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31

Bank Loan / Advantages & Disadvantages of a Bank Loan

« on: July 31, 2018, 12:19:24 PM »

Advantages & Disadvantages of a Bank Loan

Whether you are planning to start a business, buy inventory for an existing one or expand operations, you probably need a substantial amount of money. If you don't have the money lying around, you'll need financing, and one of your financing options is to secure a bank loan. These loans offer certain tax breaks and have lower interest rates compared to credit cards and overdrafts. However, you must meet a range of loan requirements, and the burden of repayment can wear you down.


 
Bank Loan Advantages

Flexibility: With bank loans, you only need to worry about making your regular installment payments on time. This is an advantage over overdrafts, where you must pay the full amount when the bank demands it. In addition, banks don't usually monitor how you use your loan as long as you make your payments on time, so you can invest it however you deem fit.

Cost Effective: In terms of interest rates, bank loans are usually the cheapest option vs. overdrafts and credit cards. According to Bankrate, as of July 2015, that the average fixed interest rate for credit cards was 13.02 percent, while certain bank-provided loans guaranteed by the Small Business Administration have a maximum interest rate of 8 percent. The lower interest rates of bank loans will definitely save you money.

Retained Profits: While businesses that issue equity to raise capital often give a percentage of their profits to shareholders, banks require borrowers to pay only the principal and interest amount on a loan. As such, you will retain all your business profits.

Tax Benefits: When you use a bank loan for business reasons, the interest you pay on the loan is a tax-deductible expense. For example, if you are paying a 5 percent interest rate on a $30,000 loan, then your yearly interest is deductible on your 1040 Schedule C tax form.

Bank Loan Disadvantages

Strict Requirements: Because many bank loans require some form of collateral, startups and existing businesses without any assets can find it difficult to get their loan applications approved. If these borrowers choose to go for unsecured loans, they are hit with higher interest rates.

Repayment Burden: Loan borrowers must make periodic payments to their banks. Those who fall behind on payments face the prospect of having their assets seized. Even if you manage to make late payments, your bank could still report you to credit bureaus -- a move that negatively affects your credit score. With a lower score, obtaining loans in the future becomes more difficult. The repayment burden is a disadvantage compared to raising money through shareholders, because shareholders don’t require regular repayments. Instead, they are typically paid dividends only on profits.

Irregular Payment Amounts: If you get a bank loan with a variable interest rate, the rate changes with market conditions. This makes it difficult to determine the exact amount of future payments. Consequently, it becomes challenging to make sound financial plans.

Source: https://bizfluent.com/facts-4761923-advantages-disadvantages-bank-loan.html

32

Entrepreneurship / The 8 Biggest Challenges for New Entrepreneurs

« on: July 31, 2018, 12:09:05 PM »

The 8 Biggest Challenges for New Entrepreneurs

1. Abandoning another career
If you’re going to dedicate yourself to starting and nurturing a business to success, it’s going to be nearly impossible to simultaneously manage another career. You might be able to manage the infancy of your business on the side, during weeknights and weekends, but if you want a chance of growing significantly, invariably you’ll have to quit your day job.

Walking away from a promising, steady long-term opportunity for something unpredictable is scary -- especially if you’ve never run a business before. Unfortunately, there’s no easy way to address this. Just think through your decision logically, and don’t ignore your instincts.

2. Financing
Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers. They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.

Even if their first business went under, they’ve likely made investment contacts and client connections necessary to give them a leg up in a new enterprise. As a new entrepreneur, you’ll be starting from scratch, which means you’ll need to start networking like crazy and thinking through all your possible funding options before landing on one.

3. Team building
This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles -- you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team. Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.

Related: Finding the Right Second-in-Command Is the Biggest Decision An Entrepreneur Will Make

4. Being the visionary
As the founder of your startup, you’ll be expected to come up with the ideas. When a competitor emerges, it will be your responsibility to come up with a response plan. When your team hits an impenetrable obstacle, your job will be to come up with an alternative plan to move forward.

This demands on-the-spot creative thinking -- which should be an oxymoron, but entrepreneurs rarely have the luxury of time. The less experience you have, the more pressure you’ll feel from this, and the harder time you’ll have coming up with acceptable plans.

5. Dealing with the unknown
How long will your business exist? How profitable will your business be? Will customers like your product? Will you be able to give yourself a steady paycheck? None of these questions has a solid, reliable answer, even in startups based on great ideas with all the resources they’d theoretically need.

That unknown factor means your job stability is going to plummet, and many of your long-term plans will remain in flux as new developments emerge. Dealing with this volatility is one of the hardest parts of emerging as a new entrepreneur.

6. Loneliness
It’s a rarely mentioned problem of entrepreneurship, and many new business owners aren’t prepared for it until it happens. Being an entrepreneur is lonely. It’s a singular position, so you won’t have teammates to rely on (completely). You’ll be working lots of hours, so you won’t see your family as often. And your employees will be forced to remain at a bit of a distance.

7. Rule-making
It’s fun to be the boss until you have to enforce something. Sooner or later, you’ll have to come up with the rules your business follows, from how many vacation days your workers get to what the proper protocol is when filing a complaint about a coworker. These details aren’t fun to create, and they aren’t fun to think about, but they are necessary for every business.

8. Decision-making
Believe it or not, this is probably the most stressful challenge on this list. New entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones. Decision fatigue is a real phenomenon, and most new entrepreneurs will experience it if they aren’t prepared for the new level of stress.

If you can work your way past these major obstacles, you’ll be well on your way to establishing yourself as an entrepreneur. That isn’t to say they won’t continue to nag at you as the years go on, or that new and varied challenges won’t arise to take their place, but you’ll be prepared to handle yourself in those most volatile and impactful first few months -- and that puts you far ahead of the competition.

Source: https://www.entrepreneur.com/article/254721

33

Entrepreneurship / The top 10 challenges faced by entrepreneurs today: solved

« on: July 31, 2018, 12:02:52 PM »

The top 10 challenges faced by entrepreneurs today: solved

Entrepreneurs face many challenges in today’s ultra-competitive business world; fortunately, contemporary times have also blessed entrepreneurs with more resources for tackling those problems than ever before. The following lists the “Top 10” challenges faced by entrepreneurs today, defines why each problem exists, and offers solutions so you can operate an efficient and successful business:

1.  Cash flow management
The challenge: Cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills (let alone themselves) while they’re waiting for checks to arrive. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world. You perform a job, send an invoice, then get paid (hopefully) 30 days later. In the meantime, you have to pay everything from your employees or contractors to your mortgage to your grocery bill. Waiting to get paid can make it difficult to get by – and when a customer doesn’t pay, you can risk everything.

The solution:  Proper budgeting and planning are critical to maintaining cash flow, but even these won’t always save you from stressing over bills. One way to improve cash flow is to require a down payment for your products and services. Your down payment should cover all expenses associated with a given project or sale as well as some profit for you. By requiring a down payment, you can at least rest assured you won’t be left paying others’ bills; by padding the down payment with some profit, you can pay your own.

