Problem 1: Sleep Deprivation and Society

It seems as if sleeplessness is a token of passage in to adulthood and accomplishment. Not only

is this a problem amongst students, this is a national epidemic as headlined by Ian Brown, in a
Globe and Mail Article (Brown, 2011). There are many accomplished people who have spoken
proudly about their short sleep schedules, and society has followed the footsteps of these people
in hopes of achieving similar success. As work, school, and life demands are ever-increasing,
society has chosen to sacrifice sleep in order to pursue our goals. This however, poses serious
health concerns. [If] you deprive yourself of sleep or a weekafter several days, youd be
almost completely unable to function (Schwartz, 2011). Why then do we sacrifice sleep all the
time? Society believes that by abandoning hours of sleep, it will then result in gained hours of
productivity (Schwartz, 2011). Even small amounts of sleep can be detrimental not just to our
working capabilities & productivity, but to our long-term health as well.
The Globe and Mail article explores why sleep is so important, and why people should be getting
more of it. Sleep allows our bodies to rest and our brains to regenerate every day, and a lack of
can be a factor in heart diseases, diarrhea, memory loss, depression, and reduced immunity. A
hamster kept awake for three days will diea high-school student stayed awake for 11 days as
[part of a study]. By the end, he couldnt talk (Brown, 2011). The lack of sleep has become a
chronic problem in todays society, and it is not until society as a whole realizes sleep is essential
or an invention is made that allows our body to rest without sleeping.
This problem relates to me as a student, an accounting employee, and an aspiring entrepreneur. It
has become popular amongst many students and entrepreneurs that in order to succeed,
studying/working must take over many nights and replace sleep. Campuses are filled with
students suffering from sleep deprivation, especially during major assignments and

examinations. My perception was of the fact that I had to put in more hours than anyone else,
even if it meant not getting a good nights sleep, and that this process will lead to success. I did
not realize the hazardous effects lack of sleep would have on my body. This relates to me as an
accounting employee, I would lean towards putting in more hours in order to relieve pressure
from management, and that working long nights has become a norm in the accounting industry. I
believed that I would not be respected or viewed as a hard worker if I used sleeping a sufficient
amount as a means of leaving work early. This is especially important with my future plans of
building a business, I must realize that although there are very pressing matters, what good is it if
my productivity is non-existent. This is a problem society and myself must overcome: realizing
that no matter how we look at it, losing sleep simply causes us to lose our mental and physical
health, and our ability to work & function.
Problem 2: Evernote (along with many other start-ups) lack(s) Vision
There are not many start-up companies that have joined the billion dollar club (start-ups valued
at $1 Billion or more). Evernote joined this club three years ago, gaining elite status among startups (MacMillan, 2015). However, like many start-up companies a lack of vision can lead to any
companys downfall. According to an article in the Dow Jones Institutional News, Evernote has
already cut 13% of its employees, and is planning on closing two offices in Taiwan and Moscow
(MacMillan, 2015). Such outcomes which have shocked many and is quite rare for a company
that has risen so high in valuations.
A general consensus among former employees states that Evernote lacked focus on its core
product and values (creating a simple yet powerful note-taking app), and instead focused on
churning out products that would grab the company news headlines (Kim, 2015). For example,
the launch of Evernote Food, and the acquisition of various app companies, allowed Evernote to

stray away from their main product, their note-taking app. That main product would then be
plagued by bugs, and fail to convert free users into paying users.
A lack of vision in the company can pose a serious threat to success when it comes to start-ups,
especially with almost a 90% failure rate (Griffith, 2014). An article in the Huffington Post
analyzes the amount of failures amongst start-ups and attributes many fails to a lack of vision.
The article discusses the problem of many start-ups trying to grow and move too quickly without
establishing their identity in the marketplace. The article notes [The short-term success] is
often attributed to the momentum generated by their initial breakthroughthat same momentum
can sometimes generate numerous opportunities that run the risk of missing the target (Atkinson
2014). This can be described as one of Evernotes current problems waiting to be solved. In
addition to rising competition from companies and apps like Slack, Alternote, Google Docs, and
etc, Evernotes inability to solve this problem can lead to detrimental consequences and a loss of
competitiveness in the marketplace.
A career goal of mine is building a start-up, and as of now Im still currently in the stages of
formulating and executing ideas. I find value in this problem, because it allowed me to take a
step back and evaluate where I want my company to head towards, and no matter the amount of
funding received or what the market thinks my company is valued at, I must never lack in
adhering to what I set out to do in the first place. As well, being able to identify this as a
problem is a step forward in allowing myself to be more attentive and oriented to looking for
problems. Vision does not just extend to a company and its product, it encompasses the
organization as a whole, including the founding members, the team members, and the customers
as well. A lack of focus and vision may very well be one of the bigger problems I run into, but it

