This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.
Messages - rakibul
Pages: 1 2 3 [4] 5 6 ... 9
46
« on: June 26, 2019, 12:31:42 PM »
The 25 Best Business Articles Every Entrepreneur Should Read1. “50 Signs You Might Be an Entrepreneur”
Do you have a feeling you might be an entrepreneur at heart? In “50 Signs You Might Be an Entrepreneur,” published on Entrepreneur.com, John Rampton could point out the one—or many—things that makes you the perfect small business owner deep down inside.Entrepreneurs and business owners have a certain kind of spirit and drive that keeps pushing them forward. Use this business article to find out if you possess the qualities of an entrepreneur yourself.
2. “The iEconomy”
If you’re a small business owner on the forefront of the tech industry, then the New York Times’ “The iEconomy” is one of the best compilations of business articles to read.The articles in this Pulitzer Prize-winning series look closely at the constantly changing high-tech industry. As an entrepreneur in a tech-facing business, you might find that the iEconomy series has a unique outlook on how challenging it can be to keep up in the tech industry.
3. “‘Don’t Take It Personally’ Is Terrible Work Advice”
In this Harvard Business Review article, Duncan Coombe explains why small business owners and employees should take work personally.This Harvard Business Review piece is one of the best business articles for entrepreneurs looking for advice on how to engage their employees, build a successful business, and take pride in their work.
4. “Why You Hate Work”
In the New York Times’ “Why You Hate Work,” Tony Schwartz and Christine Porath look into what the modern employee needs to be fulfilled while in the workplace.If you’re wondering how you can make your employees happier at work, this is one of the best business articles to read. Schwartz and Porath dive deep into what motivates people—and what pushes them away.
Or if you’re one of those 9-to-5 employees who hates your job, this might be one of the best business articles to inspire you to take your career into your own hands.
5. “Think You’re Too Old to Be an Entrepreneur? Think Again.”
Despite what you might have learned from “Silicon Valley” or “The Social Network,” not every entrepreneur is a 20something male wearing a hoodie.If you’re looking for business articles that will reassure you that you’re not too young to start your own business, then you’ve found one in this info-graphic. Entrepreneurs are of all ages and come from all walks of life, and Anna Vital’s info-graphic will convince you of that.
6. “Meeting the Challenge of Disruptive Change”
“Meeting the Challenge of Disruptive Change,” by legendary economics scholar Clayton Christensen and business consultant Michael Overlord, is one of the best business articles for entrepreneurs who need help getting a handle on change in their business.Growing pains are an inevitable part of any successful small business. This article helps business owners identify when their companies desperately need a change or how to handle change when it’s thrown their way.The Harvard Business Review has a handful of small business articles that have withstood the test of time, but “Meeting the Challenge of Disruptive Change” is one of the best business articles to keep coming back to as you manage more and more employees.
7. “What Makes a Leader?”
Another one of the best business articles in the Harvard Business Review is “What Makes a Leader?” by Daniel Goleman.
Starting and growing your own business is one thing. Managing and leading your employees once you’ve gotten a few years of business experience under your belt can be a whole different skill set. If you need some advice on how to be a more effective leader of your small business, this is a great read.
8. “The Top 5 Reasons Why ‘The Customer Is Always Right’ Is Wrong”
You’ve heard it before—or maybe you’ve said it yourself: “The customer is always right.”In his Huffington Post article, Alexander Kjerulf explains why “the customer is always right” shouldn’t be your motto as a small business owner. If you deal with customers in your day-to-day operations, this business article deserves your attention. You’ll not only realize why you might be treating your customers wrong, but you also might find that you’re making your employees worse-off along the way.
9. “Reclaim Your Creative Confidence”
While most of the Harvard Business Review’s business articles are tailored to the management side of things, “Reclaim Your Creative Confidence” is all about empowering the creative side in everyone.Creativity is an important trait in a business leader—a recent IBM survey of chief executives around the world shows that it’s the most sought-after trait in a leader. But as a business owner trying to run a successful company, you might put your creative, “big picture” ideas on the back burner while you work through the operations of your business.But it’s creativity and innovation that drive businesses and industries forward. So if you feel like you need to re-spark your creative spirit as an entrepreneur, “Reclaim your Creative Confidence” is one of the best business articles to read through.
10. “Richard Branson to Young Entrepreneurs: ‘Just Do It’”
In Oscar Raymundo’s Inc. article, famous entrepreneur Richard Branson explains why young wannabe entrepreneurs need to get over the inherent risk factor of starting a business.You can sit on a great business idea for years, weighing the pros and cons of starting it. But according to Branson, a point in time comes when you have to just do it. If you fail, you fail—and hopefully, you learned something valuable for your next business venture along the way.So if you’re an entrepreneur who’s been poised to launch a small business for quite some time now, this is one of the best business articles to help you make the plunge.
11. “Why Should Anyone Be Led by You?”
“Why Should Anyone Be Led by You?” will make you look closely into your skills as a business leader.This Harvard Business Review article gives four traits of the best kinds of business owners—and they’re qualities that you’ve probably never thought of before. So if you’re looking for business articles that not only help you take a step back and look at how you are as a leader but also give you tangible steps to become a better one, this piece is for you.
12. “6 Toxic Behaviors That Push People Away
How to Recognize Them in Yourself and Change Them”?Have you noticed a lot of your employees don’t last long at your business? Or maybe you have a hard time finding customers who keep coming back?You might be exhibiting one of the intolerable behaviors that Kathy Caprino identifies in “6 Toxic Behaviors That Push People Away: How to Recognize Them in Yourself and Change Them.” In this article, you’ll learn why your employees are always quitting, what habits drive your partners crazy, and why customers just don’t want to work with your business.But it’s not all bad. This is one of the best business articles if you need very defined steps for how you can be better.
13. “Managing Oneself”
Peter Drucker’s “Managing Oneself” is a Harvard Business Review classic.First published in 1999, this article teaches us what it means to develop ourselves and place ourselves in the best possible positions—not just for you, but for everyone. How can you make the greatest possible contribution to your business, to your organization, or to your community? This article will get you closer to figuring out what your fundamental strengths are, and how you can use them to perform better at anything you do.
14. “Mentally Strong People: The 13 Things They Avoid”
“Mentally Strong People: The 13 Things They Avoid” is one of the most popular business articles around.Why?Because this article features an overwhelmingly accurate list by clinical social worker Amy Morin on what to avoid if you want to be a better leader. You might find that, without knowing it, you spend so much time and energy on thoughts and actions that will hold you back in the long run—like wasting time trying to prevent change or worrying about pleasing others.This is one of the best business articles to figure out the things you do that are setting both you and your business back.
15. “How to Demotivate Your Best Employees”
Another one of the best business articles from Harvard Business Review? “How to Demotivate Your Best Employees.”
This article highlights the things that you think are motivating your best employees to be even better, but are actually discouraging them. The article looks at a study done on employee incentives at five commercial businesses—and you might be surprised by the results.An “Employee of the Month” award program? Don’t do one. Read the article to learn why.
16. “Why Google Doesn’t Care About College Degrees”
This Venture Beat article gives you an inside look into how one of the most successful businesses in the world goes about hiring their employees. (Hint: It’s not about expertise—it’s about skill, talent, and grit.)So the next time you’re hiring for your small business, pull this piece up—it’s one of the best business articles to get you thinking about how you can get the best talent for your business.
