• Business & Investment

    Can You Become An Entrepreneur While Still In College?

    Business experts and practitioners agree that starting as early as possible contribute to the successful of entrepreneurs. However, it must be a crazy to handle college life while attempting to explore entrepreneurship. Assignments, exams, and classes take so much time of college students. Therefore, starting their own business sounds too much. Well, it is not entirely true because there are so many college students who are brave to start building their own business. They challenge themselves to handle studies with becoming entrepreneur at the same time. It is not easy for sure because more challenges to come.

    Becoming entrepreneur while still being a college student 

    The best thing to start business as early as possible is that you have more time to make mistakes and fix them. You also have more passion to drive you through any challenges. It is indeed challenging to balance college life and entrepreneurship. Both requires time dedication and hard work. So how is it possible for you to start your own business from college?

    Chance to Differentiate Yourself from the Peers

    Starting your own business means you have more chances to differentiate yourself from the crowds especially your college peers. Thousands of students graduate from the same universities every years. They have read the same books, been given the same lessons, taken the same tests, and taught by the same professors. Starting your own business from college is a great idea because it means you aim for not only graduating but also practicing and implementing things you have learned. 

    So Many Potentials as A Weapon

    Another reason why starting your entrepreneurship from college is good idea is because so many potentials you can use as weapon. Many companies target college students because they are full of fresh, creative ideas, as well as execute effective strategies to break through the market. You can use all your potential to start your own business instead. When you start your business from college, you will require many skills at relatively young age. Those are great contribution for you to reach success in life even when one day you choose another career path instead of staying on entrepreneurship road. 

    Related Story: The Recommended Food to Sell In Your Canteen Business at School

    More Chance to Become Successful

    You have more chance to become successful entrepreneur even when you are being a college student because you don’t have to worry about who to go to seek professional advice. You have professors at your fingertips and you know where to find them. You can ask for advice from professors. They are great resources. You don’t have to ask only to the professors who teach you at class. You can try seeking for advice from other professors as long as they are willing to. 

    More Social Environment to Take Advantage Of

    Starting business from college also means you have social environment you can take advantage of. There are students you can have conversation with to gain unlimited feedback for your business.  You also can include them to experiment some projects. There are also talented, skillful, smart students you can ask for help such as designing quality business website, creating logos, etc. College is a great place to build reputation and value of your brand.

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  • Business & Investment

    How To Review Your Business Performance Efficiently

    It is important to conduct performance review of your business. Most importantly, you have to review the performance of your employees. They are your valuable resource and you have to know which one of them work diligently and contribute highly to your business. It will also help you to determine the next plan to grow your business better and bigger. The problem is, performance review can be a very stressful process in business. Every business owners or managers might use different techniques to conduct this kind of review to get to know their employees better. You can also set or adjust particular technique that fits your work environment and value. 

    Things to do to review your employee performance

    Running your own business means there are many things to handle at one and it can be daunting. However, the bigger your business grow, the more employees you hire. It means you should conduct performance review to know their qualities and growth at work. How to make it less stressful to do?

    Expectations

    Setting expectation throughout the years can be a great way to have stressful performance review. You can schedule meeting quarterly. Then, you meet your employees to review their performance so far. If your employees are not really talking, you can get feedback from colleagues instead. Keep in mind that not all employees are comfortable or able to talk about themselves freely. Thus, some others are harder to review. That’s why you should set expectation throughout the years and talk to their colleagues to get the feedback you need for the review. 

    employee reviews

    Scheduled Review

    Try a friendly-review where your employees are directly involved in the process. This is called collaborative effort. You can ask your employees to sit and talk about the business and how it has grown so far. You can make your own observation during the talk while letting your employees to be part of the success of the business. It is important to make your employees feel included into the business and its positive growth. It can motivate them to work better. 

    Establish goals early on

    You can also try to establish goals early so you can make performance review easier, more effective, as well as manageable. Establish goals in the beginning of the year. During that period, you can monitor your employees every few weeks to know their progress. This is great way to know how far or close they have been to the goal. Therefore, it can lessen the point of surprises at the end of the year. The result will be more predictable and controllable. 

    Self-assesment

    You can create your own way to do it efficiently an effectively. Instead of working yourself to the bone doing the review, you can give your employees performance book to note their successes for the year.  This is effective and more importantly fun both for you and your employees. They will be able to monitor and review themselves to know how far they have grown or what areas they should improve. At the end of the year, you can plan celebration and strategies to grow your business better together. 

