Winter 2012 - Leadership by Atrium Media Group

LEADERSHIP - Winter 2012

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A RAIC dent

elle Heinrichs r-In-Chief ATRIUM MEDIA GROUP

CONTENTS

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erine Tong Human Resources

v Agarwal Finance

SBEATRIUM.COM @SBEATRIUM Chen FACEBOOK.COM/SBEATRIUM Marketing ISSUU.COM/SBEATRIUM

ERICK BARRIE Web DesignKLARA RAIC President ROCHELLE HEINRICHS Editor-In-Chief CATHERINE TONG VP of Human Resources DHRUV AGARWAL VP of Finance LILLY CHEN VP of Marketing RODERICK BARRIE VP of Web Design

The views and opinions shared by some columnists do not necessarily represent those of Atrium Media Group or any of its afямБliates.

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FEATURES 4

5 6 8 9

Get LinkedIn To the world of online networking.

Working Abroad: A competitive edge for job candidates

Want to work in Finance? Well you’ve got to get through the interview ﬁrst!

The Driving Force Behind “5 Days for the Homeless”

Braving the Cold: Tips for surviving ICE Week.

10 12

14 15 16

Choosing your Path Part II - the sequal to last issue’s article.

A New Generation of Leaders

Students Making a Smart Investment: Paper textbooks or e-textbooks?

StarStreet The newest hoby for sports enthusiasts.

Research Imitating Motion The story of the Fruit, the Robot and the Puppet.

19 20

Anatomy of our gas prices.

Business Trends: Point-know-buy.

Social Entrepreneurship in Action The Naked Hippie

The Emergence of Social ventures.

Get Linked

omments, photos, and news updates are sent via social media to mass audiences every minute of every day, and show no signs of slowing down. With the popularity of Leeza Pece social media on a personal sphere, it seems only natural that a similar pattern be reflected on a professional level, specifically hiring and recruitment. A recent 60 Minutes program stated that “the resume is dead,” and although it may be debatable, there is some truth in the statement. Keturah Leonforde, Career Consultant for Graduate and Professional Programs at the Laurier Career Centre, says that employers increasingly agree that if your resume is not supplemented by a LinkedIn profile or other supporting social media information, you are not likely to be considered a “go forward” candidate. In just a few years, LinkedIn has become a widely used tool for pre-screening large pools of applicants, and is only expected to grow. In other words, to be “LinkedIn” is to be connected, and to be connected is essential in the world of networking, especially for those students who are looking towards post-graduate or summertime employment; LinkedIn may be the key to success this coming recruiting season. Unfortunately, many are unaware of the potential a LinkedIn profile holds; let alone how to leverage it effectively. Leonforde confirms that many employers pursue candidates based on their LinkedIn profile, making it crucial to ensure that yours is up to par. This task may seem daunting, but is not difficult when following the correct protocol. To begin, choose a photo. Joe Grimm, a contract recruiter, echoes the sentiments of online recruiting blogger Lee Hung, stating that not having a photo on your profile is “incongruous;” it is inconsistent and unappealing to an employer looking to quickly put a name to a face. Since LinkedIn is a professional network, the major rule of thumb is to exercise discretion when selecting your photo; ensure that all clothing and items in the picture are appropriate for the workplace. The profile picture acts as an identification piece in the virtual world of LinkedIn, quickly connecting others to the skills and experiences that make up the bulk of your profile. When trying to decide whether to focus on hard or soft skills, Leonforde sug-

to the World of Online Networking gests researching your industry. You can easily find self-scoring grids for most technical skills which you can use to assess yourself accurately and appeal to employers by including the most important attributes for the field. Even with this knowledge, however, it can sometimes be difficult to determine how specific your profile should be. Some may fear that a profile too focused in one field may close doors to employment opportunities that may be of interest, but do not fall directly within that category. In order to overcome this obstacle, Leonforde provides advice common to most resume writing workshops: “The most effective resume will always be a targeted one – the same goes for a profile. You have 120 characters to present the value you offer – not your job title. Instead think about what your most compelling value is rather than a single target position.” She encourages you to think about what problems you can solve that an employer may be interested in. Using phrases like ‘Proven skill builder’ or ‘Human Resource developer’ exhibit a sense of your skills in a succinct manner, yet still appeal to a wide variety of employers. Since an idle user is rarely an efficient one, the job is not done when your profile is complete. Staying active is the key to establishing an online presence, which on LinkedIn begins with making “connections.” Unlike other forms of social media, LinkedIn is solely for making professional connections; thus, students who are accustomed to “friending” their peers may be apprehensive in connecting with individuals outside this circle, especially those of esteemed organizations. Leonforde, however, stresses the importance of pushing past this initial fear. Networking of any type is not always comfortable, so she suggests beginning with “warm contacts” to ease into it. This may include individuals you have met at casual events, or someone who has commented on an article you’ve posted. Eventual progression can be made using the LinkedIn search engines, which enable users to look up active recruiters and hiring managers. She also advises “joining and participating in discussion groups as a great way to build your brand and professional reputation, and connect with target individuals and organizations. To increase the chances that your invitation is accepted, ensure that you have presented a compelling reason for the connection, such as a referral by a colleague.” Be aware that although LinkedIn is

strictly professional, an employer who finds your profile on LinkedIn can just as easily Google your name and find you on Facebook, or Twitter. Revealing too much personal information on the Internet is a common mistake made by students, especially with the growing popularity of social media. A recent CareerBuilder survey states that more than 35% of employers have rejected a candidate based on their overall online presence, over 90% of which was due to inappropriate photos or information, specifically alcohol or drug use. Be cautious of what you put on the Internet or, as Leonforde puts it, manage the impact of your “digital tattoo” by asking yourself the following questions: Will this paint me in the best light with professional contacts? How well can I manage the comments, tweets or tagged photos about me from my followers? Might my reputation be tarnished by information appearing on my account? Chances are the answers will not always be in your favour, so it is important to be careful what outside links you place on your LinkedIn profile. Instead of linking to a personal twitter account, Leonforde suggests articles published, related blogs or company websites. For further information and development of an effective profile there are LinkedIn tutorials available online, as well as resume-writing workshops offered by the Laurier Career Centre.

