76
Innovation Hub / The art of innovation
« on: May 29, 2019, 11:13:15 AM »
The art of innovation
Bangladesh Venture Capital Limited
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77
Investment Process / HOW TO START A STARTUP/BUSINESS
« on: May 29, 2019, 11:08:53 AM »
HOW TO START A STARTUP/BUSINESS
78
Investment Process / Top 20 Best Small Business Ideas for Beginners
« on: May 29, 2019, 11:06:43 AM »
Top 20 Best Small Business Ideas for Beginners
79
Investment Process / Venture Capital Explained
« on: May 29, 2019, 11:04:17 AM »
Venture Capital Explained
80
Entrepreneurship / Entrepreneurship Challenges in Bangladesh.
« on: May 28, 2019, 02:30:19 PM »
Entrepreneurship Challenges in Bangladesh.
1. Social Stigma
This is perhaps the most difficult of the challenges one has to wade through in Bangladesh as far as entrepreneurial pursuit is concerned. Starting from family, friends to acquaintances, most people are negatively and heavily prejudiced towards entrepreneurs. One of the reasons is that the society stereotypically brands entrepreneurs as ethically challenged and usually looks down upon them compared to professionals. Alongside that, there is also a risk factor when you are doing business compared to when you are a professional. As a result, family and friends discourage the idea of entrepreneurship.
I have seen budding entrepreneurs (yes, multiple!) join my company just to manage their future in-laws and their expectations.
Social stigma
2. Capital
Usually capital comes from either taking loans from financial institutions or using one’s own savings. Compared to other developed nations, Bangladesh has a significantly higher interest rate. The average interest rate on loans was between 10–12% in January 2018. This reflects how taking loans is very expensive in Bangladesh. The financial organizations also make it very difficult for new businesses to take loans. This is a big obstacle many business owners face when trying to acquire capital. On the other hand FDR rate in Bangladesh is very high compared to other countries. Different institutions provide different rates but it still goes as high as 9.75%. Due to this the opportunity cost of using savings as the capital for a business becomes extremely high, as any given new business can yield a mere 10–15% profit on a good day. Hence, most investors shy away from investing in new businesses and keep their savings as FDR instead.
References:
https://www.ipdcbd.com/overview/Interest-rate-01-Mar-2018.pdf
http://bdnews24.com/business/2015/05/02/bangladesh-bank-instructs-banks-to-cut-interest-on-loans
3. Legal
The legal aspect of starting a business is perhaps the most traumatizing experience of all.This happens due to asymmetric information and widespread corruption. No one is willing to provide complete information causing procedures to get stagnant without speed money. This is a big problem for any new business. Another major problem of Bangladesh’s legal system is the poor execution of its existing laws. In this case, I will be giving the example of the copyright law which provides protection for intellectual properties. In the west, we see they put a lot of emphasis on providing the
required protection for intellectual properties. Unfortunately, in our country, people are not very concerned with that. Anybody can copy another’s idea and start a brand of their own. This discourages innovation and innovative thinking, hampering the industry as a whole. Also, our legal system is not very helpful towards small companies fighting larger corporations, say for bad debt or delay in payments.
4. HR
It might come as a surprise for many that there is a scarcity of good human resources in a country of 160 million people. This scarcity exists due to a lack of skilled population. This increases the production cost of the business as the company may have to hire more people to do a simple task which could have otherwise been done by one person, had the employee been adequately
skilled. This makes the overall system inefficient.
5. Finance
Many entrepreneurs in Bangladesh are still not skilled at managing their company’s financial aspects. They struggle with time and monetary management. To make things worse, most people are not respectful towards their fellow entrepreneurs in regards to their payments. Often we see the case where people deliberately delay payments. This hurts the recipient’s business. Due to inflation, delayed payments result in a decline in the value of money, adversely affecting the recipient in the process.
The problem of bad debts is prevalent in many countries and Bangladesh is no exception. The large portion of unrecoverable money that comes in the form of bad debts adversely affects the financial position of companies and hence creates big problems for the entrepreneurs.
My thoughts are meant not to discourage young budding entrepreneurs, but rather to prepare them for what to look for in their endeavors.
Having said all of these, I still believe we live in a land of opportunities and in such a big market spread over such a small geography, businesses, if done properly, are meant to excel.
1. Social Stigma
This is perhaps the most difficult of the challenges one has to wade through in Bangladesh as far as entrepreneurial pursuit is concerned. Starting from family, friends to acquaintances, most people are negatively and heavily prejudiced towards entrepreneurs. One of the reasons is that the society stereotypically brands entrepreneurs as ethically challenged and usually looks down upon them compared to professionals. Alongside that, there is also a risk factor when you are doing business compared to when you are a professional. As a result, family and friends discourage the idea of entrepreneurship.
I have seen budding entrepreneurs (yes, multiple!) join my company just to manage their future in-laws and their expectations.
Social stigma
2. Capital
Usually capital comes from either taking loans from financial institutions or using one’s own savings. Compared to other developed nations, Bangladesh has a significantly higher interest rate. The average interest rate on loans was between 10–12% in January 2018. This reflects how taking loans is very expensive in Bangladesh. The financial organizations also make it very difficult for new businesses to take loans. This is a big obstacle many business owners face when trying to acquire capital. On the other hand FDR rate in Bangladesh is very high compared to other countries. Different institutions provide different rates but it still goes as high as 9.75%. Due to this the opportunity cost of using savings as the capital for a business becomes extremely high, as any given new business can yield a mere 10–15% profit on a good day. Hence, most investors shy away from investing in new businesses and keep their savings as FDR instead.
References:
https://www.ipdcbd.com/overview/Interest-rate-01-Mar-2018.pdf
http://bdnews24.com/business/2015/05/02/bangladesh-bank-instructs-banks-to-cut-interest-on-loans
3. Legal
The legal aspect of starting a business is perhaps the most traumatizing experience of all.This happens due to asymmetric information and widespread corruption. No one is willing to provide complete information causing procedures to get stagnant without speed money. This is a big problem for any new business. Another major problem of Bangladesh’s legal system is the poor execution of its existing laws. In this case, I will be giving the example of the copyright law which provides protection for intellectual properties. In the west, we see they put a lot of emphasis on providing the
required protection for intellectual properties. Unfortunately, in our country, people are not very concerned with that. Anybody can copy another’s idea and start a brand of their own. This discourages innovation and innovative thinking, hampering the industry as a whole. Also, our legal system is not very helpful towards small companies fighting larger corporations, say for bad debt or delay in payments.
