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Startup / What's The Value of An Idea?
« on: May 27, 2019, 01:57:23 PM »
What's The Value of An Idea?

It’s fairly common to hear folks in "Startup Land" state that ideas are “a dime a dozen.” Most of us are taught to think that it’s all about execution, the ideas are a given.

There’s some truth in this logic. For every good idea you hear about there are usually a handful of other teams chasing the same concept. Innovation is incremental and everyone is staring at the same horizon. The result is that there are typically a dozen teams working on the same concept at the same time. And despite the number of attempts, usually only one or two teams win. So clearly the execution does matter. Otherwise all of the teams chasing each good idea would succeed.

But here’s the thing. The scenario I describe above assumes that the idea is good. The best teams succeed when chasing viable concepts. But so many founders are going after concepts that will never work. 

Related: Starting a Business: The Idea Phase

If you don’t have product-market fit (startup speak for a product that your target customers actually want to buy) or a viable addressable market, even flawless execution won’t make you successful. 

“OK…so you’re saying that it has to be a good business concept?  Duh. That’s a given.”

Well, if it was so obvious then why do so many smart and capable founders chase bad ideas? I would venture to guestimate that 50 percent (or more) of all capable founders are working on bad business ideas. They are literally wasting their time. If these same folks were redirected and pointed at viable business opportunities many of them would succeed.

Identifying and selecting good opportunities is no trivial task. Most folks need to see a lot of businesses to see the patterns well enough to identify good concepts. You need a lot of exposure to develop an eye. It took years of venture investing before I felt like I could see the true difference between good and bad ideas. 

But even once you have a developed eye, when you get to close to an opportunity everything can get blurry. Excitement, confirmation bias and wishful thinking can color even the savviest founder’s vision. The result is that great founders waste years of their life chasing bad business opportunities.

Related: 6 Fears That Keep You From Starting Your Own Business

So what’s an idea worth?

Well, if it saves a founder years of chasing a bad concept -- probably a lot. If the right idea enables a founder to have the confidence to start a new company and avoid settling for a real job -- probably a lot. If it means that investors generate a return on their capital -- probably a lot.

Ideas are easy to discount. Especially since an idea only takes a moment to produce while a company takes years to build. There are a lot of good ideas out there. But there are also a lot of good operators. You need both. The companies that win don’t have only one or the other; they have both.

Related: 7 Key Steps Toward Starting Your Own Business

I don’t know exactly what an idea is worth, but it’s a lot more than zero. A good idea can change put a great team on an entirely different trajectory. So, next time you’re dismissing the value of an idea think twice.


Startup / How to Come Up With an Idea for a Business
« on: May 27, 2019, 01:48:04 PM »
How to Come Up With an Idea for a Business

In their book, Start Your Own Business, the staff of Entrepreneur Media, Inc. guides you through the critical steps to starting a business, then supports you in surviving the first three years as a business owner. In this edited excerpt, the authors offer suggestions for figuring out just what kind of business you'd like to start.

How do you start the business idea process? First, take out a sheet of paper, and across the top, write “Things About Me.” List five to seven things about you—things you like to do or that you’re really good at, personal things (we’ll get to your work life in a minute). Your list might include: “I’m really good with people, I love kids, I love to read, I love computers, I love numbers, I’m a problem solver.” Just write down whatever comes to your mind; it doesn’t need to make sense.

On the other side of the paper, list things you don’t think you’re good at or you don’t like to do. Maybe you don’t like to meet new people or you’re really not that fond of kids or you don’t like public speaking or you don’t want to travel. Don’t overthink it.

When you’re finished, ask yourself: “If there were three to five products or services that would make my personal life better, what would they be?” Determine what products or services would make your life easier or happier, make you more productive or efficient, or simply give you more time.

Next, ask yourself the same set of questions about your business life. Also examine what you like and dislike about your work life as well as what traits people like and dislike about you.

Finally, ask yourself why you’re seeking to start a business in the first place. Then, when you’re done, look for a pattern (i.e., whether there’s a need for a business doing one of the things you like or are good at).

Inspiring moments

Inspiration can be found anywhere. Getting an idea can be as simple as keeping your eyes peeled for the latest hot businesses; they crop up all the time. Many local entrepreneurs made tons of money bringing the Starbucks coffeehouse concept to their hometowns and then expanding from there. Take Minneapolis-based Caribou Coffee. The founders had what they describe as an “aha moment” in 1990 and, two years later, launched what is now the nation’s second-largest corporate-owned gourmet coffeehouse chain. Other coffee entrepreneurs have chosen to stay local.