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Working Abroad: A Competitive Edge for Job Candidates

fter spending hours sending out an overwhelming number of resumes, it can be stressful waiting for a reply requesting a job interview. In or`der to be selected for one, your Lilliane Dos skills, abilities and job experience must meet the Santos job’s criteria. However, competing against other qualified job candidates can be intimidating for many. How can students obtain a competitive edge to distinguish themselves from the rest? A student resource published by San Diego State University titled, “The Study Abroad Experience - Highlighting Your International Experience,” articulates that working abroad can mold students in becoming culturally diverse and experienced employees in a global workforce. This type of experience will be beneficial for candidates since employers are increasingly seeking competent employees in the fields of international business due to the vastly growing global economy. Additionally, international interns can talk about the unique traits they developed abroad when being interviewed to differentiate themselves from other applicants. Employers recognize that international internships compared to local work experience are predominantly advantageous for students in acquiring certain strengths and skills. These include flexibility, crosscultural communication skills, economic and geographical knowledge, and being able to adapt to different cultures by understanding and blending in by acquiring international business etiquette. Employers value the incredible initiative and determination exhibited by employees as they had to seek, obtain, and strive to perform exceptionally in a job located in a country with unfamiliar customs. Working abroad may sound daunting at first, especially for those who never independently travelled to another country

before. In spite of this, it is important to keep in mind that gaining new experience requires stepping outside of one’s comfort zone to promote both personal and professional growth. Pursuing opportunities such as studying abroad will enable students to expand their knowledge, skills, and experience in addition to potentially influencing their career plans as they discover other fields they would prefer to enter.

Want to work in

finance? F

or many BBA students, the world of finance and capital markets is very appealing. It is fast-paced, glamorous, stressful and of course - if you’re good - considerably generous to your bank Victoria account. Naturally, it is Craig also one of the most competitive fields in business and is known for its grueling interview process. Whether you are in co-op, searching for a summer job, or had a rough first interview and want to improve for the next one, here are some tips on how to wow your interviewers and snag your dream job on Bay Street.

Keep your resume to one page, seriously. Bankers and traders are busy people; they do not care about how 3rd grade gymnastics helped develop your work ethic. Keep it short and sweet and include only education, work experience and recent or current extracurricular activities presented in that order. Learn about the company. The more you know about the company that you are applying to, the better. It shows you are eager and ready to take initiative. Heck, you can even use the company for a stock pick if you do all the research! And remember to have a few questions ready about the company and the position you are applying for.

Be prepared for technical questions.

It is a finance job so yes, there will be some sort of financial analysis component to the interview. Have a few stock picks from different industries and do the necessary research and ratios to back them up! Remember, don’t just pick a stock from the front page of today’s paper…these guys will know right off the bat you picked the first stock you saw. Follow the news everyday so you can make an informed pick that shows your consideration of the long-term. Be aware of trends in the market, major news events and try to have a basic technical understanding of the bond and derivatives markets. Use your common sense. Chances are your interviewers don’t expect you to know the current T-bill yields or the details

Well you've got to get through the interview first! 6

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on the next skyrocketing small cap. You are only an undergrad so unless you have been blessed with serious summer job connections or have money in the markets, your experience and technical capability is limited. What they really want is to see how you think and react to the pressure they put on you during the interview. If you don’t know the answer to a technical question, be honest but try to reason through it to show you can think. If you can handle the pressure then they can teach you how to pick a bond.

wanting the job. It’s guaranteed they will ask you why you want to be a banker or sit on a trading floor for twelve hours straight every day, and you better have a darn good answer. You need to want to be there with every fiber of your being if you want to survive in the markets and that is what your interviewers are looking for!

Be confident. Half the battle is personality and how you present yourself. Your interviewers want to know that you will fit into the corporate culture and that you will be able to stay composed and thrive on a hectic trading floor.

AND REMEMBER… The Career Centre is a great tool to learn how to format your resume and present yourself in an interview. They also host some great workshops on how to succeed in finance interviews.

Make sure you have a reason for

Look good. Tons of people want this job so looking anything less than a professional will probably ruin your chances.

Tough questions your BBA peers have faced in finance interviews! •“Pick a stock, any stock, now tell me why!” •“What will be the biggest trend in technology over the next few years?” •“When would you use certain valuation measures such as EV/EBITDA as opposed to a P/E ratio?” •“Why do you want to work on a trading floor? I sit at my desk 13 hours a day and I only get up to go to the bathroom so you need to be motivated…” •“Give us your valuation of a company.” •“Why aren’t your grades as high as they were in first year?”

Good luck!

The Driving Force Behind “5 Days for the Homeless”

ive days, four students, twenty-one universities, and $225,000. This is the summation of the 2011 cross-Canada “5 Days For The Homeless” campaign, to which Wilfrid Leeza Pece Laurier University alone contributed over $14,000. This year, from March 11th to 16th, four more Laurier students will spend the week living like the homeless and braving the elements, with only the clothes on their backs, eating only food donated to them. Although these students will attend classes, they are forbidden to use any means of – *GASP* – cellular or media communication, and must spend all day and night outside. Immediately, one might ask “why?” Why would any reasonable person be willing to sleep on the concrete, in the middle of winter with a warm bed and stocked refrigerator just feet away? It is these thoughts that suggest a certain level of ignorance when it comes to our understanding of homeless youth. Rarely is the word homeless associated with youth, especially within a community full of university and college students. The statistics for homeless youth in the Waterloo region are staggering, and act as the driving force behind the “5 Days” campaign. For starters, the most common age of those who frequent emergency shelters in the Waterloo region

is twenty-two, and based on the same survey of emergency shelters in the Community Homeless Plan, there are an estimated 1500 to 2000 people who will experience homelessness each year. With a total population of approximately 418,500, about four in every 1,000 people in the region will use these shelters each year. Exact numbers vary between reports, but almost all studies conducted on the topic are similar in stating that that the number of homeless individuals in the KW region is quite large, and continually increasing.