4. HR
It might come as a surprise for many that there is a scarcity of good human resources in a country of 160 million people. This scarcity exists due to a lack of skilled population. This increases the production cost of the business as the company may have to hire more people to do a simple task which could have otherwise been done by one person, had the employee been adequately
skilled. This makes the overall system inefficient.
5. Finance
Many entrepreneurs in Bangladesh are still not skilled at managing their company’s financial aspects. They struggle with time and monetary management. To make things worse, most people are not respectful towards their fellow entrepreneurs in regards to their payments. Often we see the case where people deliberately delay payments. This hurts the recipient’s business. Due to inflation, delayed payments result in a decline in the value of money, adversely affecting the recipient in the process.
The problem of bad debts is prevalent in many countries and Bangladesh is no exception. The large portion of unrecoverable money that comes in the form of bad debts adversely affects the financial position of companies and hence creates big problems for the entrepreneurs.
My thoughts are meant not to discourage young budding entrepreneurs, but rather to prepare them for what to look for in their endeavors.
Having said all of these, I still believe we live in a land of opportunities and in such a big market spread over such a small geography, businesses, if done properly, are meant to excel.
81
News Paper Articles / Entrepreneurship to the rescue!
« on: May 28, 2019, 02:23:19 PM »
Entrepreneurship to the rescue!
In 2016, OXFAM released a report that categorically stated that the wealth of the richest 1 percent of individuals was equal to that of 99 percent of the global population. The report further portrayed how eight men owned the same wealth as half of the global population. Even though OXFAM's report was branded as misleading and inaccurate by some, it sheds light on the stark reality of global inequality in wealth and income. Debates surrounding inequality have often focused on creation of job opportunities and a human-capital based approach towards recruitment. Many scholars, however, are promoting a slightly different, and some may say, a more sustainable mechanism to bring about change.
In Bangladesh, despite there being commendable progress in eradicating extreme poverty, wealth inequality remains a major challenge, a condition sustained through a system fashioned to the advantage of the powerful elite. The solution, therefore, lies in refashioning, or restructuring, that system, not its total obliteration, as some Marxists may like to propose.
During a lecture at the University of Toronto in Canada on February 3, Nobel Prize-winning social entrepreneur Muhammad Yunus shared his thoughts on the current state of global political economy, the future of microfinance, and the prospects of sustainable development. Whatever maybe one's views about his role in empowering rural populations in Bangladesh, one cannot question the inspiring, almost common-man approach the economist has taken towards reducing inequality. Yunus emphasised the role of entrepreneurship to reduce the stark differences in wealth inequality between rural and urban populations, as opposed to simply providing platforms for job creation.
Debunking the traditional economic thought that human beings are inherently selfish when it comes to making decisions, he vociferously called for the recognition of “selflessness” as a core component of human behaviour, and its prospects in entrepreneurship. Human actions, according to Yunus, is an amalgamation of self-interest and selflessness, and it can be turned into a positive force through avenues of social business.
To encourage sustainable entrepreneurship across societies, one needs to first recognise that it is rational for a human being to be both self-seeking and selfless. To imply that business in general will have profit maximisation ingrained in its nature, without consideration for people's empowerment and sustainability, is not necessarily true. Yunus suggested the introduction of social business as an alternative to traditional business degrees in academia across universities and schools. If social business is seen as a lucrative proposition for the graduates, it will, like most ideological movements, slowly get internalised within the society. Critical avenues in human history, such as the Industrial revolution, created the market for work across societies. But it is important to remember that we are job-makers, not simply job-seekers, as Yunus had suggested. Therefore, the role of academics to promote sustainable social business is fundamental to shaping entrepreneurship as a solution to reducing poverty.
Job creation is an integral part of public policy. But boosting rural entrepreneurship through tangible support, either in the form of finance, as is the case with the Grameen Bank model, or through state subsidisation of individual entrepreneurial initiatives, needs to take a front seat. The welfare schemes within our governance structure are expected to support healthcare and education, but in certain scenarios, it may result in inactive human resources. This does not mean that human beings are lazy—in fact, inequality does not exist because of human kind, but because the system entraps human innovation. So a welfare state giving handouts without encouraging innovation will lead to a more unequal society. For a country of 160 million people, it is impossible for Bangladesh to ensure full employment. Therefore, to encourage growth in wealth potential in rural Bangladesh, the state and the private sector have a responsibility of spurring innovation amongst the population, rather than simply making them dependent on the job market.
A classic example of entrepreneurship in rural Bangladesh is the jamdani sari business, a once-promising sector in the region. But jamdani producers and entrepreneurs are being increasingly side-lined in the national economy. People's changing fashion sense and taste may be a contributing factor here, but adequate support, planning and infrastructural structure may help boost the sector. From local food businesses to furniture production, the potential for rural entrepreneurship remains untapped and un-invested-upon.
That social business can be lucrative can be internalised through education and awareness. Social business is not an idea owned by any one man. Its prospects and benefits are for everyone. To make social business mainstream, we need to make sustainable businesses lucrative to the investors, job-seekers and job-makers, and further promote public-private partnership. Bangladesh is on a path to development like never before, but if international statistics on inequality are any indication, we are still following a dangerous, unsustainable model for economic emancipation. Recognising the potential of citizens to create, diversify and innovate must take a front seat in determining what kind of society we want to be in the long-run.
Source:https://www.thedailystar.net/opinion/perspective/entrepreneurship-the-rescue-1531375
In 2016, OXFAM released a report that categorically stated that the wealth of the richest 1 percent of individuals was equal to that of 99 percent of the global population. The report further portrayed how eight men owned the same wealth as half of the global population. Even though OXFAM's report was branded as misleading and inaccurate by some, it sheds light on the stark reality of global inequality in wealth and income. Debates surrounding inequality have often focused on creation of job opportunities and a human-capital based approach towards recruitment. Many scholars, however, are promoting a slightly different, and some may say, a more sustainable mechanism to bring about change.
