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Franchises Are Attractive To Business Owners Because

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Franchises Are Attractive To Business Owners Because

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Read Also – foundations of business

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Yes, your enterprise card is a single of the items that you must usually have with you. You are in continual competitors with other men and women who have their cards with them all the time. And you can?t miss on an chance when it arises. As element of the industry, it is a need to for you to attend activities in which you will be able to meet enterprise people today like you. Mingle out and find out a factor or two. Don?t forget to give out your cards to the appropriate people today.

Use It Wisely Now that you are a organization individual, you want to retain a specific look. You can?t be also casual for fear that you may not be treated seriously. In order to do so, you have to get the services of the correct printing company. You should also invest on an individual to do its layout for you. 1.Loved ones gatherings This is also true with your business enterprise cards style. You will have to suit it according to what company you are operating. This is your representation to the marketplace. So you have to do almost everything suitable to make that representation look very good.

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Is it quick to build stickers? 1.Family members gatherings.

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Read Also – let’s get down to business meme

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Franchises Are Attractive To Business Owners Because – The company cards are not like your typical flyers that can be provided out to any person who is passing by. All your contact particulars are there.

Basics of Buying a Franchise Business for Entrepreneurs

Basics of Buying a Franchise Business for Entrepreneurs – In addition to this front-end franchise fee–the one-time charge that a franchisor assesses you for the privilege of using the business concept, attending their training program, and learning theFranchises are attractive to business owners because they are a proved business model, with support for supplies, marketing and branding material, as well as business plans, etc. It’s safer for entrepreneurs that don’t want to take big risks, or that can’t really come up with a business of their own but have the capital to invest.In business format franchises (which are the most common type), a company expands by supplying independent business owners with an established business, including its name and trademark. The franchiser company generally assists the independent owners considerably in launching and running their businesses.

franchises are attractive to business owners because – Question: Franchises are attractive to business owners because. This campaign marked the end of the fighting in the Civil War General Robert E. Lee surrendered his troops to General Ulysses Grant on April 9, 1865 Lee and Grant met for the first time during the war Which would make the BEST title for this list of notes about the Civil War?The franchising business model attracts a number of qualified individuals, particularly in times of recession or slow business growth. Individuals are attracted to franchising and the opportunity to create their own jobs. While franchising is not a get-rich-quick proposition, many do have attractive returns on investment.For many business owners, franchising can appear to be an ideal form of business expansion. After all, franchisees are responsible for the entire investment in opening locations and, because of

franchises are attractive to business owners because

Franchising | Boundless Business – With a franchise these pitfalls can be avoided because you have a tried and true system to fall back on.” – Idan Shpizear, owner and founder, 911 Restoration You can ask for help if you need it.Franchises are attractive to business owners because a. they have a proven business model. b. they are typically inexpensive to buy. c. they get to keep all profits. d. they come with very little risk.As attractive as family businesses are on many fronts, they have the following disadvantages: Family businesses tend to be stable organizations. Although this is a good thing in many instances, stability can also make it difficult to change. The business owner may feel guilty because his devotion to the business takes away from the

