Business

Consumers are becoming more interested in sustainability and want to know for sure where products come from. One way to do this is to use DNA. For example, a supplier in the US grows organic cotton. The cotton is then sprayed with a unique DNA combination. This makes it easy to find out if a final product is made from that cotton. No one can substitute cheaper, non-organic cotton anywhere in the supply chain.

Another concern is labor practices. Consumers want to be sure the workers who produce the goods are treated well. The US has established new rules requiring companies to prove that imported goods were not made with forced labor. If they can't, then the goods are seized at the border. From January to March in 2023, border officials seized almost $1 billion worth of shipments.

"Live" shopping is trending right now. For many young people, it may seem like a new thing. But it actually started in the US in 1982. The Home Shopping Network (HSN) started a cable channel to sell goods on live TV. Other shopping channels followed, and they still exist today. Hosts show clothing, home goods, jewelry, etc., in real time (not pre-recorded). Viewers can call in and buy whatever is being shown.

Now it's on the internet. Most major retail companies have set up live shopping channels on their websites. And smartphones mean you can tune in any time, anywhere. Social media sites are another platform for live shows. Stores are trying to recreate the in-person shopping experience with real-time chat and shopping "parties" with friends.

Japan has more old companies than any other developed nation. A study of 41 countries shows Japan has more than half of the companies older than 200 years. As a matter of fact, the oldest company still in existence is Kongō Gumi Co., Ltd., founded in 578 A.D. It was in operation under its own name until 2006, when it became a subsidiary of Takamatsu Construction Group

According to David E. Weinstein, an expert on the Japanese economy, business failures are as common in Japan as anywhere else, but the importance of tradition keeps the companies on their feet.

To ensure survival, a popular custom in Japanese family businesses is to adopt heirs outside the family, such as in-laws and talented male workers. As stated by Weinstein, "It's the name that is continuing, people get attached to the names."

While many parts of the world prioritize profit maximisation, Japanese companies focus on building and passing on a legacy to future generations.

Well-known entrepreneurs like Bill Gates, Steve Jobs, and Mark Zuckerberg were in their early twenties when they launched their highly successful companies. The Harvard Business Review (HBR) explores whether these famous cases reflect a general pattern.

The HBR team analyzed the age of all business founders in the United States in recent years and found that the average age of entrepreneurs at the time they founded their companies is 42. In software startups, the average age is 40, and younger founders are common. However, young people are less common in other industries such as oil and gas or biotechnology, where the average age is closer to 47.

HBR discovered that among the top 0.1% of startups based on growth in their first five years, the founders started their companies when they were, on average, 45 years old. Evidence points to entrepreneurial performance rising sharply with age before starting to drop in the late fifties.