When speaking with groups, questions arise on how and where to get started on going into business for ones self. Often times a new entrepreneur feels he or she has done their due diligence only to learn later that they barely scratched the surface. They checked out the market, discussed the business idea with friends and family and feels they can come up with enough capital to set themselves up for success.
Unfortunately, often the amount of working capital needed to fund the project is simply not enough to account for all the expenses that arise with a new business. It seems that most businesses fail, not due to the validity of the idea, but rather that the project was under capitalized or underfunded from the start. The simple fact is that if you cannot preserve your working capital, “You won’t make it”. We have all seen great business ideas go down in flame because of working capital issues. Too often, the unforeseen – which were not budgeted for, will consume the cash that the business was relying on to bridge the gap between idea and implementation. If nothing else, budget and plan for the unknown – because if something can go wrong – it will.
Being in business for yourself, according to many entrepreneurs, is the greatest job most individuals will ever have . In doing so you have the potential to impact other people’s lives in a positive way while leading an organization to success. This can be both a blessing and a curse. If you are confident enough in what you are doing, and you have truly done your due diligence, you can have a prosperous business. If you don’t put in the time and effort to cover all your bases, you are not only setting yourself up for failure but you are doing yourself a disservice. A successful entrepreneur not only plans for the unexpected, but anticipates that it will invariably happen.
Ask yourself, “Why do I want to go into business for myself?” The first answer most of us give is that we want to be our own boss. A great perk is that most entrepreneurs can live and work wherever they want. Entrepreneurship, if done correctly, can not only be rewarding from a financial perspective but also from a quality of life perspective.
How someone with a limited amount of experience and resources thinks they can go into business and be successful is beyond me. Furthermore, what financial institution would ever loan this type of person any money? Does this mean there is little or no hope for young adults to make it as budding entrepreneurs? Not necessarily. Since most young entrepreneurs don’t have the luxury in making a lot of mistakes, they must go about this very differently. Having a partner with the experience and resources to make this idea or business a reality is a route these young entrepreneurs must take. Finding a business mentor can be the difference between success and failure. You may have to give away more ownership in this type of arrangement than you wanted, however, if successful, it should be well worth it.
About the Author
Randy Steele, author of The Entrepreneur’s Roadmap to Success, is a lifelong entrepreneur and has had tremendous success in the financial service business, real estate, real estate appraising, greenhouse growing operations, and the mortgage industry. Through these experiences, the knowledge he has gained is invaluable to someone wanting to start a business or someone wanting to take their business to the next level.
https://www.strategydriven.com/wp-content/uploads/daniel-gonzalez-KeiUIl9Lzo4-unsplash.jpg58673301StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-01-20 11:15:552020-01-21 20:42:21The Entrepreneur’s Roadmap to Success
Automation will not replace jobs outright but augment and enhance them by streamlining and simplifying certain repetitive or low-value tasks. In the case of the machine operator, manual labor and routine tasks are most likely to be automated, while management, team-building, employee training and production supervision may now find themselves moved into priority roles. Likewise, our professional’s routine and computational tasks may find themselves automated, making room for other priorities like management, employee development and technology upskilling.
When used properly, automation doesn’t kill jobs; it rearranges their structure. And in the most outcome-driven scenarios, it improves their structure by creating more opportunities for human workers to focus on high-value tasks that cannot be automated.
Another way to look at automation is as a time-creation engine: automation manufactures time. Every man-hour it takes on is a man-hour gained. That man-hour can be subtracted from a company’s balance sheet and treated as a cost savings, or it can be reassigned to a high-value task that could not, until then, be budgeted for. Thus, each man-hour assigned to a machine creates an additional man-hour that can be assigned to a capable, high-value human worker. When we mentioned that automation should be additive rather than subtractive, this is what we mean: a hundred man-hours freed by an effective use of automation could be treated as a cost saving, but doesn’t it make more sense to maximize the value of that gain in one hundred man-hours, and reinvest it in the company? Apply it to solving a problem, improving a system, building a new revenue stream, designing the next killer app?