And don’t overlook the tried and true. Hot businesses often go through cycles. Take gardening. For the past few years, gardening products and supplies have been all the rage, but you wouldn’t consider gardening a 21st century business. The same goes for shoe cobblers and seamstress businesses—with people wanting shoes and clothes to last longer or fit just-so, these businesses are in demand, and supply is short.

In other words, you can take any idea and customize it to the times and your community. Add your own creativity to any concept. In fact, customizing a concept isn’t a choice; it’s a necessity if you want your business to be successful. You can’t just take an idea, plop it down and say, “OK, this is it.” Outside of a McDonald’s, Subway or other major franchise concept, there are very few businesses that work with a one-size-fits-all approach.

One of the best ways to determine whether your idea will succeed in your community is to talk to people you know. If it’s a business idea, talk to co-workers and colleagues. Run personal ideas by your family or neighbors. Don’t be afraid of people stealing your idea. It’s just not likely. Just discuss the general concept; you don’t need to spill all the details.

Hopefully by now, the process of determining what business is right for you has at least been somewhat demystified. Understand that business startup isn’t rocket science. No, it isn’t easy to begin a business, but it’s not as complicated or as scary as many people think, either. It’s a step-by-step, common-sense procedure. So take it a step at a time. First step: Figure out what you want to do. Once you have the idea, talk to people to find out what they think. Ask, “Would you buy and/or use this, and how much would you pay?”

Determining what you want to do is only the first step. You’ve still got a lot of homework to do, a lot of research in front of you. Most important: Do something. Don’t sit back year after year and say, “This is the year I’m going to start my business.” Make this the year you really do it!


Startup / 10 Businesses to Start That Can Weather Any Economy
« on: May 27, 2019, 01:40:49 PM »
10 Businesses to Start That Can Weather Any Economy

If that’s you, here’s a list of industries and businesses that you’ll want to consider.


Most businesses built around beer, wine and spirits do fine during a recession. Pricier beverages don’t fare as well, but middle-of-the-road and lower-costs liquors weather the down turns like a champ. There’s an important principle here: If something is truly a habit – like wine with dinner or an evening cocktail – people do not quit no matter what the economic circumstances are. They merely adapt. Consider a liquor store or wholesale distributorship.


While there are barriers to the booze biz, cosmetics are a much easier industry to get into. I suppose when people are crying in their milk all day, they need some good cosmetics to put on their happy faces at night. But whatever the motivation is, cosmetics weather recessions quite well. There are many ways to pursue a business here, from becoming a Mary Kay representative to selling over the Internet.

Movie theaters.

Movie attendance weathers economic downturns very nicely, although the entire industry has been in a slump recently. The big chains have a stranglehold on new releases. So why not consider a local indie theater that cashes in on the trend toward combining movies with meals? Could be a big hit in your hometown!

Health care.

Again, many segments of this industry have virtually insurmountable barriers to entry. But with a huge aging Baby Boomer population, there will be opportunities in home health care services. I also think a peer-to-peer, Uber-like nursing service might be possible.

Specialty food stores.

Smaller, boutique stores specializing in organic products should do well. This could be a scaled-down version of Whole Foods or you could create a line of products that you sell yourself or offer through other outlets, and this ties into the next idea.

Sweet things.

In the same way that we won’t give up alcohol during a recession, we refuse to put down our sweet treats. You might recall that the cupcake craze pretty much paralleled the last recession. That industry over-extended itself, but there are many independent cupcake bakers who are still doing fine. Give your dessert an organic, gluten-free or vegan twist and maybe you can cover two bases at once – specialty food and sweet thing!

Repair shops.

Rather than buy new, we repair our cars and major appliances during a recession. Check your local market to see how well it’s covered. If there’s a glut of HVAC repair shops, for example, consider moving to a fast-growing community to start your business.

Thrift stores.

In the same way that we keep our old appliances and cars limping through a recession, we tend to hit the thrift shops looking for bargains. Spend some time binge-viewing old episodes of “Storage Wars” to see one way you can pull together an inventory for your second-hand store.

Death services.

Even in the worst recession two things are certain: Death and taxes. Again, with the aging Baby Boomer population, this is a growth industry no matter what’s happening with the economy.

Tax services.

Yep. You can ditto some of what I said just above. For some reason, accountants and tax professionals skate through the hard times better than most of the rest of us. I suppose people are more concerned about keeping every penny they’ve earned and at the same time the IRS is focused on collecting every penny possible – that creates the perfect conditions for boosting the demand for tax professionals.


What Makes You Better? Business Plans and Highlighting Strengths
Your business' competitive advantages should resonate throughout your business plan. From acknowledging your competitors to the detailed product description section, identify where you have a leg up.