Another strategy for improving cash flow is to require faster invoice payments. Invoice clients within 15 days, which is half the typical invoice period. This means if a customer is late on payment you have two weeks to address it and get paid before the next month’s bills are due. In addition, more and more companies are requiring immediate payment upon project completion – and in our digital age when customers can pay invoices right from their mobile phones, it’s not a stretch to request immediate payment.

You can also address cash flow management from the other side of the equation by asking your own vendors to invoice you at 45, 60, or even 90 days to allow ample time for your payments to arrive and checks to clear. If you can establish a good relationship with vendors and are a good customer, they’ll be willing to work with you once you explain your strategy.

And if you’re looking for an easier way to pay bills and save money, consider sending checks via email.

2.  Hiring employees
The challenge: Do you know who dreads job interviews the most? It’s not prospective candidates – it’s entrepreneurs. The hiring process can take several days of your time: reviewing resumes, sitting through interviews, sifting through so many unqualified candidates to find the diamonds in the rough. Then, you only hope you can offer an attractive package to get the best people on board and retain them long-term.

The solution:  Be exclusive. Far too many help wanted ads are incredibly vague in terms of what qualifications candidates must have, what the job duties are, what days and hours will be worked, and what wages and benefits will be paid. You can save yourself a ton of time by pre-qualifying candidates through exclusive help wanted ads that are ultra-specific in what it takes to be hired at your firm, as well as what the day-to-day work entails. Approach your employee hunt the same way you would approach a customer-centric marketing campaign: through excellent targeting.

Once you have a pool of prospects, arrange for a “walking interview” in which you take candidates on a tour of their working environments. Ask questions relevant to the job and to candidates’ experiences, expectations, dedication, and long-term goals. Don’t act like an overlord determining which minion gets to live another day; rather, behave as though you’re seeking a partner to help you operate and grow your business.

Take the time to seek real references: not the neighbor lady your candidates grew up with, but people who can honestly attest to their work ethic and potential. Once you’ve picked a candidate and before you’ve made a job offer, ask them specifically what it will take to keep them employed with you long-term. Tell them to be honest with their expectations. Provided they do a good job for you, you’ll know what kind of rewards they’re seeking and you can make adjustments accordingly: do they want more vacation? The opportunity for advancement? More pay? Freedom from micromanagement?

This isn’t to say you have to bend backwards for your employees; however, it stands to reason that if you make expectations clear for both parties you can lay the foundation for a long-term, mutually-rewarding client-boss relationship.

3.  Time management
The challenge: Time management might be the biggest problem faced by entrepreneurs, who wear many (and all) hats. If you only had more time, you could accomplish so much more!

The solution: Make time. Like money, it doesn’t grow on trees, of course, so you have to be smart about how you’re spending it. Here’s how:

Create goal lists: You should have a list of lifetime goals, broken down into annual goals, broken down into monthly goals, then broken down into weekly goals. Your weekly goals, then will be broken down into specific tasks by day. In this manner, what is on your task list in any given day is all you need to do to stay on track with your lifetime goals
If any tasks do not mesh with your goals, eliminate it or delegate them
If any tasks do not absolutely have to be completed by you, delegate them
Consistently ask yourself: “Is what I’m doing right now the absolute best use of my time?”

4.  Delegating tasks
The challenge: You know you need to delegate or outsource tasks, but it seems every time you do something gets messed up and you have to redo it anyway.

The solution:  Find good employees (see above) and good outsourced contract help, for starters. You might have to pay a little more for it, but the savings in time (and the resulting earning potential) more than make up for it.

Next, be ultra-specific as to what you want done. It will take a little more time at first, but write down detailed steps listing exactly what you want your help to do. Don’t make assumptions, and don’t assume your help will be able to think for themselves (they can, but they will complete the job verbatim because that’s what they’re trained to do). So, don’t say “list stats in a spreadsheet” when you can say “alphabetically list XYZ in the right spreadsheet column, then list statistic A in the next column.” It might seem like overkill, but take the time to be specific once and your help will get it right every time thereafter.

5.  Choosing what to sell
The challenge: You know you could make a mint if you just knew what products and services to sell. You’re just unsure how to pick a niche.

The solution: Admit that you’re weak in identifying prosperous niches, and delegate the task to someone who is strong in this area. You don’t have to hire a huge, expensive marketing firm; rather, recruit a freelance researcher who has experience in whatever type of field you’re considering entering (retail ecommerce, service industry, publishing, etc.). Have them conduct market research and create a report with suggested niches, backed by potential profit margins and a complete SWOT analysis: Strengths, Weaknesses, Opportunities, and Threats.

This isn’t to say you should have someone else decide for you; however, if you’re not good at identifying niches it’s a good idea to have someone who is make suggestions. You can then analyze the suggestions for yourself to determine if you agree. Taking this step now can save you a lot of time, money, and hassles later – and it can save your entire business and livelihood.

6.  Marketing strategy
The challenge:  You don’t know the best way to market your products and services: print, online, mobile, advertising, etc. You want to maximize your return on investment with efficient, targeted marketing that gets results.

The solution: Again, if you’re not adept at creating marketing plans and placing ads, it’s a good idea to outsource your marketing strategy to someone who is. At this point, all you need is a core marketing plan: what marketing activities will you undertake to motivate purchases? Give your planner a budget and tell them to craft a plan that efficiently uses that budget to produce profits.

This is not the time for experimentation. You can do that later, on your own or with the advice of your marketing strategist, after you’ve established a baseline that works.

7.  Capital
The challenge: You want to start or grow your business, but you have little capital to do it with.

The solution: There are many ways to earn funding, from traditional bank loans to family and friends to Kickstarter campaigns. You can choose these routes, certainly, but I prefer the self-fueled growth model in which you fund your own business endeavors.

Instead of trying to launch a multi-million dollar corporation overnight, focus on your initial core customers. Continually work to find new customers, of course, but consistently strive to be remarkable to those customers you already serve. Word-of-mouth will spread, and more customers will come looking for you. As they do, develop systems and business processes that allow you to delegate tasks without sacrificing quality. Your business will grow slow and steady, and you’ll be able to solve problems while they’re small.

Think about where you want to be five years from now. Can you get there without help, even if you have to delay growth a bit while you’re doing it? This is the best strategy to adopt for small business entrepreneurs. If you do feel you need funding, however, be sure to consult an attorney to make sure you’re not giving up too much of your business to get it.

8.  Strapped budget
The challenge: Even though cash flow is fine, it seems you never have enough in your budget to market your company to its full potential.

The solution: Unless you’re one of the Fortune 500 (and even if you are), every entrepreneur struggles with their budget. The key is to prioritize your marketing efforts with efficiency in mind – spend your money where it works – and reserve the rest for operating expenses and experimenting with other marketing methods.

Keep a close eye on your money, too: chances are, there are areas you can skim to free up more funds. Unless an expense is absolutely critical to your business and/or represents an investment with an expected return, cut it. In fact, do this exercise: see how lean you can run your business. You don’t have to actually do it, but cut everything you can and see if you still feel you can run your business (save for what you have to delegate and market with). Somewhere in between your leanest figure and your current budget is a sweet spot that will allow you to be just as effective and leave funds leftover to fuel growth.

