Current Events #8

- A Business Creator Sees Big Returns From Social Media
- By Darren Dahl
- Published: November 17, 2010
- http://www.nytimes.com/
- http://www.nytimes.com/2010/11/18/business/18sbiz.html?ref=todayspaper
- One of the world's wealthiest entrepreneurs.
- The article talks about Eric Lefkofsky, one of the world's wealthiest entrepreneurs. The article gives details about the businesses Eric Lefkofsky has started as well as a recent conversation with the businessman. At age 40, Eric Lefkofsky is estimated by Forbes to have a wealth of $750 million. The first business that was started by Lefkofsky was called StarBelly which was sold for $240 million in 2000. Afterwards, he started InnerWorkings, a business that provided printing over the Web, and Echo Global Logistics, a business he found with his friend. Later on, he would be the founder of MediaBank, a business used for buying advertisements for other companies. In 2008, he would also find Groupon which is said to be worth $3 billion. With his Law School friend, Brad Keywell, Lefkofsky has invested $100 million in companies that has just started and is built around social media. In the conversation with Eric Lefkofsky, it talks about the reason that Eric Lefkofsky has decided to invest funds in social media and a small conversation about Groupon.

- I decided to chose this article because I wanted to know about one of the world's wealthiest businessmen. Reading the beginning of the article, I learned about Eric Lefkofsky but i had no idea who he was. As someone who is one of the world's wealthiest businessmen, I expected to have at least heard his name once but He was unknown of to me. My curiosity made me read further and I became interested in the businesses that he has created.
- In class we have been discussing about the different economic systems during the Industrial Revolution. We learned about capitalism, socialism, marxism, and communism. Capitalism is described as a economic system in which the government doesn't interfere with businesses. People would invest their money in businesses. Over time, people as well as economy of their society will gain profit and benefits. This is what I was reminded of when I was reading the article. Eric Lefkofshy invests his funds in social media companies in other to gain profit in the future.