K-WROOF ensures this is possible.

All proceeds raised by the “5 Days” campaign will be split between two local homeless shelters. The first, K-W Reaching Our Outdoor Friends, or K-WROOF, is a facility that provides front-line support in the form of counseling and outreach for those between the ages of twelve and twenty-five in varying stages of homelessness. These stages range from “street-youth,” those currently on the street and victim to a hostile street environment, to youth in transition out of homelessness; all are in need of continuous support in order to reach their full potential and permanently assimilate back into mainstream society. Basic needs such as food, shelter, and hygiene are met, but the organization also aims to provide more long-term support for its youth. Through programs such as substance abuse prevention, anger management, and drop-in sexual health clinics,

By contributing to local charities, the issue becomes more relatable for Laurier students who are able to see the impact of the campaign on the community they call home. One of this year’s participants, Carolyn Hodgson, derives her inspiration from Mahatma Gandhi, who once said “Be the change you wish see in the world,” a sentiment that captures the essence of the “5 Days” campaign. Using students to emulate the struggles faced by homeless youth provides a firsthand glimpse into their lives, creating a sense of empathy and understanding that may not have existed otherwise. The “5 Days For The Homeless” campaign and its participants emphasize why it is important to donate to the cause, and aim to raise awareness as much as they do funds.

The rest of the funds raised by the “5 Days” campaign go to the Argus Residence for Young People, a homeless shelter that provides emergency and transitional services for youth in Cambridge between the ages of fifteen and twenty-four. With a compound service of life-skill acquisition programs and support from community partners, Argus’ ultimate goals are to prepare youth for independent living, and ensure a feasible and safe transition home.

SBEA TRI UM Cold: .CO

he Integrated Case Exercise (ICE) is the major group project that haunts every third year business student for weeks leading up to its arrival - and it is fast approaching. The case comLaura petition is based on a real Meneguzzi company facing real issues and requires students to respond with a wellresearched analysis and recommendation, incorporating the theories and concepts they have learned over the years. Though each ICE Week experience is unique, a key success factor is group dynamics. The group you are assigned to can be a blessing or a curse. Due to the large amount of time your group spends together, good group dynamics is important to make sure the week progresses smoothly. To help survive ICE Week, consider the following tips to ensure your group works cohesively toward a positive, fun, and rewarding learning experience. 1. Build Positive Relationships. Start off the week by bonding with your team. The icebreaker activity is designed for students to become comfortable with each other. Use the time to learn about one another’s strengths and weaknesses and to determine how each member can contribute to the group. 2. Work Together. Many BBA projects use the “split-

it-up” tactic. For ICE Week, working together may be a more appropriate approach. Talk about each component as a group, ensuring all members have a clear idea of the strategy before beginning the work. If you would like, split up into smaller groups who are responsible for a certain part of the project, but still meet as a team so that any questions or concerns that arise can be discussed as a group. 3. Challenge Each Other. Positive relationships make it easier to challenge another group member’s point of view (just remember to remain considerate). If you have an idea, don’t be afraid to speak your mind; and don’t be afraid to defend yourself. Feed off each other to gain better insight and a stronger argument. 4. Set Goals. Have a clear idea of what your group would like to achieve each day and make sure these goals are realistic. Creating goals and objectives make it easier to plan out what needs to get done and by whom. This also ensures that each member knows what they are responsible for. 5. Take Breaks. When a major goal has been met, or when you notice the group beginning to get anxious, take a break! Breaks are a great way to refresh your mind. Watch a television show, take a walk, or get food (don’t forget to eat!). 6. Start Early and Meet Daily. This ensures the group is moving

Braving the Tips for Surviving ICE Week

toward its goals at a satisfactory pace and that each member is on the same page. Start early in the week to have the maximum amount of time to complete the project well, and take advantage of the entire day by meeting in the mornings; this will prevent the likelihood of all-nighters. Consider the option of taking nights off, which gives each member a chance to relax and refresh their mind. Starting early also gives you plenty of time to make any necessary adjustments or changes without being pressed for time. 7. Use the School’s Resources and Plan Ahead. Book a classroom or a library room and meet at the same place each day to avoid confusion. The room becomes your group’s space and a comfort and familiarity is created. Use the whiteboard to brainstorm and to plan out the strategy. Practice the presentation to make sure it flows well and all members know their part. Anticipate possible questions that the judges may ask and have an answer prepared as well as backup slides ready to show. Stay professional, but don’t be afraid to get a little creative. And remember: don’t make your answers too complex – sometimes simplicity works. 8. Have Fun! It is a very demanding project, and with its short time frame you will need to manage your time wisely, but it is also a great way to build transferrable skills and should be treated as a learning experience. View it as an opportunity to interact with new people and create new friendships.

CHOOSING YO F

or those of you in third year, you may only have a year left at Laurier, but it’s the best year of the BBA program! This is your opportunity to take courses that really interest you and choose the conRochelle centration that will direct Heinrichs your future in the business world. In the Fall 2011 issue of Atrium we highlighted five of the ten concentrations offered at Laurier and gave you a firsthand account of what to expect. (In case you missed it, check out the archives section of Laura our website at www.sbeatrium.com/archives to read Fulton the full article!) In Part II of this series, we will profile the remaining five concentration choices, including the option of not choosing a concentration at all.

trate in an area of business that I am passionate about.”

Insurance and Risk Management

One of Laurier’s lesser known concentrations, Insurance and Risk Management is an option with lots of opportunity but few takers due to a lack of prior experience

tration because “it is an ever growing field. The industry itself is changing continuously so there is always something new to learn.” She also enjoys the structure of many of the courses as “they are always surrounding current events.”

Finance

Whether your aims are Bay Street or Wall Street, the Finance concentration is an excellent option if you have an interest in the stock market, personal investment or corporate finance. Fourth-year finance student, David McNevin, explains that “the finance concentration equips students with the tools necessary to comprehend many of the global issues affecting us today.” If you enjoyed your third year finance classes, you will likely enjoy this concentration as well, with course offerings like Personal Financial Planning, Options, Futures & Swaps, Advanced Corporate Finance, and more. Laurier also offers the required courses if you’re looking to pursue the Certified Financial Analyst designation (more information at www.cfainstitute.org).