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  • Business & Investment

    Reasons Why You Need Financial Audit

    Most people certainly understand the importance of checkups. However, please also note that not only does health require an examination, but also that financial conditions become an important thing to check regularly. This financial verification activity is often performed by people concerned about their financial situation, because of the risk of financial problems that may arise suddenly. By conducting regular financial controls, you can immediately predict what problems might threaten financial conditions. In the same vein as the medical examination, a financial balance sheet is useful in determining whether there are indications that might interfere with financial conditions in the future. In addition, you can also immediately plan actions to overcome the signs of financial problems.

    Do You Have Good Finance Management?

    Having an abundant salary does not necessarily free you from the risk of financial problems. Despite the high salary, it is possible that the way of managing finances is poorly done. You may have spent too much on things that are actually less important. The possibility of bankruptcy will also occur if this continues to be done as a result of the lack of financial control. By carrying out a financial balance sheet, you can record everything related to finance and wealth. Many things can be known, such as the number of assets owned, whether there is debt to be repaid, and the direction in which the flow of financial flows in financial controls evolves.

    Related Stories: The Idea of Creating Wealth through Property Investment

    Know all the income and expenses

    Some of you may feel overwhelmed by the amount of money you have to pay for every month. In fact, some of you may also think that the amount of their income is not proportional to the amount of their expenses. It may be that when you have just received your pay check, the amount of the expenses has “managed” to absorb most of the income. If you’re feeling this way right now, one of the reasons may be that you never checked the financial situation. Financial statements are useful for summarizing all types of expenses and current income.

    The Next Step: Financial Controls

    By carrying out financial controls, you will of course be able to easily know what expenses have been used to drain income. This can certainly provide important information on how to better manage finances. In addition to knowing basic expenses such as paying bills and daily needs, expenses for secondary and tertiary needs, as well as for refreshing activities, you can immediately find out by carrying out a financial control. This can certainly provide an explanation of the needs that make the income “lost” so far. Therefore, try to make regular financial statements to know all the income and expenses you have each month.

    Once you know the amount of income and expenses, you will have better control over finances. You will also have an idea of ​​the ability to manage and set aside residual income.

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  • Business & Investment

    Activities Involved In Business Development

    Business development is strategic value, idea, plan, as well as set of activity to develop a business and make it better in the long run. Business development is a long-term value, so it is not as simple as it looks. Running your own business means you set a destination to reach. When you have arrives in your destination, you can choose to stay or set new destination. When you choose to execute business development plans, it means you set new destination for your business to reach. It is a good thing because along with growing your business, you also grow yourself to be more experienced, matured, and strong-willed. 

    Business development strategies 

    Developing your business to make it on another level of success is a great idea. It is not simple thing to execute because there are things to consider such as the current state of your business, market situation, financial setting, customers’ needs, and many more.  In addition, the market is known for its easily shifting dynamics. You cannot just rush your business development plan. Here are activities you should do in the matter of business development.

    Activities Involved In Business Development

    Setting Clear and Valuable Goals

    As mentioned above, when you determine to develop your business, it means you have to set bigger goals. You have to set long-term goals. You have to know where you want your business to be in five years. Set your own objectives. You can set goals like expanding products line up, increasing revenue to specific numbers, developing human resources, and many more. Make the goals clear and valuable for your business. Then, don’t forget to share them with relevant people in your business so everyone can be in the same page. By sharing them, you also open the gate to make plan together.

    Conducting analysis of the market and competitors

    Developing business means you have your own goals to reach. However, market is crucial factor you need to count in, as well as competitors. You have to understand the current state of the market dynamic. You also have to analyze your competitors to some extent. Date you should collect from the research include the products, price, promotion, and placement. This type of information will help you find out what you have to do to make better plans.

    Assessing the direction and threats of your own business

    You have to know the current state of your own business in order to develop nit into something bigger and better. If you don’t know about it, you cannot measure how far you have developed it after running the plan. SWOT analysis is highly advised to know about your business’s strength, weakness, opportunities, and threats. This way, you will be able to make objective evaluation of your business. 

    Related Story: Mental Preparation Before Running Your Own Business

    Mapping out your plan in the paper

    It is important to pour your ideas down in writing instead of let them bottled up in your heads. Putting your business development ideas in the paper will help you get concrete view of what should and should not do. Your strategies will look clearer and you will be able to make the right decision. 

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  • Business & Investment

    Benefits of Thinking Creatively When Running Your Own Business

    Being an entrepreneur requires lots of skills, qualities, and talents. It is much more than setting financial planning in order to gain profit. You also need to be creative if you want to survive the battle in business because there’s so many thing that can happen both predictable and unpredictably. Creativity will help you adapt any circumstance and survive any obstacles. Running your own business is not only about having control of others. It is about how you navigate your power into the right direction in reaching your goals. 

