The Way I Work: Blake Mycoskie of Toms Shoes

Blake Mycoskie, founder of Toms Shoes, built a lifestyle business based on social entrepreneurship.

Blake Mycoskie doesn't like to sit still. A serial entrepreneur, Mycoskie got the idea for his latest company, Toms Shoes, while on vacation in Argentina. After spending time in several villages in which children didn't own shoes, he created a company -- originally dubbed Shoes for Tomorrow -- in which helping those kids, and others like them, is part of the business plan. For every pair of shoes Toms sells, it donates a new pair to a child in a developing country. In the four years since its founding, the Los Angeles-based company, which has 72 employees, has given away 600,000 pairs of shoes. The company's canvas slip-on shoes -- the same type it often donates -- now sell for $45 to $85 a pair in upscale retailers such as Nordstrom and Bergdorf Goodman.

The more Toms grows, the less time Mycoskie seems to spend in the office. He delegates the day-to-day operation of the company to his management team. That frees him up to spend much of his time traveling -- spreading the Toms gospel, delivering shoes to children in Africa and South America, and taking fairly lengthy vacations. When he is not on the road, Mycoskie, 33, reconnects with employees in quick, focused meetings and in relaxed afternoons on his sailboat.

My schedule varies depending on what city I wake up in. These days, I'm home in L.A. about five or six days a month, and the rest of the time I'm on the road.

I live on a boat in Marina del Rey. When I wake up on the boat, it's very relaxed. I usually get up at 8:30, have a Clif Bar for breakfast, and spend a few hours thinking and writing before going in to the office. Almost every morning I write in my journal. I've been keeping it for a long time -- I've filled more than 50 books. I write about what's going on in my personal and spiritual life or what's going on at work. It helps me keep things in perspective, especially when things get crazy or I get stressed or we have obstacles. When I go back a month later and read what I was feeling, I realize that it wasn't that big of a deal -- we got through it. And that helps me prepare for the next time that I deal with difficult stuff.

Lately, my wake-up call has been around 4:45 a.m., so that I can catch early flights. Often, I'm traveling around the country to speak at companies and universities about our business model. I love teaching people about what we do. My goal is to inspire the next generation of entrepreneurs and company leaders to think differently about how they incorporate giving into their business models. Plus, many of the people who hear me speak eventually purchase a pair of Toms, share the story with others, or support our campaigns like One Day Without Shoes, which has people go barefoot for one day a year to raise awareness about the children we serve. I also travel to meet with organizations like CARE and the World Health Organization. Then I'll go to Ethiopia for three weeks to give away 3,000 pairs of shoes to kids.

I don't get jet lagged that much. I'm so used to traveling and being in different places every day that I can sleep anywhere. I read quite a bit when I'm on the road. I've read a lot of business biographies. I dropped out of college when I was a sophomore, so those were my education in business. I've probably read 40 to 50 of them -- on Michael Eisner, David Geffen, Howard Schultz. Ted Turner's autobiography is really interesting, and so is Sam Walton's. I read that one very early in my career. The great thing about biographies is the subjects have already been successful, so they're not insecure about their failures. Howard Schultz doesn't mind talking about all the dumb things he did when he started Starbucks. Reading about those mistakes taught me a lot.

I also use plane rides to catch up on e-mail. I go through these periods when I won't respond to e-mail for three or four days, and then I'll get on a plane and write 300 e-mails. People who work with me have gotten used to it. And they know when I've landed, because suddenly they'll get a bunch of e-mails from me on a Friday at 10 p.m. My staff members call it the "Toms bomb."

When I'm traveling, I usually send one e-mail a week to the whole staff. I try to stay connected to everyone through letters. Some people call them little manifestoes. I'm a very open person, so I really tell the staff what I'm struggling with and what I'm happy about. I tell them what I think the future of Toms is. I want them to understand what I'm thinking. It's like I'm writing to a best friend.

Anything that really inspires me and that I think is relevant to our overall mission, I try to share with them. Sometimes, I'll tell them about an amazing article I read in a magazine -- about an issue we should challenge ourselves to think about. When I was gone a few months ago, I was reading a lot of Emerson, so I started sending the staff a lot of my favorite Emerson quotes and poems. When I got back, I printed all of the Emerson e-mails and put them in a binder, so everyone could read it throughout the year.

Several times a year, I lead shoe drops in different parts of the world. I'll go with a group of 10 to 15 people -- Toms staff members and volunteers -- to hand out shoes. After an employee is with us for a year, he or she gets to go on a shoe drop. We're giving away shoes in 28 countries now. The shoes not only help kids go to school, but they prevent life-threatening diseases. We're helping to prevent hookworm in Guatemala. In Ethiopia, we're preventing podoconiosis, a disease that can cause the feet and legs to swell to dangerous proportions. Kids get it from walking barefoot on volcanic soil. We're getting more involved in getting the best doctors and clinics there, so we can take it to the next level of prevention.