Marketing

A popular choice for BBA students, the Marketing concentration is suitable for those who are finally looking to use their creativity skills after three years of accounting, operations and finance-related courses. The only required course for the concentration is Consumer Behaviour, allowing you to choose from a number of other marketing-related courses to round out your year. Options include Services Marketing, Marketing Communications, Creative Thinking for Marketing, B2B Marketing and more. Laura Beth Wilson told AMG that after three years of mandatory courses, “I am thrilled that…I am able to take business elective courses and concen-

or knowledge of the field. For this concentration, Laurier offers numerous courses to choose from, many of which overlap with the Finance option. These include Introduction to Risk Management & Insurance, Property & Liability Insurance Management and Capital Market Issues in Property & Liability Insurance. Rebecca Duguay chose this concen-

Entrepreneurship

For many students, the New Venture project in first year is one of the most dreaded of the entire BBA program, but for entrepreneurs it is a much-loved challenge. If you enjoy the thrill of creating something new and possess the drive and determina-

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OUR PATH : Part II tion necessary to make a business succeed, the Entrepreneurship concentration is a great choice. You will have plenty of handson opportunities in courses like New Venture Creation, Start-a-Business Workshop, Social Entrepreneurship and Managing the Growing Small Enterprise. Mac Potter explains that “the Entrepreneurship stream is a great

create their own business.”

Business & Sustainability

“It was a last minute decision for me to concentrate in Business & Sustainability, but it was by far the best academic decision I’ve made so far,” says fourth-year student, Heather George. The Business &

Entrepreneurship and Environmental Management for Operation. “The Sustainability concentration looks at business models that use integrative thinking to help solve global issues, while simultaneously being profitable,” George explains, “We learn how to integrate social and environmental aspects into the core activities and vision of a business.” For those with a keen eye for environmental issues, it is an attractive option. George was inspired after volunteering in Peru over the summer: “I came to the conclusion that I wanted to learn more about using business models to create a positive change in the world, rather than solely thinking about the bottom line.” It is “the new way of business.”

General Business (No Concentration)

After careful consideration of the available options in the BBA program, you may simply decide you want a taste of them all - or perhaps you can’t decide period. Thankfully, there is still an option for you that is, not concentrating at all. Instead of choosing one path, you can take a variety of courses across all ten concentrations and get a broader education that covers all functional areas. Dawit Debssou decided to take general business for several reasons. “Firstly, I was unsure as to what career I wanted to pursue post-graduation,” he explains, “and thus did not want to commit to any specific area of business out of fear that it would limit my opportunities.” Debssou also chose this path because he enjoyed both HR and Finance in third year, and wanted to continue taking these courses in fourth year. He felt that “having a more balanced understanding of business would allow me to see difference perspectives to issues facing a firm and enable me to relate and appreciate all departments within a company.”

way to apply all areas of business learned throughout your university career.” The courses “allow you to think creatively [as you] develop your own business plans,” and lets you “explore the creation of a business from start to finish.” It is an excellent option “for those who have a passion and drive to someday

Sustainability concentration may be new to Laurier, but it is an increasingly relevant choice as the business world continues to put a stronger emphasis on becoming socially and environmentally sustainable. Students in this concentration must choose four courses from a number of offerings, such as Business Strategy for Sustainability, Social

Although the concentration you choose does not strictly limit the scope of your career, it is an important building block, especially for those pursuing a designation. Take this opportunity to explore the fields available to you in the world of business. Choose courses that interest you, find out where your talents lie and most importantly, enjoy your last year at Laurier - it’s one of the best!

W E N A I

n a robust business environment that strives to develop students who excel in strategy execution, we are taught to integrate the dynamics of abstract learning in order to grow in the various forms of inBeverly telligence. More often than Cheung not, we are also bombarded with viewpoints of the leaders we ought to be, as we develop in character through disciplinary experiences and perspectives that continuously shape our leadership styles. In this special Leadership edition of Atrium Magazine, we revisit three principles that have been lectured by some of North America’s most respected executives and professors as the most desirable qualities in future leaders.

Candor

By mere definition, candor refers to straight talk. It is the ability to speak with an appropriate level of frankness that allows for real conversations. It breaks down excessive editing to save face, politics that require ‘pleasing our boss,’ and the natural tendency to sugarcoat our words in order to avoid inflicting pain on those around us. For many of

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us, finding the balance between genuine candid opinions and sensitivity to those around us takes both time and practice, depending on the environment in which we are dealing. The tendency to ‘play your cards right’ has grown from structured decision making to strategizing both actions and words to work in our own personal favour – a concept that often hinders the success of many businesses. Jack Welch, former Chairman and CEO of General Electric remains one of the most admired business leaders worldwide and was named ‘Manager of the Century’ by Fortune Magazine in 1999. Recognized for his incredible contributions at GE and effective leadership, Welch was also noted as a strong proponent of candor as mentioned in his book, Winning. He often referred to candor as the “biggest dirty little secret in business.” According to Welch, the power of candor lies within its ability to engage rich ideas that are pulled apart, debated, improved, and executed without bureaucratic formalities that clutter decision-making. In his words, “Lack of candor blocks smart ideas, fast action, and good people contributing all the stuff they’ve got. It’s a killer.” Although this concept is rather logical in relation to successful strategies,

Welch points out its rarity due to the blunt impression that is initially portrayed. A lack of candid opinions, sometimes out of fear to confront top managers, is also pinpointed by Warren Bennis, Chairman of the Leadership Institute at the University of Southern California, as the starting point of poor transparency. In his annual essay, Building a Culture of Candor, he recalls countless incidents over the past few years of fraud, oil spills, breach of ethics in journalism, and product defects that could have been potentially avoided with open confrontation during the initial signs of dishonesty or error. The practice of candor is without a doubt easier said than done, but nevertheless it is a trait that is continuously stressed by top leaders. It begins with balancing candor and respect, and voicing negative opinions in a constructive light.