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How Blockbuster Flopped – A Case Study for Entrepreneurs – Hello everybody, Tom Ellsworth here, and welcome
to Case Studies with the Biz Doc.
This is where we study what happened to other
companies to find important lessons out of the case study that you can apply to your
business today, or the one you're going to build tomorrow. This week we're going to talk about Blockbuster. Remember Blockbuster? Big video rental chain. Well, Blockbuster didn't have a very good
sequel when it was time for the digital era and they flopped. And we're going to find out why, and how you
can avoid it. Before we do that, and talk about all the
badness and what happened, let's go back and talk about what was really a pretty good opening
and a pretty good launch for Blockbuster. They were actually founded in 1985, in Dallas,
Texas, by a guy that had experience with databases. And he did a really good job of designing
some early analysis tools where they would determine what videos that they were going
to put in what locations based on the neighborhood and what people liked. It was pretty sharp thinking way back then. And before long, they were up and running
and really getting off the ground. Along the way, they offered franchise opportunities. So you could get yourself a piece of this
action and get in on this Blockbuster deal, renting big video tapes to all Americans so
they could go home and watch a popular movie with their family. It attracted the attention of a guy named
Wayne Huizenga. Now Wayne Huizenga was a high-flying guy with
a company called Waste Management. And he thought it would be so cool to have
a franchise of Blockbuster, that he bought the whole company. And he paid .5 million for it. Can you believe that? After two years, .5 million. You know, we did a previous case study on
a company called Groupon where after two years Google offered six billion dollars. And they didn't take it! If you want to know that story, go watch the
Groupon case study. But back at Blockbuster, after two years,
Wayne Huizenga of Waste Management buys them for .5 million. And then Wayne, he was a pretty good executive. And he and his partners started putting things
to work and before long, they had 2800 stores. Now I say before long because it took them
about five years, but they just put these management principles, they acquired some
companies, and they were just a freight train, and all of a sudden there were 2800 stores. So popular, that Viacom, the big media company
paid 8.4 billion for Blockbuster in 1994. That's a pretty good payday for Wayne Huizenga
and his buddies. And their plan was interesting. Blockbuster had 2.25 billion in the bank! Cash in the bank. And they were bought in what's called a stock
swap, where Viacom gave them stock in Viacom, worth this .4 billion and they bought the
company, Blockbuster, complete with its bank account, with all that money in it. And you know what they were going to do? They were going to use some of that money
to actually go buy Paramount Studios. Well if that sounds like creative and confusing
deal making, we'll soon find out that it was. But the bottom line is, you probably shouldn't
have the finance guys making acquisitions. This should be strategy. And I think when you're thinking that I'll
just buy this company, it will stay profitable, there's an assumption, and I'll take this
billion dollars inside it and I'm just going to go buy this other company over here, this
movie studio, there's another assumption, well, maybe someday I'll do a case study on
Viacom. But meanwhile, now Blockbuster is part of
Viacom and Wayne Huizenga and his guys have been paid handsomely. Well, that was in 1994. And three years later, in Silicon Valley,
California, a guy named Reed Hastings was really pissed off because Blockbuster charged
him because he was late returning Apollo 13. Well, he got really annoyed with that, and
he started thinking it over, and saying, "isn't there a better way to do this? Isn't there something that could be done?" And he just started thinking about it and
strategically he came up with it and he created a company called Netflix. So Netflix starts with good strategic thinking
and a lot of things there. But also, a little bit of the spark there
was somebody returning an Apollo 13 and getting charged in late fees. So, Netflix, it was very interesting. They took advantage of the fact that video
tape weighed this much, but a DVD was really light. You could put a DVD in a simple little envelope
and, you remember those Netflix, those red and white envelopes, made of that special
material that would protect the DVD. They just mailed it to you! It was about as, just a tiny bit heavier than
a letter you could get. But there was a DVD. And you would watch it. The other thing they did is they invested
in technology and they started saying, you know, if we mail them to people, they're not
going to like the store to browse, and we can have a selection on the website, but what
if we start paying attention to what they're renting, and what they like. And then we say, maybe we'll let them rent
something that they think is interesting based on what they've already rented. And better yet, instead of charging them per
DVD rental, which wasn't really popular at Blockbuster, and had its issues with late
fees, and Netflix found some issue there, too, so Netflix said, the hell with it. Why don't we make a subscription and you could
rent up to this many DVDs a month? And then we could always send you some that
maybe we think that you would find interesting. Or we'll put it on like a list and tell you,
hey, we think you'll like this, and we'll put this on a list so it will come up and
say, you seem to like action adventure movies, maybe you'd like this one, too. Help people discover movies that they hadn't
thought about. Well, guess what? Netflix took off. We all know it took off. And they're off and running. Meanwhile, Viacom is saying, well, you know,
let's make some money off this Blockbuster thing. Let's do something about it. And in 1999, they sent Blockbuster public,
had an IPO, Initial Public Offering, which is the initials for what happens when you
go on the stock market for the first time. And Viacom sent Blockbuster out, and they're
on the stock market. And as you can see, it was kind of a rocky
ride initially, and then in 2002, you see right here, there's another IPO. That one belonged to Netflix. So now Blockbuster is on the stock market. And their value, when they were out there
on that stock market,