is essential that I realize there is the potential of this problem in the first place, instead of being
blindsided later on in my career.
Problem 3: Startups & Financing Struggles
There is at least one news headline each month regarding a start-up performing a funding round
or receiving funding from investors and venture capitalists. This leads one to believe that start-up
funding has increased and has become more available. While funding has certainly increased, an
article by Jose Vasquez in the Huffington Post, argues that funding has become more limited to
many businesses. As the number of start-ups that seek funding grows, it is actually much more
difficult to meet their funding goals, as investors are making decisions to fund only a handful of
start-ups. The author states that in 2014, $43.7 billion was invested in to start-ups. That number
may seem like a large amount of money, but there were only 3,600 deals related to that amount
(Vasquez, 2015). A miniscule amount when one considers that there are hundreds of thousands of
new businesses every year. Investors are favouring companies valued in the billions, commonly
known as unicorns in the venture capitalist world. With this, small businesses and start-ups
face the problem of limited financing options or exerting extra effort in securing financing.
An article in the Globe and Mail delves deeper in to the struggles small businesses face in terms
of financing. Two thirds out of one thousand entrepreneurs that were surveyed found it difficult
to gain access to the capital needed to grow (Macleod, 2012). If a company is unable to scale
their business accordingly, they will struggle to meet short-term requirements and possibly fail in
the long-term as a result. At times, external financing is necessary for start-ups in order to keep
up with demand and investing for the long-term. However, lenders and most investors are not
looking towards the vision or an idea of a company (Macleod, 2012). Lenders will mitigate their
risks at all costs by requiring large amounts of collateral, and will not lend to a company they

deem unable to make debt repayments. Investors also have differing needs, which many start-ups
fail to initially understand after issuing equity. Funding for start-ups and small businesses have
increased, but the possibility of receiving funding remains a problem for many businesses.
As a student interested in building a company, there are typically two main ways I will allow my
company to progress forward. One is the obvious funding received by angel investors, venture
capitalist, and banks, however this is also one of the more difficult of the two to achieve initially.
Then there is the unpaid hard work I must put in towards the growth of the business, also known
as sweat equity. I believe there is no perfect way, but a combination of both can be very
beneficial. This problem is important to myself because this is something I will have to evaluate
as I move forward with my business. Furthermore, analyzing this problem amongst start-ups and
small businesses will prevent me from having unrealistic expectations towards funding, which is
possible for many founders given the onslaught of media headlines of start-ups securing more
funding. This allows me to once again take a more realistic approach and become more detailoriented with my approach and process of launching my company.
Problem 4: Accountings War for Talent in a Changing Culture
There is a war in the accounting industry, a war for talent. According to an article by Don
Tapscott of the Globe and Mail, Deloitte CEO, Jim Quigley, states Many companies come to the
conclusion that the only real limitation on their growth is their ability to continue to attract,
develop, and retain high-quality talentThis is a business challenge. Deloitte, one of the largest
global accounting and consulting firms has hired close to 25,000 people a year globally
(Tapscott, 2008). In addition, cultural changes in the upcoming workforce, also known as the
millennials, have caused accounting firms to evaluate and break apart from traditional hiring
methods. Traditionally, accounting firms would hire recruits, train, and then retain them as a