Humility

It comes as no surprise that business leaders have been commonly labeled as proud individuals, and for their incredible achievements, the title is well deserved. For some of us, the growth of self-assurance that comes naturally with achievement brings us

S N R E O I D T A f LEA o dangerously close to exhibiting signs of arrogance. However overconfidence, or rather, a lack of humility, not only makes for potentially unpleasant personalities, but has the tendency to infiltrate business strategies in the form of clouded judgment. In other words, humility strips away the boastful persona of winning to reveal a genuine and open-minded perspective of both situations and people. At the Berkeley Haas School of Business, humility is an essential characteristic in the search for M.B.A. candidates, as mentioned in the article Harvard, Stanford, and Humility: The MBA Admissions Trinity, published by Forbes Magazine. “Confidence without attitude” as the school defines it, demonstrates a level of self-awareness sought after in the leaders admitted into the program. Both Harvard and Stanford also follow suit in valuing the power of being modest. Ideally, these leaders possess a paradoxical combination of both empowering strength and underlying humility. But why is humility so important in business strategy? We are not referring to making risk-adverse decisions, but rather its role in reflecting on successes the same way we would in response to failure. In order to do so, we must view success in a self-effacing manner, putting aside the natural confidence that makes us resistant to constructive criticism. Francesca Gino and Gary Pisano, professors at the Harvard School of Business, introduce this concept in their recent article for the Harvard Review, Why Leaders Don’t Learn from Success. According to Gino and Pisano, “We tend to give too much credit to our talents and our model or strategy, and too little to external factors and luck.” As a result, we

become over-confident and less skeptical of the business strategies executed – a dangerous combination that makes us resistant to change, and from that, breeds failure. In a business environment that is progressively more competitive each day, businesses simply cannot risk falling victim to their own successes due to the tunnel vision of its leaders. Perhaps the power of humility has been vastly underestimated, and in reality, contributes more to long-term success than credited for.

Compassion

In the past few decades, the downfall of once highly respected companies has become the most anticipated and popular media headlines. Experts say the source of failed leadership resides in character rather than intelligence, and for business leaders, it narrows down to a lack of emotional intelligence (EI). As defined by internationally known psychologist Daniel Goleman in an interview with Tricycle Magazine in 2011, EI stems from a different part of the brain that determines our level of mindfulness, and within it, compassion. It seems logical that a character trait rooted so deeply in the history of culture and religion around the globe would surface in the face of leadership. On the contrary, it appears to remain a key factor overlooked in the selection of executives. The concept of mindful leadership is widely proposed by Bill George, former Chairman and CEO of Medtronic and current professor at Harvard University, in his article Mindful Leadership: Compassion, contemplation and meditation develop effective leaders. In light of a decade of ‘lost leaders’ he refers to the emergence of a new generation

of authentic leaders who “are genuine in their intentions and understand the purpose of their leadership is serving their customers, employees, and investors, not their self-interest.” To gain deeper understanding of mindfulness, George examines concepts from Buddhism and the discipline of meditation – a practice proven by neurological research to help reshape the part of the brain responsible for EI. In the New York Times Bestseller, An Open Heart, the Dalai Lama describes meditation as a practice that opens the mind to serenity while exploring insights including: feeling, perception, composition, and consciousness. In Buddhism, compassion is a primary characteristic defined as a state of mind capable of selfless actions. The combination of these factors form the basis of George’s concept on mindful leadership, aimed to develop compassionate leaders with high levels of self-awareness. He describes this type of leader as having deep understanding of their core principles and the ability to empower others even in the most challenging situations. Understanding compassion as a mindful leader starts with self-reflection in our own lives, experiences, strengths and weaknesses. It is learning to attain a higher level of understanding of ourselves, developing wisdom of the mind, and gaining awareness through others before welcoming the responsibility of leadership.

STUDENTS MAKING A SMART INVESTMENT: Paper Textbooks or E-Textbooks?

hroughout a personâ&#x20AC;&#x2122;s university years, the money spent on textbooks accumulates and as a result, students seek new alternatives to save as much as possible. These Lilliane Dos include purchasing used books, renting them, or reSantos selling their books to recover some of the money spent. A new trend that is grabbing the attention of many students is buying e-textbooks; however, is it too early to invest in them? E-textbooks are still in their infancy and, therefore, not enough research has been done to prove how effective they are as a learning tool. As stated in the report â&#x20AC;&#x153;E-Textbooks Are Coming: Are We Ready,â&#x20AC;? which is based on a study conducted by Kennesaw State University in the United States, researchers have not found a substantial difference in the academic performance of students using e-textbooks compared to hardcopy books. Despite this, e-textbooks may have the potential of becoming valuable and cost-efficient academic devices as their features and designs are continually improved. The advantages of electronic textbooks are attractive to many students such as

the convenience of widespread accessibility to their textbooks from one compact source. Online access promotes interactive exercises, note-taking, and direct links to websites consisting of supplemental information. Other applications include group discussion forums, online quizzes and assignments that are marked immediately and indicate which areas they need to improve on. They also offer videos and audio recordings which professors can use to explain the course material that students can refer to for further clarification. Although the access to online course material provides many methods for further learning, e-textbook applications such as on handheld devices have their disadvantages. The availability of certain electronic textbooks is limited and unlike hardcopy textbooks, the electronic devices that hold these applications require a battery or power source which may be inconvenient when they run out. The fact that the price of physical textbooks has increased over the years has influenced many students to use e-books in order to reduce their expenses. Nevertheless, the comments made pertaining to the costefficiency of e-books is only a generalization. Although electronic books are usually less

expensive than printed textbooks, publishers take advantage of the lower printing costs associated with e-books. This is a result of the shift in consumer spending which has led to a decline in new textbook sales and the growth of the rental/used textbook market which produces less revenue. Consequently, purchasing electronic textbooks can be more costly than from buying a text from the bookstore. Therefore, students interested in purchasing a handheld device such as an Android Tablet or an iPad2 for the purpose of e-textbook applications should do their research first. They should determine if the e-book application has the e-textbooks they require and whether the costs are less than those associated with renting/buying used hard-copy books. If the costs are at par, it comes down to personal preference. As for the future, the trend in e-textbooks looks promising according to a Simba Information report that states the estimated rate at which the e-book market will grow through 2013 is 49% for which electronic versions of textbooks will account for 11% of all textbooks. With time, e-textbooks may be enhanced in order to improve the progression of teaching and learning.

