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Surviving The Pandemic As A Small Business Owner

 

Source: bbc.com

 

Undoubtedly, small business owners are hit the hardest by this current global crisis. Those with large-sized businesses have an edge when it comes to survival. Small businesses, on the other hand, thrive only with a cash flow good for three months at the most, so when a pandemic like this happens, it affects not only the small-time entrepreneurs but also the employees who work for them. Are you a small business owner? How can you survive through the pandemic? The answers are not easy, but below are some points to consider and plan for the next three months.

Take advantage of the resources offered by the government and from financial institutions. 

Governments worldwide are obliged to help their people, and small business owners are doing this through initiatives that can help them thrive and survive day by day. Be updated with how your government can assist you in cutting costs. Other institutions, including banks and credit unions, also have a social obligation. If you are a member of several markets, you can seek support options in those markets. For instance, find information about this from the US government while communicating and seeking resources from a market you’re a part of in the neighboring countries.

 

Source: piqsels.com

 

Create a 3-month Plan For Your Business and Your Finances

Almost all small business owners have similar expenses, like shop rentals, utility bills, and employees’ wages, among others. Talk to suppliers, loaners, or whomever you need to pay for the coming three months and see what you can do to spread out the expenses. Most likely, options are already set up, or perhaps there will be an understanding between both parties, as they are also eager to keep your business. You should be vigilant in deciding which payment plans are suitable and appropriate for your business.

Also, you might want to check your finances. Talk to a close friend or confidant about helping you find ways to control your spending and maximize what you have for the next three months. What expenses need to be paid within three months, and what are those that are not very urgent? Are you using business money to support your family, the elderly, and others? You should be able to have a transparent conversation with your institutions regarding short and long-term goals for the business.

Seek Feasible and Better Opportunities

It’s not bad to put some capital on events, but this is also an eye-opener for those that are contemplating how their business is doing. Will your business plan survive the pandemic? How will your customers adjust moving forward? Digitalization is very important nowadays, and you can use it for advertising your products.

 

Source: myventurepad.com

 

Do not be too anxious.

All of us get worried when money almost runs out, but keep in mind that you must care for yourself and avoid getting too anxious, as this will do you more harm than good. When you’re stressed and filled with anxiety, you lose your appetite, and you forget to do healthy practices. Continue to eat the right food, get enough sleep, and find ways that you can relax. Show your employees that you can handle yourself and that you are capable of resolving problems that concern the business as well. Your staff will get their strength from you.

Keep a positive mindset – you will need it to be able to think soundly and focus on finding solutions and ideas that will help the business adapt to the current situation. If necessary, step back and reevaluate, seeking advice from people that you trust. Be hopeful. There will be better days.

 

 

 

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Sex Slaves – We Will Help You Heal

Source: pexels.com

I had to be a part of the 2019 Ethics Conference, which discussed Human Trafficking. I did not want to go, but my boss, who is also my mother, told me that we needed a specialist (and that would be me) to know more about the mental health issues and effects surrounding people who have been victims of human trafficking. And so, the good girl that I am, I attended the Ethics Conference.

Continue reading “Sex Slaves – We Will Help You Heal”

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Essential Business Skills

Have you ever thought of starting and running a business? At first, you may feel that it is easy to build one. Well, it is not that simple. For your business to be successful, you need to develop and improve your skills, which will be tackled in the next paragraph. These skills are not just ideal skills, but they are fundamental and necessary skills.

First, financial management. Of course, we all know that business requires money. This is an essential skill from the term itself, and you need to learn how to manage your finances properly. You should learn how to monitor your sales, etc. Having this skill will help you run your business smoothly and profitably, and, most of all, it will protect your financial investment. According to Utpal Dholakia Ph.D.,  “Without knowing one’s financial situation well on an ongoing basis, it is hard to make sound financial decisions, feel financially secure, or prepare for retirement.”

Source: pixabay.com

Second, marketing, sales, and customer service.  In business, you need to have a marketing strategy for you to generate sales. You need to learn how to promote your products or services effectively. One example of a marketing strategy is an advertisement. Since we are living in a world of technology, you can easily promote your business through social media or maybe on television or radio. You may also advertise through newspapers. Providing excellent customer service plus a marketing strategy would, for sure, help you generate sales.