    Benefits of creativity to your business

    Running your own business takes a lot of confidence and courage. You have to be brave enough to do so because there’s so many challenges. Even when you already reach your goal, you still need to scale to the next level if you want to outlast your competitors. Besides, business is not for settling. It is something you always need to improve. And to do so, you need to think creatively. 

    Benefits of Thinking Creatively When Running Your Own Business

    Innovate

    Creativity is needed to foster innovation not only invention because innovation is unique as well as it’s useful. Unique idea or what you call invention is not enough. You have to innovate to make it true and you need creativity to innovate. In business, you create ideas of what kind of products or services that will satisfy your customers. However, you have to innovate those ideas into something that will exceeds your customer’s expectation. You have to make sure that your products and services are useful to solve your customer’s problem. 

    Intelligence

    Lots of people that when you are highly intelligent, you will most likely to be successful in business. However, intelligence is not enough. You need creativity to and it plays important role to bring your success. It is still quite a stigma because majority of people still consider intelligence as everything. The reason maybe because intelligence is more measurable and manageable. Meanwhile, creativity can be quite difficult to spot. But that’s when it’s needed. When you can think creatively, you can survive even the unthinkable and unpredictable. You will be able to outlast others because you have your own way to survive. 

    New Perspectives

    Thinking creatively is needed when running your own business because it can help transcend boundaries. When you are bound to boundaries, your way of thinking will become limited and narrow. However, creativity will transcend all boundaries, allowing you to blur them and gain more perspectives. This way, you can find more solutions to pick. You will be able to find solutions no matter how complicated the problems seem to be because creativity has no limits or boundaries. 

    Productivity

    Creativity also increase productivity as well as efficiency. Lots of people running their own business take five to ten years to gain success. However, people with creative thinking can find more efficient way to reach their goal faster than others. They have unconventional way of thinking which allow them to think of different path with more efficiency and effectivity. Thus, every process to success will run smoothly.

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  • Business & Investment

    Focusing Your Marketing to Target Millennials

    Specify your target for marketing can be a good way to improve your business because then you have specific audience you can focus into. It is no doubt that there are various consumers out there with different needs and interests. However, it is impossible to satisfy every customer. One of the best way is to approach particular group of consumers where you can focus your marketing with. Millennials are promising audience for business because like it or not, they are a very different generation with different thinking and way of consume. If you want your brand to appear more appealing to millennials, you should accommodate how they think and consume. 

    Targeting millennials for your business marketing

    Millennials have largest demographic in the world especially in the United States which make up to a third of the country’s population. Thus, targeting them for your business marketing is not bad idea. In fact, it is promising. The special tendency of millennials is that they know what they want. Here are some tips to optimize your marketing strategies in targeting millennials.

    Focusing Your Marketing to Target Millennials

    More on Mobile

    Improve mobile experience because millennials are generation who have been familiar with digital technology. They use digital device to do lots of tasks in their daily life. Thus, make sure to create mobile experience so you are more accessible to millennials. You can optimize your landing pages for mobile so they can load faster even through mobile. Make sure to create a clear call-to-action as well to give your millennial customers good experience. 

    Brand Personality

    When it comes to digital natives, millennials are the first generation. They have been familiar with web and social media. Thus, they are used to searching something relevant through them. Therefore, you need to find marketing strategy where your brand can be relevant and attract their interest. Brand personality is important factor to appeal millennials. It is even more impactful if you can create marketing strategy with relevancy that can drive millennials to engage more. Make sure to create a brand that can communicate well with them. 

    Read More: Creative Graphic Design Company in Bali to Help Your Business

    Social Media

    Choose the right place where you can deliver marketing strategy in the most effective ways. There are various online platforms you can choose. However, social media is one of the most powerful tools for attracting millennials. YouTube, Facebook, Twitter, and Instagram are example of the places where millennials spend their time the most. You can try building online community using social media to introduce your brand to millennials in more communicative ways. 

    Specific Segments

    Millennials tend to have particular buying pattern you can analyze. Thus, they don’t have move through life stages in traditional ways. Instead of focusing on their life stages, you need to focus more on targeting specific population segment of them. Choose specific segment that is relevant to a specific social identity, especially the one that also fits your brand personality. For example, you can choose a segment based off lifestyle. Brand personality is important for millennials because they are more willing to choose a brand that reflects an image they want to convey about themselves. 

