Business Learning Outcome - Hemp
Business Learning Outcome - Hemp
Business Management Project Learning Outcome One
Hemp Foods Australia is a company that makes many products out of hemp. They grow hemp legally in Tasmania and make Cooking Oils, Plastic, Clothes and Confectionaries (e.g. Hemp Muffins, Hemp Chocolate Bars, etc.). I would like to add that the hemp they grow contains no THC (tetrahydrocannabinol). THC is the chemical inside hemp that makes it a drug, without THC it is not a drug and can’t be smoked therefore it’s 100% legal, although they must follow many strict government relations (Mainly set by the AustralianNew Zealand Food Authority). This company also makes products out of the hemp seeds these also don’t contain THC. When I spoke to Mr. Benhaim he told me, “My hemp seed products in no way contain any ‘euphoric ingredients. ’You could eat a tone of hemp seeds and you would not get high, but you might get healthy”.
To me this looked like a really successful small business. Mr. Benhaim has many plans for expansion and many new products. The hemp foods his company makes are healthy and are eaten by many athletes. Soon his products will be released legally here in Victoria until now he has only been allowed to bring his products to Australia for taste testing and market research.
I managed to ask him the following questions;
Q1. Would you classify your business as a Small, Medium or Large business?
A1. My business is small but hopefully in time it will grow.
Q2. What time so you get up to go to work?
A2. Usually around 7:00 am but sometimes I wake up earlier if I need to.
Q3. Where do you keep your stock (e.g. in a warehouse)?
A3. I don’t have a warehouse but I usually keep my stock with developers, and they actually look after the products for me.
Q4. Do you continue your work at home or do you leave it at work?
A4. I take my work home with me and finish it there.
Q5. How do you know if a product will get the market?
Q6. What major marketing strategies do you have?
A6. Getting press releases, Working with media, Advertising on the web and having virtually no advertising budget.
Q7. How would you advertise a new product?
A7. Well I actually have a couple of new products right now and advertising them is basically the same answer as above (A6.) also taste testing, free samples at stores and special offers (e.g. buy one get one free, buy this product and get $1 cash back, etc.).
Q8. Would you say your products are unique?
A8. Definitely, right now I’m one of the only ones in the hemp business.
A9. I don’t have any other competitors right now, I know that’s kind of unusual but as I said before I’m one of the only ones that deals with hemp products and I’m doing many new products that no one has tried yet.
Q10. Do you do your own accounting or do you hire someone?
A10. I hire a professional accountant.
Q11. Do you have an awards system for your employees?
A11. I actually have one planned but I don’t have one yet.
Q12. Do you check on your employees to see if they are doing a good job?
A12. Yes, frequently. It keeps them working because they know that I usually check on them and see if they’re working.
Q13. How would you rate yourself as the owner of Hemp Foods Australia?
A13. I’d say I’m doing a fantastic job and I should give myself a raise.
A14. Yes, its just mostly around England, Tasmania and Australia.
Q15. What plans do you have for the future of your company?
A15. Not really anything planned, just releasing my new products, getting new products etc.
Q16. How many products can be made from hemp?
A16. Over 250 products can be made from hemp.
Q17. When your product is legal here do you expect many sales?
A17. Yes, especially in the first couple of months. I say especially in the first couple of months because I expect ignorant teenagers to see that its made out of hemp and buy it just because they think it will get them high (but it obviously wont have any effect on them).
Paul Benhaim has written a few books on the subject of hemp, the most popular of his books is H.E.M.P. Healthy Eating Made Possible. His books talk about how hemp is always thought of as a drug and how it is more than a recreational drug. How it can be used to make many things such as clothes, plastic, food, cooking oil, it can be turned into a metal and cars can be made out of it (I know its weird to think about a car made out of hemp but its true), it can also make gas to fuel the car, hand moisturizer.
In conclusion I’d like to say that Hemp Foods Australia is an excellent example of a small business. Soon the product will be legal here and we will see how well his business does here.