Your way of life affects your decisions more than you thought

Last pieces in decision making puzzle are psychological and personal factors. These are possibly hardest to understand because they are different from person to person. Because of complexity of everyone’s psychological and personal preferences, these factors can vary vastly.

When it comes to psychological and personal factors in decision making process, every person has their way of thinking. Usually lifestyle and perception can be really influential, however some people pay attention to their age and choose according to it. While some factors may be stronger than others, psychological and personal factors as a whole have a strong influence on decision making process.

Source: http://www.mindinwestcumbria.org.uk

Psychological factors:

• Motivation and needs
• Perception
• Learning
• Beliefs

Personal factors:

• Age
• Occupation and income
• Life style

From the article we get to see that psychological factors are factors that all people have. You can not force them to disappear and they follow you throughout the life. The basis of psychological factors are needs. Needs motivate you to go further/buy products. You are going to buy food when you’re hungry. You are going to buy warmer clothes in winter. These are factors that are present in everyday life. After needs, comes perception. This is the way people look and perceive products. This factor is used by many producers. After they get consumer’s attention they try to distort their perception to make their product look better/more desired. Another factor that is especially effective is learning. Good example of this factor is a situation when you buy an advertised product, get disappointed and learn not to buy that product again. Last of psychological factors are beliefs. These are all thing consumers believe about the seller/producer of the product. If consumer thinks a seller is bad, he won’t buy their product.

Personal factors, as stated in this article, are actually part of characteristics we all possess, and are as unique as a fingerprint. Easiest to understand of all personal factors is age. Same as social class, your age determines what kind of products you are interested in. A 15 year old person is not interested in same products as a 70 year old. Beside age, occupation and income also largely affect consumers decisions.Your job dictates what products you can and cannot afford to buy. This factor sculpts your buying habits a lot, because if you cannot afford to buy something, no matter how much you want it you won’t buy it. Last of all the personal factors is life style. This is the most broad one. This is just the way you live your life. There is no strict rule for this category of decisions. That is only what you want, personally and not affected by anything else.

Future research: Summarizing of all decision making factors that affect us.

The King of Branding

Today I looked at an article that focused on Nike and what made them so profitable/successful. The article showed the 4 Reasons Nike is Still King of Branding.

Source: www.therichest.com

I wanted to find out what makes an action sports company so profitable so I went on to research the biggest company I could find, Nike. The first example is how Nike associates themselves with the big names in action sports. Michael Jordan has his own shoes made by which company? Nike. Then there is Tiger Woods and his products in golfing, Derek Jeter sponsored by Nike for baseball and Cristiano Ronaldo with his shoes from Nike. The company has always made sure to lock up athletes early as they have seen the “Next Best Thing” before any other company. They locked up Michael Jordan in 1984 and never let him out of their sights. Now Nike has Rory McIlroy in a 10-year, $200 million sponsorship golf deal.

Next is that Nike really knows how to make an everlasting impression on their consumers and investors. They are not the average company with average advertising. Nike is always changing and always adapting to the modern trends. They have never been afraid to take risks in advertising campaigns. They definitely make unforgettable tv commercials.

The logo is the most distinguished part in a company. Nike has the “swoosh”. It is one of the most recognized logos worldwide. Then their slogan “Just Do It” is most recognized around the world also. Nike really knows how to communicate with their consumers to keep a consistent brand.

Future Question: Which action sports companies have failed to grow in the market?

How Can an Individual Invest in a Stock with Minimal Risk?

Investing in the stock market has proven to make some people a lot of money. On the other hand, investing in the stock market has also proven to lose some people a lot of money. This being said, where does an individual with little to no knowledge on stock investments or trading begin?

amazon.com

First of all, one needs to acknowledge the fact that there is in fact risk involved and you may not always end up on top even if you put in your full effort. Becoming successful. not only in the stock market, but also in life, requires three key things: hard work, determination and luck. Not to mention, the ability to cease the opportunity in front of you.

That aside, the first step according to “7 Steps To Stock Investing Without Too Much Risk” by Laura Shin from Forbes Magazine, to figure out trading is learning about the various types of investments. You should research the basic key words to know like “bond”, “investment allocation”, “EPS (Earnings Per Share)’ etc. This is important because before you can understand the big picture and how to apply yourself, you have to understand the fundamentals. Then, once you have that figured out, you should read books regarding the areas you're interested in to get further knowledge from somebody who knows what they’re talking about (or at least knows more than you do). This way you can get various outside perspectives that you don’t necessarily have to listen. You can pick through the information that you’ve ready and decide what is useful.

