Business

So you are thinking about starting business but are not sure which sector to start in. Here’s a roundup of top performing sectors, which exhibit a significant growth potential in 2017.

Mindfulness Training

In the recent years, the stigma attached to mental health has started to dissolve. In fact, companies now realize that employees’ performance is directly linked to their mental health. Therefore, they are investing more in providing mindfulness and meditation trainings to their employees. It improves their abilities to cope up with stress and increase their productivity. The mindfulness training industry is measured to be worth approximately $1.1 billion in United States.

Computer Analytics

Application of artificial intelligence in developing interactive software is in high demand these days. The technology can be used in a number of diversified sectors from creating the software of automated cars and drones to creating the interface for interactive games. The industry provides lucrative opportunities for growth and the funding in the sector has reached approximately $522 million globally. However, the entry cost, in the computer vision sector market, is very high. It requires a comprehensive understanding and relevant technical skills to thrive in the market.

Beverage Industry

Beverage industry in United States is undergoing a transformational shift due to the change in the preferences of the consumers. For the past decade, an upward trend was observed in the sales of the energy drinks. However, the trend is falling gradually in the recent years, with the introduction of Relaxation Drinks. The health benefits of these drinks have persuaded millennials to make the switch. In addition to that, another major shift observed, in the beverage industry, is the shift from frozen drinks to ready-to-drink coffees and teas. The market possesses a lot of potential for companies with the relevant gourmet skills set.

Mobile Heath

With the increase in the concern for the physical fitness, the demand for Mobile Health systems has significantly increased. Smart watches and Health applications have become a hot commodity and people need all the health related information on their phone screens. It is estimated that the global health market will capture a share of approximately $10 billion by 2018. The statistics and surveys reveal a promising career in the field. But the downside to entering the industry is that the entrants have to be cautious about not violating HIPAA.

Eco-Friendly Construction Projects

Sustainable projects are given more importance as people are becoming increasingly responsible towards the environment. Green Construction promotes the designs which are energy-efficient and sustainable. A major plus point to start in this industry is that, the sector is given extra support and protection from government, in terms of tax credits and subsidies. The company has displayed an annual growth of approximately 15 percent in the last couple of years.
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Entrepreneurship
Entrepreneurship is something that can help you take control of your own happiness and future. Here’s how!

Walk in late for work one day and you get to meet your boss’ disapproving glare. You hate waking up early and feel you’ll be far more productive after 11AM but work calls you in at 9AM and you’ve got to report for it. You spend your life working to transform someone else’s (read your boss or the board of directors) dreams into a reality – is this really what you were meant to do?

Mundane tasks, rigid routines, and the same 9 to 5 work hours that leave you drained at the end of the day – where’s the joy in any of that!

Well if you’re someone who can relate to all of the sentiments we just described, maybe it’s time for you to explore the joy of being your own boss – by setting up your own business venture. Entrepreneurship is something that can help you take control of your own happiness and future. Don’t believe us? Find out for yourself:

Flexibility

The best thing about being your own boss is the fact that you can decide your own hours. If you don’t like waking up early in the morning or feel that you’re most productive after 11AM – so be it. Whether you start working at 9Am or 1PM, it is completely up to you to decide. There will be no disapproving stares or piles of work waiting on your desk when you walk into your office.

You Keep What You Earn

Obviously whatever profits you earn are yours to keep. You decide how much of it you need to reinvest, what part of it makes your salary, and how you want to use it. There are no fixed ratios or amounts that you need to adhere to unless to set them for yourself. You don’t have to share it with anyone. You work for it, you earn it, you keep it, and you get the credit for it too!

The Prospects are Infinite

The easiest way to start your own business is to do it online. There is little investment required and the market is huge. Plus everything sells on the internet, whether it’s products or services. Besides the competition in the virtual world, although present is not as harsh as one faces when operating businesses in the real world. You can explore different market niches and see which ones work best for you. As long as you’re willing to work for it, the prospects are infinite! 

Take it at Your Own Pace

There will be no one to order you around to complete a particular report by the same evening or meet certain targets by the end of the month. It’s you who will decide what to do, when to do it, and how to do it. Your business will move forward and grow at the pace you set for it. There will be no one to rushing you for anything at all!  

Are you convinced yet? We’re not saying that it’s going to be easy or that you’ll start raping returns immediately, but at least you can adjust the whole process according to your pace and preferences. Plus, everything there is will be yours – Your Dreams, Your Life, Your Business, Your Profits, and Your Future!
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Business, Entrepreneurship
This is a list of five entrepreneurial businesses that an MBA graduate could pursue after graduating.