The lowest hanging fruit in the business world is finding ways to cut costs. This isn’t to say that running a lean organization doesn’t have its advantages. Cutting costs and trimming fat in ways that ultimately help companies perform better are always wins. But the reflex to cut costs just because you can isn’t necessarily the best way to drive towards market leadership. Sometimes, re-tasking resources from low-value to high-value tasks makes more sense than throwing them away.
A case in point: digital transformation, technology disruption and the monumental task of rebuilding businesses for a 21st-century digital economy are not the types of challenges that companies can hope to address successfully by cutting costs and cutting corners. Smart, agile companies know how to unlock their own parts and move them around at will. They are modular. Job descriptions and departments evolve. IT managers at these companies aren’t operating the way they were 10 years ago or 5 years ago, or even a year ago. Every aspect of the business is in a state of constant change and adaptation. Automation for these types of companies, which are typically digital leaders, isn’t used to shrink the number of employees. It is used to free up capital to hire more people, and free up human workers to focus on more high-value and meaningful tasks.
About the Authors
This article is adapted from HUMAN/MACHINE: The Future Of Our Partnership With Machines by Daniel Newman & Olivier Blanchard. Daniel is the principal analyst of Futurum Research and the CEO of Broadsuite Media Group. Oliver is a senior analyst with Futurum Research, where he focuses on the impact of emerging and disruptive technologies.
https://www.strategydriven.com/wp-content/uploads/front-jacket-HumanMachine-scaled.jpg25601707StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-01-20 11:00:332020-01-20 20:31:32Automation as a Means of Increasing Human Potential: Which Traits and Skills Will Automation Help Promote in Human Workers?
A lot of people can’t wait to get out of academia when they first set foot into it. However, there are some to whom the practices of finding sources, compiling information, and coming to conclusions is almost a rush. If you find yourself dreading leaving the libraries and computer halls of academia, then here are some careers worth considering.
Research
If you love hitting the books, performing experiments, and collecting data to help come to a conclusion, then sticking to the world of research might be just the solution for you. A career in research can be wildly different depending on, for instance, the field of academia you are in. For instance, medical research can involve either working in clinical research with live patients or in medical research, testing the effects of medicines but not on live humans. Similarly, a marine biology PhD could see you researching with data from a lab or at sea studying natural habitats.
Teaching
For some people, academia means education, the feeling of learning and teaching and helping the brightest minds of tomorrow reach their potential. For those who are academically minded, then it is more likely you will want to look at working as a professor rather than in high school or below, as it can involve staying up-to-date with and contributing to research in the field that you teach. The Bradley University website shows some of the steps and qualifications necessary in most cases to become a professor. While it can be tough to break into the world of teaching in college, the tenure you can eventually earn offers a lot of job security.
Data science
Love academia and researching but not the particular field of the sciences you’ve chosen to study? You don’t have to stick with it. In fact, data analysis and data science are becoming increasingly common career moves for those who started with a science education. It puts your skills of gathering, organizing and analysing data and applies it, in most cases, to business questions and problems rather than inherently scientific one. Data analysis is becoming an increasingly important part of the modern business world, and demand is shooting for people with the skills necessary to fill those roles.
Librarians
Don’t assume that working as a librarian simply involves shushing people. In many places, especially academic libraries, they play an essential role in helping organize a wide range of materials, from books to papers to research materials and publications stored from throughout history. Librarians also help researchers, students, and professors find the materials they need for their work, so they play an instrumental role in modern academia. Look to the Library Association website to see what it takes to become a librarian.
Those with an academic mindset have more options than you might initially think. Hopefully, the above examples give you some ideas of where you could take that keen mind and love for research and to make a real career out of it.
https://www.strategydriven.com/wp-content/uploads/pasted-image-0-17.png626940Nathan Iveshttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngNathan Ives2020-01-18 11:00:592020-01-18 15:38:36Careers For The Academically Minded
As the owner of a modern business, you naturally understand the need to make your capital work harder. This removes a great deal of stress from the venture while also allowing you to pass some of the savings onto your clients. Price comparisons and cutbacks can have a positive impact. Still, it’s possible to find investments that spearhead further savings.