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StarStreet M

any people strive their entire lives to find a career that allows them to do what they love, and most only dream of making money from their hobbies, but those of you who spend hours reAndrew searching sports teams are Gibbs-Bravo in luck! StarStreet is an online service that allows users to trade virtual stocks based on an athlete’s current fantasy value. The user makes money by purchasing the athlete’s stock and reselling it to another user at a higher value, or by reselling it to StarStreet at the end of the season. Currently, the only sport that can be traded is the National Basketball Association; however, the site is planning to expand the offering to include professional baseball, hockey and football. StarStreet was founded by Jeremy Levine in 2009 after receiving start-up capital from SV Angel, Jarr Capital, and TechStars. The company first offered trades based on the World Cup using virtual money but then switched to trades based on the National Football League using real money. StarStreet then focused on professional basketball as a result of the conclusion of the football season.

How does it work?

StarStreet allows users to purchase the stocks of a player during an Initial Pub-

lic Offering (IPO) which is similar to a real stock exchange. However, instead of valuing a company and then offering it to the market, the IPO process is done through users bidding on shares. If I was to purchase a share of Lebron James at the IPO, it would cost me about $3.96. I would then be able to trade this share throughout the season to other users. Supposing he had a great game the value of his shares would increase and I would be able to sell the share for $4.50, generating a profit of $0.54. Just like a real stock market however, StarStreet charges commissions to transact the trades. The costs are lower than most brokerages charging only 4% to the seller and nothing to the buyer. The intrinsic value of the athletes is calculated based on their fantasy point value ensuring the market stays efficient. Legality In April 2011, the Federal Bureau of Intelligence targeted online poker sites such as Poker Stars and Full Tilt Poker claiming they violated the criminal code for online gambling and money laundering. While the trial proceedings are ongoing, the American government has a very definitive stance on restricting online gambling. However, because StarStreet operates under fantasy sport regulation, the “Unlawful Internet Gambling Enforcement Act” of 2006 ruled that StarStreet is legal.

One infamous attempt was a company named OneSeason. OneSeason offered a similar service to StarStreet; however the athlete’s virtual stock was not tied to the player’s fantasy value. This resulted in a pyramid scheme in which existing users would attract new users to sell their stock. The new users must then attract other users in order to generate a profit as they now hold worthless stock. Because the virtual stock is not classified as a security, it is not regulated by the Securities and Exchange Commission leaving the responsibility of regulation to the service provider. OneSeason only lasted for a year as it ceased operation when the pyramid eventually collapsed. StarStreet has enormous growth potential as it currently only operates in Canada and the United States. Because the market is virtual, it can be accessed by any country once the banking transactions are managed. The company is also capable of offering any sport that has an associated fantasy league. StarStreet is still a new company and is currently managed by only four employees. As the company grows and the brand becomes more established, more users will be enticed to join, furthering the company’s growth. StarStreet has an interesting market structure but will their site stay sustainable? Or will it fall victim to similar ailments as OneSeason? Only time will tell.

There have already been several attempts at creating a stock market for sports.

RESEARCH IMITATING MOTION:

the story of the fruit, the robot, & the puppet

his is a story about how Research in Motion has become Research Imitating Motion. This is a story about a Waterloo-based technology giant and its recent tribulations. This is a story Troubled in about triumph, passion and TechTown determination. But, at its core, this is the story of the fruit, the robot and the puppet. Mike Lazaridis was born on March 14th, 1961 in Istanbul, Turkey. Brilliant at a young age, Lazaridis earned an award in his childhood hometown of Windsor, Ontario for reading every single science book in the city’s public library. He continued on to the University of Waterloo in 1979, enrolling in the school’s Electrical Engineering program. During their final year, he and two UW classmates applied to a General Motors RFP to develop a “network computer control display system” for the automobile company. Competing against professionals twice their age with twenty-times their budget, the exWarriors won the $600,000 contract and formed Research in Motion. Over the next 25 years, Mike Lazaridis and his business partner, Jim Balsillie, built the company into the Wonder of Waterloo. Dominant in its field for most of the early 2000’s, the locomotive that is Research in Motion began to slow upon the appearance of a few new competitors, but the train did not stop. In May 2008, RIM released the brave Bold and six months later, the somewhat sombre Storm. Last year in 2011, the highly-speculated BlackBerry PlayBook was released to a horde of anticipation. RIM has also picked up a few passengers along the way, acquiring 13 different companies for hundreds millions of dollars since 2009. After releasing several stunning smartphones, acquiring multiple technology companies and aligning with industry trends like the tablet, why has the Wonder of Waterloo become the Collapse of Canada? I think it is because RIM has not lived up to its name. The company has been imitating

motion, progression and development. For how long, I do not know. What I do know is that RIM created the first wireless device to synchronize with corporate e-mail systems. RIM started the smartphone industry. RIM created a piece of technology that has been nicknamed “Crackberry” because of the addictlike nature of its users. But, since the mid2000’s, RIM’s innovation has lapsed. RIM was a follower, not a leader, in the production of a touch screen smartphone, an app store and a tablet. Yes, the technology giant company has invested in research and development, but its dawdled pace and sterile creativity has been more of an imitation than a true threat to Apple or Android. The fruit and the robot have stolen the worldwide smartphone market right out from under RIM’s nose. Whether it’s Apple’s Siri intelligent personal assistant or Android’s Beam proximity file transfer system, the two RIM competitors bleed both innovation and perspiration; two qualities our “Waterloo Wonder” has lost as of late. Even more pointedly, the burgeoning community of Apple and Android has chosen its side. As of the date of writing this article, the Apple App Store just reached 25 billion downloads and the Android Market had over 10 billion. At the same time, the BlackBerry App Store had just over 1 billion downloads. Those numbers say it all. One positive perspective is that RIM has maintained its sterling reputation as a dependable technology corporation acting with respect and integrity. Of course, that excludes the October 2011 service outage affecting tens of millions of BlackBerry users around the world; plus the two company executives who were belligerently intoxicated on a December 2011 business flight from Toronto to Beijing; and do not forget the 2007 stock options scandal when RIM had improperly recorded the hundreds of millions of dollars in employee stock options. If you take out all of those incidents then I think we could maybe, potentially, hopefully define RIM as a dependable technology corporation acting with respect and integrity. Any former RIM stockholders reading this article would most likely cringe the most at the last news story mentioned above, or any other mention of the letters R, I and M. That is

