provides stability and clarity in your career. However, you can easily lose your position if your firm is cutting costs. If you work independently you can adjust your craft and tailor your trade to suit the needs of any economic environment. In addition I believe clarity is something you can learn as you go. The first time you work for yourself the path to success may not be clear. However as you keep working you develop an intuition that makes the challenge much more comprehensive. When you work for a company you plan your personal life around your work whereas independent employment instead allows you to plan your work around your personal life. Self-

written by GANIT SINGH & KARA HAUCA designed by JESSICA ARANIBAR & ANNA LEE

by Ganit Singh employment allows you to be free, to “do you” – whatever that version of you may be. There are no rules and conditions you are subject to in your work. You get to design all the guidelines that fit you best. There is much more to the story than this. Where and how you work is an extremely complicated decision. There are innumerable inputs to consider and many parts to the process. This decision really depends on the lifestyle you want to live and the mark you want to leave on the world. I personally have always wanted to work for myself. I enjoy how self-employment encourages innovation and curiosity. I love the idea of entrepreneurs trying everything in their power to make something amazing happen. To me, working independently creates a life without limits, where anything is possible. With enough hard work I believe anybody can holster their name next to the likes of Jay–Z, you just have to believe in yourself and follow your passions. Besides, when you make it, you can relish in your own success. I want to be able to afford the finer things in life and have the freedom to find the best way to do so. I just want a Picasso.

Working For someone else Many university students dream of starting a business and becoming their own boss. But they often don’t consider the risks and instability of selfemployment. Being employed at a company usually means you receive a yearly salary. You know how much money you will make every year and what benefits you will receive from your employer. When you work for yourself, your earnings will always be unpredictable, particularly in the first couple years. This can make it difficult to plan expenses like a mortgage and to save for retirement. Additionally, you are paying for your own healthcare insurance and other benefits, which can be a significant expense. If you work for someone else, you get to go home after an 8-hour workday and leave your work behind. You get paid vacation and sick days because there are other people at the company to cover your work. In contrast, owning your own business is a 24/7 job because you are personally responsible for everything that happens. And forget taking a threeweek vacation; most small business owners will lose money if they go on vacation or need to take some sick days. Being an employee does mean you have someone else telling you what needs to

get done, which can be frustrating. But, it also means a team of people to mentor, support, guide and help you do your job. It means having coworkers to gossip with and friends to have lunch with. If you are self-employed, you are your own boss and your own employee. But what if you are a terrible boss? Working from home makes it much easier to procrastinate. Self-employed entrepreneurs have to be very driven and independent. There is nobody to get a second opinion from or to proof read a report. Usually when you are hired for a job, you were hired as a specialist. You were hired to do marketing or accounting and most of the work you are given is in that field of expertise. But as an entrepreneur, you are the CEO, CFO, investor, R&D department, marketing department, IT department, sales department, accounting department, finance department and everything in between. You have to do everything, whether it’s your field of expertise or not and whether or not it’s something you like to do. Working for someone else, particularly at large company or at a job where you work with lots of different people, allows you to build a professional network. And you are not solely responsible for bringing in clients or work; you have

by KARA Hauca whole departments where creating business is their specialty. Being selfemployed means you are responsible for drumming up business, relying only on your network. Most recent university graduates don’t have large networks to tap into for customers, suppliers or investors. Although there are people who have large networks, others will never be able to create the kind of network it takes to start and sustain a business. The cost of being an employee at someone else’s business is very minimal. You might buy a new suit, but other than that you just show up to work and they have all the equipment and tools you need to do your job. The cost of self-employment is astronomical in comparison; you need insurance, rent, equipment, inventory, other employees, and the list goes on. Start-up costs are high and taking on debt to fund a business can be risky, and if you’re business fails, you are left with no money to pay bills and a mountain of debt. Being an employee has safety and security, whereas being self-employed can be unstable and stressful. So consider whether achieving your dream of being your own boss is worth the risk. 11