Spending money in the right places is essential or creating an efficient company built for sustained results. Here’s are the best solutions at your disposal.
1. Security, Safety, & Protection
Prevention is the best form of protection for your business. Aside from removing the threat of damaged reputations, it can actively reduce insurance fees and put an end to wasted time. Hiring a site safety manager may feel like an added expense, but it’ll save you vast sums of money in the long run. Data protection is equally important in this modern age. Updating your systems can prevent major problems including penalties as well as direct damages. Given that almost half of all hacks hit small business, now is the time to take control of the situation.
2. Accountancy
Like a site safety manager, a professional accountant can seem to be an unnecessary expense. However, they will save you money in the long run as they have a far greater understanding of the financial and legal elements. When added to the time savings on offer, it is evident that this will be a wise addition for your company. Related investments into automated accountancy software can seriously boost your endeavors. Aside from the financial benefits, you will gain peace of mind and enjoy easier time management. You’d be very foolish to ignore it.
3. Eco-Friendly Upgrades
It’s very easy to embrace a “why fix something that isn’t broke?” mindset. In reality, though, upgrading the workplace with eco-friendly features is essential. While you may not see the property value improvements seen by residential users, the monthly energy savings are huge. Boosting the company’s green credentials can also enhance its reputation. For the sake of your finances, brand image, and personal responsibility, this is a vital addition. Even the employees will respond positively to this new approach. Better still, the results can be seen right away.
4. Marketing
Regardless of the industry, reaching the target market in a cost-effective manner is vital. However, the cheap option doesn’t necessarily offer the best value for money. It’s important to focus on the cost per acquisition rather than the actual overheads. With this in mind, social influencers can be the best investment for your business. When supported by improved web design and a conscious effort to gain positive customer reviews, you should see the very best returns.
The Final Word
While wasting money is the worst thing a business can do, there’s no reason to fear spending money. As long as you invest in the right features and expertise, your venture will begin to see positive outcomes in the very near future. The positive outcomes can bring upgrades for many years to come.
https://www.strategydriven.com/wp-content/uploads/money-256281_960_720.jpg635960StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-01-17 15:00:172020-01-17 23:35:12Spending Money To Save Money (Yes, Really)
The business strategies that you have in place are going to change all the while. Business is about the ability to adapt and grow, and that’s only going to happen if you keep changing the strategies that you have in place. One might work for you for some while, but times change and better processes are developed to help businesses evolve. There is now more software and support packages offered by companies than ever before, making it easier than ever before to run a business. If we had all of the technology and equipment that we have now, twenty years ago, far more businesses would still be established and probably be very rich. So the point is, if you don’t adapt to the changes of the world and the changes that you can make, your business is always going to fall behind. We’re here to try and make sure that doesn’t happen. We want to show you some of the better business strategies that you can have in place, to ensure your business is always flourishing.
Better Use Of Software & Computers
Software and computers are the staple to any office. Whether it be a home office or a huge one full of staff, the amount of technology in the room will be astounding. But that doesn’t mean that everyone is going to be using it properly. Software and computing is always evolving to make sure that the user has the best experience. So, you need to be looking at tools that can make the use of software easier, such as the different sql join types. You should also be looking at software to download that helps you with the management of different areas of your business. For example, there is financial management software that will show you the precise profits, loses, and trends that you’re following.
More Invasive Marketing
Invasive marketing is definitely a technique that you need to put in place. Invasive marketing is different because it focuses on direct attention to the customer. Non invasive techniques are ones such as SEO and PPC. They’re harder to spot in the sense that they’re more likely to be ignored. But if you were to use TV or radio advertising, for example, it would be far harder to ignore because it’s right there in your face. All of the marketing techniques out there should be explored if you want to get the most out of your business.