17. “Managing the Family Business”
If you own or are a part of a family-owned business, then you know how downright complicated it can get. The best business owners can keep their personal and business life separate, but it gets tricky when the two are inherently connected.If you’re looking for the best business articles specifically for family-owned businesses, then go straight to Harvard Business Review’s two-part series called “Managing the Family Business.”
18. “How Things Change”
While you might be surprised to find this one on a list of the best business articles, “How Things Change” is a worthy 30-second read for any entrepreneur who feels discouraged.TechCrunch’s Greg Kumparak summarizes the crazy journey of entrepreneurship in just three tweets from Brian Acton, co-founder of WhatsApp.
19. “The Psychological Price Of Entrepreneurship”
Working a traditional 9 to 5 can have its stress, and the stress, worry, and fear that comes along with the make or break atmosphere of being an entrepreneur can be even more intense. Entrepreneur and investor Kumar Arora explains the psychological impact being an entrepreneur can have on a person from his first-hand experiences in his Forbes article “The Psychological Price Of Entrepreneurship.”Starting and running your own business can be an isolating and physically and mentally exhausting process and it’s important to keep your mental wellbeing in mind. This advice from Arora is one of the best pieces to help you prepare for life as an entrepreneur.
20. “8 Mistakes First-Time Founders Make When Starting a Business”
When you’re just starting out it can be easy to fall into the same pitfalls many entrepreneurs fall into. But maybe with this article, you won’t have to.Mitch Zuklie, the CEO of Orrick Law Firm, and a business and legal advisor wrote about the top mistakes he sees entrepreneurs make. He detailed the mistakes that include growing too fast, and ignoring sound advice, in an article for Entrepreneur Magazine.
21. “How to Hire the Right Person”
Finding the right people to fill out your new business can be hard and you want only the best. Compiled from more than 500 interviews, the article “How to Hire the Right Person” by Adam Bryant of The New York Times brings together some of the best hiring advice from CEO’s he’s interviewed.From questions to setting Bryant breaks down some of the best advice he’s gotten over the years. Some of the advice includes walking candidates around the office, paying attention to what questions they ask, assigning them a take-home task, and more.
22. “A Study of 3,526 Companies Shows 1 Decision Makes Startups More Successful. Most Founders Do the Opposite”
The appeal of having a partner in business is strong. Some entrepreneurs feel more comfortable having someone to share the work of starting a business with, but research shows that might not give the company the best chances of survival.Research from New York University and the Wharton School at The University of Pennsylvania found that companies with a solo CEO were actually more likely to succeed. A story from Inc. breaks down the method used to derive the findings, but it turns out going it alone might actually be an advantage.
23. “CEOs Share Their Best Advice for College Graduates”
This article rounds up some of the best advice CEOs had for college graduates this year, but most of it can also be applied to new entrepreneurs. Both recent grads and entrepreneurs are starting a new chapter in their careers and the advice in “CEOs Share Their Best Advice for College Graduates,” can be helpful to them both.The ability to listen, have patience, and be flexible were all traits CEOs highlighted in their advice to students. After years of experience and earning the title “CEO” they’ve learned a thing or two that can be helpful to those looking to follow in their footsteps.
24. “7 Tips For Aspiring Female Entrepreneurs, According To A CEO”
This article is based on advice from CEO and founder of the woman-powered app Mogul, Tiffany Pham. It’s a compilation of advice from her book and interviews with Bustle. While her book offers far more insight into how she got to be where she is today, “7 Tips For Aspiring Female Entrepreneurs, According To A CEO,” gives a quick preview.Pham’s advice is centered around her experiences and lessons she’s learned over the years that could help other female entrepreneurs. Her book is called “You Are a Mogul: How to Do the Impossible, Do It Yourself, and Do It Now.”
25. “Good Advice: Tips From Successful Small Business Owners”
This article from The Hartford highlights what CEOs wish they had known back when they were first starting out. That includes the importance of a good support system and mental health and trusting their employees enough to delegate to them.It’s a roundup of advice from other business owners, “Good Advice: Tips From Successful Small Business Owners” could help you avoid a common pitfall before it happens.Reference:https://www.fundera.com/blog/business-articles
47
« on: June 26, 2019, 10:09:52 AM »
3 Smart Networking Strategies to Use at Your Next Event
1. Listen and then ask the right questions
The golden rule at a networking event, or any other business interaction for that matter is to listen more than you talk. This is classic sales stuff that everyone should know. If you think about the really successful people in your life, are they very chatter boxes or are they listeners? I would think the latter. Do they ask the right questions? I would think they probably do.
You will only reach success when you understand what other people really want. Sometimes you will get people asking for your services but not knowing exactly why. This is your job to listen and make sure they know their reasons for it and what they are trying to achieve. If you think about it, what salesperson would you buy a camera from; the one talking at you and selling feature after feature, or the other one asking what you are going to use it for?Being an active listener and asking the right questions sounds like simple stuff but it can be harder to actually do. Active listening takes effort but when you do it the right questions will pop up and the payback is there.
2. Partner up with the competition
You will inevitably bump into people doing similar things to you at networking events. Instead of the Mexican stand-off which sometimes happens, try to find out where there can be synergies between the two of you.Let’s say that you sell ice-cream for instance and you get talking to another ice-cream salesperson. Do you work the same location? Do you sell the same flavors? Do your customers have the same demographic? Same pricing? Probably not on most of these questions. This means you can share information on suppliers, discuss general market conditions and you can even set up a joint venture and seek global ice-cream domination.If you are a solo-preneur, your success will depend on fitting into an eco system of other consultants and freelancers. Make yourself useful to them and help out as much as possible; your efforts are always appreciated and you will be repaid at some stage.You will invariably bump into and sometimes lock horns with the competition at client sites. The networking event provides a ‘safe’ environment where you can you can practise interaction with the competition without causing too much damage in front of a customer.
3. Hunters vs. farmers
We have all been there. You get chatting to someone with a big smile from ear to ear. They are hyper friendly and rather quickly state their business while scanning the room for their next prey. They hand over their business card and expect you to reciprocate; they then make an excuse and move on to the next person.This person will go home that night and count up the number of cards they got and more crucially, how many of their own cards they handed out. These people are called hunters, meaning they are only interested in a quick chat and exchanging cards. Study after study shows that this approach doesn’t work but some folks do it as handing out cards feels like an achievement.Farmers on the other hand, understand the value of knowing, liking and trusting people. They know that business relationships grow over time and they are prepared to bide their time.They say that all you need is twenty people in your network if you nurture it well. These twenty people may take many networking events to get right but the farmer knows that having a real connection with one person is much stronger than shallow chats with hundreds.In practical terms, when you start out on the networking circuit it’s probably difficult to know who’s who. When you see the same faces a few weeks in a row you’ll know who the farmers are – and where you need to put your energy. The fact that the farmers are laid back, very comfortable with networking and genuinely interested in people certainly will certainly help you on the way.Reference:https://theundercoverrecruiter.com/3-smart-networking-strategies-use-your-next-event/
48
« on: June 26, 2019, 09:49:39 AM »
30 Most Effective Mobile App Ideas For 20191. Car wash
This app idea could be unique for users living in urban and semi-urban setting where car wash service appointment would be time consuming. The on-demand car wash app lets you order a car wash from anywhere at your convenience.