In Bangladesh, despite there being commendable progress in eradicating extreme poverty, wealth inequality remains a major challenge, a condition sustained through a system fashioned to the advantage of the powerful elite. The solution, therefore, lies in refashioning, or restructuring, that system, not its total obliteration, as some Marxists may like to propose.
During a lecture at the University of Toronto in Canada on February 3, Nobel Prize-winning social entrepreneur Muhammad Yunus shared his thoughts on the current state of global political economy, the future of microfinance, and the prospects of sustainable development. Whatever maybe one's views about his role in empowering rural populations in Bangladesh, one cannot question the inspiring, almost common-man approach the economist has taken towards reducing inequality. Yunus emphasised the role of entrepreneurship to reduce the stark differences in wealth inequality between rural and urban populations, as opposed to simply providing platforms for job creation.
Debunking the traditional economic thought that human beings are inherently selfish when it comes to making decisions, he vociferously called for the recognition of “selflessness” as a core component of human behaviour, and its prospects in entrepreneurship. Human actions, according to Yunus, is an amalgamation of self-interest and selflessness, and it can be turned into a positive force through avenues of social business.
To encourage sustainable entrepreneurship across societies, one needs to first recognise that it is rational for a human being to be both self-seeking and selfless. To imply that business in general will have profit maximisation ingrained in its nature, without consideration for people's empowerment and sustainability, is not necessarily true. Yunus suggested the introduction of social business as an alternative to traditional business degrees in academia across universities and schools. If social business is seen as a lucrative proposition for the graduates, it will, like most ideological movements, slowly get internalised within the society. Critical avenues in human history, such as the Industrial revolution, created the market for work across societies. But it is important to remember that we are job-makers, not simply job-seekers, as Yunus had suggested. Therefore, the role of academics to promote sustainable social business is fundamental to shaping entrepreneurship as a solution to reducing poverty.
Job creation is an integral part of public policy. But boosting rural entrepreneurship through tangible support, either in the form of finance, as is the case with the Grameen Bank model, or through state subsidisation of individual entrepreneurial initiatives, needs to take a front seat. The welfare schemes within our governance structure are expected to support healthcare and education, but in certain scenarios, it may result in inactive human resources. This does not mean that human beings are lazy—in fact, inequality does not exist because of human kind, but because the system entraps human innovation. So a welfare state giving handouts without encouraging innovation will lead to a more unequal society. For a country of 160 million people, it is impossible for Bangladesh to ensure full employment. Therefore, to encourage growth in wealth potential in rural Bangladesh, the state and the private sector have a responsibility of spurring innovation amongst the population, rather than simply making them dependent on the job market.
A classic example of entrepreneurship in rural Bangladesh is the jamdani sari business, a once-promising sector in the region. But jamdani producers and entrepreneurs are being increasingly side-lined in the national economy. People's changing fashion sense and taste may be a contributing factor here, but adequate support, planning and infrastructural structure may help boost the sector. From local food businesses to furniture production, the potential for rural entrepreneurship remains untapped and un-invested-upon.
That social business can be lucrative can be internalised through education and awareness. Social business is not an idea owned by any one man. Its prospects and benefits are for everyone. To make social business mainstream, we need to make sustainable businesses lucrative to the investors, job-seekers and job-makers, and further promote public-private partnership. Bangladesh is on a path to development like never before, but if international statistics on inequality are any indication, we are still following a dangerous, unsustainable model for economic emancipation. Recognising the potential of citizens to create, diversify and innovate must take a front seat in determining what kind of society we want to be in the long-run.
Source:https://www.thedailystar.net/opinion/perspective/entrepreneurship-the-rescue-1531375
83
Newspaper / How to Improve Your Small Business's Cyber Security in an Hour-
« on: May 27, 2019, 10:58:22 AM »
How to Improve Your Small Business's Cyber Security in an Hour-
Statistics show that cybersecurity is a legitimate threat to small businesses, but small businesses don't always act on that knowledge. According to the 2018 Hiscox Small Business Cybersecurity Report, 47% of small businesses experienced an attack in the past 12 months. Cybersecurity is a serious concern, yet the report shows only 52% of businesses have a cybersecurity strategy.
Why don't small businesses care about cybersecurity? It's not fair to assume that small businesses truly don't care about it, but they do often ignore cybersecurity concerns. Even with alarming statistics and articles on cybersecurity tips for businesses available, smaller firms seem to consistently overlook the risk of cyberattacks.
Logically, this makes sense. While cybersecurity threats can be as bad as physical security threats, the threats aren't always obvious. While bad password protection and poor site maintenance may leave your business vulnerable to attack, there isn't the same clear threat as there is when you leave your store unlocked or someone is suspiciously walking around your business.
Unfortunately for small businesses, this "out of sight, out of mind" mentality can have horrible consequences. If you fail to protect your business from cybersecurity threats, you may lose critical company information while also damaging your brand and losing money. Cyberattacks can occasionally be so bad that you ultimately go out of business.
"Small business owners cannot think their business is too small to be hacked," said Monique Becenti, product and channel specialist at SiteLock. "While the breaches that make headlines tend to be associated with large enterprises, no business is immune to cyberthreats."
One of the big reasons small businesses avoid putting resources toward cybersecurity is a lack of understanding and concern. Just the term "cybersecurity" sounds complicated. Luckily, there are experts out there who know how to tackle the topic. Business News Daily reached out to cybersecurity experts for ways small businesses can improve their cybersecurity in just an hour or less. Protecting your business doesn't have to be a daunting task:
1. Perform a cybersecurity audit.
Start by figuring out where your business stands. Are you well protected against cyberthreats? Are you secure in some areas but lacking in others? It's best to start by understanding where you can improve.
