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The Next Big Thing In Entrepreneurship

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As an entrepreneur, it’s your job to be constantly on the lookout for anything that can give you an edge in your industry. Being an innovator is key as you know how lucrative getting one step ahead of everyone else can be.

There is a lot of noise about what the next big thing in entrepreneurship is going to be. Ultimately, you must decide what to bet your money on, but we’ve collated our best list as it stands now.

Smart tech

Smart software applications are big business. Business management apps like this one from Jobber are developed with one thing in mind – to increase efficiency and productivity and therefore profit margins.

It’s predicted that this kind of smart technology is going to become ever more prominent as more and more businesses start to adopt these as part of their standard operations and day to day ways of working. Statistics are showing that the failure rate of start-ups and small businesses has decreased by 30% over the past 45 years, and this can be attributed to smarter ways of working.

Specifically, many skilled trade businesses have been embracing business management apps which have revolutionised things like appointment scheduling and route optimization capabilities. Customer relationship management has also been transformed through the ability to service customers better using this technology, which has also enabled data-led strategic decision making rather than decisions being made based on hunches or emotional ties.

Low code and no-code technology

Next up, you have low code and no-code technologies. These technologies spearhead the movement to allow laypeople to develop applications, scripts, macro, and automation. As its name implies, this movement is trying to eliminate the complexities of coding and make it possible for employees and even customers to generate helpful tools independently.

With most jobs shifting digitally, it becomes essential to make it easier for people to do their jobs online. Low code tech and platforms give non-tech-savvy employees independence and relative ease in achieving mastery in their work and increasing efficiency.

Say for example that a person’s main job is to provide estimates, quotes, and bills to customers. Simple steps such as using this estimate template for example, will enable them to carry out their job faster and more efficiently than before.

Conversational marketing online

The last thing you can expect on e-commerce websites is a conversation. If you want to find an item that you need, just go to the search bar and type in exactly what you’re looking for. If you misspell the name or use a different term for the item you’re looking for, you can expect that the site will give you a different result, which can be frustrating.

This frustration is understandable. If you walk into a store, you can just talk to an attendant, and they’ll immediately understand what you’re looking for, even if you mispronounce or don’t say the right name for the product you want. It’s this level of customer service you want to be present at all times anywhere. Unfortunately, you won’t get it online.

You can try to talk with a support team member on an e-commerce site. They may get to you quickly. Sometimes, it will take forever. And most of the time, the shop doesn’t even have this option, and you’ll need to dig through their knowledge base, frequently asked questions (FAQ) page, or wait until someone gets back to you using their contact form just to get an answer to your question.

Because of this, entrepreneurs seek a way to make conversational marketing and business operations possible. Currently, you can only have this through search engines and virtual assistants. If you type a question on search engines, they have a high chance of giving you a result that directly answers your query. The same goes with virtual assistants you have on your smartphone.

Conversational marketing offers quick, personalized customer service. With it, the need for waiting times for talking to a live person is eliminated. The site’s artificial intelligence (AI) or program can deliver answers and recommendations right the first time, even if you use conversational language.

Conclusion

Those are the potential big hits in the entrepreneurship industry in the coming months and years. Now, as a business owner, it’s your job to speculate and see which one of them you will be putting your money on.

References:

  1. Shane, Scott. “Why Small Business Failure Rates Are Declining.” Entrepreneur. Entrepreneur, January 10, 2016. https://www.entrepreneur.com/article/254871
  2. IBM Cloud Education. “What Is Low-Code.” IBM. Accessed August 7, 2022. https://www.ibm.com/cloud/learn/low-code
  3. “What Is Conversational Marketing? an Introductory Guide.” Drift. Accessed August 7, 2022. https://www.drift.com/conversational-marketing/

 

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Employers and Your Ego Are Constantly at Odds Over Your Value

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When considering the value of an item from a holistic perspective and through the philosophical lenses of existentialism, you realize an item has no value until someone is willing to pay for it, whether it’s a Porsche 911 GT3, a 26th-floor condo in Vancouver, a cup of Starbucks coffee or pair of Levi’s jeans.

Have you ever bought an item, a leather jacket, for example, for $400 and then a month later, it was on sale for $250? The retailer reduced the price of the leather jacket because the number of customers willing to pay $400 had dwindled to the point where it wasn’t selling. Taking this analogy further, the jackets that ended up not selling had no value.