Customer Retention Strategies
Customer retention is another strategy that you need to focus on. The more you can retain loyal customers, the more the news about your business will spread, and the more profit you’ll be able to make. To retain customers, you can use software that will analyse good and bad reviews, leaving you to comment and resolve the negatives. The more you track what people are saying about you, the less likely you’ll be to go wrong. Customer retention can also be improved by offering personalised discounts, customer aftercare, and 24 hour support.
https://www.strategydriven.com/wp-content/uploads/pasted-image-0-16.png411615StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-01-17 13:00:032020-01-17 23:27:55Put Better Business Strategies In Place
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Business Programs
The Entrepreneur’s Roadmap to Success
/in Entrepreneurship/by Randy SteeleUnfortunately, often the amount of working capital needed to fund the project is simply not enough to account for all the expenses that arise with a new business. It seems that most businesses fail, not due to the validity of the idea, but rather that the project was under capitalized or underfunded from the start. The simple fact is that if you cannot preserve your working capital, “You won’t make it”. We have all seen great business ideas go down in flame because of working capital issues. Too often, the unforeseen – which were not budgeted for, will consume the cash that the business was relying on to bridge the gap between idea and implementation. If nothing else, budget and plan for the unknown – because if something can go wrong – it will.
Being in business for yourself, according to many entrepreneurs, is the greatest job most individuals will ever have . In doing so you have the potential to impact other people’s lives in a positive way while leading an organization to success. This can be both a blessing and a curse. If you are confident enough in what you are doing, and you have truly done your due diligence, you can have a prosperous business. If you don’t put in the time and effort to cover all your bases, you are not only setting yourself up for failure but you are doing yourself a disservice. A successful entrepreneur not only plans for the unexpected, but anticipates that it will invariably happen.
Ask yourself, “Why do I want to go into business for myself?” The first answer most of us give is that we want to be our own boss. A great perk is that most entrepreneurs can live and work wherever they want. Entrepreneurship, if done correctly, can not only be rewarding from a financial perspective but also from a quality of life perspective.
How someone with a limited amount of experience and resources thinks they can go into business and be successful is beyond me. Furthermore, what financial institution would ever loan this type of person any money? Does this mean there is little or no hope for young adults to make it as budding entrepreneurs? Not necessarily. Since most young entrepreneurs don’t have the luxury in making a lot of mistakes, they must go about this very differently. Having a partner with the experience and resources to make this idea or business a reality is a route these young entrepreneurs must take. Finding a business mentor can be the difference between success and failure. You may have to give away more ownership in this type of arrangement than you wanted, however, if successful, it should be well worth it.
About the Author
Randy Steele, author of The Entrepreneur’s Roadmap to Success
, is a lifelong entrepreneur and has had tremendous success in the financial service business, real estate, real estate appraising, greenhouse growing operations, and the mortgage industry. Through these experiences, the knowledge he has gained is invaluable to someone wanting to start a business or someone wanting to take their business to the next level.
Automation as a Means of Increasing Human Potential: Which Traits and Skills Will Automation Help Promote in Human Workers?
/in Managing Your People, Talent Management/by Daniel Newman and Olivier BlanchardWhen used properly, automation doesn’t kill jobs; it rearranges their structure. And in the most outcome-driven scenarios, it improves their structure by creating more opportunities for human workers to focus on high-value tasks that cannot be automated.
Another way to look at automation is as a time-creation engine: automation manufactures time. Every man-hour it takes on is a man-hour gained. That man-hour can be subtracted from a company’s balance sheet and treated as a cost savings, or it can be reassigned to a high-value task that could not, until then, be budgeted for. Thus, each man-hour assigned to a machine creates an additional man-hour that can be assigned to a capable, high-value human worker. When we mentioned that automation should be additive rather than subtractive, this is what we mean: a hundred man-hours freed by an effective use of automation could be treated as a cost saving, but doesn’t it make more sense to maximize the value of that gain in one hundred man-hours, and reinvest it in the company? Apply it to solving a problem, improving a system, building a new revenue stream, designing the next killer app?