9.  Business growth
The challenge: We’re assuming you are growing, not that you can’t grow, and you’ve come to the point at which you can’t take on any more work in your current structure.

The solution: Create new processes that focus on task delegation. Many entrepreneurs, used to wearing all the hats, find themselves in this position once they’ve achieved a modicum of success. Because you’re doing everything, your growth halters to as top when it hits a self-imposed ceiling. The only way to break through is to delegate tasks to others and take yourself out of the production end and segue into management and, finally, pure ownership.

10. Self-doubt
The challenge: An entrepreneur’s life is not enviable, at least in the beginning. It’s extremely easy to get discouraged when something goes wrong or when you’re not growing as fast as you’d like. Self-doubt creeps in, and you feel like giving up.

The solution: Being able to overcome self-doubt is a necessary trait for entrepreneurs. Having a good support system will help: family and friends who know your goals and support your plight, as well as an advisory board of other entrepreneurs who can objectively opine as to the direction of your business.

One of the best ways to deal with self-doubt is to work your goals and tasks lists. When you’re down and lack motivation, look at your lists and know that the tasks you do today are contributing to your lifetime goals. By doing them, you’re one step closer, and you can rest assured that you are, indeed, on the path to business success.

Entrepreneurs face many challenges, and volumes have been written about how to overcome them. Perseverance and intelligence are your allies; use them to your advantage keep working toward your goals. Understand that you’re not the first to struggle, and because of that there are many resources available to help you get through your darkest days as an entrepreneur so you can reap the immeasurable rewards that come with building your own successful business.

Source: https://www.deluxe.com/sbrc/financial/top-10-challenges-faced-entrepreneurs-today-solved

34

Entrepreneurship / How to Overcome Challenges and Obstacles as an Entrepreneur

« on: July 31, 2018, 11:51:11 AM »

How to Overcome Challenges and Obstacles as an Entrepreneur

The day you make up your mind to start a business, that’s the day your name will be written in the ‘’book of world changers’’.  Being an entrepreneur isn’t as easy as some people think. If it was, we would have a high number of job opportunities.

If you’re an entrepreneur or small business owner reading this content, congratulations! You’re indeed a blessing to the world.

Without mincing words, here are 9 ways to overcome obstacles and limitations as an entrepreneur.

1.     Move with Positive Thinkers
If you’re surrounded with positive minded people, you’ll focus more on achieving your dreams even when the going seems tough.  If you move with negative minded people, your mind would be corrupted, and soon enough you’ll lose zeal and focus.

Ignore naysayers and build a network of positive minded people. Don’t make ‘’anyhow’’ friends, build relationships with people that share the same goal and vision.

2.     Go Back to Your Roots
It’s easy to lose focus and start doubting your mission as an entrepreneur. Anytime you feel like you’re discouraged, don’t give in. Go back to your roots and re-think (or re-analyze) on why you started the business at the first place.

Write down your goals and put them on the wall (a visible area), and meditate on it.

Soon enough, you’d be energized and more determined to face any obstacle.

3.     Don’t Give Up, Keep Trying
Do you think we would have been able to have all the nice and beautiful things we have today if people like Bill Gates, Mark Zuckerberg, and Steve Jobs had given up their businesses?

Mark Zuckerberg and Larry Page started from a University dormitory but today, they control the biggest firms in the world. I know it’s not easy to be an entrepreneur but, you must understand that it is not where you are that matters, but where you’re going.

Keep trying even when the going seems tough. Never give up!

Pro tip: Be persistent. Keep trying and with time, you’d experience that breakthrough you’ve always wanted.

4.     Change Your Thoughts–Meditate on the Right Things
Thoughts are pictures or images of the mind with constructive or destructive meaning. They are machines of the mind that can either grow or destroy your business. Your thoughts determine whether you’re go far in business or not.

If you desire to become a world-celebrated entrepreneur, change your thoughts!

Re-frame your thoughts by moving with positive thinkers, reading inspirational and motivational books, listening to inspirational messages, and meditating on the right materials.

Pro tip: Change your thoughts and become a successful entrepreneur.

5.     Change your Perception Towards Challenges
Challenges are your best business partners so, don’t see challenges as a personal affront; see it as a stepping stone to your promotion.

6.     Don’t Overwork Yourself–Outsource
As an entrepreneur, you like doing everything 24/7. Not only are you doing what you love, you’re also working on projects you’re not good at. If you’re someone like this, my advice to you today is to outsource the areas you’re weak at to save eons of time.

Pro tip: This may sound stupid or absurd but it’s the truth, you’ll be more productive if you outsource your weaknesses (the things you’re not good at).

7.     Make Tenacity your Friend
‘’Where there’s a will, there’s a way”…

My top tip for overcoming limitations as an entrepreneur is to believe in YOU. If you don’t believe in yourself, no one will! Believe that there’s nothing you can’t achieve.

Stand up tall and say, ”I believe in the possibility of a bright future”.

8.     Think BIG!
The universe does not support small dreams.  Make your dream big so that the universe would be part of it.

9.     Work Smarter, Not Harder
When I first started out online as a guest blogger, I worked so hard and within the space of 4 months, I published over 100 guest posts. After about 3 weeks, I met a fellow entrepreneur (a guest blogger) who doesn’t write as much as I do, but gets a large chunk of organic traffic and makes 5 figures guest blogging.

Source: http://under30ceo.com/how-to-overcome-challenges-and-obstacles-as-an-entrepreneur/

35

Partnership / 10 Ways to Avoid Friction in a Business Partnership

« on: July 31, 2018, 11:38:29 AM »

10 Ways to Avoid Friction in a Business Partnership

Successful business partnerships are an incredible testament to character, communication and well, let’s face it, fortitude.

The payoff for these traits can be great. Business partners enjoy the benefits of shared expertise, shared roles and shared success. But there’s also shared risk and, as in all human relationships, the potential for conflict.

So how do you marry these pros and cons and enjoy a fruitful partnership, that isn’t prone to constant friction? Here are some ideas to consider:

1. Settle on Goals

Before you get locked into a partnership, make sure you have a good idea of who you’re getting into business with. It doesn’t matter how long you’ve known or worked with this person before, are your goals similar? If one partner is looking to turn their hobby into a passion and enjoy a better work/life balance, while the other wants to pour every hour into creating a multi-million dollar enterprise, then you may be looking at problems down the road.

2. Have Clearly Defined Roles

One of the great things about partnerships is that each partner brings different skills and experience to the table. It’s a good idea to work these distinctions into your job roles. Instead of thinking of yourselves as sharing equal duties, approach your business as any employee-based organization would and assign roles and responsibilities. Perhaps one partner handles operations (employees, payroll, accounting, etc.) while the other is in charge of sales and marketing. If you’re both doing the same thing then you’ll tread on each other’s toes and create opportunities for conflict.