Third, communication and negotiation. “Sharing your thoughts and understanding another person’s feelings are essential skills for functioning in any society in the world,” Will Meek Ph.D. points out. Business without connection will inevitably lead your business to waste. These two are very important since you need to have a proper conversation if you ever need to supply and invest. You also need to communicate and negotiate with your customers and employees, not just verbal means but also in writing. Having this skill will help you build good relationships with other people.

Fourth is leadership. In business, there are always employees. “Leadership is a form of interpersonal behavior and involves certain individuals influencing and directing the behaviors, attitudes, and thoughts of others,” Michael D. Matthews, Ph.D., explains. Since you are the person who is in charge of your employees, then that means you should be a good leader and role model to them. You need to bring out what’s the best in them to increase your business’ productivity. Also, give or allocate some of your time to coach and mentor your employees. In employing people, leadership is a crucial skill.

Source: pixabay.com

Fifth, project management and planning. In starting a business, you need to learn how to manage your projects like setting up a website, developing some rules and procedures, and arranging the fit-out of your premises. It is imperative to manage your resources and, most of all, your time. If you can do this, then this will help you in achieving your goals.

Sixth, delegation and time management. Delegation means the act of giving control to others. In business, you shouldn’t do all the work; you also need other people to do the job for your business to succeed. Some business owners fail to delegate because they are reluctant to let go of the control; this is why this skill needs to be developed and practiced. To manage your time, you have to delegate some of the tasks to your employees.

Seventh, the problem-solving business will never get away with issues. If your business encounters some problems, you need to think of a way to solve it. Don’t let that problem ruin everything.

Source: pixabay.com

Lastly, networking. If you build good relationships in networking, not only it will help your business to grow, but it will also have the support that you need. You can join some business associations, too, for your network to grow.

Running a business is not that easy. There’s no harm in seeking help or assistance if you are not sure of your skills and abilities. Developing these essential skills will provide your business with a solid foundation.

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7 Stages On The Road To Success For People In The Business Industry

Here Are Some Common Principles For Success.

  • Deliberately look and comprehend all the data or information for business orientation.
  • Establish your objectives or needs. Always gear yourself up and fulfill tasks before the assigned target date.
  • Pose inquiries when you are uncertain. It is also beneficial to note down important information at all times.
  • Keep an eye on the guidelines and familiarize yourself with the rules of etiquette with regard to titles and names.
  • Dress up decently and observe the proper dress code.
  •  Be continuously prudent and discreet with anybody within your organization or team.
Source: pixabay.com

Be A Contributor

  • Try not to contend with your colleagues. Do not stand against one another.
  • Execute tasks without making a fuss. Be obedient to your leader or manager, and religiously do the activities.
  • Manifest the capability to do things independently. Do not wait for someone to tell you what to do. Be self-sufficient.
  • Create work connections gradually when you already comprehend the culture of the organization.
  • Consistently notify the administrator regarding your situation or status.

Be Careful Of Negligent Behavior And Your Lack Of Maturity

  • Watch out for your non-work phone calls.
  • The messy and unsystematic area for work is not acceptable.
  • Discussing irrelevant issues or tackling topics not related to the task at hand must be avoided.
  • Being seated inactively at your area and doing nothing productive at all is frowned upon, and so don’t do it.
  • Browsing the web and other social media accounts during work time just for entertainment and has nothing to do with work is irresponsible.
  • Requesting for compensatory time or free time, even if the situation does not call for it, is not good.

Take Note Of The Primary Concerns Of The Administrators

  • The orderliness of your place must be maintained.
  • Observe privacy at all times.
  • Being punctual or working a more extended period when necessary is a sign of work ethic. Time management skills are essential to possess.
  • You must observe proper manners when on the phone.
  • Necessary attitude and displacement in the workplace are needed.
Source: pixabay.com

Observe How Management Does Things. 