2. Criminal Alert Service
The crime rate can be brought down with an app for criminal alerts that inform users about most wanted and delinquent criminals in unknown area they explore. The app can house a button pressing which police will get a signal on which location is suspicious.
3. Scan and Shop
The app lets you scan the real-world item which can be searched and eventually d from online sites using its scanned image.
4. Mall Navigation
The app of this kind will have potential to display the map of all the shopping malls in your neighborhood so that you can navigate precise directions inside the mall and check its different sections, restaurant or parking spot, utility, etc.
5. Virtual Interior Design
Such apps allow you to take a snap of your room to be redesigned and visualize the suitability of different elements when placed inside the room virtually, using options like colors, curtains, objects, furniture, et
6. Parking Availability
Building an app that finds you available parking spot in a specific location will be an excellent idea. It will rely on GPS, webcams, location data to discover free parking space in real time.
7. Virtual Exam Preparation
In this app, students can virtually gather and share their knowledge to prepare for the exam and enhance the the learning session with study tools, discussions, guides, and more.
8. Flower and Gift
Make an online flowers and gift delivering app that is smart enough to automatically choose best flowers/gift and place an order to be delivered for upcoming events like birthdays of your kith and kin.
9. Security Device Control
Conceive an app for security control that allows you to control the security devices and equipment installed in your house or office space such as door opening, camera footage, burglar alarms, etc.
10. Phone Silencing
An app to silence your smartphone will automatically detect your current location and render your device in silent mode when you are in an office, meeting or a conference, etc.
11. Omni-Channel App
A supermarket app for omni-channel retailing will allow you to scan the products on your app and automatically make payments through integrated e-payment while shopping in a supermarket.
12. Finance and Bill Management
How about having an app that automatically adds, using AI algorithm, user’s financial details such as bills and transactions and sends due payment alerts to people involved.
13. Voice Translation
It will be handy to have an interesting app that translates the spoken expression in real-time in to the language best understood by the person speaking different language.
14. Fun & Flirt
Users will be attracted to an app that intelligently pulls your friends’ lists from your social media accounts to scan and suggest the best match for chat and flirt based on your activities, likes, interests, etc.
15. Car-Sharing in Real-Time
This unique concept for mobile app will have users enlisting their own cars when they head out to a destination in order for other app users to share the ride if the car is to pass by their location.
16. Food Donation
Imagine an app for restaurants to locate good charities in their vicinity where they can donate extra food items. This initiative can help save the waste of food that can be meal to needy paupers.
17. Bill and Receipt Store
Using this app, users can easily store all their receipts and bills in a single place to avoid managing each of them manually. The added ability to directly get receipts from stores will make it more special.
18. Cheap Delivery
We all need an app that steps out of the ordinary and find us the best delivery solutions in our area based on the type of product and location.
19. Dealer-Free Property Search
In today’s tight economy, having an app that helps find tenants through direct communication without a layer of dealers will be a boon to both landlords and tenants. In this app, tenants and landlords can communicate on property matter directly.
20. Tax Management
This is what we miss, a mobile app for taxpayers that stores data on all your income, expenses, tax transactions and calculates your tax liability automatically.
21. Fully-Fledged Restaurant Service
Despite many apps, we still need a well-customized app where users can check real-time menus and table availability, and can book or even pay bills for a specific restaurant from within the app.
22. Note Management
This will be a sophisticated note-taking platform for learners to take, share and comment on notes, manage existing notes and make new notes for lectures and seminars.
23. Transportation Alerts
This handy app will help users never miss their bus or train by the way of alerting them in real time of schedules, time change, delay of public vehicles using the GPS feature.
24. The Text Reader
Giving you a feel of Hollywood movie gadget, unlike scanner, the text reader app will read and convert the text or numbers written on a paper into digital format on your phone, tablet or PC.
25. Unusual Dating
Unique to many modern dating apps, an unusual dating app theme would be the one for introverts, helping them in finding the best date match based on special interests including readers, nerds, geeks, comic fanatics, and more.
26. Goal Manager and Sharer
There are many motivational apps, but perhaps what we don’t have is an app dedicated to managing and sharing personal goals. This one allows you to build, track and share your life goals with others so that you can bump into those who share the same goals. This results in mutual support and encouragement for reaching goals.
27. Missed and Found
This app is designed to help users find their small missing things such as keys, wallet, honky, glasses, pen or others that they might have mislaid .
28. Book Review
This app functions as a review generator every time you take a picture of a book, helping you make the best choice for buying a book. You get instant reviews published on Amazon, Good-reads, newspaper and other sources.
29. Something For Writers
Writers need tremendous peace and serenity as they work on a piece. It blocks all the redundant distractions coming from the device, keeping only those functions that are needed while creating a write-up.
30. Smart Profile Reader
Augmented Reality is not just for shoppers and games. You can build a smart profile reader app using AR technology that enables users to explore in-depth details about a particular person or an object by scanning their face. As you scan them with the app, it will scoop up the details about them from available online sources.
Conclusion
We hope these 30 most creative and original mobile app ideas will be enough for your doze of inspiration needed to carve the next phenomenal mobile app success story for you. From on-demand to AR to social and more, these ideas have potential to cover a range of everyday human needs that are still waiting to be addressed. In 2019, may we see a few of these effective mobile app ideas taking the shape of reality in users’ life.Reference:https://www.redbytes.in/mobile-app-ideas-2019/
49
« on: June 25, 2019, 09:47:12 AM »
5 Effective Strategies for Mentoring EmployeesCommit to a plan
Commitment to consistency is key. There’s no value in offering your services to men-tees if you can’t dedicate the time and effort to see it through over an extended period of time, according to Management Mentors. So, if you’re willing to commit, choose the person you want to mentor, start by setting goals and scheduling regular check-in meetings, and then work on charting progress. It helps to align mentee goals to the company’s organizational agenda to drive results toward shared goals and keep employees engaged by feeling like they’re directly contributing to the business’s bottom line.
Lead by example
E. Wayne Hart and Management Mentors talk about something they call model behavior — making sure that your attitude and actions demonstrate the ethics, values, standards, and procedures that define your company and that you want your men-tees to embody. Depending on your company size, it may not be possible to shoulder this burden alone. That’s when it’s important to create layers of mentors throughout the company. You set the tone for your managers, and in turn, they do the same for their teams. In other words, make mentoring part of the entire company’s DNA. Another way to set the tone is to create opportunities to mentor the whole company at one time. Sound impossible? It’s actually pretty easy. Just schedule quick weekly or monthly sessions in the form of something like a town hall to update employees on how the business is doing, solicit feedback, and share success stories.
Look for teaching and guiding moments
As mentor, you get to play teacher by sharing your knowledge and experiences and by recommending assignments to your men-tees that will help them grow and develop professionally. Hart cautions against giving your men-tees all the answers straight out. Part of your job as a mentor is to lead your men-tees to thinking critically and solving problems on their own. He suggests thinking of yourself as a sounding board and personal adviser who helps guide men-tees to their own conclusions.
Foster connections
Hart also talks about the mentor as sponsor. Always look out for opportunities for your men-tees, advocate on their behalf in management meetings, and connect them with people in your network.
