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Factor of Production - Land
Chip needed to discover a fabric that eliminated rashes, brought in moisture wicking, anti stink, and a material that was thick enough to allow the person wearing it to feel comfortable and smooth. He decided he needed to become his own fabric scientist, and decided to work into producing his own fabric. He focused on function first and then brought the fashion in afterward and ended up creating a synthetic fabric that felt like cotton. There was no product like it on the market and it produced the desired results such as being able to comfortably shape and smooth over a persons body while also providing many other features.

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Factor of Production - Entrepreneurship
Chip used his entrepreneurship skills to come up with a unique name that separated his company from others. It came about because the large Japanese trading companies who produced North American brand name clothing never came up with a company name that contained the letter L in them because it didn’t exist in the Japanese language. He also decided to use the letter L in his company’s name because kids could see the letter and it would seem more authentic North American, and wasn't a knock off so it held more value. He started to do names with alliterations and came up with about 20 names and logos to go with them were he tested them in focus groups and have people vote. The name lemon was also risky because it was connected with bad quantity Detroit cars that were called “lemons” but he ended up deciding on Lululemon. The logo actually came from a different potential company name, and was designed as a stylized A which stood for athletic.

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Factor of Production - Capitol
When opening his first store Chip could only get a store on the second floor of a building, but it was located on the right street in Vancouver which had multiple athletic stores located on it. However due to the placement of the store on the second floor it was hard to get people to venture up from the first floor, so Chip came up with a plan. He combined his business with his yoga teachers, who was located on the ground level, and placed his clothing on moveable racks. These way he was able to roll out his clothes during yoga classes and ended up creating a yoga studio with a boutique inside of it.

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Factor of Production - Labor
At the time Chip was continuing to do work with his old company, West Beach, and Lululemon and decided he only wanted to work with people who he loved to work with and became determined to develop people, train them, mentor them, and get out of the way of them. He decided to hire Shannon Gray, the first person he had seen with a design portfolio using stretch clothing and within two weeks of hiring her he left her in charge of Lululemon. She became the CEO of the company for about a year while Chip went to work at his old company, West Beach. Lululemon was running out of money but because of the hiring of Shannon and her taking over the business for awhile, Chip was able to make some cash form working at his old business to put into Lululemon, and eventually Shannon became Chip’s wife.

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Factor of Production - Entrepreneurship
One unique aspect the Chip brought to his company through his entrepreneurship skills was the ability to think outside of the box. Lululemon was about to open a shop in Vancouver when Chip came up with the idea of having the first 30 people who showed up to the opening without clothing would get a free outfit. This event created global media and everyone showed up to the opening, TV trucks parked all up and down the street. Nobody was arrested during this event because even though it is not normally allowed in public, but it was sort of part of culture of Vancouver according to Chip. This unique idea ending up creating mass media surrounding the company and was an genius marketing campaign the ended up spreading the word about Lululemon.

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Factor of Production - Capitol
In 2003 Lululemon opened its first store in the United States outside of Canada in Santa Monica, CA. Chip decided to open the store there due to it being the center of yoga culture in the United States. This was the biggest thing for the company after the opening up of the first store in Toronto and the second in Vancouver. This ended up setting up the trajectory of the opening of a store overseas in Melbourne Australia.

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Factor of Production - Capitol
In 2007 the company Lululemon went public and started to sell stock. Chip described the stock as being hot and the company sold a pretty good chunk of stock early on. What ending up happening was that the company was only planning on selling about 30% of the stock to private equity, but ended up selling 48% of stock. This ended up backfiring on Chip as advisors were giving him advice that was good for them but not him, and told him it was important to go public and sell more shares so more institutional investors are able to get stock. This caused Chip to move into the background and lost his power to speak and control what happens to the company.