because RIM stock plummeted between June 2008 and June 2011, costing shareholders around the world seventy billion dollars. I, for one, am glad I was not on that train. So what is next for RIM? The recent move by Lazaridis and Balsillie to step down as co-CEOs and co-Chairmen of the Board is a step in the right direction. I think the only true way to alter the direction of a ship is to change the leader at the helm. For the sake of RIM, Waterloo and the Canadian technology community, I hope that the new CEO, Thorsten Heins, will be a fresh wind in the sails of RIM. A second hopeful fact comes from a recent study by comScore, an American market research firm, that still names BlackBerry the most popular smartphone in Canada, although RIM leads Apple by just one percent. I admit the above insights seem hopeful, but I personally take a more pessimistic and simple approach to predicting the plight of our Waterloo employer. I own a BlackBerry. I do not care about BBM, detest the fact that my Bold 9700 freezes multiples times per day and am envious of my iPhone and Android counterparts who have access to hundreds of thousands of amazing apps. My BlackBerry’s Flixster and Facebook just no longer cut it. Thus, it is my perspective as a humble Laurier student that writers, Canadians and technology enthusiasts, such as myself, will not stop talking about RIM’s ineffectiveness as a technology competitor until the company produces some truly innovative products. Simple as that. I ask you directly Thorsten, please put some actual motion back into your company’s locomotive or sails or whatever other analogy you prefer. That, or buy me an iPhone. A new black 4S with a grey case and one of those cool armbands would be just swell. I have one last point to add. If Apple is the fruit and Android is the robot, where does the puppet fit in? To put it plainly, a puppet is led by its master. A puppet is confined to its strings. And in most cases, a puppet is the object of its audience’s laughter.

Anatomy of

Our Gas Prices I

f a foreigner were to visit any Canadian city, it is quite likely they would think one of our national pastimes is complaining about gas prices. For years these prices have steadily risen, leaving Canadians Uma wishing for nothing more Ahmed than the days of fifty or sixty cents a litre. The disheartening truth is that the gas prices are on the rise and they donâ&#x20AC;&#x2122;t seem to be slowing down. What exactly causes rising prices and why do they continue to soar higher than ever before? Petro Canada answers this question quite simply. The price you pay at the pump consists of a number of elements. Half of it is accounted for by crude oil prices. The price of crude oil is highly influenced by the global supply and demand as well as other factors like inventory, weather, and the economy. One third of the price at the pump is accounted

for by tax. The rest of the price comes from refining, transporting, distributing, marketing, retailing, location, competition, and market size. For this reason, prices tend to jump up before long weekends when people do more travelling, therefore the demand is greater. But we live in Canada, where we have an abundance of crude oil and our own refineries, so why are we still paying so much for gas? Since Canada sells its oil globally, it is not profitable to sell it for less within Canada when a greater profit can be made selling it internationally. This is why the price of Canadian products is not notably higher or lower than foreign products. You may also wonder why gas is cheaper in the U.S.? Quite simply, it is because the tax is lower. At least we are fortunate to be paying less than Europeans. In Canada, Ontario and Quebec have seen the greatest inflation in prices.

In fact, the Montreal Gazette reports that Montreal is expecting the price per litre to reach $1.50 by the end of the summer. Those of you who traveled there for Reading Week may have noticed it is already at $1.44 per litre. As summer approaches, the prices will also be rising in Ontario. My advice: take the bus, car pool, walk, ride your bike, or get a fuel efficient car - better yet, buy a motorcycle.

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Business Trends: POINT-KNOW-BUY

n today’s consumerist society, almost everything we can see, hear or touch is for sale. When walking down the street, we are exposed to hundreds of people, brands, sounds and visual Maria concepts that grab our Mustansir interest, but how do we get more information about what we like? Traditionally, we would Google it. However, Trendwatching.com predicts that the process of searching for real-time information is now moving from text search to visual search with the aid of smartphones. Mobile commerce, more conveniently known as M-commerce, is the new trend in business, especially “pointknow-buy” technology. This technology, which provides instant visual information gratification, is being embraced by today’s consumers. Smartphone users now have the power to point at virtually anything and gain instant knowledge about a product anywhere, anytime. This technology has the potential to reshape consumer expectation, search behavior and purchasing patterns.

Some tech platforms fueling the

Point-Know-Buy process include QR codes, augmented reality, tagging and visual search.

QR Codes:

This app allows users to scan a unique code that directs them to a link with additional information. First used in the automotive industry, today QR codes are especially popular with the Blackberry smartphones and allow users to instantly attain knowledge.

Augmented Reality:

This concept is a combination of overlaying digital, computer-generated data with the physical, real-world environment. These applications integrate audio, video and GPS sensors to enhance what a user is viewing.

Tagging:

This technology allows the user to ‘tag’ or pick up specific objects from their surroundings. A host of applications can pick up invisible markers and trigger the related information or action.

Visual Search:

This incorporates smart image recognition technology, such as Google

Goggles or Layar Vision, and attempts to identify the actual object in the viewfinder. With this technology, the user receives the same result by viewing a picture of an object as pointing their camera at the real thing. Many of us have been guilty of using this mode of searching. An example is WordLens—an iPhone app that lets you translate text within pictures (for example, road signs and menus) into either English or Spanish. Another app by Apple known as Shazam enables users to identify any music track they hear wherever they are. The visual search query also includes augmented reality applications such as Aurasma, which shows real-time instructions on how to wall-mount a TV. This new way of gathering information is still developing, and we will see an even keener following as the process becomes more seamless and efficient. Marketing managers will need to re-construct their strategies around this new trend in order to get the most outreach, recognition and accessibility for their cause and brand, but ultimately, businesses that have recognized the growing Point-KnowBuy trend will be able to capitalize on their return.