Survey the scene and act from above
As a mentor, you can also act as protector. Hart says to keep a watchful eye by looking out for both threatening organizational forces and positive opportunities. And from your position higher on the food chain, you have the unique ability to identify low-visibility versus high-visibility projects and help your men-tees get noticed for their work.
Reference:https://squareup.com/townsquare/5-effective-strategies-for-mentoring-employees
50
« on: June 25, 2019, 09:38:16 AM »
The Branding Process1. Gather - Collect the background info
The branding process begins with a meeting of the key stakeholders. This is where you tell us the "state of the union," and just where you stand now in the process. You may have some ideas and thoughts already formulated. There might be names that you loved but couldn't use for various reasons (i.e. trademark conflict, the domain was taken, etc.) Or you may just be at a complete dead end, wasting too much valuable staff time. In this meeting, we discuss recommended timelines and milestones. You can also forward power point presentations, creative briefs, business plans and any other supporting documentation that would help explain and convey your marketing objectives. At this point, we're here to listen, gather, and ask lots of questions.
2. Analyze - Determining the pivot point
Rather than jumping to a competitive analysis of others in your industry, we first question what industry you are in. Sounds obvious, but it isn't. Apple is not really in the "computer" business, but in the digital lifestyle business. If they acted like they were a computer company, they would be marketing against Dell and Gateway, and they wouldn't be where they are today. Before branding a company, product or service, we dig deeper to determine the end benefit, the true value proposition, so that the branding remains anchored, relevant and timeless. We call this "finding your pivot point," or that central theme that resonates throughout everything you do. And it's typically not your products and services. It's usually lies in how you deliver those products and services. Brands such as CompUSA are product defined, while BestBuy is more attribute defined. We work to make sure your brand identity is properly aligned with your company's core strengths. That way, when your industry goes through cycles, you don't necessarily suffer the fate of that cycle. It's not just strategic, it's brilliant.
3. Specify - Writing a creative brief
Now that you know your pivot point, your central theme and mission in life, how do you want to convey that message? Do you want to sound bold and innovative or tried and true? Do you want to engage and excite or educate and inform? What is the personality/temperament of your brand and how do you want it to be perceived? Who is your primary and secondary target market? What type of messaging will most appeal to them? We'll ask these questions and summarize them in a document for your team to share and discuss. This will help further guide the naming process.
4. Prioritize - Creating the brand criteria
To keep the process on track, we work with you to prioritize which items in the brand strategy are most important and deserve the most consideration. Is it the overall sound and feel of the name? Is it the meaning behind the name? Is it the need to be unique? Or have an exact matching .com domain name? Typically there are a number of drivers in the branding process, but without identifying them, and prioritizing them, the least important factors can inadvertently take precedent over everything else. By agreeing early on that the brand must communicate x, y, and z, it puts the emphasis where it belongs and avoids the tendency to use individual subjectivity as the basis for judgment. This is especially important where group consensus is involved.
5. Idea - Conception and developing brand identities
Once we know what business you are truly in and what message you want to convey, we look at how best to convey that message. There are a number of branding strategies, each with their own pluses and minuses. You may want to start with a blank slate, something you can own, so we would explore invented or "empty vessel" names (i.e. Xerox.) Or you may want to convey a key attribute of your business as in Sir Speedy. Other strategies include positive connotation names such as On Star and TruGreen, as well as metaphors such as Jaguar and Amazon. We work with you to determine which branding strategies best suit your needs, then we go to work to find those names. We search through hundreds, (and often thousands,) of potential brand names to find that ones that best reflect your pivot point and brand message, while meeting your brand criteria (i.e. ease of spelling, pronunciation, available trademark, etc.) Once we have a set of 12 to 15 names that meet these objectives, we share a document with you and your team and arrange a time to review. Each potential brand name comes with two to three matching tag lines, a rationale statement detailing how the name could be used to further support and position you in your market, the status of the domain name (i.e. available, parked, for sale, or secured on your behalf) and a preliminary check on the UPTON data base.
6. Refine - Reviewing and refining
It's often in the discussion of the brand names that the team gets the "ah-ha!" moment. Someone will share a new twist or insight that transforms a good name to a great one. Or one name sparks a train of thought that leads to other possibilities. That's the purpose of this process, to help find and define the essence of the brand. Once in a while, a name will pop right out, but more often, one or two of the names begin to rise to the top and make more sense with each discussion. The "story" behind the brand will begin to emerge and the name will gain traction.
7. Select - Selecting the winning name
Typically it requires one to three "rounds" of names to find the right candidate. And often the name will be from the first list, simply because it requires contrast and comparison to see the value in a name. Some of our best and brightest brand names were initially passed over in early stages of the process, only to be revisited again and again. This is where it helps to air out each idea... how will the name be used, where will it be seen, how will it be used in a sentence, does it have "verb potential," etc. There is usually several names that will meet the branding criteria, and then it's a matter of choosing the one that feels the most fitting and comfortable.Based on the specifics of the project, we can also provide comprehensive trademark research, name validation testing, and linguistic evaluation to further assist you in your decision.
8. Develop - Developing the marketing platform
Rather than stopping with a name, tag line, logo and domain name, we'll work with you to develop a marketing "lexicon" or language set to further enhance and support your brand message. For our client TKO Surgical, it was about standing up for their clients, championing their cause and being in their corner. For our financial planning client Freedom Peak, it was about "reaching for your goals," "climbing higher," and "gaining a higher perspective." By developing this language set, you will be able to create a more meaningful and congruent brand message, one that highlights your core strengths. This gives your brand message more substance and makes it more engaging and believable. It also helps when it comes time to write headlines, ad copy and web content.
9. Visualize - Creating the corporate identity/logo
Once we have the name, tag line and domain name, we work with you to create a matching logo identity (if that was part of the package.) We'll ask you for examples of logos that you admire in other industries, and we'll help determine the best logo treatment to reflect your overall brand message. We'll provide three to five logos per round, and gather feedback on which one(s) you like best. From there we fine tune the logo designs until we have one that compliments your brand name. For some clients, it's all about creating something "eye popping" and highly visual. For others, it might be more important to communicate trust and credibility. So we tailor the logo to match the specifics of each assignment.
10. Finalize - Finalizing and transferring all branding elements
Once the logo is approved, we then forward all the files in various formats for use in printing, web design and signage. We'll also specify the logo font type and the specific PMS colors for future reference. We then transfer over the domain name and provide all necessary information for immediate access. At this point you are good to go. You will have all the basics you need for a brilliant brand.Reference:https://www.tungstenbranding.com/the-branding-process/
51
« on: June 24, 2019, 09:43:24 AM »
Examples of Environmental Factors Affecting Business
Environmental Policies: Environmental policies are another external factor that can impact the strategy of a business. Environmental policy is the commitment of a business to the regulations, laws as well as other policy mechanisms that are concerned with environmental issues. Environmental policy impacts businesses because the law implies organizations to change their operational procedures and equipment so as to meet those standards which can cost businesses some good amount of money.
Climate Change: Climate change became an insidious threat to businesses as its pace can be recognized only when it is taken into consideration on the basis of decade-after-decade. Increasing issue of global warming and adverse weather conditions in the recent few years, it is difficult for companies and organizations to operate equally in every type of weather condition. Businesses that are directly dependent upon adequate water supply e.g., field sports or agriculture will be affected adversely if climatic changes resulted in reduced rainfalls. Even consumers are becoming aware and keen about this factor and are prone towards those brands which are saving the environment or supporting this cause.