student spotlight

Entering the fourth year of his Business Economics and Law degree, he’s been a BUS 201 Seminar Manager, and now he is this year’s Course Coordinator. He was last year’s VP External for the SMO Club, and this year he is one of the E n t re p re neu r s h i p competitors for JDC West. And oh – he also runs a small business on the side. No big deal. It’s all in a day’s work for this hardworking studentturned entrepreneur. Akash Purewal is a name you probably know, and a face you’ve definitely seen, if you’ve spent any time at all in the School of Business. He’ll tell you he’s just a regular guy – but just one conversation with Akash reveals he’s anything but ordinary. I sat down with Akash to talk entrepreneurship, the future, and his greatest challenges.

GROWING PAINS LF: You’ve been involved with College Pro for a while now, running your own business. How did you get started in that? What do you do in College Pro? AP: I started at College Pro right from the bottom. Someone close to me introduced me to College Pro as a door to door marketer; I worked my way up in the company to become a marketing manager, and then eventually I took on the franchisee position, and have been doing that ever since. In terms of what I do – I run a painting business. Everything from coordinating marketing teams, to hiring and training painters, to talking to clients and doing quotes – even bookkeeping. LF: What do you think it takes to be an entrepreneur? AP: I think the most important thing is that you have to have the ability to just push through and continue to work, even when you’re not being rewarded with anything, or when you’re not being paid; when times are tough and there’s no one else to rely on, you have to rely on yourself. I think it comes down to just having a lot of heart, and a lot of passion. LF: What has been your biggest challenge running your own business? AP: I would say my biggest challenge has been finding a way to stay motivated and being able to motivate others when it isn’t always easy to see the bright side, and morale is low. I could be having the worst day in the world, but I still have to find a way to help my employees succeed, because ultimately that’s what makes

my business succeed. It’s the hardest thing when you’re constantly being shut down, but you have to be able to stay motivated. LF: What has been your greatest success in your business? AP: I think it’s been my ability to lead through other people; being able to empower my staff to be leaders, and to take ownership of their duties, and feel as though they’re a part of this business as well – because they are. LF: What do you love most about being a business owner/being selfemployed? AP: While I do love being able to sleep in whenever I want to, I’m not very good at sleeping in, and that’s probably for the best. I love that I really do get to take pride in every single thing I do. There’s nothing you do when you run your own business that doesn’t grow your business and make it better; every boring task you do, every rejection that you face, it actually helps your business grow. So it isn’t a waste of my time, because even if I’m bored, even if I’m failing, I’m still growing. And that’s important. LF: What are your plans for the future? Do you think you’ll ever start another business when your time at College Pro ends? AP: If I was really passionate about something and I wanted to turn it into a business, I know I could do that. But at the same time, I think I’ve gained a lot of skills that would enable me to be successful working for someone else. Running a business

A K A S H PUREWAL now hasn’t specifically put running another business in my future, but I think it’s opened doors for me, so that going forward, my options are not limited.

written by LINDSAY RAINBOW photographed by CANDACE CHU designed by FATIMA MOHAMED

LF: What would you say to people who want to start their own business but are afraid of the risk, and are afraid of failing? AP: Starting a business isn’t just about the idea; it’s not just about how good your product/service is. You may not have the most unique idea, but if you have the best business plan, the best revenue strategy, or if you can control your costs more effectively than your competitors, that is just as important as having a really good idea. To anyone who is afraid of running your own business – running your own business sucks. It’s stressful, it’s painful, but it is so rewarding when things start to come together, and all of the little things that you did along the way start to build this huge business that is able to run on its own. Entrepreneurship is difficult, but it’s arguably been the most rewarding experience I’ve had in my life. Regardless of what is preventing you from jumping into your business idea, you have to put away those fears of failing. Starting a business is about failing. You are supposed to fail. Failing means that you’re trying things, and you’re learning things, and you’re growing. If you’re not failing, you’ve stopped growing. Failure is the acceptance that you have failed and it is a refusal to get up and try again. But failing is good – it’s what helps you grow.