  • Do they incline toward composed/printed/visual reports, or would they rather choose verbal reports instead? Be equipped on both for your advantage.
  • Do they oversee and observe intently and attentively or from a distance? Always perform at your best, just in case they are eyeing you.
  • Do they give prompt reactions to inquiries and issues, or do they like to consider themselves and not think about others?

“Leaders can consciously decide to tolerate some emotional discomfort so as to remain open to new information. This can help you update your strategies and take strategic, calculated risks to harness the opportunities of a changing world,” Melanie Greenberg, Ph.D., says.

With Concerns On Assessments And Evaluations, Check This

  • On the off chance that you don’t get any response after a month, approach the administrator for clarification.
  • Acknowledge disapproval and avoid opposing once you are corrected.
  • Try not to decipher feedback regarding your capabilities during individualized evaluation. Don’t take things personally; instead, use this feedback to improve yourself at work.
  • Keep in mind that individuals are just helping you to reach your goal and for you to succeed since your success will affect the reputation of their organization. So, naturally, they want what’s best for you and for their company too.

“Coming clean with your errors and learning to forgive yourself for them can become a lifelong habit,” Nando Pelusi, Ph.D., says.

Source: pixabay.com

Grasp Every Single Opportunity That Comes To Your Way To Acquire More Knowledge

  • In case you have enough time, try scanning through accessible and printed works that are of use to your area of business work.
  • Pose some inquiries if you are confused about work. Perceive individuals’ proper business conduct and manners. Go and participate in useful business conventions.
  • Interact and connect with other people at whatever point conceivable, and gather calling cards to expand your connections.
  • Distinguish profession paths and their requirements, as well.
  • Request a letter of advice upon finishing your tasks to further improve your performance at work.

“Taking on such challenges is an important part of growing and developing as a person. The more we can test our limits and capabilities, the more we will learn about ourselves. New challenges are opportunities for us,” Stephen Joseph, Ph.D., wrote.

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How To Succeed As An Entrepreneur While Still A Student

In the past, the primary goal of students is to be employed in a large corporation after they graduate. This is not the case these days. The millennial generation is the most entrepreneurs. Students these days have realized that getting a degree in college is not an assurance that a company will hire them after they graduate. Young people nowadays want to be their boss and own their own business. However, most students do not succeed as entrepreneurs. “While there has been some funding for start-ups based on academic research, there has been no direct funding to universities to support student entrepreneurship,” says Dr. John Whelan, MD of Trinity College Dublin. Here are seven tips that most students who are starting their own business usually forget.

Source: pixabay.com

Tip #1: Acquire The Proper Mindset.

A student’s general mood and emotions can have an impact on their actions and thoughts. Students who procrastinate often end up struggling to complete their class assignments during weekends. Students who have decided to be entrepreneurs should have the proper positive mindset. They will be very busy on weekends as they are already swamped during weekdays with their classes. They should be committed to their business ventures.

Tip #2: Be Organized.

Juggling your time between schoolwork and a business venture will be very difficult. Some students fail to do both. Some students are not able to provide sufficient time for their business venture, and it does not take off. And some students spend too much time on their business ventures and neglect their studies.

This difficulty can be avoided if the student is organized and schedules their time appropriately. The student could do school work during the daytime and work on their business venture during the nighttime.

Tip #3: Select The Appropriate College Course.

The student should select a college course that is relevant to their business venture. Or, if they have already chosen a college course, then they should choose a business venture that is relevant to their college course. If the student intends to start a business based on a mobile application, then they should select a course with a major in software development. The information the student acquires from their college classes will be beneficial in their business venture.

Source: pixabay.com

Tip #4: Take Advantage Of The Resources Available In College.

Students have access to various resources in college. They have access to the library. They can use meeting rooms. Internet access is usually free for students. There are also printing and copying services available to students. And the student can ask for advice from the instructors and professors. Students also can avail of various discounts, such as software applications. And students can tap fellow students for work or projects.