The lowest hanging fruit in the business world is finding ways to cut costs. This isn’t to say that running a lean organization doesn’t have its advantages. Cutting costs and trimming fat in ways that ultimately help companies perform better are always wins. But the reflex to cut costs just because you can isn’t necessarily the best way to drive towards market leadership. Sometimes, re-tasking resources from low-value to high-value tasks makes more sense than throwing them away.
A case in point: digital transformation, technology disruption and the monumental task of rebuilding businesses for a 21st-century digital economy are not the types of challenges that companies can hope to address successfully by cutting costs and cutting corners. Smart, agile companies know how to unlock their own parts and move them around at will. They are modular. Job descriptions and departments evolve. IT managers at these companies aren’t operating the way they were 10 years ago or 5 years ago, or even a year ago. Every aspect of the business is in a state of constant change and adaptation. Automation for these types of companies, which are typically digital leaders, isn’t used to shrink the number of employees. It is used to free up capital to hire more people, and free up human workers to focus on more high-value and meaningful tasks.
About the Authors
For more information please visit https://www.koganpage.com/product/human-machine-9780749484248
Careers For The Academically Minded
/in Professional Development/by Nathan IvesA lot of people can’t wait to get out of academia when they first set foot into it. However, there are some to whom the practices of finding sources, compiling information, and coming to conclusions is almost a rush. If you find yourself dreading leaving the libraries and computer halls of academia, then here are some careers worth considering.
Research
If you love hitting the books, performing experiments, and collecting data to help come to a conclusion, then sticking to the world of research might be just the solution for you. A career in research can be wildly different depending on, for instance, the field of academia you are in. For instance, medical research can involve either working in clinical research with live patients or in medical research, testing the effects of medicines but not on live humans. Similarly, a marine biology PhD could see you researching with data from a lab or at sea studying natural habitats.
Teaching
For some people, academia means education, the feeling of learning and teaching and helping the brightest minds of tomorrow reach their potential. For those who are academically minded, then it is more likely you will want to look at working as a professor rather than in high school or below, as it can involve staying up-to-date with and contributing to research in the field that you teach. The Bradley University website shows some of the steps and qualifications necessary in most cases to become a professor. While it can be tough to break into the world of teaching in college, the tenure you can eventually earn offers a lot of job security.
Data science
Love academia and researching but not the particular field of the sciences you’ve chosen to study? You don’t have to stick with it. In fact, data analysis and data science are becoming increasingly common career moves for those who started with a science education. It puts your skills of gathering, organizing and analysing data and applies it, in most cases, to business questions and problems rather than inherently scientific one. Data analysis is becoming an increasingly important part of the modern business world, and demand is shooting for people with the skills necessary to fill those roles.
Librarians
Don’t assume that working as a librarian simply involves shushing people. In many places, especially academic libraries, they play an essential role in helping organize a wide range of materials, from books to papers to research materials and publications stored from throughout history. Librarians also help researchers, students, and professors find the materials they need for their work, so they play an instrumental role in modern academia. Look to the Library Association website to see what it takes to become a librarian.
Those with an academic mindset have more options than you might initially think. Hopefully, the above examples give you some ideas of where you could take that keen mind and love for research and to make a real career out of it.
Spending Money To Save Money (Yes, Really)
/in Managing Your Finances/by StrategyDrivenAs the owner of a modern business, you naturally understand the need to make your capital work harder. This removes a great deal of stress from the venture while also allowing you to pass some of the savings onto your clients. Price comparisons and cutbacks can have a positive impact. Still, it’s possible to find investments that spearhead further savings.
Spending money in the right places is essential or creating an efficient company built for sustained results. Here’s are the best solutions at your disposal.