Green Agenda: Business-related activities impact the environment; however, the environment also has an effect on businesses and the market environment. Now enterprises have realized that in order to achieve business goals, there is a need to draft environmental-friendly policies. Green agenda is a plan where enterprises manage their operations in such a way so that there is minimal negative impact on the local or global environment. In order to be environmentally responsible, corporations need to devise plans and procedures in their operations and activities which is beneficial not only company but, for the overall environment as well.
Pollution: Pollution can also have an impact over business strategies. Pollution may cause some major environmental events which can result in the disruption of supply chains or an increase in the cost of raw material. Organizations need to monitor such events and develop contingency plans so as to deal with them.
Availability of natural resources: Among-st external environment factors, this factor refers to the physical environment of a business. Natural resources are very important for most businesses and many corporations have natural resources as their major raw material. Lack of natural resources can hinder an organization’s producing ability and hence its output.
Recycling: Recycling is another aspect of a greener environment. The cost of dumping waste in landfills is increasing and is resulting in not only shortage of wastage's but, it also provides harm to the environment. Recycled materials not only results in making the production process cost-effective but, it also helps the business to save some money and helping the environment.
Waste Disposal: Although, there has been a positive trend towards recycling of waste materials, still there is several businesses which dump wastage in landfills. This not only increases their cost of dumping waste but, is also harmful to the environment in which the business operates. Businesses, in order to meet their bottom line, should first look at producing less waste and use fewer resources which will reduce their production cost along with making the corporation sustainable.
Reference:https://www.marketingtutor.net/environmental-factors-affect-business/
52
« on: June 24, 2019, 09:26:50 AM »
Non-sourcing related reasons for using LinkedInA powerful talent management research capability — Perhaps the most unique feature of LinkedIn is that it provides you with the ability to conduct talent management research. For example, LinkedIn is the only database that allows you to identify which firms are hiring and which individuals got hired there. Research can also help you measure the turnover at a particular firm, and more importantly which firm those people turning over immediately moved on to. The research capability also allows you to find out whether the number of individuals in a particular job title at a firm are increasing or decreasing and whether employees at a particular firm are being promoted internally. If you’re interested in strategic recruiting, internal movement, and retention patterns, there is really no alternative to LinkedIn.
It offers many professional learning groups — Although many think of LinkedIn as a recruiting tool, it is also evolving into a professional learning and sharing site. There are more than a million professional groups that employees and recruiters can use to learn and share. The site allows you to create your own group or join an existing functionally targeted professional group (e.g. The Recruiter Network). A group may include thousands of members, so in addition to the obvious prospect identification goal, LinkedIn groups can provide frequent opportunities for employees to share ideas and to test new approaches. Because LinkedIn is more professional than social, you are less likely to get bogged down in a lot of outside of work conversations in their groups.
It provides an easy reference snapshot — In addition to recruiting, LinkedIn is a widely used reference source for quickly getting to know an individual. Many professionals use LinkedIn to get a quick snapshot of a stranger who contacted them or an individual whose name they come across while reading. With permission, it is also possible to conduct 360° reference check surveys among the connections of an individual you are considering hiring.
It supports employer brand building — Building a strong employer brand is essential if you want to eventually attract the very best. LinkedIn provides the capability for firms to create their own “company page” and to populate the page with materials that help to build their employment brand. Individual employees can also send updates to their connections with links to relevant articles, news items, and blogs, which taken together may also help to strengthen your employer brand. The company page can also be used to highlight your company’s products and services.
It allows you to poll — LinkedIn provides the capability of polling a large number of individuals on professional issues. Not only will polls provide you with valuable and current information but they will also signal to others that you (the poll sponsor) are a key information source on that topic.
It is integrated with many other services — LinkedIn is integrated with sites like SlideShare, you can also view the presentation work of an individual prospect who you are interested in. LinkedIn allows you to link with blogs of your choice and it is at least partially integrated with many other vendors including Twitter, Taleo, Amazon, and Windows Live Messenger, just to name a few.
It allows InMail for communications — LinkedIn has its own internal e-mail tool for sending messages. However, unless your messages are scripted perfectly, you can’t expect fast responses or a high response rate on your InMails. In addition, if you make the mistake of frequently spamming messages or job postings, your response rate will quickly degrade.
It provides an advertising capability — Although its advertising approach is not as strong as other portals, LinkedIn provides the capability of strategically placing ads covering your products or jobs. Reference:https://www.ere.net/20-reasons-why-linkedin-will-be-the-1-recruiting-portal-of-the-future/
53
« on: June 23, 2019, 10:07:12 AM »
Strictly sourcing related reasons to use LinkedIn1.It has a high passive to active member ratio — One of the primary differences between a good and a great recruiting source is the ratio of passive over active prospects that populate it. Although both types of prospects are desirable, those who are not actively looking for a job (the so-called passives) are much harder to find and communicate with. If your target is active job seekers, you must realize that in a tight labor market, they don’t require advanced direct sourcing techniques to identify and sell them on applying. With little more than a job posting, they will find you on job boards or your career site. But if you’re seeking the roughly 80% of prospects who are not actively looking for a job, you have fewer sourcing choices because they will not look at job announcements or visit career sites. But fortunately, these employed and not-looking individuals comprise the majority of LinkedIn members. There are other communities dominated by non-lookers (i.e. Facebook and Twitter) but LinkedIn is superior because its content focuses exclusively on professional contacts, sharing, and communication. Without the high percentage of “information clutter” from pictures, small talk, and family matters found on other sites, recruiters on LinkedIn have less information sorting to do. Obviously finding top employed prospects alone is only the first step in sourcing; you will also have to contact, build a relationship, and work hard to convince these non-lookers to even consider a job opportunity. After the connection is made, LinkedIn is not the best relationship-building or communications tool, so supplemental prospect research may be required including creating “Google alerts” on individuals and of course, direct communications and relationship building through e-mail, text, voice, Facebook, or Twitter.
2.The number of members continues to increase — Because of its professional focus and its many uses outside of recruiting, it has become a standard practice for most professionals to have a profile on LinkedIn. In fact, one of its strengths is that its members can be visible on LinkedIn without being suspected of looking for a job. As LinkedIn has added more professional features (i.e. answers, groups, events, etc.) employees have even more professional reasons for joining, expanding the percentage of members who are currently not active job seekers. Having a profile does, however, provide the added benefit of making a person “visible” to recruiters. So even if you’re not actively looking, having a profile will provide you with an opportunity to be periodically “found”, so that at the very least you will know if you’re still marketable.
3.Its database quality can be verified — Although LinkedIn has more than 150 million users, volume doesn’t always mean quality, so you always need to verify the quality of the membership of any prospect database. The best way to verify quality is to use your own employees as a benchmark measure. First, make a list of your very best performers in a high-volume key job at your firm. Then check the LinkedIn database to see what percentage of your best employees are found in a search of their database (you can do the same analysis for your worst employees). Then compare the percentage of your top performers found on LinkedIn with the ratio of your top performers found on other sites including large job boards, referral sites, Facebook, and Twitter. Don’t be surprised when you find that the highest percentage of your top performers are found on LinkedIn.
