If you’re considering opening your own business, there are many things to weigh out.
The type of business you’ll run, how you’ll finance it, and where it will be located are all important factors you will have to address. It can be overwhelming at first, and there are some questions you won’t be able to answer until after you get started. But a degree from Excelsior College can set you on the right path. With it, you’ll be equipped with a solid foundation and skills you didn’t have before. And if you’ll use a few of these tips, your business has a good chance for a thriving future.
Find a mentor
Before you open your business doors, it’s a good idea to find a mentor. This should ideally be someone who owns or has owned the particular type of business you’re thinking about launching. Many times, you can meet someone like this while attending college. If not, you will need to branch out on your own to meet new people in other ways.
Let’s say you’ve just received your business management degree from Excelsior College and you’re interested in opening a spa. Throughout your education, you likely had the opportunity to discuss practical business applications with your professors and other students.
Many of these people have owned businesses themselves, but it’s possible you didn’t meet anyone who owned a spa. That doesn’t necessarily mean that none of them are qualified to be your mentor. But it is helpful if you can find one that ran a business as similar to a spa as possible.
This mentor should be someone you can turn to for advice in every situation. So it should be someone who has been successful in his or her ventures and doesn’t mind sharing information. Additionally, they can help put you in contact with people in your industry, so that you can get specific questions answered.
Try not to make the mistake of jumping into business on a large scale before you’ve had some experience in your field. Every business model is unique, so it’s important to gain some knowledge in every aspect of it.
Your spa, for example, will involve different types of services, such as laser hair removal, massage therapy, and hair styling. And in addition to the services, you might also be selling beauty products. So, you’ll need to consider your own experience level with each aspect of the business.
Not only will you have to source products and learn retail, but you’ll also have to manage people and learn communication skills.
This is why it’s important to start as small as you can. Perhaps you can start with just a hair stylist and a few products. You may even want to serve as your own receptionist in the beginning. And as your business starts to grow, you can slowly add more services and employees.
The more experience and confidence you have in your business, the more likely you are to attract investors. This can be in the form of business partners, lenders, or even family members who believe in your dreams. And using someone else’s money to start your business is a good way to stay motivated to succeed.
In order to find investors, you’ll need to do a lot of work upfront. And there are several ways to go about it. For one thing, you’ll need to network like you never have before.
Get to know your Excelsior College professors, even if they live in another state. Networking online is a great way to get introduced to helpful connections. Secondly, know your business inside and out. You should be able to discuss it in great detail with anyone who asks. And lastly, learn your industry. Get involved with the people in it and research the business every chance you get.
Three Major Types of Forex Market Analysis
Forex has become very popular in recent years due to its excellent security and the money earning potential. Because of its vast potential, a significant number of investors show interest in this marketplace.
Beginners are also joining without any prior study, but they should know the right approach before executing any Forex trades. Everyone must conduct enough research to have the best performance in the Forex. Today, we will discuss the different types of Forex analysis and how to achieve them.
Types of FX Analysis
There are various types of research methodology for Forex, but the main types are fundamental analysis, technical analysis and sentimental analysis.
FX is an extremely volatile market, and the trends of this market change in a brief period.
Fundamental incidents play a significant role in the trading platform as due to the change like these, the investors become reluctant to invest their wealth. For example, during the United States of America’s presidential election, there was a reluctance to make a significant investment.
Trading during volatile events is a high risk. When the government changes, investors become very uncertain about the new rules regarding taxes and business laws. Therefore, they do not want to take a high risk as the return is uncertain to them.
Likewise, during a heavy natural calamity, the economic foundation of a country may collapse.
Investing will be a foolish deed in this case, as the market is uncertain. When this type of thing happens, then the downtrend prevails. To get more info, you can use the learning center at Saxo.
By enhancing your trading skills, you will slowly develop the ability to avoid the massive falls in the price.
Experts learn the essential microeconomics, which may help them to make the right decision at the right time to execute trades well.
This one is done using the technical chart and provides a visual display of the data utilizing dynamic tools. Using the technical chart, measurement of the data becomes much more manageable. This type of analysis mainly done based on the historical flow of the chart.
A trader may check the moving average position on a specific date in the previous year. Analyzing the data of the earlier trades, sharpening the strategies for future trades becomes effective.
Using historical data, an investor may assume the upcoming trend and make the necessary prediction. The candlestick chart works great as the movement of the pips can be seen in detail to see the data.
This type of research mainly depends on the emotional attachment of the traders. Experts do thorough research on traders in the market and check their attitude towards the market. In this method, investors’ sentiments are mostly analyzed to make the best possible prediction about the market.
To conclude, beginners must conduct research properly to make a profit in the Forex market. Buying financial instruments without any prior research may ruin your career in FX, and for this reason, experts believe in effective research methods before executing trades.
How to Improve Employee Development
How are you developing your employees? Hiring and retaining the right staff is a top priority for most businesses, and the process needs a failproof plan.
Employee development should also be part of your HR strategy and include online training for your remote workers. Plus professional development should commence from the moment staff are hired and continue throughout their employment.
If you’re wondering if your employee development program is up to scratch, don’t worry, we can help, and there are some straightforward steps you can take that will improve it immediately.
Below, we look at what employee development is and what it takes to make it successful.
Employee Development Explained
Supporting your staff to develop their skills is not solely about their current job. Nor is it just about where they can progress within your organisation. Staff development is about providing a series of training and knowledge programs and workshops that develop the employee.
The training should include on the job training, and ‘hard skills’ pertinent to their ability to perform their current role and move up the ranks in their profession. For example, a cybersecurity analyst will undertake certifications, and industry recognised training or learn a new skill like pen-testing.