written by MONIKA SHARMA photographed by GISELLE WONG designed by FATIMA MOHAMED

EXTERNAL RELATIONS

AN INTERVIEW WITH

Arden Tse

OODLES OF NOODLES Over the summer, a few lucky Lazy Faire members had the opportunity to sit down with Arden Tse, owner of Prairie Noodle Shop, to hear about his story, and some of the business wisdom he has acquired throughout his ventures. Before the launch of Prairie Noodle, Arden and his team of friends did their research to gage the interest in speciality ramen in Edmonton. He explained to us that traditionally, restaurants would hire personnel, develop a menu, open their doors, and sincerely hope that people would simply show up to their restaurant. This team tried an alternative technique by attempting to grow a fanbase before entering the market. They hosted a variety of popups to “test their concept on the market,” collecting feedback on their dishes and gauging the response to their proposed offerings. Pop-ups are publicized one-night events hosted periodically at a studio kitchen, where they would serve a hundred bowls of ramen. Arden mentioned that for their first pop-up, he was hoping the would sell at least sixty bowls – but to his pleasant surprise, they sold out of their product in 15 minutes, and even had to turn away people eager to try their noodles! Astonished by the success of these pop-ups, it gave Arden’s team and their investors the confidence to pursue opening Prairie Noodle’s first brick and mortar location. Despite Prairie Noodle Shop’s wonderful success today, Arden noted that the business had a bit of a rocky start. Although the success of the pop-ups marketed their product and stimulated a demand, they cultivated high

expectations for what Prairie Noodle Shop would offer. During their first few months, they were serving hundreds of customers a day, completely overrun by demand which they were not prepared for. The kitchen and restaurant staff began to struggle to keep up, and consequently the food quality which they were known for was jeopardized. After a few months of operations, they realized they needed to refocus and reclaim the reputation with which they had begun their operations initially. Arden gratefully credits their group of supporters,who gave them a second chance,as the reason that they were able to get back on their feet. As business students, we are all familiar with the one thing a company needs to distinguish itself in the market and to thrive: a competitive advantage. Arden said that the main reason their team wanted to go into the business of noodles was very simple – it was their comfort food; the food they had grown up loving. However, they weren’t interested in the typical, runofthe-mill noodle shops. When inventing their menu, they wanted to find creative ways to infuse Alberta’s agricultural products into the traditional bowl of ramen. This is exemplified in dishes such as their Prairie Pork Shio, showcasing Alberta pork, and Roasted Barley Chicken Shio, bringing together local crops and ramen. He explained to us how the flavours for ramen noodles are typically specific to the geographic region in which they are served – for example, Japanese ramen is usually served with a piece of seaweed. This technique of localizing a foreign dish played an instrumental role in the name of the restaurant,

“Prairie Noodle Shop”, and the way they marketed their business. As an entrepreneur himself, Arden is eager to lend his expertise to others on this journey. By day, Arden manages the UAlberta Venture Mentoring Service. This is a program run out of alumni relations, and supports alumni entrepreneurs who own a start-up business. In this program, entrepreneurs form partnerships with wellestablished mentors who are enthusiastic about giving back to the business community. Arden believes that the mentors he has connected with throughout his career have been vital to his achievements, and he himself is very passionate about mentorship. He has sought (and continues to seek) several mentors to assist him in different areas, and he urges others to seek varied mentors as well so that they can continue to grow, no matter what stage they are at in their careers. Finally, we also had the chance to hear him reflect a little upon his time as an Alberta School of Business Student. Arden had completed both his BComm and MBA at the ASoB and mentioned that for him personally, he found his MBA to be a far richer experience. He credits this difference in experience because of his willingness to get involved when pursuing his MBA. Arden mentioned, “during my undergrad I learned the fundamentals and foundations of business, but during my MBA, I developed an incredible network which brought opportunities I could have never imagined. My MBA was probably the best experience I have had, ever.” 15

CLUBS CORNER

CLUBS OF the

ASOB

Alberta SChool of business compiled by THE BSA designed by MARIE ESPENIDO

Business Exchange Association (BEA) Support international learning and exchanges abroad! Facebook.com/uofabea @beauofa www.uofabea.ca uofabea@gmail.com

Interdisciplinary Consulting Association (ICA) Develop opportunities in the field of management consulting!