3. Don’t Be Afraid of Confrontation

Confrontation can be just as healthy for a business partnership as it is for a marriage. Don’t shy away from it. Saying what’s on your mind (I’m not advocating antagonism here) or calling a partner out on a decision or action, shows that you are both invested in its success. If you can’t tell your business partner how you feel, you can you make the partnership work?

4. Communicate and Motivate

Communication is key to teamwork. Whether you’re a head chef in charge of a busy kitchen or a football coach driving his team on, without communication nothing gets done. So make a point of communicating, or over-communicating, as much as you can. Have regular meetings, check-ins, and problem-solving discussions. Humans thrive on communication and running a business can be a lonely process, so take advantage of your partnership and motivate and excite each other at every opportunity.

5. Address Conflict ASAP

Speaking of communication, as conflict arises, and it will, make a point of dealing with it ASAP. Don’t let it linger. Discuss it, come to a resolution, and redirect your energies back into your business. It’s a good idea to come up with a formal resolution process early in the partnership.

6. Enjoy Your Time Apart!

Make a point of spending time away from each other. Have a separate life outside the office. You don’t have to be best friends. Your own social network of friends and family can provide relief and a new perspective on things.

7. Agree How You’ll Split Profits

How are you going to split your profits? How you do it is up to you (and it doesn’t have to be equal), but whatever you decide put it in writing (more on this below). Read my earlier tips on How to Split Profits in a Small Business Partnership.

8. Put Everything in Writing

Everything, from profit-sharing, to roles and responsibilities, contributions to the partnership (such as the assets you both bring to the table), decision-making (the scope of each partner’s authority to make decisions), how the partnership will be dissolved, and so on should be written up in a partnership agreement. Work with your lawyer and accountant to formalize the agreement.

9. Learn to Compromise

Another lesson we can learn from marriage – compromise. Accept that it’s not all going to go your way and you’re not going to agree on everything. As long as the business stays on course, don’t sweat the small stuff.

10. Give It Time

All of the above points, aside from the contractual stuff, will take time. For example, as your partnership and business skills mature your roles and responsibilities may change, so keep an open mind on that front. Likewise, it takes time to get to know each other’s style of working, hot buttons, how you deal with stress (which invariably follows when money problems arise) and get to a place where you’re really comfortable with each other.

Source: https://fundbox.com/blog/10-ways-to-avoid-friction-in-a-business-partnership/?utm_source=blog&utm_medium=content&utm_campaign=how-to-get-out-of-a-bad-business-partnership

36

Partnership / 8 Questions to Ask Before Entering into a Business Partnership

« on: July 31, 2018, 11:28:37 AM »

8 Questions to Ask Before Entering into a Business Partnership

Partnerships can seem like the perfect path to business ownership – shared investment, shared effort, and someone to alleviate the risk of “going it alone”. But business partnerships aren’t always what they are cracked up to be. Partners can quickly clash over goals, money, time commitments, and more.

So it’s a good idea to make sure you have a very clear idea of who you’re binding yourself to (even if they’re a friend) before you commit. Here are eight questions to ask yourself and your potential partner, before you walk down the proverbial “aisle” to business partnership.

Why Are You Doing This?

I’ve seen best buddies go into business for all the wrong reasons. One had the ambition, the other saw it as a fun way to make money. Their motives were questionable and their approach reflected that. They failed to dot the “i’s” and cross the “t’s” with a steadfast plan and agreement. One made financial decisions without the other and things quickly got nasty leaving a broken partnership and thousands of dollars in unexpected liability on both sides.

The point is, unless you are both sure why you are doing this and are equally committed, things can quickly go awry. Conflicting and ill-defined goals are a death nail in any business’ coffin. As you weigh up your motives for a partnership, consider some of the following points too.

Does Your Partner Bring Skills to the Table that You Don’t?

Each partner should bring a key skill or experience to the table that the other lacks. It could something like leadership or executive experience or a technical skill that can steer your product strategy. A well-rounded team is more likely to attract investors and give the partnership the holistic basis it needs to succeed.

How is Your Partner Situated Financially and Personally?
Is your potential partner experiencing marital problems? Have they experienced financial distress in the past (that you know of)? Personal and financial issues can creep into business and potentially impact their ability to perform their work and the business itself. It’s worth being forthright about things like the credit rating of both partners – this will give you an indication as to their fiscal health, but also alert you to any red flags that might impact your ability to get funding.

What Time Investment Can Your Partner Give?

You don’t have to commit to an equal amount of hours, but it’s important to understand both your expectations. If you’re not in alignment now, there could be problems later.

How Does Your Partner React Under Pressure?
This is an age-old interview question, but forget the canned responses and do your research. Has your partner been in business before? How did they handle common problems such as not being able to pay bills on time or handling a customer complaint? If their reaction and approach wasn’t quite by the book, you can probably gauge that they won’t do well when backed against a wall. You could also talk to former employees to get a sense of how they perform under pressure.

What Kind of Brand Do They Project?

Think of this from both a business and personal standpoint. How is your potential partner viewed by the community at large? Check out references, talk to former colleagues and employers. What’s their appearance like? What about their values? Your brand isn’t just your logo and signage it’s about the people behind it.

How Will You Divide Profits?

What’s the best basis for splitting profits? It’s a tricky question, especially if one partner contributes more man hours or injects more money into the business. Read How to Split Profits in a Small Business Partnership for some tips on a workable profit sharing strategy.

Are You Willing to Put It in Writing?

So you’re ready to walk down the partnership aisle? Then both parties will need to put it in writing and agree to the partnership equivalent of a prenup agreement. A business partnership agreement should be completed before you start operations and any profits are made (the division of profits is a critical part of this process). Although an agreement is not legally required, it can protect your interests as one-half of the partnership for the duration of your partnership and through its dissolution. This to include are how you’ll split profits, any contributions or assets each partner makes to the partnership, how decisions will be made and how disputes will be resolved, as well as who does what.

Work with a lawyer to get one drawn up and formalized.

Source: https://fundbox.com/blog/8-questions-to-ask-before-entering-into-a-business-partnership/?utm_source=blog&utm_medium=content&utm_campaign=how-to-get-out-of-a-bad-business-partnership

37

Strategy and Planning / Why Is Strategic Planning Important to a Business?

« on: July 31, 2018, 11:02:51 AM »

Why Is Strategic Planning Important to a Business?

Strategic planning provides a road map to help your business get from where you are now to where you want to be. Milestones are expressed in specific terms, as quantifiable objectives that measure whether you're proceeding as planned and, if not, how far you've gone off path.


 
Long-Term Objectives

Long-term strategic objectives help you think in terms of big picture goals and overarching visions. The farther in the future you're planning, the more difficult it is to set specific goals. You may project an intention to open five stores in the next ten years without knowing what the real estate market or demand for your product will look like that far into the future. This objective can still be useful because it provides a general time frame, a schedule and a plan for ongoing growth. It will still be relevant, even if you only open four stores in five years. Long-term objectives provide distant milestones that help you orient your shorter term decisions. For example, if you plan to eventually open five stores, you can build supply chain relationships based on your intention of eventually doing considerably more business with these suppliers. Or, you may approach your branding as an effort that will start off small but build on memes and themes over time.