1. Security, Safety, & Protection
Prevention is the best form of protection for your business. Aside from removing the threat of damaged reputations, it can actively reduce insurance fees and put an end to wasted time. Hiring a site safety manager may feel like an added expense, but it’ll save you vast sums of money in the long run. Data protection is equally important in this modern age. Updating your systems can prevent major problems including penalties as well as direct damages. Given that almost half of all hacks hit small business, now is the time to take control of the situation.
2. Accountancy
Like a site safety manager, a professional accountant can seem to be an unnecessary expense. However, they will save you money in the long run as they have a far greater understanding of the financial and legal elements. When added to the time savings on offer, it is evident that this will be a wise addition for your company. Related investments into automated accountancy software can seriously boost your endeavors. Aside from the financial benefits, you will gain peace of mind and enjoy easier time management. You’d be very foolish to ignore it.
3. Eco-Friendly Upgrades
It’s very easy to embrace a “why fix something that isn’t broke?” mindset. In reality, though, upgrading the workplace with eco-friendly features is essential. While you may not see the property value improvements seen by residential users, the monthly energy savings are huge. Boosting the company’s green credentials can also enhance its reputation. For the sake of your finances, brand image, and personal responsibility, this is a vital addition. Even the employees will respond positively to this new approach. Better still, the results can be seen right away.
4. Marketing
Regardless of the industry, reaching the target market in a cost-effective manner is vital. However, the cheap option doesn’t necessarily offer the best value for money. It’s important to focus on the cost per acquisition rather than the actual overheads. With this in mind, social influencers can be the best investment for your business. When supported by improved web design and a conscious effort to gain positive customer reviews, you should see the very best returns.
The Final Word
While wasting money is the worst thing a business can do, there’s no reason to fear spending money. As long as you invest in the right features and expertise, your venture will begin to see positive outcomes in the very near future. The positive outcomes can bring upgrades for many years to come.
Put Better Business Strategies In Place
/in Managing Your Business, Tactical Execution/by StrategyDrivenThe business strategies that you have in place are going to change all the while. Business is about the ability to adapt and grow, and that’s only going to happen if you keep changing the strategies that you have in place. One might work for you for some while, but times change and better processes are developed to help businesses evolve. There is now more software and support packages offered by companies than ever before, making it easier than ever before to run a business. If we had all of the technology and equipment that we have now, twenty years ago, far more businesses would still be established and probably be very rich. So the point is, if you don’t adapt to the changes of the world and the changes that you can make, your business is always going to fall behind. We’re here to try and make sure that doesn’t happen. We want to show you some of the better business strategies that you can have in place, to ensure your business is always flourishing.
Better Use Of Software & Computers
Software and computers are the staple to any office. Whether it be a home office or a huge one full of staff, the amount of technology in the room will be astounding. But that doesn’t mean that everyone is going to be using it properly. Software and computing is always evolving to make sure that the user has the best experience. So, you need to be looking at tools that can make the use of software easier, such as the different sql join types. You should also be looking at software to download that helps you with the management of different areas of your business. For example, there is financial management software that will show you the precise profits, loses, and trends that you’re following.
More Invasive Marketing
Invasive marketing is definitely a technique that you need to put in place. Invasive marketing is different because it focuses on direct attention to the customer. Non invasive techniques are ones such as SEO and PPC. They’re harder to spot in the sense that they’re more likely to be ignored. But if you were to use TV or radio advertising, for example, it would be far harder to ignore because it’s right there in your face. All of the marketing techniques out there should be explored if you want to get the most out of your business.
Customer Retention Strategies
Customer retention is another strategy that you need to focus on. The more you can retain loyal customers, the more the news about your business will spread, and the more profit you’ll be able to make. To retain customers, you can use software that will analyse good and bad reviews, leaving you to comment and resolve the negatives. The more you track what people are saying about you, the less likely you’ll be to go wrong. Customer retention can also be improved by offering personalised discounts, customer aftercare, and 24 hour support.