strategy for Baby Boomers. However, millennials are demanding more from employers such as
better work-life balance, a fun work-place, and a two-way conversation between them and the
employer. Additionally, millennials are less willing to respect authority when it comes to meeting
their career and job needs.
Another article in the Journal of Accountancy further enforces this arising issue for accounting
firms. Hiring and retaining top talent allows a firm to succeed and prosper. In a PCPS (Private
Companies Practice Section) survey, accounting firms ranked staffing issues as one of their top
concerns. The article attributes a shortage of talent and inability to retain employees to various
factors (Drew, 2015).
These factors include changing rules and laws and lack of support, which led to longer and
frustrating hours for accounting professionals. Demographics also has a hand as Baby Boomers
are beginning to head in to retirement, millennials are entering the workforce having different
demands for employers. Millennials seek a better life between personal life and work, which is
currently not readily available in the accounting industry. With less millennials in the
professional accountants workforce pool, the battle for talent has increased.
In regards to how this problem is related to me, well I am currently studying Accounting &
Financial Management and just recently had a co-op term at KPMG LLP, one of the Big 4
accounting firms. This problem resonated with myself and numerous colleagues. Although, I am
returning for another co-op term in January, the idea of leaving accounting has crossed my mind
more than a few times. As mentioned before, I wish to start a company, and if I have to abandon
my accounting career it is something I am willing to do. Initially I was very excited to work for a
large accounting firm, however upon reflection, the role and career did not seem as satisfying to
me as I had hoped. Besides myself, I have numerous colleagues and friends who have abandoned

accounting career or intend to at accounting firms in pursuit of something more involving and
fulfills our needs. It is important for me in the next few years to truly evaluate what my career
goals are, and whether KPMG or accounting will align with them or not. Also, I will be attentive
to how accounting firms will transform their hiring models to fulfill new workforce demands.

Works Cited

Problem 1:
Brown, I. (2011, May 14). Canadian tired; The facts are piling up on just how bad it is not to get
eight hours a night. But time is money, and many people and businesses choose sleep debt over
the financial kind. Which is all well and good, reports Ian Brown, until somebody crashes a
plane. Retrieved October 22, 2015, from https://global-factivacom.proxy.lib.uwaterloo.ca/ha/default.aspx#./!?&_suid=144548518698002353094224818051
Schwartz, T. (2011, March 4). Retrieved October 22, 2015, from
http://www.businessweek.com/managing/content/mar2011/ca2011034_917851.htm
Problem 2:
Atkinson, D. (2014, January 14). Do Startups Fail Due to Bad Ideas or Poor Execution? Neither.
It's the Vision. Retrieved October 22, 2015, from http://www.huffingtonpost.com/daneatkinson/do-startups-fail-due-to-b_b_4595507.html
MacMillan, D. (2015, September 30). Evernote's Job Cuts a Rare Pullback for Billion-Dollar
Startup. Retrieved October 22, 2015, from https://global-factivacom.proxy.lib.uwaterloo.ca/redir/default.aspx?
P=sa&an=DJDN000020150930eb9u0038l&cat=a&ep=ASE
Kim, E. (2015, October 3). The inside story of how $1 billion Evernote went from Silicon Valley
darling to deep trouble. Retrieved October 22, 2015, from
http://www.businessinsider.com/evernote-is-in-deep-trouble-2015-10
Griffith, E. (2014, September 25). Startups are failing because they make products no one wants.
Retrieved October 22, 2015, from http://fortune.com/2014/09/25/why-startups-fail-according-totheir-founders/
Problem 3:
Vasquez, J. (2015, May 18). The Lumping Problem in Startup Funding. Retrieved October 22,
2015, from http://www.huffingtonpost.com/jose-vasquez/the-lumping-problem-inst_b_7284500.html
Macleod, M. (2012, July 18). Why small businesses find it tough to get funded. Retrieved
October 22, 2015, from http://www.theglobeandmail.com/report-on-business/small-business/sbmoney/business-funding/why-small-businesses-find-it-tough-to-get-funded/article4377168/
Problem 4:

Drew, J. (2015, October 1). How to win the Game of Talent. Retrieved October 22, 2015, from
https://global-factiva-com.proxy.lib.uwaterloo.ca/redir/default.aspx?
P=sa&an=JACT000020151013eba100007&cat=a&ep=ASE
Tapscott, D. (2008, November 17). Don Tapscott on the war for talent. Retrieved October 22,
2015, from http://www.theglobeandmail.com/report-on-business/don-tapscott-on-the-war-fortalent/article20390181/