Short-Term Objectives

Align the short-term objectives in your strategic plan with your longer term goals. This syncing allows you to make incremental steps while also proceeding in a clear direction. If you plan to open five stores in ten years, you'll need to open them one by one, and the opening nearest at hand is your most urgent goal. It's easier to be specific with shorter term objectives, and the more specific you are, the better able you'll be to assess your progress. If you plan to open your next store in two years, you can base your timeline on this objective, making plans to finalize your lease and financing in six months, complete major construction after a year and half, and spend the final six months on finishing work, furnishing, collecting inventory and training your staff.


Strategic Planning as a Team

Strategic planning is an important tool for bringing your team together and motivating them to work in tandem. If your managers and staff know the company's short- and long-term goals, it's easier to stay on task and rein in projects and individuals when they're veering off track. Strategic objectives provide a shared sense of purpose, a shared language to gauge progress. They also provide milestones to celebrate, once they have been achieved.

Source: https://smallbusiness.chron.com/strategic-planning-important-business-2671.html

38

Strategy and Planning / The Five Stages of the Strategic Management Process

« on: July 31, 2018, 10:46:53 AM »

The Five Stages of the Strategic Management Process

The strategic management process is more than just a set of rules to follow. It is a philosophical approach to business. Upper management must think strategically first, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy. The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.



Clarify Your Vision

The purpose of goal-setting is to clarify the vision for your business. This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the process for your staff, give each person a task with which he can succeed. Keep in mind during this process your goals to be detailed, realistic and match the values of your vision. Typically, the final step in this stage is to write a mission statement that succinctly communicates your goals to both your shareholders and your staff.

Gather and Analyze Information

Analysis is a key stage because the information gained in this stage will shape the next two stages. In this stage, gather as much information and data relevant to accomplishing your vision. The focus of the analysis should be on understanding the needs of the business as a sustainable entity, its strategic direction and identifying initiatives that will help your business grow. Examine any external or internal issues that can affect your goals and objectives. Make sure to identify both the strengths and weaknesses of your organization as well as any threats and opportunities that may arise along the path.



Formulate a Strategy

The first step in forming a strategy is to review the information gleaned from completing the analysis. Determine what resources the business currently has that can help reach the defined goals and objectives. Identify any areas of which the business must seek external resources. The issues facing the company should be prioritized by their importance to your success. Once prioritized, begin formulating the strategy. Because business and economic situations are fluid, it is critical in this stage to develop alternative approaches that target each step of the plan.

Implement Your Strategy

Successful strategy implementation is critical to the success of the business venture. This is the action stage of the strategic management process. If the overall strategy does not work with the business' current structure, a new structure should be installed at the beginning of this stage. Everyone within the organization must be made clear of their responsibilities and duties, and how that fits in with the overall goal. Additionally, any resources or funding for the venture must be secured at this point. Once the funding is in place and the employees are ready, execute the plan.

Evaluate and Control

Strategy evaluation and control actions include performance measurements, consistent review of internal and external issues and making corrective actions when necessary. Any successful evaluation of the strategy begins with defining the parameters to be measured. These parameters should mirror the goals set in Stage 1. Determine your progress by measuring the actual results versus the plan. Monitoring internal and external issues will also enable you to react to any substantial change in your business environment. If you determine that the strategy is not moving the company toward its goal, take corrective actions. If those actions are not successful, then repeat the strategic management process. Because internal and external issues are constantly evolving, any data gained in this stage should be retained to help with any future strategies.

source: https://smallbusiness.chron.com/five-stages-strategic-management-process-18785.html

39

Strategy and Planning / Strategy and planning for innovation management

« on: July 31, 2018, 10:40:28 AM »

Would you like to keep your innovative idea in line!!!

well, here is how to manage your marvelous innovative idea just go through this article i believe it will help.

 https://www.emeraldinsight.com/doi/full/10.1108/02656719910289177

40

Strategy and Planning / Strategic management

« on: July 31, 2018, 10:30:19 AM »

Strategic management

Definition

Strategic management is the identification, selection and implementation of an organisation’s long- term goals and objectives.

General

There are many models for strategic management that generally have three components in common: strategic analysis, strategic choice and strategic implementation.

Strategic analysis starts with the definition of a mission for the organisation. This explains why the organisation exists and provides the context against which strategies will be formulated.

Mission statements usually contain high-level criteria that can be used to evaluate strategies as they are designed and implemented.

All strategic analysis must take account of the organisation’s changing external environment (often described using the acronym PESTLE) and its capacity and capability to implement the strategy. Tools commonly used for different aspects of this analysis include the Boston Grid and Ansoff’s Matrix.

Strategic choice involves the generation, evaluation and selection of strategic options. Inputs to this process include:

stakeholders’ expectations and aspirations;

the organisation’s strengths;

the opportunities created by the external environment;

demands imposed by external influences.

The third stage of strategic management is implementation through projects, programmes and portfolios. The relationship between strategic management and P3 management should be close and symbiotic.

In simple terms, strategic management will set out long-, medium- and short-term goals that are implemented by portfolios, programmes and projects respectively. Successful implementation of strategy depends upon successful P3 management. Together they lead to growth and development of the organisation and the creation of further opportunities and challenges that preface each strategic planning cycle.

In order to judge success, a strategy must have measurable consequences. Tools such as the balanced scorecard help translate strategy into four categories of performance measures: financial, customer, learning and growth, and internal business processes. These provide the basis for defining objectives for projects, programmed and portfolios.

P3 management is therefore of vital importance to strategic management. An organisation should ensure that it establishes governance structures that embed and continuously improve P3 management.

Source: https://www.apm.org.uk/body-of-knowledge/context/setting/strategic-management/

41

Media & communication / Effective Communication: improving Skills in Your Work and Personal Relationship

« on: July 30, 2018, 12:53:36 PM »

Effective Communication: improving Skills in Your Work and Personal Relationship

What is effective communication?

Effective communication is about more than just exchanging information. It's about understanding the emotion and intentions behind the information. As well as being able to clearly convey a message, you need to also listen in a way that gains the full meaning of what’s being said and makes the other person feel heard and understood.

More than just the words you use, effective communication combines a set of 4 skills:

1 Engaged listening
2 Nonverbal communication
3 Managing stress in the moment
4 Asserting yourself in a respectful way

While these are learned skills, communication is more effective when it becomes spontaneous rather than formulaic. A speech that is read, for example, rarely has the same impact as a speech that’s delivered (or appears to be delivered) spontaneously. Of course, it takes time and effort to develop these skills. The more effort and practice you put in, the more instinctive and effective your communication skills will become.

What’s stopping you from communicating effectively?

Common barriers to effective communication include:

Stress and out-of-control emotion. When you’re stressed or emotionally overwhelmed, you’re more likely to misread other people, send confusing or off-putting nonverbal signals, and lapse into unhealthy knee-jerk patterns of behavior. To avoid conflict and misunderstandings, you can learn how to quickly calm down before continuing a conversation.