When I go on shoe drops, I meet with our partners: nonprofits and other organizations involved in public health. They help us give away shoes all year long. We partner with organizations that are already in the community, because they really know what the kids need. They tell me what's working, what they need more help with.

When we're in these countries, we are in the field at least once a day hand-placing shoes on kids' feet. It's really important for us to go back and do that. It's a renewable energy source for me. Seeing the smiles on those kids' faces makes me excited to continue on.

When I'm traveling, I check in with the office occasionally, but I'm not the day-to-day manager. The reason I can travel so much is that I've put together a strong team of about 10 people who pretty much lead the company while I am gone. Candice Wolfswinkel is my chief of staff and the keeper of the culture. Candice has been with me from the beginning, and she tells me what the vibe is like in the office. That's really important to me, because when I'm gone, I can write a letter, but I don't get the feeling of the office.

I'm on the phone a lot with my assistant Megan Memmott, who handles my schedule and requests for meetings. She will even respond to my e-mails for me if something's a high priority. I have an amazing CFO, Jeff Watts, and I'll check in with him twice a week. I talk to my sales managers on a weekly basis. I also call my younger brother Tyler a lot -- he's head of corporate sales. We're eight years apart, so we weren't that close growing up. But when he came out to L.A. in 2006, he started interning at Toms, and since then, we've grown a lot closer. Since I'm gone so much, it's nice having family in the office. I can just call Tyler up and say, "OK, what's the real deal?" and he'll tell me.

When I return to the office, I make sure to hold an all-staff meeting. We all gather on one side of our warehouse. It's a chance for me to tell everyone what I've been doing, where I've been, and usually I have something pretty exciting to share. It's nice to come home and reconnect with my Toms family that way.

When I am in the office, there's a certain energy. Maybe because I'm such an anomaly now. There's all this excitement, and everyone wants to grab me. I have very focused meetings and sign off on things. I like making decisions, but I'm not big on sitting around and talking about ideas. I get bored really quickly in brainstorming meetings. I like it when the creative team has already thought of 10 ideas, and then we can just pick one. I prefer to be involved in the first meeting -- to put my thumbprint on, say, a big marketing initiative or a new design -- and the last meeting.

June and July are slow travel months for me, so I'm in L.A. working in the office four or five days a week. It's a very open office environment. I sit next to the customer service people in a cubicle, just like everyone else. I like to stand up, walk over to people, and find out what they're working on. I bounce around from department to department. Sometimes it's disruptive, I think, but it's just the way I build things.

I usually work until 7 or 8 p.m. In the summertime, I leave early and go sailing almost every day. A lot of times, I'll invite employees to go with me, or I'll bring friends. It's my way of staying connected with my social group in L.A. I'm out there sailing and entertaining people and having a good time.

I'm a pretty social person, so almost every night when I'm in town, I also have some type of dinner or event scheduled. A lot of times, I'll have dinner with one of my employees. For instance, if I haven't had the chance to catch up with my CFO that day, we'll go to dinner. I'm not a late-night person. After 10 p.m., I'm falling asleep. If I'm out at that time, I'll be the one falling asleep at dinner.

For two or three months of the year, I kind of do my own thing. That's one of my dirty little secrets: I take a lot of time off. I went surfing for a month in Costa Rica last November. I went to Uruguay and spent some time there. I'm going to Colorado for three weeks to go fly-fishing. Getting away from work helps me sustain my passion. And I do my best thinking when I'm on vacation. I'm not just sitting on the beach drinking piña coladas. I'm exploring and meeting new people. I'm getting inspired.

Traveling as much as I do, I get lonely sometimes. I have friends now in cities all over the world, so I get to be social, but it's hard to have the deep meaningful relationships, especially an intimate one. With my guy friends, I can show up once a month and go to dinner with them and they're happy. But that doesn't work so well with a girlfriend. Right now, that's a sacrifice I'm making. I do want to have a family -- I'm from a big family. In a year, I think I'll make some different life choices, but I'm just not ready yet.

Contemporary Management McGraw Hill Education 11th ed.

1. How would you describe Blake Mycoskie's leadership style?
2. Would you say that he's a charismatic leader? Why?
3. What sources of power does he have?
4. How does he motivate his followers?

Python has built-in methods to support different manipulations of string data types. Answer what the following code will print following each Python method.

Str = "Tennessee State University"

      print(len(str))
      print(str.lower())
      print(str.upper())

      substr = “State”

      print (str.index(substr))
      print (str.startswith(“State”))
      print (str.split())
      print (str.find(substr))
      print (str.partition(“State”))

myList = str.split()
for words in myList:
       print (words)

newStr = “TN, TX, NY, MA, VA, PA, LA, CA”
myStates = newStr.split(‘,’)
print (myStates)

Show with examples if the above string operations are supported by C++ library OR the Java String class.

Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow:

Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,000 per month), and rent ($6,500 per month).

2. Prepare a cash budget for each of the months of July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.)

[Refer to the first venture (Intertactical-See reference below). Use Excel built-in functions, include in the Excel file.] (a) Use PV function to calculate the present worth (i.e., at time zero) of each year’s CF. Find the total present worth. (b) Use NPV function to calculate the present worth (i.e., at time zero) of the venture. (c) Use FV function to calculate the future worth (i.e., at year 5) of each year’s CF. Find the total future worth. (d) Use PMT function to calculate the value of equivalent uniform cash flows over the given study period of 5 years. The discount rate is 8% Reference: You have been tasked with fielding an interactive video communications systems. Your job is to provide the U.S. Army with the least expensive system (for the next 5 years) Intertactical: An interactive communications system designed to rely on current satellite systems. The Army must spend $10,590,843.42 now. (t = 0) and $1.7 million this year. (t= 1), increasing that investment by 13% in subsequent years for 4 additional years. (t = 2 through 5).

The Statute of Frauds. Kendall Gardner agreed to buy from B&C Shavings, a specially built shaving mill to produce wood shavings for poultry processors. B&C faxed an invoice to Gardner reflecting a purchase price of $86,200, with a 30 percent down payment and the “balance due before shipment.” Gardner paid the down payment. B&C finished the mill and wrote Gardner a letter telling him to “pay the balance due or you will lose the down payment.” By then, Gardner had lost his customers for the wood shavings, could not pay the balance due, and asked for the return of his down payment. Did these parties have an enforceable contract under the Statute of Frauds? Explain. [Bowen v. Gardner, 2013 Ark.App. 52, __ S.W.3d __ (2013)] (See The Statute of Frauds.) What is the discussion and what is the legal reason?

Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1, 2017, his ledger contains the following data.
Raw Materials Inventory $30,000 Work in Process Inventory 12,200 Manufacturing Overhead 2,500 (dr.) The Manufacturing Overhead account has debit totals of $12,500 and credit totals of $10,000.

Subsidiary data for Work in Process Inventory on May 1 include: Job Cost Sheets Job Manufacturing by Customer Direct Materials Direct Labor Overhead Stiner $2,500 $2,000 $1,400 Alton 2,000 1,200 840 Herman 900 800 560 $5,400 $4,000 $2,800

During May, the following costs were incurred: Raw materials purchased on account $4,000, Labor paid $7,000, and Manufacturing Overhead paid $1,400.

A summary of materials requisition slips and time tickets for the month of May reveals the following. Job by Customer Materials Requisition Slips Time Tickets Stiner $ 500 $ 400 Alton 600 1,000 Herman 2,300 1,300 Smith 1,900 2,300 5,300 5,000 General use 1,500 2,000 $6,800 $7,000

Overhead was charged to jobs on the basis of $0.70 per dollar of direct labor cost. The Jacuzzis for customers Stiner, Alton, and Herman were completed during May. The three Jacuzzis were sold for a total of $36,000.
Instructions (a) Prepare journal entries for the May transactions: (i) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of raw materials, labor, and overhead to production; and completion of jobs and(iii) sale of goods. (iii) Post the entries to Work in Process Inventory. Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. (MAKE A SHORT SCHEDULE FOR THIS.)

1. Mr. Brown decided last year to raise chickens in his back yard. He built a chicken coop next to his property line with Mr. Adams. Mr. Adams finds the chickens annoying because of the smell, the noise they make, and because their feathers end up in his pool and can clog the filtering system.

It would be worth $500 to Mr. Adams to be free of the chicken noise and smell, and the need to frequently skim feathers from his pool. Mr. Brown could move his chicken coop to the other side of the yard for $350, which would cut the value of Mr. Adams utility loss from $500 to $250. Mr. Adams values the ability to keep his chickens at $400.

(3) a. Describe this situation using the economist’s concept of an externality

(3) b. Describe this situation in terms of conflicting property rights claims.

(4) c. What is the socially efficient outcome of this situation:

(i). No change is made

(ii). The chicken coop is moved

(iii). Adams gives up raising chickens

Explain your choice, using numbers.

(4) d. Assume that after discussing the situation and consulting lawyers, Adams and Brown learn that the law in their city is unclear regarding nuisance due to neighbor’s chickens. So, they go to court. The judge rules that Adams has every right to raise chickens and keep the coop where it is. Assuming that there are no transaction costs to bargaining between Smith and Adams, what will be the final outcome of the situation after this decision? Explain your answer.