"While most measures that a small business can take require more than an hour to implement, it may be worth spending an hour doing a quick audit of what cybersecurity measures you already have in place," said Heather Paunet, vice president of product management at Untangle, which provides network security to small businesses. "Cybersecurity includes policies alongside systems. Formulating an acceptable use policy for devices, data and the network can be an important first step if you don't already have one in place. If even this is too daunting, spend the hour locating an IT professional in your area who can help you out. Many MSPs now offer cybersecurity alongside other IT services."
Paunet's suggestion is one small businesses should follow. If the reason your business avoids taking cybersecurity measures is a lack of knowledge, there are plenty of knowledgeable people out there willing to visit your business, either for a training or to share options for cybersecurity plans. Ignoring cybersecurity because your team lacks technical knowledge isn't a legitimate excuse.
If you're strapped for time or have a remote team, you can take online cybersecurity classes to better train your team and also to understand in what areas your business lacks online protection. These are a few of the top free online cybersecurity classes:
SANS Cyber Aces Online – This is one of the top options for beginners, as much of this content is as basic as it gets. If your team is lost when it comes to cybersecurity, consider taking advantage of this free course.
Cybrary – The free access to Cybrary includes about 500 courses related to cybersecurity and IT. The courses are sorted by difficulty, which makes it easy to know which courses are best suited to you.
Springboard's Foundations of Cybersecurity – This free course includes a whopping 38 hours' worth of materials. You don't need to watch all of it to gain a better understanding of cybersecurity best practices. If you go through an hour a week, you'll gain tremendous insights, and it will only take about nine months.
2. Train your employees to recognize common cybersecurity threats.
The quickest way to protect your business from cyberattacks is to properly train your employees. Some businesses might picture an overseas hacker taking extraordinary measures to break into a small business's network, but that's not usually the case. In many scenarios, a basic phishing email can compromise your small business. Basic safety measures often prevent attacks from being successful.
"If SMBs spent one hour training staff on basic internet hygiene – spotting phishing emails, good browsing practices, not downloading suspicious files or clicking links – cybersecurity would be greatly improved," said Sean Allen, digital marketing manager at Aware. "Employees and emails are still the No. 1 causes of breaches for SMBs – no need to worry about master hackers."
For small businesses wondering what the different types of cyberattacks are, we've outlined them in our small business guide to cybersecurity. Among the most common types of cyberattacks against small businesses are phishing attacks.
Phishing is a lot like it sounds. When people catch fish, they use bait to lure them close. When the fish gets close, it bites the hook with the bait on it, which then causes a pull on the fishing line, and the fisherman knows to reel the fish back to the boat. Phishing emails work similarly in the sense that the cybercriminals try to trick users by using bait, often in the form of an email.
For example, a cybercriminal might create a fake email address that closely resembles that of your CEO. (We've seen this a few times at our company.) The email may say something like, "Hi, message me immediately with your cell phone number. I need your help on a project and want to give you a call." The goal of this email is to get you to think you're emailing back and forth with your CEO. This gets you to send personal information to the hacker without even realizing it's a threat.
Other phishing attacks ask for more personal information, like your credit card number. It's a good rule of thumb to avoid sending personal financial information over email. In most instances, you can share personal information with companies or people over the phone or in person. Phishing is one area where training your employees can prevent crippling cyberattacks.
Businesses should also be prepared to prevent ransomware attacks, which occur when malware infects your computer and locks it down until a ransom is paid. Using anti-malware software is a quick way to prevent these attacks. It's a good idea to back up all files. It's also important to never pay the ransom should your business be attacked.
3. Improve your password strength to avoid brute-force attacks.
If you're looking for one place to start improving your cybersecurity measures, make it passwords. Way too many employees and executives use passwords that are easy to hack. To make matters worse, they often use these passwords across several platforms and websites. If that one password is compromised, the potential harm increases exponentially. It's best practice to have different passwords for different sites.
"I would recommend changing your password to a complex password (yes, take time to include letters, numbers and symbols in your password!)," said Taylor Toce, CEO and founder of Velo IT Group. "The simple act of changing your password will lock out anyone who might have it. For example, if your password was compromised as part of a security breach, or if you simply shared it with one too many co-workers, you can tighten the security on those accounts by just using a new password. Further, a complex password is your best defense against the very common dictionary or brute-force attack methodology, which is widely exploited today."
Brute-force attacks are when hackers run automated programs that plug in a variety of potential password combinations. A dictionary attack is a form of brute-force attack that tries every word in the dictionary as a potential password. Brute-force attacks are particularly effective against companies with obvious username information and simplistic passwords.
Strengthening your organization's passwords immediately reduces the risk of a successful cyberattack against your business, and it doesn't take long. It can take just a few minutes to change a weak password to a secure one.
"All passwords should have at least 10 characters or more, including at least one uppercase, one lowercase, one number and one special character," said Myles Keough, CEO of Spade Technology.
Long passwords with different symbols and capitalization of letters tend to combat brute-force attacks. A fix as simple as changing your password can prevent a cyberattack. Using strong passwords is a critical step in the early process of improving cybersecurity.
4. Implement multifactor authentication on business accounts.
"One 'quick win' for small business owners is setting up multifactor authentication on their accounts, especially those related to financial transactions," said Stacy Clements, founder of Milepost 42. "Multifactor authentication provides an extra layer of security beyond a username and password to protect your accounts, usually by requiring you to enter a code sent to your mobile device or provided by a separate hardware security key. Most banks and credit card online services offer this capability, as do most email and social media services. Enabling this extra security protection takes only a few minutes and protects your important accounts by helping to ensure that it's really you accessing the account, not a cybercriminal who stole your password."
Multifactor authentication is a great way to add a layer of protection when logging in to certain programs. As Clements mentioned, this practice is commonplace in today's digital world. Two-factor authentication isn't hard to implement or look for in tech products, and using it can help prevent cybersecurity attacks.
Improve your cybersecurity measures in an hour.
Introducing and implementing a complete cybersecurity program takes more than an hour. You won't be completely safe from attacks by making a few quick changes, but you can take drastic strides forward in 60 minutes or less.