University of Alberta Marketing Association (UAMA)

F a c e b o o k . c o m / theICAcommunity www.ica.ualberta.ca ica@ualberta.ca

Participate and connect in creative and unique marketing-related events!

Rocky Mountain Business Seminar (RMBS) The largest, longest-running student conference in Western Canada! Rocky Mountain Business Seminar @rmbs2017 @rmbs2017 rmbs15 www.rmbs.ca rmbs@ualberta.ca

AIESEC Edmonton Aiesec.ca aiesec@ualberta.ca 16

EDGE Business Competition (EDGE) A fast-paced, multidisciplinary simulation and unique case experience. EDGE Business Competition @edgebusinesscompetition edge-uofa.com

Alberta JDC West (JDCW)

Next Generation Leadership Club (NGLC)

The ultimate combination of competition, networking, and fun!

Enhance your leadership potential to become tomorrowâ&#x20AC;&#x2122;s business leaders!

Alberta JDC West @albertajdcwest @AlbertaJDCWest albertajdcw www.albertajdcwest.com ualberta@jdcwest.com

https://www.face book.com/ NextGenerationLeadership nglclub@ualberta.ca

University of Alberta Human Resource Management Association (UAHRMA)

AIESEC Encounter unique and meaningful leadership opportunities and internships!

TheUAMA @uama_alberta @uama_alberta uama.ca info@uama.ca

Alberta Energy Challenge (AEC) An international case competition focused on the dynamic Alberta energy sector. Alberta Energy Challenge @albertaenergychallenge @AEChallenge albertaenergychallenge.com chair@albertaenergychallenge.com

Connect with the people of the business world to create an impact on people and businesses! UAHRMA @uahrma UofA Human Resource Management Association uahrma@ualberta.ca

Business Finance Association (BFA) The leaders of the undergraduate Finance community at the University of Alberta. Facebook: UofABFA Instagram: @UofABFA Twitter: @UofABFA http://www.uofabfa.com/ bfa@ualberta.ca

ENACTUS Use the power of entrepreneurial action to improve quality of life for people in need. Enactus UAlberta @EnactusUofA enactus-ualberta.com enactus@ualberta.ca

Strategic Management and Organization Club (SMO)

Cooperative Education Student Association (CESA)

Learn and Practice the skills that define Strategic Management!

Enhance the CO-OP experience through numerous events and services!

theSMOClub @smo_club @UofA_SMO smoclub.org smoclub@ualberta.ca

Cooperative Education Studentsâ&#x20AC;&#x2122; Association @cesaualberta cesaualberta.com cesa@ualberta.ca

Alberta Not for Profit Association (ANPA) Learn about the impact of the NFP industry and its role in the business world! /AlbertaNotforProfit @anpaualberta @anpaualberta www.apnaualberta.ca anpa@ualberta.ca

University of Alberta Accounting Club (UAAC) Connect with industry professional and like minded peers in the Accounting industry! University of Alberta Accounting Club (UAAC) http://www.uaac.ca/ uaac@ualberta.ca

Management Information Systems Club (MISC) Understand the value of an IT background in Business. Fa c e b o o k . c o m / U n i v e r s i t y of-Alberta-ManagementInformation-System-Club-MISC https://twitter.com/uofamis www.uofamis.com misc@ualberta.ca

University of Alberta Real Estate Committee (UARC) Learn about Real Estate and cultivate career opportunities! www.facebook.com/uAlberta. Real.Estate.Club www.uarc.ca info@uarc.ca

Operations Management Club (OM) Explore the field of Operations Management through numerous events! OMClubUalberta @theOMClub omclub.ca omclub@ualberta.ca

Network of Empowered Women (NEW) Be a part of female empowerment and develop personal and professional capacities!