Once you have an understanding of the basics and you're ready to start taking a part in the market, take it slowly. As Shin from Forbes magazine stated in “7 Steps to Stock Investing Without Too Much Risk”, “Don’t try to beat the market, participate in it.” Keep in mind that the market can change swiftly so even if you feel very confident in one move, it could change. That is why you should also invested carefully. Rather than going all in, you should always set aside a portion of your overall money that you do not invest in case things go wrong.

At the end of the day, there will always be risk involved when dealing with the stock market, but the best way to keep that risk down to a minimum is being aware and educated on what you're working with, participate with the flow of the market rather than trying to beat it, and let the fact that you could lose it all motivate you to work hard and thoughtfully.

FUTURE RESEARCH: What is the Difference between a stock, a bond, and a mutual fund? Which is the best option to invest in?

3D Printed Food

3D Printers can be utilized to make 3D printed food as well. Being able to print any food with any shape would be a great feat, but they’re not quite there yet. However, 3D printing food is using its developing technology to feed soldiers. In an article entitled “Army Eyes 3-D Printed Food For Soldiers” it explores this subject more by stating “They would be able to have either powdered or liquid matrices that are very nutrient dense, that they have on demand that they can take and eat immediately to fill that need" (Shahani).

SOURCE: www.npr.org

With the involvement of 3D printing, soldiers can get the nutrition and food they need with something compact as well as having actual flavor embedded into the product. The article does explain further on that this is still in testing for roughly 10 years. This could solve many problems facing soldiers constantly on the move, given it works successfully. Despite 3D printing food and it’s tremendous potential there are costs to it as well. Jobs would not only be taken away by farmers but chefs, and restaurants as well. If people can just make their own food, there would be no point in investing in restaurants. This could devastate the economy even more so.

Why MLB Players Get Paid More Than NFL Players?

          In this post, my goal is to explain why athletes get paid differently, depending on the Sport they play. In the article "Baseball, Not Football, Has the Super Salaries" by David Whitley, they compare the different salaries that the highest paid NFL and MLB players make. They make it clear the MLB players get paid significantly more and they go through the different reasons why. This post will prove why it is fair that the two sports get paid so differently.

Source: http://cdn.mos.techradar.com/art/logos/mlb_nfl_logos-470-75.jpg

The controversy of whether or not professional athletes get paid too much has been around for an extremely long time. Realistically, how could it not be concern with the amount of millions that are being handed to them. Although the money they are making is a concern, many people don’t realize the difference in salaries depending on the sport. How is it that NFL players play in stadiums that hold the most people out of most sports, but have smaller salaries than and MLB players? By finding out why some athletes get paid more in one sport than another can most likely lead me to find out the bigger picture, which is why athletes even get paid so much.

It is well-known that professional athletes have one of the highest paying jobs. But, why is it that depending on the sport that they play, their incomes greatly differ? In the article, Baseball, not football, has the super athletes written by David Whitley, he explains the difference in salaries between the two sports. The MLB has given out about 14 $100 million-plus contracts in the past two years. The NFL has given out 0 $100 million dollar contracts. $100 million dollars is money that people dream and drool over. In a more related picture, Whitley proves that the “average baseball salary is $3.3 million. The average NFL player makes $1.9 million” (Whitley). These numbers are still extremely high, but are at least a little more reasonable. People wonder, why there is such a large difference in these athletes salaries. Some may argue for the NFL and say that their sport has more to risk because they are constantly throwing their bodies and risking, therefore, they should get paid more. But, it’s not about the difficulty of the sport, it’s about how much income the sports team brings in and how much they can pay their players.

When all the math and facts come to a conclusion the answer is fairly simple as to why MLB players get paid more than NFL players. Managers want to pay their athletes as highly as they possibly can, and in order to do this they have to distribute their money properly. The NFL does bring in more money than the MLB does, but their is a large reason behind why their players don’t get paid as much. It is simply because the NFL has more players that they have to pay than the MLB. The NFL has around 22 starters (offense and defense), compared to the 9 starters that the MLB has. Also, the NFL has 2nd, 3rd, and sometimes even 4th string players that must get paid for sitting on the bench in case their is an injury! The MLB only have around 10 to 15 players that are on the bench or that are relieving pitchers. When comparing athletes, people to need to look at the surroundings and the amount of players getting paid in the sport to see how much money is available.