1. Why do people buy from me instead of my competitors? Think about this question in terms of product characteristics. Ask your customers why they buy from you. Ask noncustomers why they don’t. Ask suppliers, colleagues, and anybody you can find.

Use online surveys, read reviews on places like Yelp or Angie’s List, and get a feel for what people like and don’t like about the places that do what you do ... or are planning to do.

2. What makes me different and, I hope, better? Your competitive advantage is not quite as important if your company operates in the beginning stages of a new industry. When interest and sales in a new field are growing fast, you can survive and prosper even if you aren’t clearly better than the rest. If, however, you plan to take market share away from established competitors in a mature industry, then competitive edge is all-important. Without a convincing case for being very different and much better than the rest, your business plan will have a hard time swaying anybody.


MakerSpace / 10 DIY ROOM DECOR 2019 !!! DIY Projects
« on: May 27, 2019, 12:51:22 PM »
10 DIY ROOM DECOR 2019 !!! DIY Projects

How an effective innovation hub can help the sector to survive and grow amid rocket high cost of manufacturig

The business models and marketing also has to be aligned with the effective management system. Game-changing ideas in design, process and product alteration should be encouraged. Besides innovation in process and organization build up is a must.

The reality:
While minimum wage increase has become imminent and another big increase in gas price is to hit very soon, the owners of textile and apparel factories in Bangladesh feared a severe aftermath. Many expressed that this time the industry won’t be able to absorb these shocks. Increasing cost of raw materials like cotton, dyes-chemicals etc. is to make the situation more complex.

Current government before it starts asking vote for next election will increase the wages for private sector workers including textile and RMG sector. As the government already has increased the salary of government workers, the increase in the private sector is inevitable. Increasing cost of living in Bangladesh has already made the lives of such workers very difficult.

In this perspective, while workers’ representatives are asking for a living wage, the industry owners are in fear of losing competitiveness if they have to pay more than 30% they are paying now. The workers’ representatives are asking to almost double it up. While Bangladesh’s main competitive advantage was cheap labor, after increasing wages, the wage will no more remain at the bottom among the key competitors.

At the same time to support the government’s ambitious plans, the country is quickly becoming import dependent for its fuel and so the cost is increasing at an unbearable rate. A country where the garment industry came mainly because of the availability of abundant cheap natural gas; now it is becoming dependent on LNG, the costliest form of natural gas. To cover up the huge cost of LNG, the government has declared the plan to increase the gas price for industries. Most likely it will almost be doubled. Eventually, the cost of electricity is on the rise as well.

So, not only the cost of human operations is going to be doubled within a few months but also the cost of machine operations will be doubled. Altogether the textile and apparel industry who are already struggling with increasing cost and lack of profitability will fall in a dire situation.

    So, not only the cost of human operations is going to be doubled within few months but also the cost of machine operations will be doubled. All together the textile and apparel industry who are already struggling with increasing cost and lack of profitability will fall in a dire situation.

Being a cotton based industry, Bangladesh textile and apparel industry is heavily import-dependent for its raw materials like cotton and other fibers, other input materials like dyes-chemicals and machinery. Prices of almost all above-mentioned input materials have increased significantly in recent times. Factories are struggling with the latest order portfolio for saving pennies. They are also concerned about upcoming orders, whether they will get an upcharge from buyers or not.

Other operational and system related costs are also on the rise. As gigantic infrastructure projects are not yet in the position to sooth traffic conditions around industrial zones, and as the Chattagram port is struggling with inefficiencies, cost of transportation and shipment has increased significantly. Due to weight limitation in two major bridges in Dhaka-Chattagram highway the loading capacity of cargo trucks has been halved already. All together transportation and shipment cost has been doubled and in some cases, it has been tripled.

All the above realities have brought up a burning question to the industry how to cope up with this situation to continue to do business. There have been some traditional ways of tackling such situations in the industry. Some of them were effective enough for them to survive in short-term but now it seems a real-time has come to make a real effort in the expected transformation to survive amid these challenges and also to continue to grow, otherwise the sector may collapse.

The solution:

There has been a trend, when profitability went down, companies asked for a new loan from banks to buy new machinery to increase production capacity to increase production. The main objective was to keep the total profit on the rise even though the rate of profit goes down. With larger and vertical operations factories could reduce overhead management cost and add fractions of profits from different processes those they were outsourcing previously. Meanwhile, such unplanned expansion and lack of focus on ‘core competence’ have made such factories severely vulnerable. Many such factories are running and making losses every day now. Today they have no other options but to invest in increasing management and production efficiency to save their plants.