Tip #5: Acquire Skills In Leadership

“There is a problem in the workplace with incoming college grads not being prepared enough for the grueling and sometimes ruthless world of work,” says Dr. Joanie Connell, Ph.D., president and CEO of Flexible Work Solutions and author of Flying Without a Helicopter: Preparing Young People for Work and Life.  Being the boss does not necessarily make you a good leader. Good leaders do not micromanage their employees. Micromanagement stifles the team. A good leader provides direction but delegates tasks while trusting the employees. Good leaders motivate their teams. They provide praise for a job well done. They effectively communicate with their team members. They create a safe and nurturing work environment that is conducive to creativity and productivity.

Source: pixabay.com

Tip #6: Take Advantage Of Internships.

“Do your best to integrate and connect to the local ecosystem,” says Dr. Arlen Meyers, MD,  professor emeritus at the University of Colorado School of Medicine and president and CEO of the Society of Physician Entrepreneurs. Internships provide available working knowledge of the corporate world. Students experience working in an office environment. They encounter fellow employees and interact with management. They get the opportunity to deal with clients. Internships provide a great hands-on experience of what a student learns in the classroom. Internships also provide the student with contacts that will be useful in their business venture.

Tip #7: Take Precautions.

The entrepreneur should take precautions against their intellectual property being stolen. They should acquire the appropriate trademarks, copyrights, and patents.

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How To Prepare For A Business Venture

You may be deciding to start a business venture. Or perhaps you wish to purchase an existing business. Or maybe you would like to convert a hobby of yours into a business venture. Going on a business venture not only involves a lot of personal expenses. It also includes changes in your lifestyle. Below are some tips on how to prepare for a business venture.

Source: pixabay.com

Examine Your Idea For A Business Venture

First of all, you will need to identify the service or product you wish to provide. You must then determine if your idea for a business venture is a feasible one. You must check if the service or product you intend to deliver satisfies demand in the market. You should also check out the competition and evaluate whether your business venture will survive the competition. “In other words, they can test the waters. And if necessary, they can pivot to a different, more promising idea if their original idea is found lacking,” Utpal Dholakia Ph.D. points out.

You also need to know what skills are required for the business. You should also determine how you can safeguard your business venture idea from being stolen. And, finally, you should decide whether or not you have sufficient funds to start the business venture.

Scrutinize Your Preparedness To Set Up And Start A Business

You need to determine whether you are prepared for a business venture. Running a business requires sufficient financing, technical knowledge, expertise in the industry, and skills in management. You need to understand the reasons you wish to start a business. You need to establish personal and business goals. You need to determine what skills you currently have. You will need skills in management and communication, and also expertise in the industry as well as technical knowledge. Plus, you must be equipped with finance and marketing.

Study The Type Of Business That You Want

Different types and structures of businesses will require different legal and bureaucratic requirements. You will need to know what is required to start your business. You need to decide the type and structure of your business venture. You will need to decide what service or product you will provide. You will also have to determine how you intend to sell your service or product. You could sell them on the internet or through a physical store, or you can do both. You also need to determine whether you would be exporting or importing products.

Source: pixabay.com

Evaluate The Service Or Product You Wish To Provide

Knowing the service or product you wish to provide is very important to a business venture. Not knowing this will make it very difficult to plan and market the business.

“An understanding of consumer purchase behavior must be based on knowledge of human emotion and include the paramount influence that emotions have on decision-making,” Peter Noel Murray, Ph.D., explains.

The service or product will affect the structure of the business. The type of service or product will determine whether only an online presence is required or whether a physical store is also required.

You will also need to determine whether the service or product you wish to provide satisfies demand in the market. You also need to know the competing companies and determine whether your business venture will survive the current market climate.

Identify Your Clients

Identifying your clients or customers will assist you in shaping your business venture. Investigate your clients or customers and determine what their habits are. Find out what kind of individuals will purchase and use your services or products. And find out how they are buying.

Source: pixabay.com

Create A Business Plan

Having a business plan allows you to specify goals to achieve. With the goals identified, you can develop a plan of action on how to achieve these goals.

Creating a business plan includes choosing a name for the business. It also includes determining how the business will be managed. And it includes deciding how the finances will be handled. The business plan should also include ideas for unexpected events and emergencies. “Successful organizations have mission statements that remind them of their attitudes, goals, and objectives and keep them on track. Effective departments and teams decide first where they want to go before they start the journey,” Joanne Stern Ph.D. says.