SOCIAL ENTREPRENEURSHIP

IN ACTION:

The Naked Hippie

very business has a purpose. Some want to make profit, others want to provide the best product or service possible, but The Naked Hippie’s purpose is to make an important impact on the world in Maria more ways than one. Based Mustansir in Florida, The Naked Hippie is a unique brand of t-shirts that gives away 100% of its profits to a sustainable cause; their slogan, “t-shirts investing in developing countries,” says it all. The designs are simple, featuring an inspirational message on a fair trade organic cotton shirt made from partially recycled material. The Naked Hippie’s profits are all invested in micro-loans given to small business owners in developing countries. A micro-loan, the brainchild of Nobel Peace Prize winner, Muhammad Yunus, allows an entrepreneur to grow and expand his or her business, to the point where they are able to provide for their family and support the economy in their community. Once the business is flourishing, the loan is paid back and the Naked Hippie then reinvests part of that money into the growth of its brand, while the rest is put back into helping developing entrepreneurs. Not only is the Naked Hippie impacting families in the developing world, it is offering a product that is sustainable, offsetting water pollution by three gallons per t-shirt, according to its website. Currently, the company operates solely through the web and ships its t-shirts to the U.S. and Europe. The t-shirts appeal mostly to women aged twenty to fifty-five with prices ranging from $30 to $32. From the description on its website, The Naked Hippie believes that it is “the only brand of in the world whose success relies 100% on the people [it serves].” If a small business succeeds, the loan is paid back which allows the brand to grow further and help an even greater number of people. It encourages entrepreneurs to aid in the success of their own community and allows them to support their families. The Naked Hippie also believes that “we all have a big effect on the earth in a big way” and we need to be aware of the impact our actions have on the planet. In todays shift towards a more ethically minded consumerism, Naked Hippie shows how business is done - the right way.

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The Emergence of SOCIAL VENTURES S

ocial business is a buzz word that has gained momentum in the last couple years, especially with the explosion of mainstream companies like TOMS Shoes and the online “Giving” section of the Rochelle Globe and Mail, but is it just Heinrichs a trend or is it redefining business entirely? The answer remains to be seen, but as you will read, one Laurier professor has high hopes for the future of social ventures and their role in business schools, the community and the rest of the world.

Firstly, what exactly constitutes a social venture? In 2010, Capacity Waterloo Region released an exploratory study, “ForProfit Social Ventures in Waterloo Region,” that defines a social venture simply as “a business with a social or environmental purpose.” Dr. Stephen Preece, who teaches Social Entrepreneurship at Laurier and was involved in the creation of the Jazz Room uptown, expands this definition by stating, “the key to a social venture is [that it is] mission driven, so there’s a central purpose that addresses some kind of social problem. Where people seem to have issues is whether it’s for-profit or not-for-profit.” Currently, there is much debate within the business community as to the exact definition of a social venture and where its boundaries should be drawn. For example, the Capacity Waterloo Region report identifies that “social enterprises” and “social purpose businesses” are not equivalent, the difference being social enterprises are operated by non-profit organizations, rather than being independent for-profit entities. Despite the disagreements, however, a social venture (or enterprise or business) “almost escapes the definition,” explains Preece, as “it is less concerned about the definition and more concerned about the purpose.”

Not-for-profits are held to a tight set of rules regarding profitable activity, whereas forprofit businesses have a lot more flexibility, especially when it comes to funding and operations. Non-profits are beginning to see the end of an era when government grants and public donations were enough to sustain operations. They are having to look for alternative funding models, which leads them to the option of a for-profit social enterprise. Social ventures have the ability to “serve an important gap that has existed with [government or not-for-profit] organizations,” says Preece, due to their flexibility and freedom.

It may seem like the idea of a business created solely for a social purpose is a recent innovation, born out of the recent financial crisis or the Occupy movements. However, “I think it has been percolating over the last five to ten years, as people are more willing to see the limitations of what you might consider a pure capitalist market,” Preece states. “I think now people are seeing that there can be a broader scope within a capitalist system and they’re willing to consider that.” The next question is, what role will social ventures play in the coming years and are they here to stay? The increasing prevalence of social ventures in society makes it obvious that there is a definite niche for them to fill. As Preece observes, “there’s an unlimited opportunity; there’s social need wherever you turn and we’re never going to run out of opportunities for social ventures.” He also points out that “as we see more and more social

ventures succeed, then others will look to emulate and there will be people that will look and say ‘Wow. That’s neat! I can do that.’ We will also see more mentoring.” The only place social ventures are heading is deeper into mainstream culture, as they gain greater acceptance and momentum from consumers and critics alike. As they increase in popularity, “they’ll also attract more resources,” Preece says. They may be causing confusion now, but “I think it will normalize over time as things go.” So what does this mean for business students? “I would see it as another option for a viable career path,” Preece explains. If you are willing to make the trade off between a generous income and a meaningful purpose, then there is a rich (in the non-monetary sense of the word) opportunity for you as a business student to pursue a career with a socially-focused organization; “it’s a wicked trade off and I wouldn’t judge anybody for weighing the options, but at the end of the day, how much money do you need and how much do you pride yourself on having meaning and purpose in your life.” Ultimately, it appears as though social ventures are here to stay. They are already playing an increasingly important role in the solution of social problems, and are rapidly gaining acceptance in mainstream society, especially the business world. In the words of Dr. Preece, “I think it’s a really exciting area and I see huge growth potential in the coming years.”

What is the purpose then? Why create a social venture rather than a non-profit organization or a traditional, profit-focused business? Other than the obvious reason of creating an entity with the ability to make a greater impact in the community, social ventures are being created for a number of reasons. “There are a lot of entrepreneurs who don’t want to work for government or notfor-profit organizations [because] they tend to have a lot of restrictions,” explains Preece.

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