After graduating with an MBA degree, the opportunities for securing a good job offer from a reputable company might seem limitless. However, is getting a good job the only way forward for an MBA graduate?  Definitely NOT! Why use your talents to make someone else rich when you can use them to earn tons of money for yourself.

Entrepreneurship is the key to being your own boss and paving the way for building your own business empire.  Here are some of the things you can do after getting that hard earned MBA degree:

Freelance Writing Services

Many companies are seeking freelance writers to produce quality content for their websites and promotional campaigns. Creating a company that provides quality freelance writing services is an easy way for a skilled MBA graduate to step into the world of entrepreneurship in a cost effective way.

Business Consulting Service

Help other organizations solve their financial and business related problems by starting your very own business consulting service. You can put your MBA degree to good use by teaming up with companies to helping them manage their business strategies, develop better business models, and create marketing plans which would enable them to enhance their growth.

Educational Services

Education is a noble field which allows one to reach out to others and help them grow in their careers. Starting an educational institution would not only be one way of putting your degree to good use, but it would be an ideal way to help others in their quest for knowledge. It might not be as financially rewarding as some of the other entrepreneurial pursuits, but it certainly is an excellent way to achieve self-satisfaction by educating others.

Event Planner

An MBA degree holder with excellent management skills and an analytical way of thinking could also consider diving into the field of event planning. As an event planner, you would be organizing meetings and various types of events. It’s a very profitable field with lots of room for growth and development.

Financial Advising

A financial advisory business seeks to help other organizations with problems related to taxes and insurance. A financial advisor is also responsible for helping individuals and companies in making smart investment decisions. Many professionals hailing from different fields require finance related counseling from time to time and as a financial advisor, you would be there to help them out in their financial endeavors.
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Innovation

You’ll read a lot of motivational articles on the internet about being an entrepreneur. People write about entrepreneurs the way people used to write about magicians a few decades ago. Like entrepreneurs have some special powers and are destined for greatness. As motivational as these pep talk articles are, that is all they are – pep talk.

You will notice that most of these articles are written by writers who aren’t entrepreneurs themselves but are working for a magazine or a blog. Even worse are the articles that entrepreneurs write themselves; for too often, these aren’t really articles but an advertisement for their business masquerading as an article.

Entrepreneurship isn’t for everyone

The reality is that being an entrepreneur is not for everyone. Entrepreneurship is a risky venture and it requires a certain temperament. The reality is that most people just do a job their whole lives and they are happy with their decision. To the young it seems like entrepreneurship is the only way to make money but there are plenty more. You have to understand that choosing entrepreneurship means losing stability. If you are happy with receiving an almost guaranteed paycheck every month then you don’t need to start your own thing. If you aren’t happy then we need to talk. If you really want to become an entrepreneur here is what you are going to need.

Drive

Motivation isn’t the biggest factor for entrepreneurs; drive is. One of the biggest reasons many entrepreneurs fail is that they fall behind in what they need to do. If you were to give them a set of instructions, they would be able to complete them easily. Entrepreneurs, however, do not have anyone telling them what to do. They have to initiate every task. It is easy to motivate someone to start running every day but it takes drive for them to get up every morning and go for a run.

Backups

You will often hear stories of famous entrepreneurs who failed miserably in their history and got their second chance right. The lesson to be learnt isn’t that it is okay to fail but that you should only fail enough so that you can go back. All the entrepreneurs who failed at first but later succeeded limited their damage. If you risk too much in one idea you may not be able to try another idea ever again. You need to have a backup plan. Not only will it help you if you fail, it will also allow you to succeed by lowering your stress/panic levels and allowing you to think wit ha cool head.

Vision

We aren’t talking about the clichéd “I’m going to be a billionaire with the biggest company” vision. We are talking about real vision, the vision that lets you see. Too many entrepreneurs fail simply because they don’t understand what makes their idea work and who makes them work. They end up involving themselves in petty disputes with their own employees as well as competitors and miss the forest for the trees. You need to be a good judge of character to surround yourself with the right people. You need to be able to realistically see whether your idea is viable or just something you are passionate about.

There are a lot of other things that will help you succeed but none are as important as the above three. As long have the drive to put in the work, the backups to bounce back from small failures, and the vision to realize what you really need to do, you will be able to do it.