4.It is referral-friendly — The most effective recruiting source both in volume and quality are employee referrals, so any sourcing option becomes more valuable if your employees will regularly use it find referrals. Because LinkedIn has many features that are not related to job search, your employees probably already frequent LinkedIn to benchmark, to gain mentors, to ask questions and to learn. LinkedIn makes it easy for your employees to identify and connect with others in the same profession that may eventually become an employee referral. Recruiters, who have a broader access to the entire LinkedIn database, can also “suggest” names within LinkedIn that an employee may want to build a relationship with in the hope of eventually making them a referral.
5.Its profiles are easily comparable and searchable — Because resumes come in dozens of different formats, they are a nightmare to search and compare side-by-side. LinkedIn profiles are consistent, meaning that they all contain the same format in every profile. This consistency makes it easier for recruiters and hiring managers to compare different prospects side by side on the same factors. LinkedIn makes it easy to search their database on a variety of topics including industry, connections, current and previous companies, job title, location, profession, and education. LinkedIn also provides targeted updates and follower statistics which allow you to limit and target the updates that you receive.
6.Its profiles are accurate — Research has shown that LinkedIn profiles can be more accurate than resumes. Because their profiles are seen by so many colleagues and individuals (many of whom would’ve attended the same schools and worked at the same organization), it’s much harder for an individual to “get by” with a profile that contains inaccurate information. LinkedIn profiles are also more likely to be up-to-date than resumes, in part because LinkedIn will periodically encourage you to keep improving and updating your profile.
7.LinkedIn can help you identify when someone is about to begin looking — Smart recruiters can learn that certain actions by an individual may “signal” that they are about to enter “job search mode.” The signals might include updating their profile, joining new groups, becoming a LinkedIn answer “top expert” or increasing other networking activities. Contacting a targeted individual who in the past has expressed no interest in a job may get a completely different result when they are considering entering job search mode. And if you get there early, you will likely encounter little recruiting competition.
8.LinkedIn makes it easy to apply — Allowing individuals to apply instantly for a job without having to update their resume is a powerful advantage. Some firms are beginning to use a LinkedIn profile (at least initially) as a substitute for a resume. One way to do that is to add an “Apply with LinkedIn” button to your job postings.
9.It has a job-posting capability — LinkedIn makes it easy to post and distribute current job openings to both types of prospects. When you are seeking active candidates, use LinkedIn job postings as a supplement to your normal job-posting channels.
10.It provides recommendations and facilitates introductions — If you need additional information on a prospect, LinkedIn provides a recommendations feature, which although subjective, it can provide additional insights into the individual and what others have experienced when working with them. LinkedIn also has an “introduction” feature that allows an employee to introduce a recruiter or another colleague to one of their contacts.
11.It facilitates event recruiting — Professional events can be a great place to recruit and the LinkedIn events tool has a limited capacity to help you learn what current professional events are being attended by your target audience. It can also be used to publicize your own events.
12.It includes executive search capability — Because many executives have LinkedIn profiles, the LinkedIn database may allow your internal recruiters to replace some external executive searches.Reference:https://www.ere.net/20-reasons-why-linkedin-will-be-the-1-recruiting-portal-of-the-future/
54
« on: June 20, 2019, 12:01:27 PM »
Difference Between Creativity and InnovationDefinition of Creativity
Creativity is the characteristic of a person to generate new ideas, alternatives, solutions, and possibilities in a unique and different way.Creativity is the ability to conceive something unpredictable, original and unique. It must be expressive, exciting and imaginative. It is the mirror of how beautifully a person can think in any given circumstance.It is not genetic but can be developed if someone keeps on learning and comprehending things with a rare and exclusive perception. Creativity is a brainstorming and mind-blogging activity in which a person has to think beyond his imagination for bringing something worthwhile. It is an activity of unveiling something which was previously hidden.
Definition of Innovation
Innovation is an act of application of new ideas to which creates some value for the business organization, government, and society as well. Better and smarter way of doing anything is innovation. It could be the introduction of:
1.New technology.
2.New product line or segment.
3.A new method of production.
4.An improvement in the existing product.
Innovation is closely tied to creativity i.e. putting creative ideas into action is an innovation, whose consequences should be positive. It is the process of doing something better for the first time, which was not previously done by any entity. It can also be termed as a change which can bring a new edge to the performance and productivity of the company. It is of two types i.e. evolutionary and revolutionary.Reference:https://keydifferences.com/difference-between-creativity-and-innovation.html
55
« on: June 20, 2019, 11:37:21 AM »
4 Top Feasible Business Startup Ideas for 2019 in the Technology SectorWhile planning to start a new business, it is essential for the entrepreneurs to have the best startup ideas in mind to bring into practice. There are a lot of such ideas, but all of them may not be practical in everyone’s case. The trend now while considering the young entrepreneurs is that they tend to follow their dreams and go with their passion over money. They look around for all possible unconventional startup business ideas which may fulfill their passion and also bring in a lot of potential to grow. They don’t want to retire in their 50s but instead seek for a happier life index to enjoy than earning a huge salary.When the need is to enjoy a higher quality of life from what they run, new and innovative business ideas too come into the picture for startup businesses than the conventional few. In fact, it is much easier now to start a new business and bring the ideas into practice. In this article, we are discussing a few startup business ideas, which have the scope to flourish over time based on the changing industry requirements. Moreover, many of the technology companies and IT firms too rely upon such business ideas.
#1. SMM (social media marketing management)
Social media is now largely used by businesses as a mode of marketing as well to get the business deals done. Like web pages, social media has also now become a reliable and instant mode of business communication. This set opens a new business idea for startup ventures. As the companies don’t have enough time and resources to manage their social media profiles, you can think of social media management consulting as a lucrative business.However, this has to be handled carefully like any other marketing tasks, and it is important to master the art of social media management to do it to the best benefits of your clients. If used properly, social media management can add real value local business and also generate proverbial revenue.
#2. Database management services (DBMS)
The needs in database management are constantly evolving, and with the advancements in Business Intelligence and Big Data, data has become an essential asset of organizations as like any physical or intellectual assets. Along with Big Data, flexible and scalable databases are also evolving. From a business point of, available Database as a service is a trending approach now, which can be effectively leveraged as a successful small business idea.If you are a database administrator or can hire a group of expert DBAs, then the database management system (DBMS) consulting can be established. The database is the primary system or software which is used to gather data from various sources, create, and manage databases. DBMS solutions provide the users and developers a systematic approach to gather data, store it, retrieve it, manage, and manipulate based on the business needs.As RemoteDBA.com specifies, DBMS services act as a middleman between the stored database and the end user to ensure that data is properly structured and easily accessible anytime. Planning and designing huge database systems and proper upkeep or data, ensuring data security, and update data management practices are the roles of database management services. If you are serious about database management services as a business idea, let’s explore the popular database management systems also:Relational database management system (RDBMS) – This is long existing and adaptable to most of the existing use cases. However, the Tier-1 solutions in relational management systems can be expensive.
NoSQL databases – These new generation database management systems are ideal for the modern-day data which is loosely defined, which is expected to further evolve in the coming years.
In-memory DBMS – This feature quicker responses and higher performance in terms of data management and retrieval.
Columnar DBMS – Best suited for the big data warehouses, which need to store a huge number of similar data types.