NetworkofEmpoweredWomen @UalbertaNEW @UalbertaNEW ualbertanew.ca uofanew@ualberta.ca

Lazy Faire Magazine (LFM) Club de Commerce Bilingue (CCB) Recognize the impact and value of the French language in Business. Club de Commerce Bilingue clubcommercebilingual.ca bilingue@ualberta.ca

The magazine run by Business students, for Business students! Lazy-Faire Magazine @Lazy-FaireMagazine @LazyFaireMagazine lazyfaire.com uofalazyfaire@gmail.com

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guest article

So You Want To Be An Entrepreneur? Being an entrepreneur sounds like the new “it” thing to be. Maybe it’s because as Millennials we see how older generations managed their careers and it’s not for us. From Baby Boomers who kept their head down, worked hard and moved up the corporate ladder to Gen Xers who worked hard, but tried to incorporate work-life balance as well; we, Millennials, want it all. Yes, we want work-life balance, but it’s a fallacy to believe that Millennials don’t

want to work hard.. We want to work hard, but we want to work hard doing something we love. Anything else seems like a waste of time. So with the rise of the internet, e-commerce, crowdsourcing, social media and the like, sometimes entrepreneurship seems like the only way we can have our cake and eat it too. But, we have to keep in mind that we’re still young and may not have the experience we need to be a

guest article written by DEEPA MAISURIA, CA, CBV designed by ANNA LEE

successful entrepreneur – at least, maybe not in our first attempt. As a Chartered Business Valuator, I’ve valued thousands of companies, so I’ve seen some trends of what sets successful entrepreneurs apart. These are just a few things to keep in mind:

1. What Value Do You Bring? It doesn’t matter what your concept is, there are likely a bunch of competitors in your industry. That shouldn’t deter you from entering the market since competition means it’s a viable market that’s already tested. But you need to ask yourself what makes your business different? Would

anyone care about the “difference” you’re bringing? Most businesses usually start with an idea and then realize that not too many people care for the idea. That’s when you need to tweak your concept and test it over and

over until you create something of value. If you can’t do that, you probably have to pivot or try something else. To learn more, I highly recommend reading Lean Startup by Eric Ries.

2. What’s Your Cash Flow? You have a great idea and it’s showing promise but, do you know how to manage your finances? Being ignorant to your finances can destroy your company. I know a lot of people think “I can just hire an accountant” but when running a startup, you probably don’t have the money to pay an accountant. And if there is anything I have learnt from the thousands

of companies I’ve valued, it doesn’t matter how big your company is, a good owner knows their numbers! At a minimum, you should be able to create an annual budget and cash flow statement. Then you need to track your actual expenditures against these statements on a monthly (or weekly!) basis.

This is crucial because you have to be able to pay your vendors/staff while also receiving cash in time to make these payments. If you don’t have enough cash coming in then you’ll have to figure out if you need bank debt or an investor to get additional funds. If you’re too lazy to track your money, don’t bother starting a company because it’s THAT important.

3. Are You Mentally Prepared? As glamourous as entrepreneurship sounds it’s lonely and a lot of work. No one knows your business like you, nor do they care. When you’re stressed out because you’ve been working so hard, and things become challenging you’ll feel really alone. 18

This is why self-awareness is important. If you can’t handle the stress you probably shouldn’t be an entrepreneur because getting a recurring paycheck as an employee is A LOT easier.

My suggestion, find a suitable mentor to talk to that will help you get through the tough periods because your mental wellbeing will be tested.