Lack of focus.You can’t communicate effectively when you’re multitasking. If you’re checking your phone, planning what you’re going to say next, or daydreaming you’re almost certain to miss nonverbal cues in the conversation. To communicate effectively, you need to avoid distractions and stay focused.

Inconsistent body language. Nonverbal communication should reinforce what is being said, not contradict it. If you say one thing, but your body language says something else, your listener will likely feel you’re being dishonest. For example, you can’t say “yes” while shaking your head no.

Negative body language.If you disagree with or dislike what’s being said, you may use negative body language to rebuff the other person’s message, such as crossing your arms, avoiding eye contact, or tapping your feet. You don’t have to agree, or even like what’s being said, but to communicate effectively and not make the other person defensive, it’s important to avoid sending negative signals.

Effective communication skill 1: Become an engaged listener
When communicating with others, we often focus on what we should say. However, effective communication is less about talking and more about listening. Listening well means not just understanding the words or the information being communicated, but also understanding the emotions the speaker is trying to communicate.

There’s a big difference between engaged listening and simply hearing. When you really listen—when you’re engaged with what’s being said—you’ll hear the subtle intonations in someone’s voice that tell you how that person is feeling and the emotions they’re trying to communicate. When you’re an engaged listener, not only will you better understand the other person, you’ll also make that person feel heard and understood, which can help build a stronger, deeper connection between you.

By communicating in this way, you’ll also experience a process that lowers stress and supports physical and emotional well-being. If the person you’re talking to is calm, for example, listening in an engaged way will help to calm you, too. Similarly, if the person is agitated, you can help calm them by listening in an attentive way and making the person feel understood.

If your goal is to fully understand and connect with the other person, listening in an engaged way will often come naturally. If it doesn’t, try the following tips. The more you practice them, the more satisfying and rewarding your interactions with others will become.

Tips for becoming an engaged listener

Focus fully on the speaker.You can’t listen in an engaged way if you’re constantly checking your phone or thinking about something else. You need to stay focused on the moment-to-moment experience in order to pick up the subtle nuances and important nonverbal cues in a conversation. If you find it hard to concentrate on some speakers, try repeating their words over in your head—it’ll reinforce their message and help you stay focused.

Favor your right ear.As strange as it sounds, the left side of the brain contains the primary processing centers for both speech comprehension and emotions. Since the left side of the brain is connected to the right side of the body, favoring your right ear can help you better detect the emotional nuances of what someone is saying.

Avoid interrupting or trying to redirect the conversation to your concerns by saying something like, “If you think that’s bad, let me tell you what happened to me.” Listening is not the same as waiting for your turn to talk. You can’t concentrate on what someone’s saying if you’re forming what you’re going to say next. Often, the speaker can read your facial expressions and know that your mind’s elsewhere.

Show your interest in what's being said.Nod occasionally, smile at the person, and make sure your posture is open and inviting. Encourage the speaker to continue with small verbal comments like “yes” or “uh huh.”

Try to set aside judgment.In order to communicate effectively with someone, you don’t have to like them or agree with their ideas, values, or opinions. However, you do need to set aside your judgment and withhold blame and criticism in order to fully understand them. The most difficult communication, when successfully executed, can often lead to an unlikely connection with someone.

Provide feedback. If there seems to be a disconnect, reflect what has been said by paraphrasing. "What I'm hearing is…," or "Sounds like you are saying…," are great ways to reflect back. Don’t simply repeat what the speaker has said verbatim, though—you’ll sound insincere or unintelligent. Instead, express what the speaker’s words mean to you. Ask questions to clarify certain points: "What do you mean when you say..." or "Is this what you mean?"

Hear the emotion behind the words

It’s the higher frequencies of human speech that impart emotion. You can become more attuned to these frequencies—and thus better able to understand what others are really saying—by exercising the tiny muscles of your middle ear (the smallest in the body). You can do this by singing, playing a wind instrument, or listening to certain types of high-frequency music (a Mozart symphony or violin concerto, for example, rather than low-frequency rock, pop, or hip-hop).

Skill 2: Pay attention to nonverbal signals
The way you look, listen, move, and react to another person tells them more about how you’re feeling than words alone ever can. Nonverbal communication, or body language, includes facial expressions, body movement and gestures, eye contact, posture, the tone of your voice, and even your muscle tension and breathing.

Developing the ability to understand and use nonverbal communication can help you connect with others, express what you really mean, navigate challenging situations, and build better relationships at home and work.

You can enhance effective communication by using open body language—arms uncrossed, standing with an open stance or sitting on the edge of your seat, and maintaining eye contact with the person you’re talking to.
You can also use body language to emphasize or enhance your verbal message—patting a friend on the back while complimenting him on his success, for example, or pounding your fists to underline your message.
Improve how you read nonverbal communication

Be aware of individual differences. People from different countries and cultures tend to use different nonverbal communication gestures, so it’s important to take age, culture, religion, gender, and emotional state into account when reading body language signals. An American teen, a grieving widow, and an Asian businessman, for example, are likely to use nonverbal signals differently.

Look at nonverbal communication signals as a group. Don’t read too much into a single gesture or nonverbal cue. Consider all of the nonverbal signals you receive, from eye contact to tone of voice to body language. Anyone can slip up occasionally and let eye contact slip, for example, or briefly cross their arms without meaning to. Consider the signals as a whole to get a better “read” on a person.

Improve how you deliver nonverbal communication

Use nonverbal signals that match up with your words rather than contradict them. If you say one thing, but your body language says something else, your listener will feel confused or suspect that you’re being dishonest. For example, sitting with your arms crossed and shaking your head doesn’t match words telling the other person that you agree with what they’re saying.

Woman with hand on persons shoulder
Nonverbal Communication: Reading Body Language

Adjust your nonverbal signals according to the context. The tone of your voice, for example, should be different when you’re addressing a child than when you’re addressing a group of adults. Similarly, take into account the emotional state and cultural background of the person you’re interacting with.

Avoid negative body language. Instead, use body language to convey positive feelings even when you're not actually experiencing them. If you’re nervous about a situation—a job interview, important presentation, or first date, for example—you can use positive body language to signal confidence, even though you’re not feeling it. Instead of tentatively entering a room with your head down, eyes averted, and sliding into a chair, try standing tall with your shoulders back, smiling and maintaining eye contact, and delivering a firm handshake. It will make you feel more self-confident and help to put the other person at ease.


Skill 3: Keep stress in check
How many times have you felt stressed during a disagreement with your spouse, kids, boss, friends, or coworkers and then said or done something you later regretted? If you can quickly relieve stress and return to a calm state, you’ll not only avoid such regrets, but in many cases you’ll also help to calm the other person as well. It’s only when you’re in a calm, relaxed state that you'll be able to know whether the situation requires a response, or whether the other person’s signals indicate it would be better to remain silent.

In situations such as a job interview, business presentation, high-pressure meeting, or introduction to a loved one’s family, for example, it’s important to manage your emotions, think on your feet, and effectively communicate under pressure.