There's no excuse for small businesses to completely ignore cybersecurity in 2019. According to SiteLock's annual security report, the average website is attacked 62 times a day. While that applies to larger enterprises as well, small businesses are subject to attack. Your business can and should protect sensitive data by making a handful of quick changes.
Statistics show that cybersecurity is a legitimate threat to small businesses, but small businesses don't always act on that knowledge. According to the 2018 Hiscox Small Business Cybersecurity Report, 47% of small businesses experienced an attack in the past 12 months. Cybersecurity is a serious concern, yet the report shows only 52% of businesses have a cybersecurity strategy.
Why don't small businesses care about cybersecurity? It's not fair to assume that small businesses truly don't care about it, but they do often ignore cybersecurity concerns. Even with alarming statistics and articles on cybersecurity tips for businesses available, smaller firms seem to consistently overlook the risk of cyberattacks.
Logically, this makes sense. While cybersecurity threats can be as bad as physical security threats, the threats aren't always obvious. While bad password protection and poor site maintenance may leave your business vulnerable to attack, there isn't the same clear threat as there is when you leave your store unlocked or someone is suspiciously walking around your business.
Unfortunately for small businesses, this "out of sight, out of mind" mentality can have horrible consequences. If you fail to protect your business from cybersecurity threats, you may lose critical company information while also damaging your brand and losing money. Cyberattacks can occasionally be so bad that you ultimately go out of business.
"Small business owners cannot think their business is too small to be hacked," said Monique Becenti, product and channel specialist at SiteLock. "While the breaches that make headlines tend to be associated with large enterprises, no business is immune to cyberthreats."
One of the big reasons small businesses avoid putting resources toward cybersecurity is a lack of understanding and concern. Just the term "cybersecurity" sounds complicated. Luckily, there are experts out there who know how to tackle the topic. Business News Daily reached out to cybersecurity experts for ways small businesses can improve their cybersecurity in just an hour or less. Protecting your business doesn't have to be a daunting task:
1. Perform a cybersecurity audit.
Start by figuring out where your business stands. Are you well protected against cyberthreats? Are you secure in some areas but lacking in others? It's best to start by understanding where you can improve.
"While most measures that a small business can take require more than an hour to implement, it may be worth spending an hour doing a quick audit of what cybersecurity measures you already have in place," said Heather Paunet, vice president of product management at Untangle, which provides network security to small businesses. "Cybersecurity includes policies alongside systems. Formulating an acceptable use policy for devices, data and the network can be an important first step if you don't already have one in place. If even this is too daunting, spend the hour locating an IT professional in your area who can help you out. Many MSPs now offer cybersecurity alongside other IT services."
Paunet's suggestion is one small businesses should follow. If the reason your business avoids taking cybersecurity measures is a lack of knowledge, there are plenty of knowledgeable people out there willing to visit your business, either for a training or to share options for cybersecurity plans. Ignoring cybersecurity because your team lacks technical knowledge isn't a legitimate excuse.
If you're strapped for time or have a remote team, you can take online cybersecurity classes to better train your team and also to understand in what areas your business lacks online protection. These are a few of the top free online cybersecurity classes:
SANS Cyber Aces Online – This is one of the top options for beginners, as much of this content is as basic as it gets. If your team is lost when it comes to cybersecurity, consider taking advantage of this free course.
Cybrary – The free access to Cybrary includes about 500 courses related to cybersecurity and IT. The courses are sorted by difficulty, which makes it easy to know which courses are best suited to you.
Springboard's Foundations of Cybersecurity – This free course includes a whopping 38 hours' worth of materials. You don't need to watch all of it to gain a better understanding of cybersecurity best practices. If you go through an hour a week, you'll gain tremendous insights, and it will only take about nine months.
2. Train your employees to recognize common cybersecurity threats.
The quickest way to protect your business from cyberattacks is to properly train your employees. Some businesses might picture an overseas hacker taking extraordinary measures to break into a small business's network, but that's not usually the case. In many scenarios, a basic phishing email can compromise your small business. Basic safety measures often prevent attacks from being successful.
"If SMBs spent one hour training staff on basic internet hygiene – spotting phishing emails, good browsing practices, not downloading suspicious files or clicking links – cybersecurity would be greatly improved," said Sean Allen, digital marketing manager at Aware. "Employees and emails are still the No. 1 causes of breaches for SMBs – no need to worry about master hackers."
For small businesses wondering what the different types of cyberattacks are, we've outlined them in our small business guide to cybersecurity. Among the most common types of cyberattacks against small businesses are phishing attacks.
Phishing is a lot like it sounds. When people catch fish, they use bait to lure them close. When the fish gets close, it bites the hook with the bait on it, which then causes a pull on the fishing line, and the fisherman knows to reel the fish back to the boat. Phishing emails work similarly in the sense that the cybercriminals try to trick users by using bait, often in the form of an email.
For example, a cybercriminal might create a fake email address that closely resembles that of your CEO. (We've seen this a few times at our company.) The email may say something like, "Hi, message me immediately with your cell phone number. I need your help on a project and want to give you a call." The goal of this email is to get you to think you're emailing back and forth with your CEO. This gets you to send personal information to the hacker without even realizing it's a threat.
Other phishing attacks ask for more personal information, like your credit card number. It's a good rule of thumb to avoid sending personal financial information over email. In most instances, you can share personal information with companies or people over the phone or in person. Phishing is one area where training your employees can prevent crippling cyberattacks.
Businesses should also be prepared to prevent ransomware attacks, which occur when malware infects your computer and locks it down until a ransom is paid. Using anti-malware software is a quick way to prevent these attacks. It's a good idea to back up all files. It's also important to never pay the ransom should your business be attacked.
3. Improve your password strength to avoid brute-force attacks.
If you're looking for one place to start improving your cybersecurity measures, make it passwords. Way too many employees and executives use passwords that are easy to hack. To make matters worse, they often use these passwords across several platforms and websites. If that one password is compromised, the potential harm increases exponentially. It's best practice to have different passwords for different sites.