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.6 billion. Wait a minute. Didn't I say that Viacom paid .4 billion
for them? Hmmm. . . could it be that things were starting
to happen? Well, there were. You know, it was very interesting. In the year 2,000, shortly after the IPO,
Blockbuster announced that they had, for the year, you know, their revenues. And they were talking about revenue and talking
about how many videos people would rent. And they slipped in this little fact, that
they made 0 million on late fees. 0 million on late fees? You know, there's a word for that. DAMN! You know, good grief? So you're making money on videos, but you're
making money on late fees? To me, that means that there's 0 million
worth of annoyed consumers that maybe returned it a day late or a week late. Okay, if you're like my brother and you turn
it in a week late, you should pay a late fee. But if you're just a day late, give me a break. Do you want me to rent from you tomorrow? Or do you want to just find ways to like just
dig at me? Well, needless to say, there was a lot of
people that looked at that and said, you know, gosh, that seems like a lot of money on late
fees. Are American consumers that irresponsible,
or are you that greedy? Well, greedy or not, anyway, Blockbuster was
still moving along, and in 2004, Blockbuster would be at its peak, with 9,000 stores globally. 9,000 stores. Well, the Internet happened in 1996, well
a little bit before that, obviously, but 1996, the Netscape browser gave birth to the Internet,
and this is eight years later. And the Internet's doing a lot of things. And Blockbuster, with a competitor out there
in Netflix is still leasing new locations, renting new locations, buying new locations,
and they had 9,000 stores globally. Which means they had 9,000 payments on real
estate. 9,000 leases or things. And 9,000 locations that needed employees. You're probably smelling what I'm tasting
when I say that is that hmmm. . . really? Was that really the business to be in, with
all those people and all those locations and all that stuff? Well, at that time, they were worth nearly
billion, and that would be the peak for Blockbuster, because Netflix and it's mail
out service and its subscription service, and it's really amazing, I remember it, I
don't know if you remember it, recommendation that would introduce you to movies that you
might like, based on other movies you watched. It was working pretty good. And after their IPO, do you see which way
they were going? And so, here you had 2004, Netflix was doing
well, Americans are loving it, Blockbuster starting to shift, and the entire history
and future of Blockbuster can get summed up in one two-year period, '04 to '06. And I call this the showdown at the O.K. Corral. Now never mind what that is. That's the name of an old movie. But it was when these two gun fighters met,
and this was you against me, and only one of us is coming out of here alive. And in '04, Blockbuster announced a mailing
service to mail out DVDs and to mail out rentals to America. And then initially, the stock market thought,
"oh no, poor Netflix! Because big giant Blockbuster has now got
this service." And it went down. But you know what? Nimble, quick, new Blockbuster, you know,
with a mailing service, no, that's not what it was. It was old, slow Blockbuster trying to do
a mailing service. And soon we would find out that the financial
results weren't there and they weren't doing so well. And, Netflix recovered and kept pumping along. And what you had here, was Blockbuster trapped
with all those locations and all that real estate. And they had this legacy mindset, that they
would just add things on to it. They had a new CEO in there somewhere who
had actually come from 7-11. And do you remember when Blockbusters basically
became convenience stores? They had coke and candy and all this stuff,
and you could rent video games. Well, renting a video game's smart. That's similar to renting a movie. But all that other crap in there, c'mon, it's
like who were you? I remember going into Blockbuster and being
just amazed at the amount of extra stuff that was there beyond movies. So needless to say, they're starting to have
issues, starting to have troubles. And, guess what? At the end of those two years, we see where
this went. Netflix recovered, and Blockbuster heads to
the place where bad sequels go to die. Sort of like Dumb and Dumber 2, right? It wasn't even nearly as good as the first
movie. The first movie was a blockbuster. It was a blockbuster for Wayne Huizenga and
bringing the way to get movies to you and me. But when the Internet came along, and digital
technologies came along, and they charged 40 bucks to a guy named Reed Hastings who
got pissed off about paying that fee for returning Apollo 13, guess what? Things changed. And Blockbuster had all that money in the
bank, all that resource. Heck, they were owned by Viacom, a giant media
company that owned a movie studio. And yet, they fumbled the opportunity, because
legacy thinking. At one point, they had executives that had
come over from Wal-Mart. At one part they had executives come over
from 7-11. That doesn't sound like forward thinking to
me. Even if those executives were really good,
smart people. That just doesn't seem like forward thinking. So here you had it. A bad ending, and a sad thing. And I'll tell you a little side story. In 2006 and 7, right here, I was working at
a company called GoTV. And we were one of the first companies that