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  • Business & Investment

    How to Convey Professionalism in Business

    Professionalism is important quality your business should have in order to create positive flow between coworkers as well as with customers. It is also crucial to build brand and credibility. That’s why a business that has more professional look to it is more attracting to customers. Professionalism is one aspect to show accountability as well as credibility which make people trust you. No matter how small your business is, professionalism needs to be built and conveyed the right way. Then, your business will keep progressing positively.

    Show professionalism in business

    One of the most important keys for successful business is treating your business like a business. To do it, you need to adopt professionalism in every aspect of your business including relationship with customers, teammates, as well as business partners. Professionalism needs to be conveyed clearly to show that your company is credible and accountable. Here are some tips to convey professionalism in business.

    How to Convey Professionalism in Business

    Professionalism is more than smart dress. You can convey professionalism through how you speak. Making conversation is inevitable when running business. You need to speak during meeting, negotiation, or even when communicating with customers. It is important to hold meaningful conversation in business. Speaking professionally can avoid conflict that can jeopardize the business especially when one takes it to heart. Thus, make sure to speak only about business and don’t include personal things into conversation especially when it can offend the others.

    You also needs to show professionalism through your brand. One of the reason why you need to build professionalism is to create positive brand. To do so, you need to make your brand look professional which results in positive response from customers and business partners. You can start by developing logo, attracting clients through engaging events, and many more. Those might be simple gestures but the impact is powerful for your brand.

    Another way you can convey professionalism in business is by using technology. Savvy business owner won’t let their unfamiliarity to technology stops them from improving. Instead, they will try to familiarize themselves with technology and use it to the fullest once they figure out how to use it. You can use technology to show your professionalism. You don’t have to too big in this action. You can star by designing official website for your business. Trust web designer to create powerful website with professional look and features so your potential customers and business partners will have great experience.

    Management and structure is also what you can use to show professionalism in business. When you run your business with the right management, you are already in the right path because everything is planned and in order. You also need to create structure where you can delegate responsibility to your teammates efficiently and result in improved production. Through the right management and structure, everything is systematized well. This will results in the best qualities of products and services to meet your customer’s expectation. When you have that quality, it won’t hard to gain trust from people including business partners as well as customers.

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  • Business & Investment

    Showcasing Honesty in Business

    Honesty is one of the most important qualities to run a business. It is related to other important things such as trust, accountability, reputation, etc. however, honesty is also one of the most challenging trait to practice especially in business industry. It is because people involved in business often have their own agenda to reach their own goals. It leads them to do everything they can to reach their goal. However, honesty is not only about doing the right things. It is also about building work culture that is positive, healthy, and open. That’s why honesty is influential aspect in business. 

    How to showcase honesty in business 

    There are many ways you can do to highlight honesty when running a business. More importantly, it is important for you to lead by example so that your employees can understand more how to practice positive work culture built in honesty. Here are some ways for you to showcase honesty when running business.

    Showcasing Honesty in Business

    Display the values of the companies that built in honesty as one of its main foundation and principles. You need to make and write statement that highlights the kind of values you want your employees to embody. It is important for you to highlight honesty through recruitment, thus, the candidates understand form the beginning how you view honesty in your company value. You need to make sure that you only hire people that share the same values. Honesty and integrity can be the topics you ask during recruitment. 

    You can also encourage work culture built in honesty through effective, open communication. You need to find a way to highlight honesty in the way you communicate with others. To do so, you need to give the examples how to use include honesty in your daily practice such as always informing your employees about company information and avoid leaving them hanging. You need to keep your employees informed of at least basic company operations. 

    Showcasing honesty in workplace can also be done by building positive, healthy work culture. Instead of perfectionism, it is more important and significant to adopt honesty in building positive work culture. When you too focus on perfect works, it is easier for your employees to hide the truth just because they don’t want to deal with consequences for being imperfect. Showcasing honesty can be done by creating safe environment where trust is the element that matters. By showcasing honesty, objective, open feedback can be gain. As the result, it can create healthier relationship that benefits everyone including the business itself. 

    You can also showcase honesty when running business through displaying an example. For example, you can highlight employees who display honesty. By pointing out examples for other team members, it is easier for them to learn how to practice honesty. The use of role model is more effective in showcasing honesty in workplace. Discussing the significance of honesty within working environment is important. It benefits your business because it can help building healthy, positive working environment which give positive impacts to business in general as well. 

    You can also showcase honesty when running business through displaying an example. For example, you can highlight employees who display honesty. By pointing out examples for other team members, it is easier for them to learn how to practice honesty. The use of role model is more effective in showcasing honesty in workplace. Discussing the significance of honesty within working environment is important. It benefits your business because it can help building healthy, positive working environment which give positive impacts to business in general as well. 