Should Athletes Franchise after Retirement?

In order to secure their financial future, athletes should not just sit around doing nothing after retirement. An easy way for athletes to gain a secure economic well being is to franchise, which is getting involved with companies and investing and supporting the expansion of the company. Using the article from entrepreneur.com, one of the leading finance websites on the internet, “Why More Pro Athletes are Scoring Franchises after Sports Fame,” I will argue that franchising is one of the most productive and effective job opportunities that an athlete can do after retirement.

SOURCE: entrepreneur.com

Jamal Mashburn considers himself an “anomaly” Mashburn, the 12 year NBA veteran from 1990s and early 2000s, always had a fixation on the briefcase. To Mashburn, the briefcase was a symbol of “information and knowledge”. Being one fo the few athletes who realized that his career would be short and in risk of being stripped away by injuries, Mashburn began to become involved in franchising. Even during his career Mashburn collaborated with a group of investors and picked out businesses to buy franchises instead of blowing his money on fancy cars and houses like other athletes. “Now, six years after his last layup, Mashburn has a briefcase full of contracts for 37 Papa John’s, 34 Outback Steakhouses, three Dunkin’ Donuts, and the largest Toyota dealership in Kentucky.” Mashburn established himself as an investor and a franchiser early on in his career and now he has successfully invested in over 70 businesses.

Pro athletes are very lucrative to franchisors. Athletes will have a “large pool of investment cash” and often have a “network of friends that are in the same position.” The athletes provide a marketing buzz. If an athlete were to invest in a business, the business would most likely receive increases in income solely due to the name of the athlete associated with it. Sports are such a huge deal in the United States that people will be willing to buy products or services from a company that has relation to their favorite athlete or an athlete on their hometown team.

Compare franchising to starting your own business. Athletes do not have the skills required to start their own businesses. As I pointed out in my previous blog post, many athletes will opt not to receive a full education. Not having a college degree will only harm athletes if they attempt to open up their own business. They do not know how to handle the markets, budget correctly, or make the right business moves. Sometimes this strategy does work out, for example Ditka’s Steakhouse or the George Foreman Lean Mean Grilling Machine. Yet, the risks are far greater than the rewards in this case. If a business fails, the athlete has absolutely nothing left. Franchising minimizes the risk as well as teaches athlete along the way what it is like to be a successful investor. By working with a group of investors, athletes can receive guidance under experts and they can broaden their investments to many brands and products.

However, franchising isn’t as easy as it sounds. Athletes have a humility problem. I think this starts down all the way through high school. The players are the best in their school and they think they are the best out of their team. They were far greater than all the other players so they develop this sense of dominance over others. This can transfer all the way to the pros and the way that athletes are essentially praised by the fans doesn’t help to solve this problem. So naturally, when athletes will try to go into the corporate world, they seek management positions. At this point in their life, they have never been in a corporate setting. They look to the success they had in sports and automatically think it can transfer into the business world. These careers are two entirely different beasts. The best thing for athletes to do, if they wish to become involved in franchising, is to network. Find people who can help them and mentor them. They need to set their hubris aside and use the opportunity to gain experience and grow.

Franchising provides a safe and efficient way for an athlete to provide for themselves after retirement. Through training and growth, athletes can become experts in the corporate world. Franchising eliminates the risks that business startups come with and franchising will also provide the athlete with guidance and mentoring about the corporate world that they might have missed by going into the draft.

Future Research: Are athletes paid too much? Would a lower salary help them keep track of their money more effectively?

The Truth Behind Employee Happiness

Many companies believe increasing employee happiness by providing napping lounges or lunchtime yoga is the best way to increase productivity. However, the article “Why Employee Happiness Shouldn’t Be Your No. 1 Goal” by Sue Bingham (Founder and principal of HPWP Consulting) presents that these solutions are only short term. In reality, treating employees right and challenging them should be a company’s number one goal.

SOURCE: https://brettmh2.files.wordpress.com

Sue Bingham explores the idea that while providing employees with luxury things like a free coffee bar can be beneficial to their happiness, this happiness is only short term. The overall effect of providing employees with unnecessary luxuries does not increase overall productivity and could lead to pitfalls in the foundations of a company. Not addressing performance issues can overall lead to lower productivity and little respect between a boss and their employees. Setting high expectations should be a goal for an employer because this will give employees something to work towards. With a happy-centric environment, employers often forget they should be critical of their employees. Although they should be to some extent because often times they will work harder as a result. Furthermore, employees will always be wanting more and more if they regularly expect such luxuries.