Communicate effectively by staying calm under pressure
Use stalling tactics to give yourself time to think. Ask for a question to be repeated or for clarification of a statement before you respond.
Pause to collect your thoughts. Silence isn’t necessarily a bad thing—pausing can make you seem more in control than rushing your response.
Make one point and provide an example or supporting piece of information. If your response is too long or you waffle about a number of points, you risk losing the listener’s interest. Follow one point with an example and then gauge the listener’s reaction to tell if you should make a second point.
Deliver your words clearly. In many cases, how you say something can be as important as what you say. Speak clearly, maintain an even tone, and make eye contact. Keep your body language relaxed and open.
Wrap up with a summary and then stop. Summarize your response and then stop talking, even if it leaves a silence in the room. You don’t have to fill the silence by continuing to talk.
Quick stress relief for effective communication

When things start to get heated in a conversation, you need something quick and immediate to bring down the emotional intensity. By learning to quickly reduce stress in the moment, you can safely face any strong emotions you’re experiencing, regulate your feelings, and behave appropriately.

Recognize when you're becoming stressed. Your body will let you know if you’re stressed as you communicate. Are your muscles or your stomach tight? Are your hands clenched? Is your breath shallow? Are you "forgetting" to breathe?

Take a moment to calm down before deciding to continue a conversation or postpone it.

Bring your senses to the rescue. The best way to rapidly and reliably relieve stress is through the senses—sight, sound, touch, taste, smell—or movement. For example, you could pop a peppermint in your mouth, squeeze a stress ball in your pocket, take a few deep breaths, clench and relax your muscles, or simply recall a soothing, sensory-rich image. Each person responds differently to sensory input, so you need to find things that are soothing to you.

Stretching hands
Quick Stress Relief: Using Your Senses to Alleviate Stress

Look for humor in the situation. When used appropriately, humor is a great way to relieve stress when communicating. When you or those around you start taking things too seriously, find a way to lighten the mood by sharing a joke or amusing story.

Be willing to compromise. Sometimes, if you can both bend a little, you’ll be able to find a happy middle ground that reduces the stress levels for everyone concerned. If you realize that the other person cares much more about something than you do, compromise may be easier for you and a good investment in the future of the relationship.

Agree to disagree, if necessary, and take time away from the situation so everyone can calm down. Go for a stroll outside if possible, or spend a few minutes meditating. Physical movement or finding a quiet place to regain your balance can quickly reduce stress.

Skill 4: Assert yourself
Direct, assertive expression makes for clear communication and can help boost your self-esteem and decision-making. Being assertive means expressing your thoughts, feelings, and needs in an open and honest way, while standing up for yourself and respecting others. It does NOT mean being hostile, aggressive, or demanding. Effective communication is always about understanding the other person, not about winning an argument or forcing your opinions on others.

To improve your assertiveness:
Value yourself and your options. They are as important as anyone else's.
Know your needs and wants. Learn to express them without infringing on the rights of others
Express negative thoughts in a positive way. It's OK to be angry, but you must be respectful as well.
Receive feedback positively. Accept compliments graciously, learn from your mistakes, ask for help when needed.
Learn to say "no." Know your limits and don't let others take advantage of you. Look for alternatives so everyone feels good about the outcome.
Developing assertive communication techniques

Empathetic assertion conveys sensitivity to the other person. First, recognize the other person's situation or feelings, then state your needs or opinion. "I know you've been very busy at work, but I want you to make time for us as well."

Escalating assertion can be used when your first attempts are not successful. You become increasingly firm as time progresses, which may include outlining consequences if your needs are not met. For example, "If you don't abide by the contract, I'll be forced to pursue legal action."

Practice assertiveness in lower risk situations to start with to help build up your confidence. Or ask friends or family if you can practice assertiveness techniques on them first.

Source: https://www.helpguide.org/articles/relationships-communication/effective-communication.htm

42

Media & communication / 10 Benefits of Social Media for All Businesses

« on: July 30, 2018, 12:22:06 PM »

10 Benefits of Social Media for All Businesses

1. People Buy from People They Like and Relate to

Social media gives a voice to who your brand is. Before purchasing from an unknown entity, people are scouring that company's social media profiles to see if people are happy with it.

Is the brand doing what it says it will do? Do the products it sells actually work?

To truly connect with potential consumers, you need to be able to show who you are. Do you have relatable brand values? Does the work you do back those up?

The more you can create 1:1 relationships with people, the more likely those people are to do business with you. Social media enables you to do that with infinitely more people than you would be able to meet if they just walked into your storefront.

2. Reputation Management

Like it or not, people are talking about your brand, whether you're initiating or involved in these conversations or not.

If you're “doing social right,” you'll have an active social listening plan in place, which enables you to pick up on and track where and when these conversations are happening. Join in on them - not only as an outsider looking in, but as an active, engaged member of each community.

Are you finding that people are saying something that isn’t true about your company? Share your side politely and professionally. Just the same, if people are talking up your brand, make sure you're finding ways to thank them, publicly and personally.

3. Make Your Brand an Industry Leader

As noted, people buy from people who they like and trust, and social media offers you the chance to become the go-to thought leader when people want to know about your specific industry.

Ensure that you're publishing content for your audience - and not just your latest sales or whatever other offers you want to write about. Social is about being 'social', which includes being helpful, engaging - a part of the broader community.

If you focus on being helpful as a priority, people will learn to trust what you have to say, and eventually, go to you first to learn more.

4. Send People to Your Website

There’s only so much people can learn from social media posts and ads - your website is where you house more fully fleshed-out information, and you can utilize social media channels to drive people there.

When you're filling out your social media bios, ensure your website is featured prominently where possible.

It’s also a good idea to use a pinned post on your profile to highlight your focus landing page/s on your website where you’d like people to check out first.

5. Find Leads

Social media provides an easy way for potential customers to express interest in your business and your products.

Lead generation is such an important benefit of social media for business, and most social networks now offer advertising formats specifically designed to collect leads.

6. Social Selling

Social media creates sales. And let’s face it, that’s what keeps our businesses afloat.

Social selling gives your sales and marketing team the opportunity to establish relationships, and build rapport with existing connections and networks.

An active, engaging social presence can help keep your brand top of mind, so when a person is ready to purchase, again, they come to you first.

7. Customer (current and potential) Engagement

Social media enables you to interact directly with people that are already fans of your brand, as well as find new fans. Conversely, it also gives them a direct line to you, the business.

Be consistent with staying engaged with your audiences and communities and let them see that you're there for them when they need.

Stay active and relevant with the posts you put out, and make sure you respond to comments and questions that people post on that content.

8. Customer Service

This might be one of the top reasons for your business to be active on social media - these days, people simply expect brands to be available on social media, and they're increasingly going to brands social profiles first for customer service queries.

The faster you can respond, and the better you are able to help, the more likely it is that those people will become customers, and recommend your business to others.

9. Learn About Your Customers

People share a lot on social media, which means there's a lot of data you can find on your target customers. You can then use that information to make more informed decisions in relation to your business, what your consumers are looking for and how best to reach them.