  • Business & Investment

    What Makes Teamwork Matters to Your Business

    One of the reasons why people start their own business is to achieve financial freedom. As selfish as it sounds, it is valid because you deserve it especially when you are willing to work harder than others. However, starting and running your own business doesn’t mean you have to do everything on your own.

    You need a teamwork to help growing your business efficiently. It won’t lessen your credibility in running business.

    What makes teamwork important in your business

    In fact, it shows how strategic you are in running your business efficiently with the right resources. Work hard is crucial but work smart can make it different because you aim with precise.

    The importance of teamwork for your business

    Some people say that you will work efficiently when you work alone because you won’t get involved in intervention from others. However, working in team gives more efficiency. Sure you can run your business alone but for how far? If you aim for bigger achievements, you need to know that teamwork is very resourceful to use.

    One of the most important elements to achieve success in running your own business is cooperation and it can only be achieved when you have reliable teamwork. Working together with others who have different skills and background may sound challenging.

    However, it won’t be a hassle if you share the same vision and goal. Every member of your team has potential to help growing the business. You can share ideas and experiences which benefit your business because you won’t stuck in limited thinking.

    Through teamwork, you can broaden your business’s horizon.

    You see, working on your own means you only have one perspective of your business. However, you will be able to broaden horizons when more perspectives and ideas are shared between teammates. It means, you have better opportunities improve your business so it can results positively.

    Production is one of the most important elements in business because it is related to your customers directly.

    If you want to keep up with your customer’s demand, you need to improve the productivity of your business. If you have too much workload, you may not be able to handle them properly because of you have your own limit.

    However, you can share the workload with your teammates so the process goes more efficiently. Besides, every individual has different approaches in solving problems.

    Thus, it can help generating more ideas as well as solutions into the frame which benefit your business.

    Running a business doesn’t mean you are on top of the world that you stop learning. You will forever need to learn no matter how successful you are in your business.

    Through teamwork, you have the opportunity to learn without going anywhere. By learning, you will always have opportunity to improve yourself and your business.

    Every individual has different experience, method, and ideas. You can learn many things through your teammates.

    Besides, teamwork is also great to develop positive company culture. However, keep in mind that you need to build effective communication to build good, reliable teamwork.

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  • Business & Investment

    Be Aware Of The Risks Of Frequent Business Trips

    Travelling a lot can be a gift or a curse. It can be fun but also risky because of the consequences you may suffer at the end. Those who travel less frequent may envy hose who travel a lot because frequent flying sounds like a dream comes true.

    Risks of frequent business trips

    However, travelling is not always rainbow and sunshine. There are risks as well as consequences that the fliers should face. Travelling with the purpose of relaxing or spending holiday might be exciting. However, it is different from business trips when your work is your priority. It is even worse when you have to do it frequently due to professional demands.

    The risks of frequent business trips

    Having frequent business trips is not a pleasant thing because it often carries more stress than fun. Business trip can be enjoyable as well when you have time to enjoy the trip aside from professional tasks. It can be a gift because you can escape from your four wall room. However, doing it frequently put you in high risks instead of the otherwise.

    Frequent business trips can make you age faster. It is not just because the jet lag or crossing different time zones constantly. Jet lag may seem harmless if you experience it not too often. However, experiencing it constantly can cause negative effects including memory impairment, confusion, and other things that can cause you to age faster.

    It is often that you forget where you are or what time it is when you wake up not in your own home. When this happens frequently due to frequent business trips, your health is at risk.

    Frequent business trips can also cause mood swings and anxiety which make your stress even worse. You get stress due to the pile of work and task you have to accomplish during your business trips.

    However, jet lag can make it worse because your mood is in constant roller coaster. It can be due to constant sleep deprivation that your mood swing uncontrollably. These situations just put your mental health at risk. When you are constantly fatigue, tired, anxious, stress, and disoriented, your mind can be easily damaged.

    Keep in mind that business trips can also weaken your immune system. Your body is forced to adjust and adapt frequently which is not healthy at all. Your body’s cycle is constantly getting disrupted so it is expected that your immune system gets weaker.

    It makes your body work harder to fight infection, virus, or illness. In addition, your body is more at risk for radiation exposure because it happens more frequent at higher altitudes.

    Frequent business trips might not kill you immediately. However, it can slowly break you down. It not only your physical health that is at risk but also your mental health.

    What you have to do is to find balance. If you cannot avoid frequent travel, try to balance it with healthy lifestyle. It is also highly advised to adopt positive habits to keep your mental health safe even when you have to go through frequent business trips.

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