The real way to increase productivity and employee mentality is to treat employees as equals, challenge their abilities, be involved in employees work, and invest in the individual. Treating employees like adults will allow them to “see that you appreciate their opinions, which will foster mutual respect.” Challenging employees abilities will force them to work harder and strive to do better, especially with employers encouragement and support. At the end of the day, being involved in employees work will show that you care. “As a leader, you have to acknowledge your employees' contributions every day because they're your biggest assets.” Finally, investing in each individual employee will help with acknowledging their efforts and improving their weaknesses. The article explains that if an employer follows these steps, their employees will be more productive rather than providing them with unnecessary, expensive luxuries.

In my opinion, if I were an employee of course I would love to have random perks to a job like you see at Google headquarters. However, I find that even in school I work harder when my teacher/employer is encouraging to me. I find it amazing how small changes could produce a more productive work ethic and I think it is important that many employers realize this. If all businesses ran this way, I believe our society as a whole would run better and the overall happiness of the working class would greatly improve. In my next post I plan to wrap up the topic and reflect on my own community and my own experience with happiness and I will find an article that talks about happiness is different social classes to support this.

What NFL players salaries do for their team

This post I set out to see how much NFL players are paid and how much that does for the value of their team. In the article titled NFL Team Contracts & Payrolls from spotrac.com, I looked into to different teams and how much they pay their players. I also used the most recent Forbes evaluation of NFL teams in the 2015 season.

Tony Romo- cowboysblog.dallasnews.com

In the NFL nowadays a player signing a contract just seems like another simple signing, but when you think about how much money that really is, it is shocking. This is yet another reason why NFL teams are worth so much money, and with all teams values rising the players keep getting payed more and more to bring in more people to make their teams money. The Dallas Cowboys who are the highest valued NFL team standing at $4 Billion in a recent Forbes evaluation. They pay around 50% of their players over a million dollars a year, and I don't mean just the $1-5 million dollars, there are many that get paid almost $20 million dollars a year. The Cowboys Quarterback Tony Romo from now through 2019 will make $109,408,000 which is the most on the team just to play 5 seasons of football. Even the Cowboys backup Quarterback Matt Cassel is getting paid $1.7 million just for the 2015 season. From just looking at the Cowboys payroll you can see that they are giving out big money to keep players on their team that fans want to see and that will make the team money.

While the Cowboys are the highest valued NFL teams I wanted to look into the Buffalo Bills who were recently valued at the least profitable team at $1.4 Billion. The Buffalo Bills pay around 40% of their players over a million dollars, but the main difference is there highest paid player Mario Williams is only going to make $55,800,000 million over the next five season. To put that into perspective he is only going to make about  half of what Tony Romo does even though he is a Defensive Lineman which many would argue is one of the most grueling positions on the field, compared to a Quarterback who many say are “soft players” and get injured to frequently. Either side you believe, either Quarterback or Defensive Lineman you must see how shocking it is that that player would make almost half of what the other star player makes just because of their team is crazy and doesn't seem right, but that's how it is nowadays in the NFL. So it truly shows that players who get paid more do end up having their team valued higher. Also the more money the team is worth the more they can pay their players.
Next Blog Post: In my next post I wanted to see how much the NFL is making off of media and what it does for their values of teams.

Mario Williams- static.nfl.com

What Type of People Are Investing?

When asked the question what type of people are investing the true answer is anyone. In the article “Three Types of Investors” by Robert Kiyosaki, a journalist who focuses on investing, argues everyone is investing, but everyone is a different type of investor.

Source: http://www.webpdks.com

Investing is something that can be done to minimal extent or someone can spend everyday focused on the market. Kiyosaki call people who invest minimally “Type-C Investors”. Type-C investors "are financially uneducated and look for people to tell them what to invest in.” This can come as a relief or the opposite. If you are someone who does not invest, but wants to this should be a nice thing to hear because you are not alone and a lot of people rely on others for their financial success. This mean everyone can invest, however it will be harder to make money relying completely on a financial adviser. On the other hand, this can be scary because this means there could be thousands of people in the market trading blindly. Everyone in the market impacts each other so to a top investor watching amateurs trading could lead to anxiety. However, the market is successful with the most money flowing through it so I encourage every first time investor to follow through, get educated, and make money.