Take advantage of the analytics that every social network offers. Using the insights available, you can tailor your strategies to best speak to your target market/s.

10. Study Your Competition

It’s also important to know what people are saying about your competitors.

For example, tracking mentions of your competitors might reveal pain points with their products that you could reach out to address, winning new customers in the process.

How fast are your competitors responding to customers complaints? Long enough for you to step in and solve their problems with your brand?

As you can see, there's a range of potential benefits to social, and while it does take some work, the rewards can be great, when you approach the medium in a strategic, focused way.

Source: https://www.socialmediatoday.com/news/10-benefits-of-social-media-for-all-businesses/528236/

43

Smart Business Idea / Best business ideas to start while working full time

« on: July 30, 2018, 12:03:15 PM »

No matter how rewarding your full-time job may be, finding the right side business ideas and eventually becoming fully self-employed is even more meaningful than great pay and solid benefits.


Here are the great business ideas you can do while doing your full time job and getting well paid.

check them out, dont miss an  amazing opportunities.

https://www.ryrob.com/best-businesses-start-while-working-full-time-job/

44

Innovation & Creativity / Difference Between Creativity and Innovation

« on: July 30, 2018, 11:48:42 AM »

Difference Between Creativity and Innovation

Definition of Creativity

Creativity is the characteristic of a person to generate new ideas, alternatives, solutions, and possibilities in a unique and different way.

Creativity is the ability to conceive something unpredictable, original and unique. It must be expressive, exciting and imaginative. It is the mirror of how beautifully a person can think in any given circumstance.

It is not genetic but can be developed if someone keeps on learning and comprehending things with a rare and exclusive perception. Creativity is a brainstorming and mind-blogging activity in which a person has to think beyond his imagination for bringing something worthwhile. It is an activity of unveiling something which was previously hidden.

Definition of Innovation

Innovation is an act of application of new ideas to which creates some value for the business organization, government, and society as well. Better and smarter way of doing anything is innovation. It could be the introduction of:

New technology.
New product line or segment.
A new method of production.
An improvement in the existing product.

Innovation is closely tied to creativity i.e. putting creative ideas into action is an innovation, whose consequences should be positive. It is the process of doing something better for the first time, which was not previously done by any entity. It can also be termed as a change which can bring a new edge to the performance and productivity of the company. It is of two types i.e. evolutionary and revolutionary.

Source:
 https://keydifferences.com/difference-between-creativity-and-innovation.html

45

Innovation & Creativity / Creativity and Innovation: Your Keys to a Successful Organization

« on: July 30, 2018, 11:35:19 AM »

Creativity and Innovation: Your Keys to a Successful Organization

The companies that have done the best over the long haul are those who are the most creative and innovative. These organizations don’t copy what others do; instead, they may use innovative ideas from others as a spring board to come up with a unique application, product, or service for themselves. They tend to distance themselves from the competition rather than compete with them. If they see another company copying what they do, they create something new and better. In other words, they are able to leverage their creativity and their innovative capabilities to attain long-term success.
Would you like to be one of those organizations? You can be. In fact, all companies can be more creative and innovative no matter what their expertise, product, or service. When you apply creativity and innovation to everything aspect of your business, you are able to stay ahead of a changing marketplace and the competition.

What is Creativity?

Creativity is a function of knowledge, curiosity, imagination, and evaluation. The greater your knowledge base and level of curiosity, the more ideas, patterns, and combinations you can achieve, which then correlates to creating new and innovative products and services. But merely having the knowledge does not guarantee the formation of new patterns. The bits and pieces must be shaken up and iterated in new ways. Then the embryonic ideas must be evaluated and developed into usable ideas. In other words, there really is a process.

To help you master that process, you first must understand three important levels of creativity, which are discovery, invention, and creation.

#1. Discovery: The lower level of creativity is discovery. Just as the name implies, it’s when you become aware of or stumble upon something—discover it. For example, there is art called “discovered art.” It might be a rock with a unique shape or a piece of wood with an interesting pattern. If you have ever purchased a piece of natural stone or wood art, that art was discovered art. Many inventions start with a discovery.

#2. Invention: A higher level of creativity is invention. For example, Alexander Graham Bell invented the telephone. But you have to ask yourself, “Would the telephone have been invented without Bell?” The answer is yes. Eventually the telephone would have been invented because the science was there. It might have taken longer, but it would have happened. So while invention is higher than discovery, it’s something that is going to happen. If you don’t invent it, someone else will.

#3. Creation: Creation is the highest level of creativity. For example, the stage play Othello is genuinely a creation. Elizabethan drama would have gone on without Shakespeare, but no one else would have written Othello. Similarly, there are things that only your organization can create! The key is tapping in to what those things are.

Here’s an example of how this could play out in your company. While at a conference you might discover a tool, a technology, or a process that you didn’t know before. You purchase the tool for your staff, and that discovery helps everyone work better. After some time, that discovery may also spur an innovative idea of how to apply the discovery. You may then use that innovative idea as an inspiration that yields something never seen before, something created by your company that helps you and your customers. That’s how the three levels of creativity can work together.

Realize that creativity and innovation are different. Creativity refers to generating new and novel ideas. Innovation refers to the application of an idea and, in many cases, is a collaborative enterprise. So in other words, innovation is applied creativity. Or if I put my creative speaker hat on, I might say, “Creativity is a bioelectrical thunderstorm that precipitates an inescapable notion.”

10 Strategies for Increasing your Creativity and Innovation

Now that you understand the various levels of creativity, you can implement some strategies that will boost your company’s ability to create and innovate.

Truly creative people have developed their ability to observe and to use all of their senses, which can get dull over time. Take time to “sharpen the blade” and take everything in.

Innovation is based on knowledge. Therefore, you need to continually expand your knowledge base. Read things you don’t normally read.
Your perceptions may limit your reasoning. Be careful about how you’re perceiving things. In other words, defer judgment.
Practice guided imagery so you can “see” a concept come to life.

Let your ideas “incubate” by taking a break from them. For example, when I’m working on a big business project, one of the best things I can do to take a break from it is play my guitar or the flute for a few minutes, or take a ride on my motorcycle. It shifts my brain into another place and helps me be more innovative and creative.

Experience as much as you can. Exposure puts more ideas into your subconscious. Actively seek out new experiences to broaden your experience portfolio.

Treat patterns as part of the problem. Recognizing a new pattern is very useful, but be careful not to become part of it.
Redefine the problem completely. One of the lines I’ve been sharing for the past few decades is: “Your problem is not the problem; there is another problem. When you define the real problem, you can solve it and move on.” After all, if you had correctly defined the real problem, you would have solved it long ago because all problems have solutions.
Look where others aren’t looking to see what others aren’t seeing.

Come up with ideas at the beginning of the innovation process ... and then stop. Many times we come up with several ideas and start innovating, and then we come up with more ideas and never get a single idea done. At some point you have to turn off the idea generation part of the process and really work on the innovation and execution part in order to bring a project to life.

Source:
https://www.huffingtonpost.com/daniel-burrus/creativity-and-innovation_b_4149993.html