had put video on cell phones. And what had happened is I had seen how we
were using our technology and I thought, why doesn't somebody see about maybe putting eventually
movies on cell phones? And I, if you read my bio, and you know I
came from Sprint and I built some of the most innovative rate plans on the planet that changed
an industry, helped change the industry with all the good people at Sprint that were around
me. Well, I looked at it and I said, you know,
I think there's something here. So I had called Blockbuster and I said, "Listen,
I've got technology and I've got the ability to do this. You've got all these relationships with the
studios. Let's put this together. There was a CEO at the time. His name was James Keyes. He had just come to Blockbuster after the
previous CEO was let go, for reasons that are pretty obvious on the blue line. And I sat with their people and I said, Look,
you know, let's do this. I've got the technology, you've got all these
licenses and all this content, let's go ahead and do that. And they sat there, telling me, that the wireless
carriers won't do it, they won't do this, they won't do that. You don't understand. They won't let people pay that much for data. People will get mad that the data costs so
much. And I looked across the table and I'm like,
wait a minute. Who do you think you're talking to? Right? Maybe I should leave the room and you should
go check up on my LinkedIn and then I'll come back, because as you will see, I built rate
plans in this industry. I built rate plans, and I'm working for a
company right now that's building video technology for the future. You know what that told me? That told me that even though they had Keyes,
that new CEO, that they were dead. Right? You know what? Blockbuster's all about movies. And it reminds me of a movie. Remember in the Matrix, remember in the Matrix,
"Your men are already dead." And they were dead. They declared bankruptcy in 2010. Dead. And it didn't have to be that way. Because let's look at what they had. #1, they were owned by Viacom. They had access to content. They were connected to a media company. #2, they had money. At one point they had 2.2 billion in the
bank, that Viacom actually, the reason they bought them was to get at that money. They were public on the stock market. They were doing okay. They could see the future. They saw a competitor emerge. They just didn't react fast enough. And their legacy thinking was tied to their
legacy business model. And somebody was probably thinking, you know,
how are we going to get rid of all these locations? How are we going to sell all this real estate? Well, you know what, that should have been
a problem that you put innovation in force and find somebody that can buy your real estate
and figure it out, because you're going to die if you stayed there. They just didn't do it. They had everything they needed, including
being able to watch Netflix start and say, wow, maybe something's going on here. And by the time they decided they're going
to go out and compete with Netflix, Netflix was founded in 1997. They gave Netflix a seven-year head start
before they introduced a mail out system in 2004. You know, a funny side story that's not so
funny if you're looking at this side of the blue line is that in the early 2000, Netflix
had actually gone to Blockbuster and said, hey, you got all these relationships, you
got all these movies, why don't we offer a mail service to be an additional way people
could rent movies. They could return them at the Blockbuster
store, but they could get them by mail whenever they want. They said, we could do that. And actually, depending on who you listen
to, the myth vs. reality is they were laughed out of the office or Blockbuster just said
they didn't think it was a very good idea. But the fact is, the fox was in the hen house
talking to them about a partnership that never happened. And then some years later, you know, the rest
is history. And I think that's an interesting note that
also helps you understand just how Blockbuster didn't understand what was going on. And how they missed cues in the market, including
one that was sitting in their conference room, offering to partner with them, to offer a
mail service, to go right next to physical video rental. Blockbuster didn't run to a digital future,
and as a matter of fact, they had everything they needed to succeed. Instead, they slid to a future death because
of their past decisions. That's it. So, when you look at it, the thing for yourself
to remember is, don't let a decision you make over here become your permanently entrenched
thinking. Think of it as just a decision you made at
a point in time and any decision you make, big or small, I may have to undo this decision
someday. And just teach your mind to be flexible. Blockbuster had it happen. Many companies had it happen. I'm going to be flexible. I'm going to be malleable and I'm going to
be ready for the future. If I have to change something, I'm never going
to say, "I can't. I'm a video renter with stores, and that's
what I'll always be." No, I'm a person with a relationship with
Americans that want to love movies. Can you think if those two attitudes were
different? There you have it. Well, anyway, that's the Blockbuster case
study for this week, and of course, as usual, please subscribe to Valuetainment, the best
channel on the Internet for content for entrepreneurs. Until next time, with another case study,
I'm Tom Ellsworth, and I hope I left you, better than I found you. .