Now there is another step between mature and professional, and Kiyosaki would call this a “Type-B investor”, “Type-B investors seek answers.” Kiyosaki goes on to say  “many high-income employees and self-employed folks fall into the Type-B investor category because they are busy and have little time to look for investment opportunities.” Type B investors are educated on related services however, they are not professional investors. They look for guidance from financial investors, but they do ask the right questions and know what they want. Type-B investors are people who have invested for a while however do not spend a lot of time due to busy schedules, laziness, or are just cautious and look for guidance to ensure maximum benefit. Type-B investors are typically, in my opinion, more successful that type-c investors however, a type-c investor can always become a type-b investor.

And now on to the professionals, “Type-A investors.”Kiyosaki states “Type-A investors look for problems. In particular, they look for problems caused by those who get into financial trouble. Investors who are good at solving problems expect to make 25 percent to infinite returns on their money.” Type A investors know what they are looking for and know how to get there. Type-A investors ask a lot of crucial questions that can make returns on investments much greater. A Type-A investor is very knowledgeable, and they can help many inexperienced investors.

After analyzing A,B, and C investors I can see anyone can truly be an investor. You can even lay in between two spots. I think of this an a spectrum and it really doesn't matter where you are if you want to invest you can and that the greatest part of it all. So going back to the question, Who is investing? the real answer is everybody.

The Perks of Celebrity Involvement

I read an article showing information on “Sport Celebrity Influence on Young Adult Consumers ”. It definitely gave examples of certain celebrities with a knack for adventure and risk.

SOURCE: www.viewbug.com

Apparently there aren’t many celebrities with boring hobbies. Most celebrities spend their free time doing something crazy such as Indy car racing and skydiving. In this post I would like to answer the question, “Do celebrities have an impact on action sports marketing?”

So it is evident that the target market for action sports is the young adult population but how do celebrities come into play? Well, big businesses are spending billions of dollars on endorsement deals with such celebrities. When research shows that once celebrities are involved in a product that they can match, they bring more value to that product.

One example would be that there have been studies done that women are 22% more likely to buy a product or service that is endorsed by a female athlete. When women athletes represent a niche sport that more men tend to play, then those women that tend to favor that sport also would like to see a woman represent it and then buy it. Females were expected to spread more positive word-of-mouth about a product or brand that is endorsed by their favorite athlete than males.

Another example would be that celebrities have a strong power to influence young adults to switch brands. It is the most interesting finding in this study when celebrity athlete endorsers have a positive influence on young adults’ product switching behavior. This suggests that celebrity athlete endorsers have an impact on young adults’ decisions to switch brands, their tendency to talk about brands in a way that can influence other young adults.  

online trading cards

http://www.gamesindustry.biz/articles/2013-07-17-the-psychology-behind-steam-trading-cards

In the last blog post I talked about the value that people look for in trading cards. In this article i am going to talk about what some people do if they can't afford trading cards but still plays them. Now in our society we have something we call technology. Now you see a lot of people who are on their computers and cell phones. With these devices we can play games or even look up information that we don’t know about including school work. Some people who can’t afford trading cards likes to play them at trade card online. What this website does is that it has a lot of trading card games. These cards are digital on the computer so you can look at a certain card that you like. You can also play your favorite trading card game by either using a deck you made or using a deck someone else made. In the article the person mainly goes online for the monthly tournaments that are held. The person who has the most points will be the winner and will be awarded a prize by the owners. Another thing you can do on the trade card online website is you can trade cards with others. This can make it a lot easier to get the card you want instead of waiting for the card to come at your nearest trading card shop. So if you want to play your favorite trading card game and look at these really cool cards I would definitely recommend trade cards online. This way you can not only save a couple of bucks but you can also interact with some of the people who have the same interest as you.

The reason I researched topic is because I like to play trading card games. I believe that it not only can relieve stress but it can also be really fun to play. Not only that but it is a good way to meet new people who share a common interest like you. If you don't want to play the game some people like me just like to collect the cards for fun and look at the pictures. Sometimes when I look at the monster pictures it reminds me that something simple like this can be really fun. This is why i chose this topic.