"I would recommend changing your password to a complex password (yes, take time to include letters, numbers and symbols in your password!)," said Taylor Toce, CEO and founder of Velo IT Group. "The simple act of changing your password will lock out anyone who might have it. For example, if your password was compromised as part of a security breach, or if you simply shared it with one too many co-workers, you can tighten the security on those accounts by just using a new password. Further, a complex password is your best defense against the very common dictionary or brute-force attack methodology, which is widely exploited today."
Brute-force attacks are when hackers run automated programs that plug in a variety of potential password combinations. A dictionary attack is a form of brute-force attack that tries every word in the dictionary as a potential password. Brute-force attacks are particularly effective against companies with obvious username information and simplistic passwords.
Strengthening your organization's passwords immediately reduces the risk of a successful cyberattack against your business, and it doesn't take long. It can take just a few minutes to change a weak password to a secure one.
"All passwords should have at least 10 characters or more, including at least one uppercase, one lowercase, one number and one special character," said Myles Keough, CEO of Spade Technology.
Long passwords with different symbols and capitalization of letters tend to combat brute-force attacks. A fix as simple as changing your password can prevent a cyberattack. Using strong passwords is a critical step in the early process of improving cybersecurity.
4. Implement multifactor authentication on business accounts.
"One 'quick win' for small business owners is setting up multifactor authentication on their accounts, especially those related to financial transactions," said Stacy Clements, founder of Milepost 42. "Multifactor authentication provides an extra layer of security beyond a username and password to protect your accounts, usually by requiring you to enter a code sent to your mobile device or provided by a separate hardware security key. Most banks and credit card online services offer this capability, as do most email and social media services. Enabling this extra security protection takes only a few minutes and protects your important accounts by helping to ensure that it's really you accessing the account, not a cybercriminal who stole your password."
Multifactor authentication is a great way to add a layer of protection when logging in to certain programs. As Clements mentioned, this practice is commonplace in today's digital world. Two-factor authentication isn't hard to implement or look for in tech products, and using it can help prevent cybersecurity attacks.
Improve your cybersecurity measures in an hour.
Introducing and implementing a complete cybersecurity program takes more than an hour. You won't be completely safe from attacks by making a few quick changes, but you can take drastic strides forward in 60 minutes or less.
There's no excuse for small businesses to completely ignore cybersecurity in 2019. According to SiteLock's annual security report, the average website is attacked 62 times a day. While that applies to larger enterprises as well, small businesses are subject to attack. Your business can and should protect sensitive data by making a handful of quick changes.
84
Smart Business Idea / MOST PROFITABLE BUSINESS IDEAS
« on: May 27, 2019, 10:17:23 AM »
MOST PROFITABLE BUSINESS IDEAS
86
Innovation & Creativity / Creativity and Innovation
« on: May 27, 2019, 10:04:59 AM »
Creativity & Innovation
87
Human Resource / Five Secrets to Successful Hiring
« on: May 25, 2019, 01:42:03 PM »
Five Secrets to Successful Hiring
We often hear from executives at high-growth companies that it’s a challenge to simultaneously run a team and fill open positions. Leaders are under pressure to deliver results, so hiring activities are often ad hoc. However, when hiring leaders do not adhere to a structured process or prepare well for interviews, the process becomes inefficient and generates poor hiring outcomes. This is particularly problematic for software companies as the market for top talent is extremely competitive.
Successful hiring is important because there is a lot at stake. As an example, a successful Inside Sales candidate (an “A” player) typically delivers 15-25% more ARR annually than a B candidate. Hiring 5 more A’s than B’s each year could generate $1 million more in annual growth. This is hugely meaningful compounded over many new hires per year in a business where the incremental ARR growth from A players is also compounded over several years.
Our experience has shown that 3 main challenges affect hiring effectiveness:
A focused, coordinated recruiting process can be time-consuming, but this level of sophistication is essential to attract top candidates, quickly identify them in the pipeline, and keep them excited throughout the hiring process.
With access to more recruiting channels than ever before, recruiting teams face a dizzying volume of potential candidates. It’s hard to discern which channel is best and to curate a set of top candidates to move through the process. High-growth companies need a way to quickly filter the pipeline and separate the wheat from the chaff.
Traditional hiring techniques are insufficient; the data shows that candidate interviews provide only a 10-15% lift in hiring success rate compared to hiring based on resume alone. Industrial/Organizational experts have devoted considerable energy to this topic and have consistently found that the best way to increase the odds of hiring successful employees is to use a properly designed, multi-measure pre-hire assessment with both cognitive and behavioral elements, along with interviews.
To address these challenges, here are 5 tips we find most helpful:
Target and attract the right people – top candidates need to feel compelled to apply for your open roles. Sophisticated, modern talent acquisition teams use analytics and a marketing approach to achieve this. This entails asking yourself what differentiates your company or product from other employers. Why do candidates want to work for you versus another high-growth company? A candidate attraction model based on a survey is a helpful tool to inform your candidate messaging and channel selection. The data becomes particularly powerful when analyzed in conjunction with pre-hire assessment results. Collecting and analyzing this data will help you identify recruiting tactics to attract a higher percentage of top-tier applicants.
Use a pre-hire assessment to focus interview efforts on high potential candidates – use a multi-measure pre-hire assessment with both cognitive and behavioral elements at the top of the recruiting funnel to filter out candidates with a low likelihood of success. This improves the quality of candidates progressing through to the in-person interview stage and improves recruiting efficiency. Be disciplined about using the assessment as a Go / No-Go filter and interview only those candidates who pass. Beware of referrals from current employees – there is a temptation to allow them to proceed immediately to the interview. To remove bias in your recruiting and maintain quality, require referrals to take the pre-hire assessment, like everyone else.
Use a skills-based test to evaluate domain expertise – as a complement to the pre-hire assessment, a skills-based test, like a technical work product or case study, is important to provide firsthand knowledge of how an employee will perform in the role on Day 1. This enables you to estimate the training and management needs for each candidate and conduct a more meaningful comparison. For instance, for developers who need to code in Javascript, a timed case study provides an additional data point in your selection process.