Why China Is Beating The U.S. In Electric Vehicles – The global electric vehicle market is heating up and China wants to
Increasingly more and more analysts expect China to be a leader in EV
production, partly because it has the largest automobile market in the world, and then it has all these government policies to support consumers
to buy EVs. The Chinese government has invested at least 60 billion dollars to support
the EV industry, and it's pushing an ambitious plan to transition to all electric or hybrid cars by 2035. They have an all of society approach to winning and dominating the electric
vehicle market globally. In 2020, EV sales in the U.S. were far below Europe and China. Out of the 3.24 million electric car sold, only 328,000 were in the U.S. , 1.33 million were sold in China and 1.39 million were sold in Europe. And as we go to 2025, China will pull away from everyone else, accounting
for at least half of total global vehicle sales. Despite the pandemic, deliveries of EV's grew year over year in 2020 by 43
percent globally, the U.S. only saw a four percent increase. But there are signs that the U.S. is getting more serious about going electric. President Joe Biden has renewed the U.S. commitment to fighting climate change with a goal to reach net zero
emissions by 2050. He's also announced investments in green infrastructure, including adding
an additional 500,000 charging stations in a move that came as a surprise to many. General Motors, one of the largest automakers in the U.S.,
announced plans to exclusively offer electric vehicles by 2035. They've got a long ways to go. Carl, let me give you some perspective on GM's global sales. Last year, the company sold about 6.6 million vehicles worldwide. Take a guess how many were fully electric? Just 49,149 . But can the U.S. catch up to China's massive lead? U.S. seems to be a kind of the young reluctant colt saying, well, we'll get
around to it, but what's the hurry? Well, there is a hurry. The race is on. China and Europe are way ahead. Let's take a look at how China came to control the market. The country decided over a decade ago that it wanted to be the world
leader in electric cars. The industry in China is one that has been very interesting to me because
it's an example of how government policy can potentially drive innovation in an industry. China is betting big on electric vehicles for several reasons. First, they've always been a follower in traditional vehicles and they
wanted to find a way to catch up technologically and not be dependent on Europe or the U.S. on engine technology. Also, they have a significant air pollution problem and they're also the
world's largest importer of oil. China is the world's biggest emitter of greenhouse gases and has pledged to
be carbon neutral by 2060. In an effort to support the adoption of EVs, the Chinese government has
played a massive role. It has spent tens of billions of dollars to support the sales of electric
vehicles. It's no secret that without regulation, without rules, without subsidies,
electric vehicles would have never gotten off the ground. Whether it's in California, in China or in Europe, it's been the
government pushing the electric vehicle future. China has been the most aggressive in this regard. China has subsidies and incentives that benefit automakers, suppliers and
consumers. In certain cities for example, in Beijing, you can only have access to the city center in a
car if you're driving an electric vehicle. Elsewhere in Shanghai, there's an incentive if you buy a gasoline powered
car, you must, first of all, pay ,000 for the license plate just to have the rights to buy the car. Now, if you buy an EV, they waive that licensing fee, you get it for free,
you save ,000. And then even in cities that are not restricted, the registration wise,
they kind of restrict your access to the road. You can only if you drive a ICE car, you can only go onto the street
between a certain time and a certain time and perhaps certain days during the week. And I CE is short for internal combustion engine. China also has a quota system for manufacturers, they must produce a
certain percentage of electric vehicles every year or they're fined. But some question if this is sustainable. In 2019, after the government cut back on some incentives, sales fell and
the shares of EVs overall dropped from eight percent in mid-2019 to five percent by the end of the year. Other than Tesla, the only way to sell EV's so far has been through subsidies, whether it's
state or federal. We saw that in China a lot. What we haven't seen is organic demand really outside of incentives or
early adopters. The amount of funding that has been poured into the industry, it's mind
boggling. It is thirty three percent of all sales, not thirty three percent of
profits, but thirty three percent of all sales. This is a government created market. But subsidies cannot last forever. And some think with the introduction of more luxury brands like Tesla,
consumers can eventually be weaned off them. I think the perception is that China is winning the electric vehicle race
because there's so many subsidies in place, but if we look closer, something happened in 2020 that shifted the picture. When Tesla arrived in the market and other EV startups like Nio and Xpeng