Source: gameradar.com

Transforming Manufacturing With 3D Printing

SOURCE: http://usblogs.pwc.com/

The potential of 3D printing is clearly evident, however it seems far off before this process will be mainstream. This is shown in an article entitled “How 3-D Printing Will Transform Manufacturing” which explaining that "[They’re] not going to see 3-D printers replace lathes, mills, welding machines and presses anytime soon, certainly not for volume production. But 3-D printing is changing the face of collaborative design and manufacturing process, shrinking lead times, creating previously impossible to manufacture products, and leading to mass personalization (Davidson)." 

3-D printer would currently be used on a smaller scale with custom designs and personalization. It does have the potential to do bigger and greater things in the manufacturing industry and if industries gradually accept the potential of them. Eventually products that are cost heavy today can be created more accurately, effectively, and with a cost reduction. 3D printing in now relatively new and small scaled.

FUTURE RESEARCH: 3D printing in schools

Is it fair for these players to be making the serious money they make?

Source:http://paulwwhite.com/images/site_graphics/sb1.jpg

Using http://www.cbsnews.com/news/why-do-baseball-players-make-so-much/ I will answer the question whether it’s fair or not for these players to make the series amount of money they make.

Thesis: After reading this article, I learned that why baseball players make more than a school teacher or a paramedic is because of the players agents. Players need an intelligent mind and hard working man behind their contracts in order to get the best outcome as possible. An example of a successful sports agent is Scott Boras. He has brought some of the most underrated players to life with large and jaw dropping contracts, as well as making the big names receive the contracts they deserve like Alex Rodriguez, Johnny Damon and Barry Zito. These men are put on national television and are entertainment for the world, many people still may not think these men deserve the amount of money they are making but they sure do have the people and strong union to back them up.

Analysis: After reading this article, I would honestly have to agree with the amount of money these players are making. I do understand though when some people are furious with the unbelievable amount of money they are making just to play a game, when these people are working day in and day out to support their families doing a more difficult task and not making as nearly as much, but when you really look into things, it makes sense.  These players are constantly traveling from city to city every week, always being away from their families, and not to mention that a professional baseball season is 162 games long. Other then their agents, these men are having their jerseys sold to fans, name being exposed on television and video games and being sponsored by shoes, clothing companies etc., so with all of that going for them, the money tends to add up quick. People also love their baseball, fans will travel from all around the country to watch their favorite team play.

Future Research: In my next blog post, I will find out what other professional sports salaries are compared to the MLB. Big names in other sports like Lebron James, Derrick Rose, and Aaron Rodgers are at the top of their league, but are they making the kind of money big names in 
baseball are making?

3-D Printing for Blood Recycling, Medical Developments

SOURCE: http://www.rdmag.com/

3D printing contributes to the medical field in different ways. While the future of the medical field is improving, so is 3D printing’s contribution to the medical field as well. In an article entitled “3-D Printing for Blood Recycling, Medical Developments” it addresses how surgeons are using "3-D printer technology [that] can take scan data or CT data from a head scan or MRI s can and flow that into a 1:1 model, a solid part or a visualized part of a patient, so that the surgeon can practice on the model with a high degree of confidence before they actually operate on the patient on the operation table" (Hock). 

These printers can make models specifically tailored to a patient’s body part that will be operated on. This makes the whole procedure much more planned and accurate. The patients will also have less time on the operating table as a result of this well prepared operation. Hock also illustrates that 3D printers can be used to recycle blood from patients undergoing surgery that do not wish to receive it from donors.

FUTURE RESEARCH: How 3D printing will transform manufactoring

The Value of a Player

Baseball today are judged on a program that could possibly make or break their career. This determines their worth and how much money that they possible make in the short and long term. In this post, I will discuss the process of sabermetrics and how it works and how it is important today by using evidence from the website sabr.org.

SOURCE - www.edx.org

Back in the 1964, the average one year salary of a Major League Baseball Player was $15,000. By 2012, this average salary had skyrocketed to just over $3 million per year. “Many players, particularly stars with a lot of name recognition, earn millions more off the field through product endorsements contracts with other companies.” So how do different players have a price tag put on them?

The biggest way that the Major League Baseball Association decides how much players are worth is by using Sabermetrics. Sabermetrics works by evaluating the statistics of players, especially to compare the performance of other players. This is effective because it  shows different strengths and weaknesses of each player. All of the data used in determining this value is completely based on the search for “objective knowledge about baseball [players]”, and based on numbers solely. Because baseball is not only about a player's statistics, sabermetrics can sometimes be problematic because a player can be ranked very high on sabermetrics but have a bad personality or give off a bad vibe.  This could cause teams to not want that player or be wary to engage in contract talks with him.