Cloud-based DBMS – Providing database management as a service where the cloud service provider may be responsible for the upkeep of the DBMS.On thinking of database management as a service, the baseline requirement is efficient handlers to balance different applications on same data, the capacity to quickly recover from errors or crashes, capabilities of data integrity, auditing and logging activities, and a uniform data administration procedure, etc.
#3. Websites flipping
Compared to the above, which are actually providing solid user services, website flipping is not a full-fledged business ideal, but an ideal move if you are smart enough to earn some quick cash. All that a website flipper does is to buy and sell websites on the existing platforms. This freelance business idea requires a lot of research and market trends, but if you master the art of doing this, it will turn out to be a direct way to earn more money. There are a lot of websites too which are dedicated for flipping.If you are thinking of taking it as a serious engagement, then one can participate in the auction domains or try to sell the entire websites. You can use the platforms like ‘Flippa.com’ or ‘Freemarket.com,’ which can be used to buy or sell the website domains or full-featured websites. If handled well with proper insight, website flipping can prove out to be a good business startup idea for online business ventures.
#4. Web Development and SEO
With the launch of many innovative technologies, 2019 will prove out to be a successful year for the web development service providers. Considering the current market trends and business needs, web development and concepts like search engine optimization will reach its peak potential in the coming years. However, this is a fast-changing cranny, so the requirement for web development or SEO is not a one-time need, which makes it an ideal lucrative business service for startups to establish if they get a few good loyal clients. Considering the evolvement of IoT and business analytics requirement, it is essential for the business website owners to make their websites compliant to be integrated with the needs of these new generation technologies to leverage its benefits. Also, with more than 200 algorithmic classification factors deciding the search engine ranking of a website, SEO is a highly competitive area for you to gain expertise in and offer to consult.All the above-mentioned startup ideas have a good potential to grab a solid position in the technology market as internet users across the globe are rapidly increasing. However, you need to do a thorough study and seek for proper guidance to identify which will work the best in your case with the kind of resources and expertise you have in hand. Wishing you the very best in entrepreneurship.Reference:https://sdasia.co/2019/02/07/4-top-feasible-business-startup-ideas-for-2019-in-the-technology-sector/
56
« on: June 20, 2019, 11:04:56 AM »
Determining Your Ideal CustomerHere are some tips to help you find your business's ideal customers:
1. Define your product or service from the customer's point of view: What does your product do for your ideal customer? What problems does your product solve for your customer? What needs of your customer does your product satisfy? How does your product improve your customer's life or work?
2. Define the ideal customer for what you sell: What is his or her age, education, occupation or business? What is his or her income or financial situation? What is his or her situation today in life or work?
3. Determine the specific benefits your customer is seeking in buying your product: Of all the benefits you offer, which are the most important to your ideal customer? What are the most pressing needs that your product or service satisfies? Why should your customer buy from you rather than from someone else?
4. Determine the location of your exact customer: Where is your customer located geographically? Where does your customer live or work? Where is your customer when he or she buys your product or service?
5. Determine exactly when your ideal customer buys your product or service: What has to happen in the life or work of your customer for him to buy your product? What time of year, season, month or week does your customer buy?
6. Determine your customer's buying strategy: How does your customer buy your product or service? How has your customer bought similar products or services in the past? What is your customer's buying strategy? How does your customer go about making a buying decision for your product?Reference:https://www.entrepreneur.com/article/75648
57
« on: June 20, 2019, 10:56:43 AM »
Machine Learning Projects | Machine Learning Project Ideas For Beginners | Edureka
58
« on: June 20, 2019, 10:48:13 AM »
The Three Pillars of Block-chain TechnologyPillar #1: Decentralization
Before Bitcoin and BitTorrent came along, we were more used to centralized services. The idea is very simple. You have a centralized entity which stored all the data and you’d have to interact solely with this entity to get whatever information you required.Another example of a centralized system is banks. They store all your money, and the only way that you can pay someone is by going through the bank.
The traditional client-server model is a perfect example of this:
When you google search for something, you send a query to the server who then gets back at you with the relevant information. That is simple client-server.Now, centralized systems have treated us well for many years, however, they have several vulnerabilities.Firstly, because they are centralized, all the data is stored in one spot. This makes them easy target spots for potential hackers.If the centralized system were to go through a software upgrade, it would halt the entire system.What if the centralized entity somehow shut down for whatever reason? That way nobody will be able to access the information that it possessesWorst case scenario, what if this entity gets corrupted and malicious? If that happens then all the data that is inside the blockchain will be compromised.So, what happens if we just take this centralized entity away?In a decentralized system, the information is not stored by one single entity. In fact, everyone in the network owns the information.In a decentralized network, if you wanted to interact with your friend then you can do so directly without going through a third party. That was the main ideology behind Bitcoins. You and only you alone are in charge of your money. You can send your money to anyone you want without having to go through a bank.Pillar #2: Transparency
One of the most interesting and misunderstood concepts in blockchain technology is “transparency.” Some people say that blockchain gives you privacy while some say that it is transparent. Why do you think that happens?Well… a person’s identity is hidden via complex cryptography and represented only by their public address. So, if you were to look up a person’s transaction history, you will not see “Bob sent 1 BTC” instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”.So, while the person’s real identity is secure, you will still see all the transactions that were done by their public address. This level of transparency has never existed before within a financial system. It adds that extra, and much needed, level of accountability which is required by some of these biggest institutions.Speaking purely from the point of view of cryptocurrency, if you know the public address of one of these big companies, you can simply pop it in an explorer and look at all the transactions that they have engaged in. This forces them to be honest, something that they have never had to deal with before.However, that’s not the best use-case. We are pretty sure that most of these companies won’t transact using cryptocurrencies, and even if they do, they won’t do ALL their transactions using cryptocurrencies. However, what if the blockchain technology was integrated…say in their supply chain?You can see why something like this can be very helpful for the finance industry right?Pillar #3: Immutability
Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with.Can you imagine how valuable this will be for financial institutes?Imagine how many embezzlement cases can be nipped in the bud if people know that they can’t “work the books” and fiddle around with company accounts.The reason why the blockchain gets this property is that of cryptographic hash function.In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like bitcoin, the transactions are taken as an input and run through a hashing algorithm (bitcoin uses SHA-256) which gives an output of a fixed length.
Let’s see how the hashing process works. We are going to put in certain inputs. For this exercise, we are going to use the SHA-256 (Secure Hashing Algorithm 256).Reference:https://blockgeeks.com/guides/what-is-blockchain-technology/
59
« on: June 20, 2019, 10:22:11 AM »
Principles of Islamic FinanceIslamic finance strictly complies with Sharia law. Contemporary Islamic finance is based on a number of prohibitions that are not always illegal in the countries where Islamic financial institutions are operating:
1. Paying or charging an interest
Islam considers lending with interest payments as an exploitative practice that favors the lender at the expense of the borrower. According to Sharia law, interest is usury (riba), which is strictly prohibited.
2. Investing in businesses involved in prohibited activities
Some activities, such as producing and selling alcohol or pork, are prohibited in Islam. The activities are considered haram or forbidden. Therefore, investing in such activities is likewise forbidden.
3. Speculation (maisir)
Sharia strictly prohibits any form of speculation or gambling, which is called maisir. Thus, Islamic financial institutions cannot be involved in contracts where the ownership of good depends on an uncertain event in the future.