Value doesn’t simply exist. Value is assigned by supply and demand—demand being the keyword. The value of your skills and experience on the job market is determined by how much employers are willing to pay for them, which constantly fluctuates.

It’s no secret most employees feel underpaid. The perception is mostly personal, based on:

  • Your assessment of your worth, which is highly subjective, and
  • The amount of money you need for the lifestyle you created.

 

Neither is relevant.

In general, compensation isn’t arbitrary. A job’s value is determined by:

  • Job-specific educational requirements
  • Skillset required
  • Experience level
  • Responsibilities
  • Location

 

Additionally, those who criticize what employers are offering them never think about the scenario that the employer may have ten employees currently earning $65,000, whereas you want $75,000. It would cause turmoil to hire you at your asking salary.

“Getting paid what you’re worth!” has become a popular sentiment. In reality, though, the value you place on yourself and the value employers in your region are willing to pay you are two entirely different perspectives.

Recently, someone asked me if I felt underpaid. “Nope,” I replied, “I’m getting paid the amount I agreed to when I joined my employer.” I have never understood nor empathized with people who accept jobs and then complain about the pay.

Your ego and sense of entitlement may have convinced you that you deserve $75,000, but you may find that employers disagree with your value assessment. Anyone with a slight sense of business acumen understands an employee’s compensation needs to correlate with the value they bring to their employer.

Hiring involves taking a candidate’s words at face value, especially regarding their work ethic, past results, and ability to work well with others. Gut feel plays a significant role during interviews. Skills and aptitude can be tested, but only to a certain extent.

A hiring manager can only do so much due diligence (multiple interviews, testing, reference checks). Work ethic, ability to achieve results, having the skills they claimed, and being a team player are only proven or disproven after a new hire starts. Most of the tension between job seekers and employers results from job seekers expecting employers to pay them “their value” for abilities that they haven’t actually proven. In contrast, an employer’s best interest is to mitigate hiring risks by starting new hires at the low end of their budgeted salary range.

There’re 2 types of candidates:

  1. Unemployed
  2. Employed

 

Those employed should not accept a starting salary less than 20% higher than their current salary. Unless your motivation is other than money, it’s not worth the stress of starting a new job and reproving yourself for your current salary.

On the other hand, if you’re jobless, your income is $0. Unless the compensation offered is insultingly low, I don’t suggest you try and negotiate for the starting salary (WARNING: Brutal truth ahead.) you made up based on what you think of yourself. Financially and emotionally, having no job and, therefore, no income is a worst-case scenario for many.

I know you’re now asking, “But Nick, how will I get the compensation I feel I deserve if I accept what I’m offered?” Whether employed or not, you need to prove your worth, which requires the following:

 

  1. Getting the job (Proving your worth is impossible without a job.), and
  2. Negotiate and get in writing that upon achieving specific metrics, milestones, revenue targets, or whatever else you can think of, within your first six months, you’ll get a 15% salary increase or whatever percentage you feel appropriate.

 

IMPORTANT: I can’t stress enough to be sure your employment offer letter includes everything you and the hiring manager discussed and agreed to.

 

Number two makes it much easier for an employer to say “Yes” to you since they aren’t taking all the risks of hiring you at a salary you want and then finding out you can’t deliver. Offering this option demonstrates you’re confident in your skills and abilities and aren’t afraid to prove them.

 

Who would you choose if you had two more-or-less equally qualified candidates to choose from and one of the candidates offered you the option of proving their worth before getting the salary they feel they deserve?

______________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send Nick your questions at artoffindingwork@gmail.com.

 

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Canadian economy sputters into lower gear as rising interest rates bite – BNN Bloomberg

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Canadian economic activity came in a bit stronger than expected in July, but remained weak through the summer in a clear sign growth has begun to sharply slow down.

Gross domestic product increased in July by 0.1 per cent, beating estimates for a 0.1 per cent drop, Statistics Canada reported Thursday in Ottawa. Preliminary data show GDP was unchanged in August.

Even with the surprise upside in July, the data are consistent with an economy gearing down from a strong start to the year, as a reopening boom loses steam. Since April, growth has averaged just 0.1 per cent on a monthly basis.

The weakness shows the extent to which Canada’s resource-heavy economy — which had benefitted from the recent boom in energy prices — remains vulnerable to global economic headwinds and higher borrowing costs that threaten to stall expansions in most major advanced economies.