Future Research: In my next blog post, I will explore the question: how have the PED's that players take effected the prosperity of the MLB over the last couple decades?

What does a restaurant need to do in order to go into and sustain business?

As of today, it is extremely hard to go into and sustain a restaurant business. Deluxe Restaurants, places that have higher quality such as Gulianos, have declined anywhere from 12 to 15 percent on average, and a shocking 26 percent of independent restaurants fail in their first year of business. Failure is common place as the restaurant industry is extremely competitive. To make sure failure doesn't come to the doorstep of your food business, the following ideas must be considered as suggested by a paper titled "5 Tactics to Create a Sustainable Restaurant Business" by scholars at Pepperdine University.

Source: www.theprospect.net 

1. Just about every successful food business has consistent food services. In order to do so, constant feedback from consumers, staff, and surveillance is necessary. 
2. Also, workers hired must have background checks. This improves your businesses image and increases productivity. 
3. Employees must wash hands to insure cleanliness, and employees must let the kitchen know about food allergies. 
4. Air conditioning, heating, cooking equipment, and overall restaurant cleanliness are all completely necessary to succeed. This helps keep your restaurant from getting negative reviews from consumers. These negative reviews are what destroys business. 
5. Employees must be trained to handle allergic reactions, as well as friendliness toward consumers. 
6. Social media is a great way to get the word out about your food business. By using Twitter, blogs, Facebook, and other forms of social media, the public will be more aware of your restaurant. This increases the likelihood of customers deciding to visit your place of business. 
7. Creativity is the final key to success in the food business. Being able to tap into current fads will take your restaurant soaring to the top. 

Future projects: How does a food business successfully expand?

Hourly or Project?

One of the biggest and most nerve racking decisions a freelancer has to make is whether you will charge a client on an hourly rate, or on a per project cost.  There are pros and cons for both as well as different situations in which one is more favorable than the other.  We can find information on this on an article found on Freelancers Union titled, “Hourly Rate or Project Fee: What Makes Freelancers More Money?”

SOURCE: amazonaws.com

When should you charge an hourly rate?

1. The project is going to be ongoing and long-term:

This kind of project is one that has multiple mini-projects.  One example would be creating a whole identity for a client, which would include a logo, business card, website, among other things.  Because of how large a project of this kind would be, it is hard to judge how long it will take to complete the entire task.  By charging an hourly rate, you don’t have to create a new contract for each mini-project.

     2. The project goals and timeline are unclear:

Charging an hourly rate when you or the client are unsure of what the goals or timeline of the project are ensure that you are paid fairly.  If you charge per project, you might have to spend time in the unclear stage since your client has no incentive to speed up the process.  Charging hourly also ensure that the client focuses on what they want.

When should you charge per project?

1. You have multiple clients who you are charging differently:

When you have multiple clients, chances are you are going to be working on multiple projects on a day to day basis.  As a result, it can become hard to track how many hours you have worked on a project because you are switching from one project to another multiple times per day.  Also, when a client refers you to another company, they usually mention your hourly rate, which can cause you to be stuck with that hourly rate for other potential clients.  With a per project cost, a client can understand that the cost of a project can depend on multiple factors.

      2.   Your client has no idea what you do:

If a client doesn’t know what you do, they might think that a task is simple and should only take a short amount of time, when in fact, it might take much longer.  Having a project cost makes them look more at the whole project rather than specific smaller pieces of it.

      3.   You want to maximize your productivity:

When you have a per project cost, your income is only limited by how quickly you can finish a project.  Once you are finished with a project, you can spend the extra time looking for new clients.

      4.   Your client is on a strict budget & isn’t willing to risk extra expenses:

When you give someone who is on a strict budget an hourly rate and a projected timeline, there can be a big range of what the final cost of the project is.  By giving the client a project cost, they know what they will have to pay for the project once it is completed.

      5.   You’re fast:

Just because you are able to complete a project quickly doesn’t mean that the quality isn’t high.  But, to a client, when a project is completed quickly, they think that the value of your work is decreased because of how quickly you finished it.  By charging a per project cost, you ensure that you are still paid for the full value of your work.

Future Research:

How much does the necessary insurance cost?

What are some other good practices when setting a price?