began to deliver highly desirable, good looking, reliable, long range vehicles. Chinese customers for the first time said we don't need subsidies to make
the decision to buy this electric car. In the US, there is a ,500 tax credit available, but not all cars are
eligible and the incentive goes away if the automaker sells more than two hundred thousand cars. Tesla hit that threshold in 2018. Democrats have introduced a new bill to expand the credit for automakers
who have hit the threshold and have extended the limit to 400,000 cars for a ,000 tax credit. For example, Tesla doesn't break out deliveries by region, but it
delivered almost 500,000 cars last year during the pandemic. The Biden administration here in the U.S. seems much more open to expanding, if not providing additional incentives
for the EV market as well as the infrastructure buildout, which is one of the major concerns. China has been very supportive of the EV infrastructure and EV companies
for years, and we've seen it in their EV sales and almost same thing with Europe. There's no question that all of this move to electric globally
would not have really gotten traction without China first mandating that electric would be part of its future and as the
largest vehicle market in the world, that has a global impact. Primary barrier for consumers to buy electric vehicles is the cost, and
batteries represent the bulk of the cost of the electric vehicles besides subsidies. China's government also provides support and battery manufacturing and the
supply chain. It's the leading producer of electric batteries and motors. Battery production around the world is concentrated in Northeast Asia. It's Japan, Korea and China. Together, they account for about 95 percent of total battery production
for vehicles. Now within that ninety five percent, China has more than 60 percent at
this point. So it's clearly the leader in terms of battery production capabilities. And analysts are basically across the board saying that China has control
of the chemicals, the production facilities that are needed for electric vehicle battery production for the next
probably five to 10 years. So there's actually some groups in the U.S. who are also raising this as a concern if the future of mobility is going
to be electric. Other than Tesla, battery manufacturing in the U.S. is almost nonexistent, General Motors and others have announced plans or
initiatives to kind of enter the market. GM has a 2.3 billion dollar investment right now with LG Chem. They're building a plant in Ohio and that plan is set to open, be finished
in 2020 too. Look at the situation, the U.S. and China relations are at their worst in 50 years. And should the U.S. become over-reliant on Chinese batteries? Well, it would be so simple. The Chinese would say, sorry, we don't have enough supply for you. China also made charging a national priority and has been installing an
extensive network throughout the country, it has over half a million charging points compared to the U.S. that has roughly one hundred thousand. Even Tesla has a massive network in China with thousands of points. And China has already unified their charging infrastructure. So whatever car you're buying, you know that you could go to a station and
get charged up. So America's first step should be try to work toward a unified standard
for charging so that no matter what electric vehicle you're buying, you'll have peace of mind. Oh, I can get it charged there. No problem. Tesla has seen rapid growth in China after building a factory
in Shanghai at the end of 2019. The company earned 6.66 billion in revenue from the country in 2020. And the model three was also the best selling NEV last year. Tesla's China made Model Y began deliveries in January and was the third
best selling electric car in February. Tesla has played its hand really well. Elon Musk understood that China wanted to be a leader in electric vehicles
and that the incentives may be in place for Tesla to take advantage of. Though other foreign automakers make cars in China, they were all required to set up joint ventures with a Chinese automaker. SAIC owns 50 percent of GM in China. Ford also has two joint ventures there. But Tesla was able to get a unique deal in the country. They're the first automaker to come into China and that the government let
them own their own factory and let them operate without a joint venture with a local Chinese affiliate. So Tesla's growth in China thus far has been helped by the Chinese
government. It's been a red carpet welcome for Tesla because the Chinese government
sees the value of having Tesla and its suppliers right there planted inside China, further fortifying China's stance as the
strongest EV industry in the world. But Tesla has lowered its price in China a couple of times at first to
qualify for subsidies and then because of cheaper Chinese made batteries. One of the reason Tesla did extremely well in China this year is because it
had price cuts a couple of times and the biggest cut was a percent, a beginning of October. So that really boosted the orders. So we are looking at an older number of 12, 13,000 a month in September,