Importance of manufacturing excellence or efficiency has been discussed well in Textile Today April 2018 issue. The practical example shows small changes could help save an amount equivalent to the total salaries of a garment factory. As a labor-intensive industry importance of production efficiency is well accepted. Bangladeshi apparel manufacturers now keep industrial engineering departments at their factory. But there is no doubt still the companies have a lot others to do.

    Management is a top down approach and culturing accountability and openness to continuous improvement. The strategies, vision, goals, and ways to achieve the goals should be decided and analyzed at the top most level of the company. An effective communication culture should prevail within the organization. This is the time for textile and apparel companies here to invest more in improving management efficiency than any other things.

However, for any effective improvements in production efficiency, efficient management is a must. A proper efficient management is much more important than production efficiency. While the efficiency of Bangladeshi workers is 77% (considering Chinese 100%), the management efficiency is definitely much lower. A bad and belated management decision affects much more than a lethargic less motivated workforce.

Management is a top-down approach and culturing accountability and openness to continuous improvement. The strategies, vision, goals, and ways to achieve the goals should be decided and analyzed at the topmost level of the company. An effective communication culture should prevail within the organization. This is the time for textile and apparel companies here to invest more in improving management efficiency than any other things.

Increasing management efficiency not only means sending the next generation for pursuing education abroad and then waiting for him or her to come back and take the responsibility of an inefficient plant. Or it doesn’t mean hiring a foreign employee and depending on him. Or it also doesn’t mean purchasing the most sophisticated and costly management automation software.

A proper effective management means it itself will create experts and leaders but the system will run smoothly without leaders. Textile and Apparel company owners should not be fear of the fact that the people behind whom they will invest and if they leave they will lose everything. This is a wrong thinking. Companies should invest in developing a system which is established by men and women and at the same time can sustain itself and create alternatives within. Truly investment has to be behind the human, but it itself will not depend on any individual human only. A human system should be taken care of and cultured.

However, decision making for investing in effective management is not been easy for company owners. They have seen many failed cases. There are examples where high paid charismatic managers left the company leaving the company owners in difficulties; they also saw how huge investment behind management software simply bounced back.

A careful visionary look and plan is needed in proper strategy taking in setting an efficient management. The system should have in-built capacity to save every waste, at the same time it should culture the practice of spending lot for taking out breakthrough ideas. Knowledge management and innovation system within the companies are must for being vibrant, adaptable and progressing.

It is true that investment behind innovation requires careful risk study. But for Bangladesh textile and apparel companies, it is not at that sophisticated level. It is more like common sense innovations. The business models and marketing also has to be aligned with the system. Game-changing ideas in design, process and product alteration should be encouraged. Besides innovation in process and organization build up is a must.

A culture of continuous learning has to be developed. Knowledge has to be produced and disseminated within the companies. Companies have to be connected with external knowledge hubs.

What Textile Today can offer?

At this crossroad of the industry, the importance of an effective innovation hub should be well understood. Companies and professionals should come forward to strengthen such knowledge platform.

Textile Today is working relentlessly to establish such an effective hub. With a motto and slogan ‘Driving Business with Knowledge’, Textile Today could eventually prove itself as a trusted and responsible partner of the industry.

Currently, Textile Today is working in three main streamlines: 1. Transforming Human Capital, 2. Branding Bangladesh Textile and Apparel, 3. Promoting Sustainability. Training programs and knowledge workshops are to help the sector in transforming its human capital, which is the core of any changes whether it is small savings or an upside down change of the game. Factory Tales initiative is incorporating a great team to help Bangladeshi Textile and Apparel companies in setting and implementing a branding strategy. Besides Textile Today wants that Bangladesh becomes a sustainability ambassador in the textile world. And so Textile Today with all its activities and events is promoting sustainability is creating an industrial base that is strong reliable trustworthy and sustainable.

Herewith the Textile Today team presents another issue of Textile Today magazine representing the hard work of the team and all men and women within the sector. We welcome all owners and professionals of the industry to subscribe and to be associated with Textile Today by all possible ways.

Five Innovation Trends That Will Define Banking in 2019

The banking industry is beginning to incorporate the traits and practices that were once the domain of fintech startups. Banks and credit unions have become more comfortable with a faster pace of innovation, using data and analytics more extensively and digitizing processes as opposed to simply turning paper into PDFs.

The global banking sector is becoming both more strategically focused and technologically advanced to respond to consumer expectations while trying to defend market share against an increasing array of competitors. A great deal of emphasis is being placed on digitizing core business processes and reassessing organizational structures and internal talent to be better prepared for the future of banking. This transformation illustrates the increasing desire to become a ‘digital bank’.