4. Uncertainty and risk (gharar)
The rules of Islamic finance ban participation in contracts with the excessive risk and/or uncertainty. The term gharar measures the legitimacy of risk or uncertain in nature investments. Gharar is observed with derivative contracts and short-selling, which are forbidden in Islamic finance.
In addition to the above prohibitions, Islamic finance is based on two other crucial principles:
Material finality of the transaction: Each transaction must be related to a real underlying economic transaction.
Profit/loss sharing: Parties entering into the contracts in Islamic finance share profit/loss and risks associated with the transaction. No one can benefit from the transaction more than the other party.
Reference:https://corporatefinanceinstitute.com/resources/knowledge/finance/islamic-finance/
60
« on: June 20, 2019, 10:07:03 AM »
Potential of Small and Medium EnterprisesSMALL and medium enterprises (SMEs) are treated as the engines of growth and drivers of innovation worldwide. They play a significant role in driving economic growth and generating jobs.In Bangladesh, the sector is actually changing the face of the economy. SMEs are playing a vital role for the country's accelerated industrialisation and economic growth, employment generation and reducing poverty.SMEs now occupy an important position in the national economy. They account for about 45 percent of manufacturing value addition, about 80 percent of industrial employment, about 90 percent of total industrial units and about 25 percent of the labour force. Their total contribution to export earnings varies from 75 percent to 80 percent.The industrial sector makes up 31 percent of the country's gross domestic product (GDP), most of which is coming from SMEs. The total number of SMEs in Bangladesh is estimated to be 79,754 establishments. Of them, 93.6 percent are small and 6.4 percent are medium. The 2003 Private Sector Survey estimated that there are about 6 million micro, small and medium enterprises, with fewer than 100 employees. About 60 to 65 percent of all SMEs are located outside the metropolitan areas of Dhaka and Chittagong. The country's SME sector has created 15 lakh jobs between 2009 and June 2014. Now, private and foreign banks disburse half of all farm loans and a third of these are going to SMEs.
Potential of SMEs
Every year about 2 million young people join the country's workforce. Half of them find jobs at home or abroad. So, it has become a challenge to create more jobs so that the rest can be employed. SMEs can be an answer to the problem.
The target of achieving double-digit growth hinges largely on the performance of the small and medium enterprises. In a labour surplus country like Bangladesh, SMEs can play a substantial role in providing the impetus to the development of the modern manufacturing sector and the job creation outside the agriculture and informal sectors.
In Bangladesh, people exhibit lesser ability in processing capital and machinery. SMEs are labour intensive but relatively low capital intensive. For a developing country like Bangladesh, SMEs are a cost effective way towards the reduction of unemployment. Since Bangladesh has not yet displayedadequate performance in large-scale industries that are predominantly owned and operated by public bodies, the country can solve its unemployment situation by encouraging SMEs. Seasonal and disguised unemployment can also be solved to a substantial extent by SMEs. SME can reduce the urban migration in the capital and other major cities, increase cash flow in rural areas, and thereby enhance the standard of living of the rural people. SMEs are widely distributed all over the country which means developing SMEs will play a major role in bridging the urban-rural income gap and contribute towards inclusive growth. In a way, inclusive growth can only be achieved through a vibrant SME sector in a country like Bangladesh.
Constraints facing SMEs
Lack of capital support, modern technology, inability to market products and maintain product quality, lack of skilled technicians and workers, high bank interest rates, inadequate supply of gas and electricity, unavailability of appropriate infrastructure facility, inadequate policy reforms, law and order situation and frequent strikes are some of the key barriers the country's SMEs are facing. It is important to understand the operational strengths and weaknesses of the SME sector for pragmatic policy making and effective implementation of these policies.
Central Bank's role
The central bank has been at the forefront of SME development in Bangladesh.
The government has rightly identified SMEs as the priority sector for transforming Bangladesh into a middle-income country. In line with government's thrust, BB has been instrumental in designing and implementing SME sector development initiatives as part of its development financing agenda. BB has shown the world that a central bank can successfully manage its traditional role of monetary authority while playing the complementary role of development driver. BB has already become the role model in SME financing in the international arena within a span of only five years. Its initiatives are being studied by other central banks of the world. The central bank is regularly receiving delegates from other central banks who are looking at the country's success stories. In the past, a very insignificant amount of loans went to the SME sector although promises were aplenty. Ever since assuming office as the 10th central bank governor in 2009, Atiur Rahman has been spearheading SMEs financing in the country.Rahman's passion for SMEs earned him the nickname 'SME Governor'. Due to banks' serious involvement in agriculture and SMEs, domestic demand has gone up significantly, helping the country avoid the onslaught of global financial crisis. Bangladesh Bank has not only opened a new department for promoting SME financing, but has made it mandatory for all banks to open a separate department for SME clients. The banks have responded positively. Some even opened SME branches.The central bank has launched target-based credit activities for banks. Between 2010 and 2013, about 18.35 lakh SMEs got loans to the tune of BDT 262,340 crore. Loans of nearly BDT 100,000 crore are going to SMEs every year. BB has launched a number of refinancing schemes involving BDT 2,100 crore from its own fund as well as funds from development partners. The central bank is also promoting cluster-based SME credit programmes to tap the regional economic potential. Among the clusters, there is sewing and handicraft in Jamalpur; handicraft, flower farming and processing industries in Jessore; handloom in Moulvibazar; handloom, cane and bamboo craft in Sylhet; handloom in Tangail; light engineering in Bogra; garments in Syedpur; khadi in Comilla and Chandpur; and jamdani in Narayanganj. Uniquely, SMEs are also geographically widely distributed. So they offer a good prospect for geographic diversification of the economy. In this sense, SMEs are an important driver of inclusive growth as well.
Conclusion
The country needs to encourage the adoption of modern technology in SMEs so that their products can compete with those of the competitors. Banks and non-banking financial institutions need to have a tailored and explicit strategy for SME banking in order to build a solid banking policy to facilitate sound growth and profitability in SME banking, as well as to have better credit evaluation mechanisms, product design, marketing skills, and knowledge of customer and product profitability.
For smooth and sustainable development of SMEs all over the country, more emphasis should be given to develop SMEs at district and upazila levels to arrest the rising flow of population to cities. Regionalism in Asia led by global value chains (GVCs) and free trade agreements has increasingly put the spotlight on SMEs. Now more than ever, SMEs in Asia have the opportunity to engage in international trade given the falling barriers to trade and fragmentation of production whereby the manufacturing of final goods is spread over firms located in several countries, each one undertaking an individual task of the overall process. Firms no longer need to have the expertise to export to a modern market; instead, they can simply support the value chain as suppliers of intermediate inputs in the form of parts and components, and act as subcontractors several levels below the ultimate buyer. Increased internationalisation through trade and participation in GVCs provides SMEs in Asia the opportunity to achieve economies of scale, expand market share, and increase productivity. SMEs in Bangladesh should see whether they could be part of this new phenomenon. It is worth noting that SMEs that invest in technology and those with high labor productivity are more likely to be part of the GVC. Bangladesh needs to maximise the benefits derived from the SME sector, as this sector plays a pivotal role in promoting and sustaining the industrial as well as overall economic growth.Reference:https://www.thedailystar.net/supplements/24th-anniversary-the-daily-star-part-2/potential-small-and-medium-enterprises-70927
Pages: 1 2 3 [4] 5 6 ... 9
Show Posts