all of a sudden jump to about 31,000 in October. Tesla also dominates the U.S. market. The company made up 79 percent of all electric cars registered in
2020. The only non-Tesla of the top five cars was the Chevy Bolt, which had
around 19,000 vehicles registered compared to the Model 3, which alone was over 90,000. The company's market cap grew over 500 billion in 2020,
making it worth more than the nine largest automakers combined, even though it sells a fraction of the amount of cars. China sold roughly one million more EVs in 2020 than the U.S., with less
aggressive subsidies and lack of battery manufacturing. The United States has its work cut out for it if it wants to catch up. The U.S. and China are really different markets. The U.S. is not going to mandate certain things as much as China will. China kind of had mandates to cut down on pollution. They had the very large incentives. Their owners in many of these companies that are pushing the EVs in the
US, we have to have more of an organic growth. Plus, the consumers in China and the US are quite different. While the Chinese will buy miniature cheap EVs, Americans are more drawn
to SUVs and gas guzzling trucks. In fact, Ford's F-series, which includes the F -150, remained America's
best selling vehicle for the 39th straight year in 2020. The F-series brought in 42 billion dollars in revenue in 2019, which is
more than the NFL, NHL, NBA and Major League Baseball combined. New EV trucks pose a threat to the truck makers market share. When word came out about the Cybertruck, the main message was: we're going
after your profits on your biggest selling vehicles trucks. So Ford and GM responded and said, oh, we better not be asleep at the
wheel. There are a slew of electric trucks coming in the U.S. in the next few years and a number of startups entering the space. American auto giants are making big changes too. Make no mistake, this is General Motors and Mary Barra making a very clear
and declarative statement right now. They will be fully electric and they plan to be there at least by 2035. GM's CEO Mary Barra said we're committed to fighting for EV market share
until we are number one in North America. China is GM's largest market worldwide when it comes to total vehicle
sales. In the summer of 2020, it launched the Hong Guang Mini with its joint
venture Wuling. The small EV cost s ,400 and has seen rapid growth in sales. They're selling more than 30,000 of these a month. If you can get to that volume in a month, you're doing extremely well. So GM went from sort of quiet and not doing much in China with electrics
to this surprise sensational new product. EVs are still a very small percentage of the global auto market, so it's
still anyone's game. Automakers want to keep their customers happy, but also don't want to lose
market share to startups or Tesla. In China, competition is growing rapidly. Warren Buffett-backed BYD's new luxury sedan jumped into the top 10
electric cars sold in China last year. China also has hundreds of startups. These include shorter range and lower priced cars. But there are also notable luxury brands popping up to compete with Tesla. They include Nio, Xpeng and Li Auto. All three companies have seen high valuations in the past year. The EV auto startup companies are extremely well-funded and welcome on Wall
Street and global capital markets. It's the wide open capital market and that's the rich valuation makes the
entrepreneurs believe that it is a worthwhile effort to try, even though, you know, the outcome can be
binary, but they still think it's attractive venture. In the US, the race between the Detroit automakers and a slew of startups
is starting to unfold. GM has unveiled the all-electric Cadillac and Hummer EV. Ford will debut the fully electric Mustang Mach-e. Then there are startups like Rivian, Canoo and Bollinger Motors, all
working on electric pickups. In Europe, Volkswagen is another automaker accelerating plans to dominate
the EV space. In the fourth quarter of last yeay, it sold more than Tesla, but that
number includes plug in hybrids. The German automaker expects half of U.S. sales to be electric vehicles by 2030. While China has a commanding lead, all hope is not lost for the US to
catch up. China is ramped up battery production as well as car production for
electric vehicles. But the quality of their batteries and particularly the quality of their
own cars is still not world class. And that applies to Chinese cars in general. They're not piles of junk, but they're not going to compete with leading
European brands or Tesla, though if they're going to set their sights on Europe and the United States, they're going have to raise the quality of
those cars overall to be competitive. We've been the standard for the world and so many technologies here in
America for 100 years that it's impossible for us to conceive of a future where we're not in charge, we're not the leader, we're not the standard
setter. But the risks are real. We can come back. It's early days. Only five percent of total sales are electric. But the longer we wait, the harder it's going to be to do a comeback
victory. But we better get our act together now. .