The importance of innovation and developing new solutions that take advantage of data, advanced analytics, digital technologies and new delivery platforms has never been more important. We are seeing organizations innovate in targeting, expanding services, re-configuring delivery channels, delivering proactive advice, integrating payments and applying blockchain technology.

These efforts will only increase in 2019, as global financial and tech giants revolutionize the financial services arena. As part of these mega-trends, banks will also experiment with new mobile applications and voice-enabled gadgets to enhance both delivery and contextual personalization. Ultimately, the consumer will be front and center. As technologies continue to evolve, the banking sector will continue to accelerate its investments in innovation and digital enhancements.

1. Serving a Segment of One

According to Accenture, “Many banks have initiatives aimed at targeting demographic-based clusters such as young people, Millennials or older people, but some banks are now targeting customers based on lifestyles, values, aspirations, mindsets and underserved needs.” In 2019, many banking organizations will go beyond personalization by segment, to develop individualized communication and experiences for the segment of one. This is the ultimate level of innovative personalization allowed through data, advanced analytics and digital technologies.

This level of personalization involves clustering a customer base with advanced criteria, where human-centric, design-thinking pillars and CRM tools help banks and credit unions match needs to solutions in real-time. One of the forgotten keys to success with segment-of-one personalization is estimating the potential customers’ willingness to pay for this added value. Or maybe, the key to success is a financial services organization’s willingness to monetize value in the way that Amazon sets pricing on delivering the value of Amazon Prime. Consumers must be ready to recognize the value behind a personalization solution and be willing and able to pay for it.

Innovation and serving a segment of one is not limited to individual consumers. Banks and credit unions should also focus their efforts on the small and medium enterprise (SME) segment and the needs of individual businesses. Many financial services organizations are taking a ‘GAFA’ (Google/Amazon/ Facebook/Apple) approach, leveraging insights and data derived from services and individual organizations to boost their core business.

2. Expansion of Open Banking

More and more regulatory bodies globally are requiring banking organizations to enable customers to share their data securely with third parties to power new financial services and increase competition in the banking industry. By making account and payment data available through secure application programming interfaces (APIs), consumers have greater freedom and control in how they interact with their financial service providers.

Open banking APIs accelerate innovation and collaboration, leading to expanded banking ecosystems that could include more than just financial services to make a consumer’s lifestyle better. What is exciting about open banking is that making consumer consent a central part of open banking strategy places an increased emphasis on consumer value propositions. In other words, if improved value isn’t part of the open banking consumer proposition, the customer will not allow the sharing of their data. Alternatively, those firms that provide the best consumer value proposition will be the relationship winners.

The understanding and leveraging of the innovation potential of open banking will allow legacy financial services organizations to build on their existing customer relationships. By giving customers choice and control of their own data, first-mover banks and credit unions can become leaders in an era of increasingly personalized financial services. The expansion of open banking also will encourage non-traditional financial firms to collaborate with traditional banks or go solo with the same intention … innovating on behalf of the consumer.

3. Commitment to Phygital Delivery

With the high cost of a traditional branch network and the increasing number of transactions moving to digital channels, more and more traditional financial services companies are introducing digital-only banking entities. Some banks are launching digital-only banks to collect deposits, while other financial firms are using digital platforms to provide lending, investing and specialty services. In each instance, the focus is on innovative customer experiences and increased value to the consumer, supported by customer data and advanced analytics that can personalize engagement.

Some of the organizations that will move in this direction in 2019 will do so to protect their current customer base, while other firms will be trying to expand (or generate) market share. In all cases, the desire will be to introduce first-to-market products that are consumer-focused. This focus on innovation is empowered through Open Banking APIs and cloud technologies.

The pressure to create an alternative delivery model is driven by the cost of maintaining branches. Obviously, the raw cost of operating a branch is high, which makes return on assets significantly stronger for a branchless bank. While new entrants will usually pay an increased cost for funding with brokered or online deposits, existing organizations that build a digital-only “sub-brand” benefit from already having a low cost of deposit funding.

As in the retailing industry, consumer expectations and the cost of alternative forms of delivery are redefining the way the banking industry is structured and the importance of innovative new delivery models. The challenge will be in determining the right mix of physical and digital in 2019 and beyond.

4. AI-Driven Predictive Banking

One of the most exciting innovation trends in 2019 will be the continued movement to predictive banking. For the first time time, the banking industry can consolidate all internal and external data, building predictive profiles of customers and members in real time. With consumer data that is rich, accessible and financially viable to deploy, financial institutions of all sizes can not only know their customers, but also provide advice for the future.