While the slowdown won’t be enough to stop the Bank of Canada from delivering another interest rate hike next month, policymakers will be closely monitoring the extent of softness in the economy to see how high they need to go to rein in inflation to the 2 per cent target.

JOB VACANCIES FALL

Governor Tiff Macklem has already increased the Bank of Canada’s overnight interest rate by 3 percentage points since March, and is expected to continue hiking through the rest of this year. Markets are pricing another 50 basis-point increase at the central bank’s next policy decision on Oct. 26.

The Canadian economy grew 3.1 per cent in the first quarter and 3.3 per cent in the following three months. Economists anticipate Canada’s growth rate will fall to 1 per cent annualized in both the third and fourth quarters of this year.

In July, the manufacturing and construction sectors contracted, wholesale trade pulled back, retail activity shrank, and higher inflation and interest rates continued to slow real estate activities.

In a separate report on Thursday, Statistics Canada said job vacancies also declined in July by 56,400, or 5.5 per cent — another sign of a slowdown. Total vacancies, however, remain elevated at just under 1 million.

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Stock market news live updates: Stocks resume losses after relief rally falters – Yahoo Canada Finance

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U.S. stocks cascaded Thursday morning as recession jitters returned to Wall Street after a fleeting relief bounce in the previous session spurred by the Bank of England’s bond-buying move.

The S&P 500 plummeted 1% early into the session, while the Dow Jones Industrial erased more than 200 points, or around 0.8%. The technology-focused Nasdaq Composite sank 1.4%.

On the economic data front, initial jobless claims slid to 193,000, the lowest since April, in the week ended Sept. 24 from a downwardly revised 213,000 the prior week, the Labor Department said Thursday. Economists called for 215,000 claims, according to consensus estimates compiled by Bloomberg.

Elsewhere, a third reading from the Commerce Department on gross domestic product (GDP) showed U.S. economic activity contracted at an annualized 0.6%.

In corporate news, CarMax (KMX) shares tumbled 14% after the vehicle buyer reported second quarter earnings that missed Wall Street estimates, citing “affordability challenges” that weighed on sales.

Bed Bath & Beyond (BBBY) fell on Thursday after the company posted a wider quarterly loss as persistent merchandising and inventory snafus and inflationary pressures hit the home goods retailer. Shares fell about 2%.

The renewed risk-off mood places all three major averages on pace to give up gains that came after England’s central bank said Wednesday it would resume bond purchases to help stabilize financial and currency markets. Investors celebrated the shift away from aggressive policy tightening by officials in recent months. The S&P 500, Dow, and Nasdaq each rallied roughly 2%.

EY Parthenon Chief Economist Gregory Daco said in a note that “the absence of proper policy coordination along with the speed and synchronization of rate hikes” risks an “excessive and disorderly tightening of financial conditions.”

“In the UK, the economic outlook has recently taken a turn for the worse with the release of Prime Minister Liz Truss’ budget leading to a market rout, with treasury yields surging to their highest since 2010 and the British pound plunging to its lowest level in 37 years,” Daco said.

Following the Bank of England’s intervention Wednesday – the purchase of around 65 billion pounds, or roughly $69 million, of long-dated gilts – British 30-year bond yields tumbled 100 basis points after touching a two-decade high.

A man stands outside the Bank of England in London, Britain, September 28, 2022. REUTERS/Hannah McKayA man stands outside the Bank of England in London, Britain, September 28, 2022. REUTERS/Hannah McKay

A man stands outside the Bank of England in London, Britain, September 28, 2022. REUTERS/Hannah McKay

Meanwhile in the U.S. on Thursday, Treasury yields nudged higher after rising – and then falling – at the fastest pace in decades. On Wednesday, the benchmark 10-year Treasury note — a crucial economic benchmark — briefly hit 4%, hitting an important milestone amid the worst bond sell-off since 1949.

Atlanta Fed President Raphael Bostic said on Wednesday that the decision by his central bank peers across the Atlantic to return to bond buying did not change his views on U.S. Federal Reserve policy or stoke fears England’s economic faults could pour over.

“I would expect growth to be below trend, we would start to see demand for a wider range of products start to soften, and we would start to see labor markets start to be more rationalized,” Bostic said, adding that if job openings fall substantially, officials may contemplate stopping and holding at that level.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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