Makutu's Island – {upbeat music} My name Kiran Vedantam and I am the owner of Makutu's Island along with my wife We've owned this business since 2014 It's a family fun center and we love to cater to all of our young guests it's an interesting
journey when I came from India to ASU to do my Master's I never imagined
that I will be a business owner after I graduated from ASU me and my wife went to work for Intel again we Being in the technology industry, again, we never thought that we will try to own a
business one day and everything changed because we were wanting to have our
family and then we just thought we need lot of flexibility that this country can
provide so that really triggered the interest for us to look at various
opportunities We looked at a lot of franchises to see maybe We looked at Kumon math tutoring centers because we are from an engineering background and we figured we could do really well there We looked at Subway, Quizno's, the food industry We quickly realized that we might not fit there Finally we thought we are going to start something of our own that's when the Makutu's Island opportunity came and fell into our lap When we were least expecting, not even looking.
This was a business that was completely shut down. Since we are interested in real estate investments We just happened to walk into this opportunity and here we are, owning a family fun center with zero background experience The biggest thing is as
a as a business owner you have so much of you feel a lot of responsibility on
your shoulders you have employees we have about 40 employees right now and
what keeps me going is the sparkle that I see in my employees and them waiting for our direction Me and my wife we are actively involved in the business we own multiple businesses and all of them we are actively involved in and the ones that we are not actively involved in we just chose to sell
very quickly and exit out of them and we only love the businesses that we are
actively involved just communicating with the employees and learning about
what their interests are what they're willing to contribute
and what motivates them to come and help that is the excitement that we have
talking to employees solving their problems and then we believe that once
employees are properly catered they take care of the customer so we as business
owners we are thinking about our employees and we trust and know that our
employees are taking care of the customers changes that happen with technology a lot of Entertainment has
now come to your phone so lot of kids are glued to their phones so what we
have noticed is when we started the business back in 2014 there was not as
many iPhone apps and Android apps and so our arcade was much much smaller then we started going
all to all these conferences shows then we have come to realize that there is so
much of interest and demand for virtual reality laser related games so we
quickly jumped on that bandwagon we invested a lot of in money and time
learning about the arcade industry yeah yeah we we started with maybe 15 games
and now we have over 100 games at Makutu's and we want to stay ahead of the curve
before we used to think that toddlers might not really care about video games
but what we've seen is even little toddlers have good confidence and they
get glued to it and we are able to cater to that unique market of providing
arcade and laser related games to a younger audience since we are me and my wife we both are
not from a business background especially not a business background in
this family entertainment business we feel a lot of interest in and curiosity
knowing about all these modern trends that are happening we make it a point we
are we are in multiple networking groups related to family entertainment centers
and every year there is a big conference it's called …. it happens in
Florida wherein all the vendors come to showcase the latest and greatest in
family entertainment so we make it a point to visit that each and every year We are hearing a lot of podcasts, there are experts who are talking about different aspects of the
business so we are in that. We are in Facebook groups with other family fun center owners That's where we learn about how they are running it and fine tuning our operations I never expected that human resource
management is such a big piece of puzzle running the business itself will get so
much easy once you know what kind of human resource that need to be put in
the right place at the right time we've never expected that finding people
and keeping them motivated and keeping them attracted to the position they applied for is so
important and we have zero background in HR so that was also surprising all the
legalities of it even though you as a human being you try to do the best
possible but employees or the customers but sometimes the legality is going to
really put a lot of stumbling blocks on what you want to accomplish
you have two men you are all these legalities and also understanding the human needs and the human psychology of the employees. That was the biggest thing Learning the business was not hard, but learning the legalities finding the people has been a shocking surprise for us. and we are still trying to master that What we try to do is we try to leverage our site vendors for the stuff that is really really important where I cannot or my wife cannot pay special attention Accounting comes first, so we have outsourced that so that we file our taxes on time and make sure we are compliant then the next thing for Makutu's it's a big 20,000 square feet space cleaning of Makutu's… initially we
thought we can handle it ourselves with employees but it's not that easy especially as a kid's play area, so cleaning janitorial all that is
outsourced and that just takes off all the burden out of your shoulder
otherwise once you get your hands dirty it's going to suck up all your time then
the next thing that we always try to outsource but we decided that it doesn't
belong to be outsourced as a lead generation marketing a social media
management we tried a few companies who could help us with that, but what we found was the message was either getting diluted or the message was not proper for what we want our customers to hear so we realized that is something we don't want to outsource or even if we outsource, we have to have our thumb on it and direct contact with the media company So marketing came and fell back into our lap Social media management fell into our lap. Responding to reviews also me and my wife read all the reviews, we respond to it We cannot outsource those because it is so important In this day and age all of your customers are looking at reviews, they are really watching your social media content so that is something that we decided we would not outsource What we believe is, is the
path that worked on us me and my wife is we worked at a corporate a job for seven years and during that time our vision was to ultimately have freedom of time So with that intent he kept on saving money
to invest in a business so if you are starting from ground zero
I would say you should give yourself maybe three to seven years maybe seven
years is too long of a time but just a ramp time where you work for somebody
try to find an employer wherein you think that that employer can prepare you
for what you are preparing to become so I would say you need to work for a good
employer for three to seven years of your lifetime and be a very loyal and
hardworking business owner. Pretend you own the business and you have to contribute
that; pretend you have control over a lot of things and then try to share all
your knowledge 100% and then work hard 200% only then I
feel that you can do very well in business I would be shocked if I
would have started in a business from get-go and if I didn't work for anybody
when I say work for anybody I didn't work for anybody not for the paycheck
but I really worked there to contribute my heart and soul I really put
everything into the job so I would say we have to work at someplace where you
are going there with full intent, where you don't care about clocking in, clocking out but your heart, mind, soul, everything is focused on the company and what they want to accomplish.
Only then can you think of owning a business is what I think We considered franchising Makutu's out and then what we quickly realized was that we are content with one location We really are looking for an entrepreneur, who may be watching this, to come to us and say You know what… I have a brilliant idea To take Makutu's to all the other 50 states and other countries I think we have come to the realization that what we've come
this far and helping our employees and customers at Makutu's gives us immense
satisfaction and we have no desire to grow it more because growing it more
needs lot of dedicated attention and at this time our time is just focused on
servicing this facility and we have no intentions to expand this brand so the biggest thing is when you're
choosing partners going into the business that's a big thing when you are
in the excitement of selecting the business maybe you might run into
somebody who is willing to either put in money or you're trying to get somebody
with the unique skill set that you don't have I would say you have to be
extremely careful and whom you pick as your partner because once you pick
somebody as a partner as a business thrives or even if it goes down it's
going to go down pretty hard if you are not getting along with them either way
if it's going up or down you always you need to be sure that the partner
that you pick will work at the same level as you so picking the right
partner is so so so critical before we had Makutu;s we've done some some other
businesses with partners and then after that the taste was so bad in our mouth
that we made a resolution not to have partners ever so that might have stifled
our ability to grow even further but the lesson that we learned is not having
partnerships is a bad resolution to have but choosing the right partner and
trying to collaborate with them and having a partner with a totally
different skill set that can complement and help both of you to grow is better than trying not to have a partner and trying to do all the work for yourself. {upbeat music) .