This enhanced use of data will enhance the consumer experience, while increasing security and efficiency. By moving from a rear-view-mirror perspective of customer communication to services deployed by robo-advisors and AI-driven chatbots, financial institutions will provide consumers with value through ‘next-best actions’ as opposed to blind selling of products. The real innovation will occur when financial institutions integrate this capability with the expanded services of open banking and connected devices.

The reach of banks and credit unions can be expanded as virtual agents work on behalf of the consumer to find the best mix of solutions for each individual in real time. This transformation may also result in the elimination of specific traditional products (checking, loans, payments) with the emergence of universal cash management solutions that address all needs in an integrated service.

In the end, the focus is no longer on putting together good information and waiting for someone to look at it; information is now shown with the goal of proactively changing customers’ everyday behaviors, with figures and insights contextually delivered.

5. Payments Everywhere

The payments industry has been, and will continue to be, one of the most dynamic areas of innovation in the banking industry. Impacted by changing consumer expectations and driven by technological advances, innovation will continue to come from traditional financial institutions, fintech firms and big tech players.

As the infrastructure of payments continues to evolve, innovation will move the payments industry from a series of specific products to part of everything consumers do. Differentiation will be driven by data, technology and delivery, changing the dynamics of how and where we pay and receive payments. Payment innovation trends will occur in conjunction with the Internet of Things (IoT), point of sale (POS), mobile wallets, cryptocurrencies, and the blockchain.

The impact of this innovation in payments will be a decrease in the ability to differentiate on back-office capabilities, a decrease in transaction fees, and an increase in the importance of differentiated user experiences and the application of a vast array of data. Payment insights provide the foundation of consumer and small business behavior, positioning those organizations capable of processing vast amounts of payment data as the best to serve consumers in the future.


Leadership Story / "True Leader" - Best Video Motivation
« on: May 25, 2019, 02:05:30 PM »
"True Leader" - Best Video Motivation

How To Be A Leader - The 7 Great Leadership Traits

Smart and Easy Business Ideas for Teens with Low Investment

Teach Teens How Running a Small Business Prepare Them for the Future

You may or may not already know that running a small business can teach valuable life management skills. But did you know that the teenage years are the perfect time to start honing entrepreneurial talents?

You don’t need to be anxious about your child’s future. There are a lot of small and easy business ideas for teens that they can handle with minimum supervision.

Children today have more opportunities than ever before. We have the technology and the Internet to thank for that.

As parents or guardians, you have the potential to shape young minds into becoming great entrepreneurs that can help improve the economy and society as a whole.

Why We Need to Develop the Entrepreneur Mindset in Teens

The world will always have a need for creative and innovative entrepreneurs. As they say, small businesses make up the economy’s backbone.

In the US alone, almost 50% of the workforce in the private sector work for small businesses. These companies also help create new jobs that help a lot of people.

Basic business skills can be essential life skills for teens as well. You could help them develop an entrepreneurial mentality by inspiring or encouraging them.

Who knows, maybe your child will be the next Bill Gates or Mark Zuckerberg.

Here are some traits they could acquire when they start running a small business.

• They will learn the value of money and how to manage finances.

Most kids today do not realize what it takes to earn money. If they begin to understand how much work is involved in making money, then they would start appreciating it more.

Once they start to experience earning income they had to work hard for, they will be wiser in spending it. Money will all of a sudden become more valuable.

If your teen wants to become an entrepreneur, he or she also needs to learn the concepts and processes involved in managing a business. This includes something as basic as setting up a bank account.

One thing you can do is share whatever useful business experiences you have that can help them along the way. You may also encourage them to research and find out everything they can about the industry they are involved in. Industry learning that can evolve into smart business investments.

• They will be adept at solving problems and develop resilience.

Businesses and problems go hand in hand. When teens become entrepreneurs, they will inevitably run into difficulties and setbacks.

Even successful teen entrepreneurs undoubtedly still have to deal with crises every now and then. What makes them thrive is their ability to rise above the challenge and get back on their feet.

Help your kids learn how to handle problems on their own by teaching them how to be systematic about it. Tell me that they should start with identifying the problem, then weigh each solution that they come up with.

Don’t be scared to let your experience child failure. Teens should be allowed to learn to make decisions for themselves and discover what consequences there may be.

Of course, this doesn’t mean that you have to distance yourself from them. Offer words of encouragement or advice that will guide them.

• They will develop the tenacity that will help them push ahead.

Among the business skills for teens that are considered necessary, tenacity is perhaps the most important. Without it, children will simply give up once they feel they have reached a dead end.

Even when running a small business, teen entrepreneurs can encounter loads of problems that may prove to be too challenging for them. Tell your child that success doesn’t come easily, and they would need tenacity if they want to get through tough times.