(i). No change is made

(ii) The chicken coop is moved

(iii). Adams gives up raising chickens

(2) e.      T   F     In the legal case just described, Mr. Brown was the plaintiff.

(2) f.     T     F     According to the Coase theorem, even though this question assumes that

there are no transaction costs, different decision by the court would lead to different levels of relative welfare for Adams and Brown.

Maria has built a cafeteria called "Princess of Gourmai and More" since 1995. Amira runs her project that provides coffee from the most delicious coffee in the city. It serves around 800 cups of coffee a day, along with special soups, ready-made Italian sandwiches, and a large selection of delicious cheese cakes. Maria noticed that despite the store's popularity, she always maintains nearly the same revenue. Maria has contacted your staff, who is affiliated with a consulting firm, in her city to advise the way the cafeteria works.

Maria said: “Many community college students visit us next to the cafeteria, as well as many retired clients who live next door and a large group of employees who work in the companies deployed next to the cafeteria. Every day our customers have only 30 minutes to eat their meal and have coffee so we must be fast. When preparing their meals, as it is the worker at the cafeteria who receives the customer’s order and enters the order on the cash box device, as well as receives the money and deposits it in the box and provides the customer with his meal.

The Royal Director Maria added: "We have one cash box that all workers, including myself, are handling to respond to customer requests. This cash box is not of the new type developed but it can track the different categories of meals and coffee, however the worker who receives the order must press every time." He receives the order on the button that pertains to the specific category requested by the customer (coffee, soup, sandwich, cakes) There is an internal tape in the box device that records and maintains a record of all transactions. The customer receives a receipt only when requested to deliver. The number of cafe workers is four along with the manager Maria Two workers work N in the morning from seven o'clock to three o'clock in the evening and two others from three o'clock to eleven at night time. "

Maria also said: “I open the cash box twice a day at the end of the morning period at three o'clock in the evening and at the end of the evening period at eleven o'clock at night. When I open the fund I help workers before they leave to open the cash box and calculate the amount of money and compare it to the total recorded on the tape stored Inside the fund When there is a difference between the money withdrawn from the fund and the total recorded on the tape, I recalculate the money again. "

The owner Maria told your group that since the beginning of the opening of the store, she did not face cases of theft, but rather discovers that the differences that occurred previously between the cash available in the fund and the total amount of money recorded on the tape are usually recording for an employee a different amount than the amount inadvertently received. For example, he records $ 18 instead of the $ 1.8 received amount.

Maria sends the tape and receipts manually to the accountant to make adjustments and also sends him all purchase invoices from the materials she needs to make coffee, sandwiches, soups and cakes. Note that Maria uses the economic quantity method in demand to maintain the stock of materials, given that the daily sales recorded by the cafeteria are close.

Read the case and identify weaknesses, based on the information provided by Maria and the cafeteria manager.

write the necessary recommendations for each weakness

Second Life is a 3-D virtual world entirely built and owned by its residents. Since opening to the public in 2003, it has grown explosively and today is inhabited by millions of people from around the globe. This new virtual world could become the first point of contact between companies and customers and could transform the whole customer experience. Since it began hosting the likes of Adidas, Dell, Reuters and Toyota, Second Life has become technology's equivalent of India or China - everyone needs an office and a strategy involving it to keep their shareholders happy. But beyond opening a shiny new building in the virtual world, what can such companies do with their virtual real estate?

Like many other big brands, PA Consulting has its own offices in Second Life and has learned that simply having an office to answer customer queries is not enough. Real people, albeit behind avatars, must be staffing the offices - in the same way having a Web site is not enough if there is not a call centre to back it up when a would-be customer wants to speak to a human being. In future, the consultants believe call centers could one day ask customers to follow up a phone call with them by moving the query into a virtual world.
Unlike many corporate areas in the virtual world, the NBA Headquarters incorporates capabilities designed to keep fans coming back, including real-time 3-D diagrams of games as they are being played.

PROJECT FOCUS:

You want to create a presence on Second Life for the cafe. Create a CRM strategy for doing business in the virtual world. Here are a few questions to get you started:

• How can your virtual world help business in the real world?
• How will customer relationships be different in a virtual world?
• What is your strategy for managing customer relationships in this new virtual environment?
• How will supporting Second Life customers differ from supporting traditional customers?
• How will supporting Second Life customers differ from supporting Web site customers?
• What customer security issues might you encounter in Second Life?
• What customer ethical issues might you encounter in Second Life?

Some cultures have built-in mechanism that allow people to take more control over their own health care and outcomes in an accepted way. How do you feel about the Hmong rejecting hospital care and refusing medication instructions? When do you have ultimate control over your health outcomes and under what circumstances are your choices limited?  Is the decision to end one's own life a choice that everyone in America should have? How does assisted suicide different from the choice to elect Hospice care?