What I Wish I Did This Summer It’s hard to believe how quickly time goes by in the summer. A four month long break feels short lived and I’m left thinking of all the things I wish I’d done with my time this summer. Among that list this year is working out, spending more time with friends and family, reading new books, and most of all, travelling. I am a travel enthusiast and love spending my summers abroad! Travelling opens my eyes to different people, cultures, and cuisines. I’ve learnt so much by watching the locals and seeing how different their day to day life is compared to my own. This year I worked as a full time summer student which meant I committed to staying in the city for the summer. Although I enjoyed being placed in a new environment with a lot of responsibility, I missed having the freedom to travel. At times I felt trapped in my own life as I got caught up in the cycle and routine of work. I envied my friends and family who travelled to exciting destinations and longed to go with them. Before the whole summer passed me by, I wanted to make at least part of it memorable! If I couldn’t leave Edmonton, then I would take up every opportunity it had to offer! When I missed the creamy gelato from Italy, I decided to try Scoop N Roll. It is a booming food truck that prepares

ice cream right in front of your eyes and serves it in rolls! Instead of walking around the street markets of France, we strolled through Edmonton’s Night Market. It was a memorable experience with performers, food, and crafts! The thrilling rides of Disneyland were traded out for K Days. I even saw Beyoncé and Selena Gomez live in concert! At the end of the summer was an annual personal favorite of mine; Taste of Edmonton, which I look forward to every year! The best restaurants are present, serving many different cuisines, and are always putting up spectacular dishes. The foodie in me always leaves satisfied. Reflecting back on my summer there was a lot I felt I missed out on. However, I am glad I turned a negative into a positive and made my own local memories. The moment I stopped complaining about not travelling, my summer became so much more eventful and fun! As summer comes to an end and university kicks up again, I hope I am able to stick with this mindset and make the rest of the year memorable as well!

written by PARIYANKA CHANDAN designed by MARINA BRYAN & FATIMA MOHAMED

LF Reviews:

3.5/5 Stars

Freakonomics:

written by ISABELA MACIEL designed by MARINA BRYAN

A rogue economist explores the hidden side of everything. Written by Steven D. Levitt and Stephen J. Dubner.

In 2005, economist Steven D. Levitt and journalist Stephen J. Dubner released the New York Times Bestseller Freakonomics, launching an economics revolution that has spiraled into four books and a highly popular podcast. Levitt and Dubner explore how economics is, at its core, the study of incentives, and they paint an intriguing image of our world through the lens of economics. Freakonomics was a captivating, and at times, mind blowing read, while still being insightful into both economics and our society. Levitt and Dubner define economics as the study of incentives, “how people get what they want, or need, especially when other people want the same thing” (S. Levitt and S. Dubner, 2005, pg.16). Instead of leaving it at the definition, or using an example that would only work in a perfect world, Levitt and Dubner use stories of a daycare in Egypt trying to decrease the amount of late parents, and other real world examples that make us rethink our very world. It is this form of storytelling and teaching that has made Freakonomics so popular and widespread; even someone with no economic experience is able to follow and inevitably learn a thing or two about economics. A memorable quote in the book that perfectly captures, in my opinion, the essence of Freakonomics is that “if morality represents the ideal world, then economics represents reality”. The book revolves around the idea that economics is driven by humans – their reactions to situations, and their incentives and motivations, and thus, even the most moral person will cheat if the stakes are high enough. A critique that I do have of the book is that some of the stories seemed a little far-fetched. While they helped to explain and illustrate economic concepts, stories trying to relate the legalization of abortion to the decrease in crimes in the 1990’s were a bit of a stretch for me. Although it does not detract from my enjoyment of the book, it is important to read the book with an open mind and to take it all with a grain of salt. Overall, the book was easy to follow and a quick read,

with each chapter focusing on a different topic, and with its own set of stories to help illustrate. It was thought provoking, and encouraged reflection on both economic principles and the society we live in, while still being lighthearted and entertaining. I particularly appreciated the humor used throughout, as it made the book feel less like an economics lesson, and more like a novel. Freakonomics, and its related sequels, aren’t your typical dry economics books explaining economic theories set in a hypothetical world, but rather a playful book about how economics translates into everyday life. It is an interesting read for students in business, particularly those of us with a passion for economics. If you are looking for a good read that will make you think, laugh, and question the world around you, I definitely recommend reading Freakonomics. Levitt, S. D., & Dubner, S. J. (2005). Freakonomics: A rogue economist explores the hidden side of everything. New York: William Morrow.