Train and resource the interviewers – train interviewers on how to conduct a skills-based evaluation. Prepare an interview guide with sample questions and ideal response verbiage that interviewers can leverage to prepare for the interview. Make it easy for hiring leaders to succeed by training them on advanced tools like the pre-hire assessment and a scorecard. This upfront preparation will pay off in dividends to ensure the hiring leader selects the right candidate for the role.
Implement a structured and candidate-friendly process – in a competitive talent market, it’s critical to demonstrate that the company cares about its employees. The most effective way to do this is to genuinely care about the candidates in your process. Simple tactics go a long way, like timely and clear communication and a reasonable number of steps in the process with visibility into those steps upfront. Candidates select companies based on their impression of the professionalism and culture during the recruiting process. We’ve observed that successful teams consistently implement these 5 basic steps in their hiring process:
Generate pipeline – often handled by internal and/or external recruiters
Filter – a multi-measure pre-hire assessment to filter candidates at the top of the funnel
Assess – initial screening interviews, most likely conducted via phone but possibly in-person
Diligence – evaluation of a sample work product or a skills test, in-person interviews with key stakeholders, and reference checks
Close – candidate-driven meetings and information requests, and often done in parallel with reference checks
To solve for some of the common recruiting challenges, Insight Partners has developed and funded Insight PREDICTIVE – a custom pre-hire assessment program tailored to the needs of Insight’s high-growth software companies. The program is available to all portfolio companies free of charge and has three major components:
The result of putting all these tips into practice? Far better hires for the company with far less work for recruiters and hiring leaders. Contact Onsite’s Talent Center of Excellence if you would like more information on our hiring best practices.
Katy Ganguli
VICE PRESIDENT, TALENT COE
Katy Ganguli joined Insight in 2018 as Vice President on the Insight Onsite team. She works closely with the executive team of portfolio companies to accelerate growth, build teams, and scale operations. Prior to Insight, Katy ran TravelClick’s digital media services business.
Source-https://www.insightpartners.com/blog/five-secrets-to-successful-hiring/
[/list]
We often hear from executives at high-growth companies that it’s a challenge to simultaneously run a team and fill open positions. Leaders are under pressure to deliver results, so hiring activities are often ad hoc. However, when hiring leaders do not adhere to a structured process or prepare well for interviews, the process becomes inefficient and generates poor hiring outcomes. This is particularly problematic for software companies as the market for top talent is extremely competitive.
Successful hiring is important because there is a lot at stake. As an example, a successful Inside Sales candidate (an “A” player) typically delivers 15-25% more ARR annually than a B candidate. Hiring 5 more A’s than B’s each year could generate $1 million more in annual growth. This is hugely meaningful compounded over many new hires per year in a business where the incremental ARR growth from A players is also compounded over several years.
Our experience has shown that 3 main challenges affect hiring effectiveness:
A focused, coordinated recruiting process can be time-consuming, but this level of sophistication is essential to attract top candidates, quickly identify them in the pipeline, and keep them excited throughout the hiring process.
With access to more recruiting channels than ever before, recruiting teams face a dizzying volume of potential candidates. It’s hard to discern which channel is best and to curate a set of top candidates to move through the process. High-growth companies need a way to quickly filter the pipeline and separate the wheat from the chaff.
Traditional hiring techniques are insufficient; the data shows that candidate interviews provide only a 10-15% lift in hiring success rate compared to hiring based on resume alone. Industrial/Organizational experts have devoted considerable energy to this topic and have consistently found that the best way to increase the odds of hiring successful employees is to use a properly designed, multi-measure pre-hire assessment with both cognitive and behavioral elements, along with interviews.
To address these challenges, here are 5 tips we find most helpful:
Target and attract the right people – top candidates need to feel compelled to apply for your open roles. Sophisticated, modern talent acquisition teams use analytics and a marketing approach to achieve this. This entails asking yourself what differentiates your company or product from other employers. Why do candidates want to work for you versus another high-growth company? A candidate attraction model based on a survey is a helpful tool to inform your candidate messaging and channel selection. The data becomes particularly powerful when analyzed in conjunction with pre-hire assessment results. Collecting and analyzing this data will help you identify recruiting tactics to attract a higher percentage of top-tier applicants.
Use a pre-hire assessment to focus interview efforts on high potential candidates – use a multi-measure pre-hire assessment with both cognitive and behavioral elements at the top of the recruiting funnel to filter out candidates with a low likelihood of success. This improves the quality of candidates progressing through to the in-person interview stage and improves recruiting efficiency. Be disciplined about using the assessment as a Go / No-Go filter and interview only those candidates who pass. Beware of referrals from current employees – there is a temptation to allow them to proceed immediately to the interview. To remove bias in your recruiting and maintain quality, require referrals to take the pre-hire assessment, like everyone else.
Use a skills-based test to evaluate domain expertise – as a complement to the pre-hire assessment, a skills-based test, like a technical work product or case study, is important to provide firsthand knowledge of how an employee will perform in the role on Day 1. This enables you to estimate the training and management needs for each candidate and conduct a more meaningful comparison. For instance, for developers who need to code in Javascript, a timed case study provides an additional data point in your selection process.
Train and resource the interviewers – train interviewers on how to conduct a skills-based evaluation. Prepare an interview guide with sample questions and ideal response verbiage that interviewers can leverage to prepare for the interview. Make it easy for hiring leaders to succeed by training them on advanced tools like the pre-hire assessment and a scorecard. This upfront preparation will pay off in dividends to ensure the hiring leader selects the right candidate for the role.
Implement a structured and candidate-friendly process – in a competitive talent market, it’s critical to demonstrate that the company cares about its employees. The most effective way to do this is to genuinely care about the candidates in your process. Simple tactics go a long way, like timely and clear communication and a reasonable number of steps in the process with visibility into those steps upfront. Candidates select companies based on their impression of the professionalism and culture during the recruiting process. We’ve observed that successful teams consistently implement these 5 basic steps in their hiring process:
Generate pipeline – often handled by internal and/or external recruiters
Filter – a multi-measure pre-hire assessment to filter candidates at the top of the funnel
Assess – initial screening interviews, most likely conducted via phone but possibly in-person
Diligence – evaluation of a sample work product or a skills test, in-person interviews with key stakeholders, and reference checks
Close – candidate-driven meetings and information requests, and often done in parallel with reference checks
To solve for some of the common recruiting challenges, Insight Partners has developed and funded Insight PREDICTIVE – a custom pre-hire assessment program tailored to the needs of Insight’s high-growth software companies. The program is available to all portfolio companies free of charge and has three major components:
- Candidate attraction survey – This short survey generates insights that help portfolio companies attract more top-tier candidates.