Once they are adults, they will have learned how to push past difficult situations if they want to accomplish their goals.

• Their creativity and imagination will be enhanced.

A business venture is born from a creative idea. After all, entrepreneurs are those who have come up with creative ways to fulfill existing demands or needs.

It is better to foster creativity as early as possible. When creative children hit their teenage years, they will find it easier to find opportunities where they could market their ideas.

These ideas can help them create inventions even from unexpected situations. They can come up with business ideas with low investment. You just need to provide enough support and encouragement.

Also, try to keep an open mind and learn to accept that when utilized properly, technology may be used as a tool to encourage creativity.

• They will develop their confidence and self-esteem.

These two traits are crucial in helping teens realize their worth and capability. They are also needed to be able to be successful in any business.

If people sense how confident entrepreneurs are with their products and services, they will be more willing to spend money. After all, consumers want things that they think will give them value for their money.

Smart and Easy Business Ideas for Teens That Need Little Investment

    Businesses that make the most out of tech skills.

When it comes to technology, teens today are already very much familiar with whatever latest trend or gadget there is out there. Why not take advantage of this?

Some business ideas for teenage entrepreneurs include starting an e-Commerce business, video blog, or becoming a tech consultant. These are business ideas with low investment and if your teen is knowledgeable enough, he or she could even create apps that companies might eventually pay millions of dollars for.

One of the most famous entrepreneurs that haven’t even reached 18 is Benjamin Kapelushnik. Better known as “Kickz,” he started his sneaker business while still in grade school.

Now that he’s in high school, Kickz estimates that he earns $1 million in annual sales. This is an excellent example of how e-Commerce can have the potential to become a high-paying business.

    Offering tutorials or giving music lessons.

If teens have the skill or capacity to share their knowledge and talents, then maybe they should start offering tutorial services or music lessons. They could easily do this even while still in high school.

Among the easiest online ideas teens could earn money from is offering tutorials that involve the latest computer program or application.

    Build a startup born from teens’ interests and creativity.

It is easy to start a business that reflects your interests and strong points. Teens can attract more patrons if people see that they are capable and know what they are doing.

Besides, it’s easier for teens to strive to make their business venture successful if they are motivated to see it succeed.

    Experience the tried and tested business of babysitting or dog walking.

Among the most popular and easy business ideas for teens to start are babysitting and dog walking services.

They are one of the many easy business ideas for teenage entrepreneurs to start because they require very minimal start-up costs. Teens can simply post fliers around the community, or advertise their services online. Certainly, these types of businesses can be considered smart business investments.

    Become an errand runner that targets people on the go.

Errands are the nemesis of busy people. They would be very much grateful if someone could take menial tasks off their hands, and free up some of their time.

Teens who have a lot of time on their hands are perfect for this business. It may be hard at first to build a good reputation, but they will eventually get there if they are willing to work for it.

Teens of Today Will Someday Become Leaders of Tomorrow

Children are certainly the future of the world. Having teen entrepreneur characteristics helps develop independence and innovation—two traits that can help shape the world.

When teens become interested in running a small business, then they are well on their way of having a bright future ahead.


Smart Business Idea / Low Cost Business Ideas
« on: May 25, 2019, 01:43:26 PM »
Low Cost Business Ideas

The Top 100 Low-Cost Franchises

Franchises with lower costs of entry can make it easier for you to plan to be your own boss. Here's a look at the strategies behind low-cost franchising and some resources on where to find successful opportunities.

Creative Ideas

    Arts & crafts business
    Creativity consultant
    Interior designer

Doing What You Love

    Freelancing your expertise
    Hobby business
    Sports business

Product Sales

    Direct sales
    Gift basket
    Swap meet sales

Even More Ideas

    6 Senior Care Ideas
    9 Pet Businesses
    25 Part-Time Business Ideas
    105 Service Businesses
    Weekend Businesses Ideas

B-to-B Businesses

    Business support
    Desktop publishing
    Manufacturer's rep
    Medical claims
    Security specialist
    Seminar production
    Transcription service
    Virtual assistant business

Related: The 15 Most Popular Online Payment Solutions

Personal Services

    Elder Care
    Financial Advisor
    Personal concierge
    Personal shopper
    Remodeling contractor
    Tutoring service
    Wedding consultant

Related: 10 Online Invoicing Services for Small-Business Owners

Other Services

    Event planning
    Mobile photography


Innovation Hub / How to Design Innovative Hubs for Big Ideas
« on: May 25, 2019, 01:30:45 PM »
How to Design Innovative Hubs for Big Ideas