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Entrepreneurship

Being an entrepreneur isn’t easy. Most people end up failing at it. The reason that so many people fail isn’t necessarily because their idea was bad, they fail because they didn’t avoid the many traps that entrepreneurs face. If you want to succeed not just at starting a company but also at running a company whose success can be sustained, you need to be on the lookout for these pitfalls.

The Money Trap

There are many great entrepreneurs who never got the funding for their idea. There are also many companies started by entrepreneurs that were hurt not by a lack of money, but by an abundance of it. This trap is simple yet too many companies fall into it. When the company gets its first round of financing everyone is happy and in a celebratory mood. Entrepreneurs start spending money to spruce up the office. Suddenly the company has a chef, has an artist painting murals on the walls, and is hiring highly talented people at exorbitant salaries. Your first round of financing should be for small and smart investments. Do not end up spending and investing so much that you cannot sustain the business when the funding runs out.

The Innovation Trap

The innovation trap is when the entrepreneur is so convinced that their idea is innovative that they start ignoring signs of danger. It might seem stupid but this has happened in a lot of companies. Whole companies were shutdown and when the employees were interviewed they all say that they saw the end coming. The entrepreneur is so focused on their idea and its innovation that they think it cannot fail. Giving pitches after pitches makes them believe too much in their own words and it can be their own downfall.

The Entrepreneur Trap

Entrepreneurs have almost become legendary figures in the world of business. New entrepreneurs think they are great as well. This isn’t wrong; you need to have some ego and pride in order to compete in the world of business. The problem is that they begin thinking that they are the only people who know how the business should be run. We read all the time about successful entrepreneurs like Elon Musk, Richard Branson, and many more. What we do not read about are the hundreds of people these entrepreneurs trust to vet their idea. These people only take decisions on the basis of business intelligence. You need to do the same.

The Small Innovation Trap

The most common type of innovation is a small modification in an existing product. The only problem is that if you try to base your business around a small innovation it is very easy for bigger companies to eat you up. If you think up an idea for a toothbrush that is better than the ones being created right now, you need to come out swinging. If you start as a small company you will not be able to compete with the billion dollar behemoths in the dental care industry. They will simply change their products to be similar to yours and win. Another big reason is their low cost. Due to marginal costing the more product you make, the lesser it costs per product. The billion dollar companies will be making toothbrushes at such a low rate that they will be able to price you out.

There are many other things you need to look out for. Being a successful entrepreneur means that you need to be able to see where things are headed. You need to be realistic with your vision and choose a path that is actually viable.

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Innovation

Anyone with an innovative idea will be able to tell you that innovation alone isn’t enough to guarantee success. Innovation is the start of a business – a lot more is needed to make it work. If you have an innovative idea and want to make sure that you are able to make something out of it, you don’t just need to focus on the core idea, but on many different factors. Here are a few things you need to ensure.

Financial Backing

The first thing you are going to need as an innovator is financing. If your idea is small then go to the bank and see how you can get a business loan. If your idea requires a large investment, go talk to different venture capitalists. There is another big advantage to looking for financing; you get your idea vetted, and that too by professionals. No one will rip apart your idea like the people who you ask to fund it. Even if they say no they will end up telling you why they are saying no. You may be alerted to some fatal flaws in your business plan while you can still fix thm. You will also find out the true viability of your innovation.

Realistic Costing

Costing is hard. Costing isn’t fun. Costing might reveal some things you may not want to know. These are just some of the reasons many innovators try to avoid focusing on costing. They know it is important but they try to put it off as much as they can. You need realistic costing to judge the viability of your innovation. If you have built a better product you need to make sure it is affordable as well.

Many entrepreneurs find out that their product will cost much higher than promised and end up realizing they are in too deep now to change things. Virtual Reality headsets are a great example. 2 years ago the biggest VR company announced that their VR headset will cost around 300 dollars at launch. They recently released it at more than 600 dollars and customers were not happy.

The right people

No matter how great your idea is, it will not be successful unless you have the right people handling it. Your team needs to know what needs to be done and they need to be capable. At the same time you also have to focus on your managerial style. You cannot create stress for your core team and you should not panic in front of them. You need people you can depend on and that only comes with trust. You will need to be an excellent judge of character to be able to determine who is the right person to hire and who isn’t. You also have to make sure you never get into a petty argument or situation with any employee. Too many good companies have failed because the manager’s attitude was not right or because their egos were too big.

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