Innovation

Crossword

For this crossword, stretch your brain to try and identify various innovative individuals and inventive organizations. This puzzle will cover and companies that have undoubtedly changed the world. written by MONIKA SHARMA designed by ANNA LEE

Across

Down

1. Transportation service that operates through a mobile app. Has shifted the paradigm of the taxi industry.

2. An unorthodox graffiti artist, who leaves his mark all over the world with unapologetic political messages.

3. Redefining the automobile industry with stunning electric cars.

4. Harvard dropout, turned founder of the world’s largest social networking site, he is changing the way people interact and how information is transferred.

5. A search engine that you have probably utilized nearly every day. 7. A technology company that has changed the way people look at computers. Refers to their employees as “Geniuses”. 9. A controversial, yet innovative figure in the music industry. Love him or hate him, it’s hard to deny that he has revolutionized the rap genre. Hint: he considers himself responsible for Taylor Swift’s fame. 11. The founder of Instagram, a social networking site that allows users to share pictures and videos. You have this man to thank for Valencia.

6. This company is the largest internet-based retailer. With more consumers deviating from the typical brickand-mortar stores, ecommerce companies such as this one, are thriving. 8. American business tycoon who co-founded Microsoft and made himself one of the richest people in the world. 10. The latest craze this summer, urging users to walk around in the real world and catch virtual creatures. 12. A platform that allows users to rent vacation homes. A creative and tenacious company that has changed the way people travel.

Answer key: 1. Uber 2. Banksy 3. Tesla 4. Mark Zuckerberg 5. Google 6. Amazon 7. Apple 8. Bill Gates 9. Kanye West 10. Pokemon Go 11. Kevin Systrom 12. AirBnB

Summer vs. Fall What’s better, Summer or Fall? Sandals

peach Green Tea Lemonade

sunglasses

netflix binges

Thunderstorms

summer vacation

ankle boots

Ankle boots class up any outfit and sandals make any outfit summery and casual. But let’s get real here - stubbing your toes in sandals is horribly painful, whereas stubbing your toes in ankle boots is next to impossible. On the other hand, is the freedom for your toes worth the pain? Maybe. It’s hard to say what’s more satisfying; a cold drink on a hot day or a hot drink on a cold day. Imagine a peach green tea lemonade with lots of ice on a hot day lying on a beach with a gorgeous view. But then imagine being curled up under a blanket with a good book looking out the window onto autumnal trees drinking a pumpkin spice latte. Both sounds pretty good to me! Sunglasses instantly make you look 100x cooler and they protect your eyes from UV rays. But there has to be an alternative universe out there somewhere with millions of pairs of sunglasses in it, because sunglasses are the easiest things on the planet to lose. They fly off boats, get left at the beach, and drop off the front of shirts. Scarves? I’ve never lost a single one. But scarves get caught and tangled in things and I can’t be the only one who finds parts of my lunch in my scarf an hour later. That doesn’t happen with sunglasses! Is there anything better than spending a rainy summer afternoon in bed watching an entire season on Netflix? But what about when your favorite TV show finally premieres in September after last season’s big cliffhanger? At least when you are binging on Netflix you don’t have to wait five months to know what happened to your favorite character! Both are fun to watch, as long as you are inside and not in the middle of it. Snowstorms are much colder, but you can brush the snow off of you as if it never happened, whereas walking through a thunderstorm will having you soaking wet for hours. At least a snowstorm won’t have your dog whimpering and crying all night! You may think that summer vacation easily wins this round, but many university students spent their summer working as much as they can to save for tuition. Back-to-school means seeing your friends every day and meeting new people. Of course, if you are one of those lucky people who spent the summer traveling, back-to-school is going to be difficult! written by KARA HAUCA designed by MARIE ESPENIDO