Innovation isn’t just a buzzword. It’s a requirement for survival in today’s hyper-competitive marketplace. Not surprisingly, businesses of all scales -- from start-ups to corporations -- spend great capital and focus on increasing innovation in their organizations. Whether it’s disruptive innovation that changes the marketplace entirely or incremental innovation that improves one product from another competitors’ offerings, innovation is fuel in the business world.In order to best instill an innovative culture, companies should consider the design of their office spaces and how they’re engineered to naturally spur the type of creative thinking that can turn an idea into a scalable innovation. It’s not enough to simply find an empty room and re-name it a think tank, incubator or hacker space. Energizing the innovative spirit in an organization via design requires concrete strategies and intentional efforts -- and there’s no one-size-fits-all solution.

Here’s a look at three industries that can teach any organization a thing or two about catalyzing innovation.

1. Education: Innovation is not a nine-to-five job.

Every successful entrepreneur knows the best ideas are rarely found while staring at a computer, checking emails or in between meetings with finance and human resources. Creative energy often finds us while out for a run, over a drink with friends or even late at night when we can’t sleep. Organizations need to find a way to ensure their people can channel their creative energy anytime, anywhere.

Lassonde Studios at the University of Utah, a first-of-its-kind education facility that merges a residence hall with an entrepreneurial garage, fully embraces this idea. Students living in Lassonde Studios have 24/7 access to 3-D printers, prototype labs, co-working space and a slew of technology. If students wake up at 3 a.m. with a new concept, they can walk downstairs and begin developing that idea. They live, create and launch all in one space.

To be clear, I’m not suggesting emerging companies should ask their employees to live at the office. But companies do need to ensure they offer a continuum of workplace and information technology (IT) infrastructure that empowers their people to connect anytime.

The last thing organizations want to have happen is to lose new ideas, simply because an employee can’t log in and access company tools from home. Moreover, organizations need to recognize that flexible schedules and cultures of wellness are good things for creative energy. A mid-day run does more than just help the employee get away from the workplace. It may set off a creative spark.

Related: 10 Examples of Companies With Fantastic Cultures

2. Medical science: Bring people together to collaborate, collaborate and collaborate some more.

The best way to find breakthrough ideas is not to lock oneself in a room and stay there until you’ve covered a wall in sticky notes. Game-changing ideas are often the result of ongoing brainstorming and collaboration driven by multiple teams and individuals. New science facilities like the Gates Vascular Institute and Clinical Translational Research Center (GVI/CTRC) in Buffalo, N.Y. are designed to empower this radical caliber of idea-sharing. The academic medical center stacked a research building on top of a vascular institute and connected them with a collaborative core to enhance partnerships and innovation.

The collaborative core contains education and conference spaces along with a 4,000 square-foot business incubator that allows doctors, researchers and entrepreneurs to meet in a variety of dynamic situations to accelerate and commercialize medical discoveries. This culture of collaboration is enhanced further by open-plan laboratories that allow for increased flexibility, adaptability and innovation.

While not every company is looking to build a massive hospital-like facility, the same principles can apply to smaller workplaces. It’s key that start-up spaces are designed to bring people together, not separate them.

Creative ideas from one department can inform efforts in another, and someone’s crazy idea might be the solution a different team needs. This doesn’t mean eliminating every wall in the workplace, but it does suggest organizations need to seek out workplace solutions that purposely bring people together, knock down traditional silos and encourage collaboration to achieve new ideas for business success.

3. Art: Give people tools, then get out of the way.

People often find their best ideas when they’re allowed to put different pieces together, try, modify, tweak and try again. The new Theater School at DePaul University welcomes this notion by providing expansive shop spaces for costume, makeup, prop and scene shops, rehearsal studios, lighting laboratories, movement studios, etc. where students and actors are encouraged to let their imaginations run wild.

All the tools and props they might require are placed along the walls of the shops, and there are no set rules for how they need to be used or arranged. Instead, the entire space is an open canvas where these artists can work together to find creative solutions.

This is another ideal organizations can infuse into their workplaces. Rather than view the workplace as a place where prescriptive actions happen in set areas and specific people sit in the same place every day, it is okay to dedicate spaces where employees can arrange technology, furniture and lighting as they see fit for different activities. It’s okay to let employees sit and work amidst different people or departments for different efforts. This workplace freedom increases employee satisfaction and allows them to be more comfortable and creative each day.

Ultimately, start-ups and emerging companies rely on creativity and innovation to push forward. Organizations seeking to thrive in today’s knowledge economy need to ensure that their workplaces are set up to help their employees innovate the key ideas that lead to differentiation and growth.


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