The training also should cover soft skills which are transferrable to other roles. Every employee needs to develop their social and communication skills. Emotional Quotient (EQ) or emotional intelligence, will play a role in the hiring and promotion opportunities for all staff.
Now we know the basics of professional development let’s look at how you can improve your program.
How To Improve Your Employee Development
Employee development should begin from the moment that your new member of staff steps through the door. This means coming up with a training program that gets them up to speed with the company and how it does business at the earliest possible opportunity.
Not only will this help your company, but it will also show the new employee that you are committed to their development right from the get-go. As a result, they are more likely to stay with your organization as it improves their career prospects in the future.
Run Regular Programs
Running a series of mandatory and voluntary employee development programs that take place throughout the year ensures that your staff members are always learning something and never stagnating. The programs could focus on their soft skills, particularly communication, or focus on something that is altogether more technical and specific such as looking at their Google cloud abilities.
Plus when there are some assessment and certification at the end of each program, the employee keeps it. Plus exams or tests are evidence the knowledge has been properly absorbed and retained.
Create Individual Development Plans
The general training programs that you put into place also help if you make some of these more specialized and personalized for each employee.
Usually, the setting of goals and targets can take place at each employee review. As well as the setting of targets, you also need to go back and check that everything has been followed up effectively.
Make sure that each employee is closely involved in their own development plan and that they agree to the targets that have been set for them.
Give Constructive Feedback
The art of giving feedback is a difficult one to master. Essentially, it should involve ensuring that any advice you give to your employees is constructive. If it’s too critical, it can have the opposite effect on the one you were intending. This is also the case if you make it too vague with no actionable steps that the employee can put into practice.
There is a balance to be struck along the way, and you may not be able to get the hang of it straight away. Over time, you will be able to put your finger on which feedback is constructive and not.
Use Certified Trainers
While you may want to take care of some of your own training in-house, there is a lot to be gained from getting in touch with certified trainers and bringing them in to manage some of the programs.
They are experienced in the sector and have specifically designed their classes to get the best from the people who take them. However, make sure that you read all the reviews and hire a team that knows what they are doing and talking about.
Hiring is costly and retaining the right employees can be even more expensive if your only option is to pay them more.
Improving employee development should be a reason staff stay, and it can end up bringing all sorts of unexpected advantages to your organization beyond staff retention. So, now is the time to put some of these techniques into practice.
5 Steps You Can Take To Become A Successful Business Leader
Do you want to know five steps you can take to further your career as a business leader?
Getting ahead in any career is challenging and in leadership more so as this discipline requires soft skills that are harder to obtain from your usual tertiary qualification.
If leadership is your thing, you’ll need to take roles and opportunities to improve year upon year, so you’re not stagnating but climbing up the management ranks.
In this article, we look at the fundamental steps you can take to hone your leadership acumen, to give yourself a fighting chance to secure roles that are developing you as a leader.
Understand the business from the inside out
If you’re to find solutions to break down resistance to change as a leader and get more productivity from your people, expanding your thinking and attaining a wider skill-set will never go a miss.
For example, you may be managing a customer support team. Your direct knowledge and accountability are within customer support. However, this current leadership role is not the end game for you.
To be an effective business leader, you’ll need a working knowledge of the business as a whole, including operations, sales, technology, finance and so on.
Thorough knowledge of your business as a whole will make it easier for you to plan your rise up the ranks of leadership and management. How do you get it? This is easier than you think.
Form close alliances with other leaders in the company and suggest working together on projects that allow knowledge transfer. As the saying goes: a problem shared is a problem halved.
Your peers will be experiencing some of the same people management issues so you can learn a lot about their departments with closer associations with them.
Further education can deepen your knowledge
It sounds counter-intuitive, but further education is a powerful way to lead by example and thus become a role model in business. You may feel you left education behind years ago, that the only learning you need is outside the classroom, on the job – this is a grave mistake.
After all, you wouldn’t just be learning about your own business and colleagues, but the bigger picture. A deep understanding of how to manage and motivate those around you and organizational techniques is crucial. So, studying a degree like the BSBA degree will act as a springboard for your business leadership career.
Share what you’ve learned
Now that you’ve gained a deeper understanding of business administration and a grasp of relevant skills outside your area of expertise, it is time to solidify your newfound knowledge so you can implement it when you need it.
A great way to understand what you’ve learned is to teach it. Why not offer your advice to colleagues who need guidance or speak at seminars and events?
By teaching others, you can better understand what you’ve learned yourself.
Building the confidence to teach and learn from others will also sharpen your leadership skills further still.
Widen your network of contacts and your visibility
Attend in-person events and speak to as many attendees as you can. Turn up early and leave late, so you get ample time to circulate and introduce yourself to like-minded peers.
Get your profile set up on business networking sites such as LinkedIn and regularly post interesting, relevant information, so your network grows.
All leaders need to be confident communicators so improve your public speaking skills by joining seminar groups and putting yourself forward as a speaker.
Widening your network isn’t reserved for networking events either. Simple, everyday acts can help, too.
Make time to chat with your colleagues daily. You’ll stay engaged with what’s happening in different areas of your business and the wider industry. It will also keep your name at the front of people’s minds and stop you from slipping out of touch.
Have clear achieveable goals
Understand where you’re going in your career and how the role improves your leadership acumen. Having a clear business goal is a proven method for furthering your business career.
Where do you see yourself in a year? Or five years? If you can picture what you want to be doing in the future, it is easier to organize the ‘now’.
With clear, reachable goals, you’ll be inspired and motivated to work harder, smarter, and smash through any ceiling of resistance.
Strive for more in your leadership career using these five steps to deepen your knowledge and experience. Then use your network of contacts and goals to acquire new leadership roles that challenge you and are rewarding.
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