pumpkin spice latte

scarves

season premieres

snowstorms

back-to-school

Jeanel Alvarado

LAZY CHAT

SERIAL RETAIL ENTREPRENEUR

This month, we had the opportunity to chat with Jeanel Alvarado, Managing Director at the School of Retailing, to gain insight into her passion for retail and entrepreneurship. Jeanel is a fashion forward student in her fourth year at the Alberta School of Business pursuing a major in marketing. In addition to her involvement with the School of Retailing, Jeanel does independent retail consulting and has formed several retailrelated businesses of her own.

To begin, tell us about yourself and your involvement with the School of Retailing. The main reason I came to the U of A was for the School of Retailing. I applied for one of the open retail consulting jobs but I didn’t realize that you had to be a student at the U of A in order to get it. I ended up transferring from Grant MacEwan and then soon after was hired as a Senior Consultant with the School of Retailing. Now I’m a Managing Director and this summer I managed 7 projects on my own. In addition to this, I have started a few companies such as Retail Boss, MaisonVerado, and Lady Lyke. What made you become interested in retail? I’ve worked in retail my whole life. I’ve worked for Bench at Southgate Mall, worked as a Beauty Advisor, and later worked at Shoppers Drug Mart. Some people fall in love with retail and some people never want to work in it again. I love retail. I’ve also done various independent consulting work on the side. You mentioned starting several companies – Retail Boss, MaisonVerado, and Lady Lyke – what type of businesses are they? Retail Boss is a communications and marketing agency that focuses on services and consulting for small,

independent retailers. Most of our existing customers are tech-based companies. MaisonVerado started out as an e-commerce clothing company that drives customers to the site through curated content such as lifestyle and fashion posts. The clothing is influenced by hip-hop, pop culture, and ‘90s fashion. Lady Lyke is an online booking service and mobile friendly website for busy women who prefer to receive beauty services in the comfort of their own home. What inspired you to start your companies? I’m super entrepreneurial and a natural born leader. About a year ago I won an entrepreneurial award based on a business plan I wrote. When I encounter a problem, I usually work towards finding a solution. I gather the people that want to work with me and I form a company with them. Entrepreneurship is in my blood, it’s what I do. What have you learned from starting and running your own businesses? I’ve learned that you don’t need a lot of money to start a business. You just need a lot of time and effort. Whatever you choose to spend your time on, you should be using it effectively. You won’t be able to do everything but there are some things that need to be done to get the ball rolling. I haven’t put a lot of money into my businesses financially,

but I’ve already earned a profit from all of them. If someone has an idea, they should pursue it even if they don’t have it all figured out. Look at the customer that would use your product or service, tailor everything to meet their needs, and focus on the finances and feasibility. It sounds like you are incredibly involved - how do you manage to balance all of your commitments while at the same time being able to focus on school and personal life? It’s hard because at the School of Retailing I’m involved in planning and executing all of the events. I’ve travelled to LA, Toronto, and even went to Google’s head office to visit the retail division since they are a leader in online retail. I don’t even know how I do it, I guess I just don’t sleep! Usually I get up at 8 am and work until 7 pm. This week I am totally booked. I’m very busy and rely on my Google Calendar. I keep everything organized. If my friends want to make plans with me, we have to make plans a week in advance. If you haven’t made plans with me, I cannot see you. I have no social life. Saturday is my only free day, and it’s only free after 5 pm. Thank you, Jeanel, for taking time out of your busy schedule to share your thoughts with us. written by GABRIEL NUNES photographed by SUHUR OMAR-FARAH designed by FATIMA MOHAMED 23