- Multi-measure pre-hire assessment – Insight completed a thorough diligence of the market and partnered with a vendor whose tests generate an average 29% lift in employee productivity and a 48% reduction in turnover.
- Interview guide – This resource for interviewers includes structured questions and ideal response verbiage that can be used to create a more targeted interview.
The result of putting all these tips into practice? Far better hires for the company with far less work for recruiters and hiring leaders. Contact Onsite’s Talent Center of Excellence if you would like more information on our hiring best practices.
Katy Ganguli
VICE PRESIDENT, TALENT COE
Katy Ganguli joined Insight in 2018 as Vice President on the Insight Onsite team. She works closely with the executive team of portfolio companies to accelerate growth, build teams, and scale operations. Prior to Insight, Katy ran TravelClick’s digital media services business.
Source-https://www.insightpartners.com/blog/five-secrets-to-successful-hiring/
[/list]
88
Inspirational Story/Quote / The Turning Point In Your Business
« on: May 25, 2019, 12:11:35 PM »
The Turning Point In Your Business
I would love to hear about the "turning point in your business" from other people on this forum. At what point did your struggles and hard work really start to pay off?
When did you have your first big breakthrough in your business? How long did it take to happen? Why do you think it happened? And what happened?
My big breakthrough in my network marketing business took me almost 12-years. Sad, but true. I struggled for a LONG TIME. It's when I took the time to learn MARKETING and started using my own TALENTS AND ABILITIES to grow my business that I had a big break through.
For years I tried to do everything I was taught by my mentors, but it just didn't work out the way I wanted. I was frustrated and felt like I was putting a square peg in a round hole. I didn't want to chase prospects and bug people. Instead, I wanted prospects chasing me.
By taking the time to study direct response marketing and lead generation, and then applying what I learned, I started generating lots of leads, sponsored lots of people and grew big teams.
My big breakthrough with my blogging business took me around five years. This is when I really FOUND MY VOICE, learned what made a blog post really stand out, and started using email marketing to grow my business.
My big breakthrough in my eBay business took me around 4-years to really systematize how I do things, determine what I should be selling, and at what prices. I learned mostly through trial and error, but my big breakthrough happened when I masterminded with several other sellers and applied what they taught me.
I look forward to hearing your story. I know we can all learn from each other.
Source:https://www.warriorforum.com/
I would love to hear about the "turning point in your business" from other people on this forum. At what point did your struggles and hard work really start to pay off?
When did you have your first big breakthrough in your business? How long did it take to happen? Why do you think it happened? And what happened?
My big breakthrough in my network marketing business took me almost 12-years. Sad, but true. I struggled for a LONG TIME. It's when I took the time to learn MARKETING and started using my own TALENTS AND ABILITIES to grow my business that I had a big break through.
For years I tried to do everything I was taught by my mentors, but it just didn't work out the way I wanted. I was frustrated and felt like I was putting a square peg in a round hole. I didn't want to chase prospects and bug people. Instead, I wanted prospects chasing me.
By taking the time to study direct response marketing and lead generation, and then applying what I learned, I started generating lots of leads, sponsored lots of people and grew big teams.
My big breakthrough with my blogging business took me around five years. This is when I really FOUND MY VOICE, learned what made a blog post really stand out, and started using email marketing to grow my business.
My big breakthrough in my eBay business took me around 4-years to really systematize how I do things, determine what I should be selling, and at what prices. I learned mostly through trial and error, but my big breakthrough happened when I masterminded with several other sellers and applied what they taught me.
I look forward to hearing your story. I know we can all learn from each other.
Source:https://www.warriorforum.com/
89
Investment Process / How to make uber a business
« on: May 25, 2019, 11:26:17 AM »How to make uber a business
Are you an Entrepreneur looking to get into the Uber business? Let Us Teach You How to Start Your Uber Business.
In these posts, filled with our expertise and tips, we walk you through the sign up process, as well as the necessary preparation, and ongoing business management secrets to help you launch and sustain a profitable rideshare business.
When you recruit a driver to work for you, in order to approve the driver, Uber will need some basic information about them, and the car they plan to drive. This includes things like proof of your automobile insurance, car’s state registration, the driver’s licensing information, as well as some additional details.
Our UberX Driver’s Kit (which you can download from our website (Uberkit.net) and use as a guide when completing the sign up process) saves you even more time. Once you’ve gathered all the necessary information, you will need Uber to complete the driver’s registration process. How to make uber a business
Uber Business Model: Launch Your Traditional Taxi Business on Digital Platforms Today!
Initially, there was no taxi app like Uber and people who were in need of a ride had to call a cab driver or wait on the streets. But after the inception of the Uber app, the traditional hailing process was digitally transformed, that is, people booked taxis with only a few taps on mobile. The Uber app works in a way where you can easily book a taxi based on your comfort and the driver will automatically reach your place by tracking your geographical location.
Soon after Uber’s establishment, there was a huge reduction in the revenues of traditional taxi businesses. Hence, to compete and meet the standards of Uber, all the taxi businesses were forced to become digital. But creating a whole new business app like Uber from scratch takes a lot of investment. As an entrepreneur, you can opt an Uber clone app development services for your business so you can invest low as well as design and merge your ideas to gain more customer’s attention. This not only helps in improving the user experience but also helps you to gain trust among your customers.
Many technology firms and on-demand app development companies have started to develop clone apps at various costs based on the entrepreneur’s service request. The cost for the app that you wish to develop depends on the features and tech solutions you demand to combine.
How Uber works?
The Uber app works on both iOS and Android platforms. You can simply install the app for free from the app store or play store and start using it instantly. The business consists of three aspects: user app, driver app, and admin dashboard.