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Entrepreneurship vs The 9 To 5 Grind

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Entrepreneurship vs The 9 To 5 Grind,Startup Stories,Latest Business News 2019,Pros and Cons of Entrepreneurship,Escape the 9 to 5,Importance of Entrepreneurship,Entrepreneurship,The 9 To 5 Grind,Advantage of Entrepreneurship


You deserve a career which satisfies you, one which can support, protect and nourish you and your loved ones.  To achieve a career like this, you need to choose a path which aligns with your passion and personality. Whether you are self employed or work for someone else, at the end of the day, your career should be able to keep you happy.  While there are some bravehearts out there who like to go down the path of entrepreneurship, others are happy with the 9 to 5 grind. If you are unable to choose which path is better for you, we are here to help you with just that. 

 

Entrepreneurship: Pros and cons

Entrepreneurship comes with its fair share of ups and downs.  Before you choose a path for yourself, it is extremely important to understand the field into which you are venturing.  Here are a few pros and cons of entrepreneurship. 

Pros

1) Freedom

The most obvious advantage of entrepreneurship is freedom.  You get the freedom to make your own decisions, design things the way you want them to be, choose your working hours and the list goes on.  In simple words, you are your own boss.

 

2) Money

There is no denying the fact, some entrepreneurs, in a day, earn much more than a regular employee earns in an entire month.  Unlike the 9 to 5 format, your money is directly dependent on the amount of effort you put in and the profitability of your business’s idea.  Entrepreneurship gives you unlimited income potential as you can venture into multiple fields. Moreover, all the profits come directly into your pocket.  

 

3) Every day is different 

 

Another advantage of entrepreneurship is, your life does not become monotonous.  Every day in your life as an entrepreneur is going to be completely different. There are new challenges and new risks every day.  Most importantly, as you face these new challenges and risks, you grow and become a better version of yourself with every passing day.  In simple words, your life is not stagnant. 

 

4) Early retirement options

Entrepreneurship gives you an amazing option of early retirement.  If successful, entrepreneurship gives you enough bank balance to quit working early and do something else you love.  For instance, an entrepreneur like Mark Zuckerberg, who is just 35 years, can retire now and still have enough money to sustain him for the rest of his life. 

Apart from this, you will also have an option to change industries or expand your market if you ever feel unsatisfied with where you are.

 

Having said this, here are a few cons of entrepreneurship of which you must be aware, before you make the dive.

 

Cons

1) Risk

You may have already heard this enough, but entrepreneurship is an extremely risky process.  The chances of failure, especially if you are a first timer, are much higher than the chances of success.  You will need an iron will to emerge successful as an entrepreneur. What is more? There are high chances your startup might fail within a few years of its inception and you may end being bankrupt altogether.  You will be surprised to know, 20 % of the startups fail even before a year and 50 % before reaching the 5 year mark. 

 

2) Workload

If you think the workload is too much in a regular job, wait till you become an entrepreneur.  It may come as a shock to you, some entrepreneurs work almost 80-90 hours a week and Elon Musk is one of them.  There are no specified timings for entrepreneurs. While this work can be exciting, it is also extremely exhausting.

 

3) No guaranteed income

Yes, the money again.  Another obvious disadvantage of entrepreneurship is, there is no guaranteed income.  As mentioned earlier, how much you earn as an entrepreneur is directly dependent on your efforts.  There is no regular income that will come on the first of every month. While sometimes your business may be extremely profitable, there may also be times when you hardly earn a penny.  

 

Now onto the big question. 

Is entrepreneurship better than the corporate 9 to 5 grind?

This answer might differ from person to person, but according to us, the pros of entrepreneurship definitely outdo the cons.  Apart from letting you be your own boss and getting you unlimited income, entrepreneurship helps you create something new for the world around you.  There is no better feeling than making a difference in others’ lives with your products and services. If you can get over the initial struggle, entrepreneurship is the most satisfying, rewarding and fulfilling career option one can pick. 

Having said this, a regular job also has its share of advantages.  It gives you a stable income, job security, limited workload and most of all, a less risky environment.  You don’t always have to be an entrepreneur to be successful. You can be successful even by contributing your best to the company for which you are working.  Your success depends on how you perceive it.  

5 Best Career Options To Earn More 

 

How do you know if entrepreneurship is the right option for you?

The answer is simple.  Get a clear understanding about your own personality. Entrepreneurship may be the best career path for many people, but if it is not something you enjoy, then you will definitely be unhappy.  Who are you as a person? Do you like taking risks? What are your financial goals? Are you happy with a routine? Can you be okay with a variable income?  Most importantly, do you have a passion?  A problem which you are determined to solve?  A revolutionary idea maybe? Ask yourself these questions before taking the leap.  If you are not driven by passion and start a business only for its benefits, you are most likely to fail. 

One thing you should always keep in mind is, be it entrepreneurship or a regular job, do something that makes you happy, something which makes you want to go to work every morning and something which keeps you fulfilled. 

 

Which is the ideal option for you?  Entrepreneurship, or the stability of a regular 9 to 5 job?  Comment below and let us know. 

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How Does WhatsApp Generate Revenue

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How Does WhatsApp Generate Revenue

If you own a smartphone, there is a very high chance that you are a WhatsApp user.  The simple and lightweight online messaging application has embedded itself into our lives and has become indispensable.  Family groups, friend groups, office groups, play groups and many other groups like these see millions of conversations happening on a daily basis.  But have you ever wondered how this leading online messaging application makes its money?  There are no ads on WhatsApp and if that is the case from where does Whatsapp generate its revenue?

The answer to the question goes back to the beginning of WhatsApp which was founded by Brain Acton and Jan Koum, both of whom were ex- Yahoo employees.  When Whatsapp was first developed and deployed for public use it became an instant hit with users but the founders quickly realised they required data centers to handle the huge volumes of data from the user conversations to keep WhatsApp running.  So, they set a price of $1 for some countries and for some other countries it was free for the first year but charged $1 for renewal from the second year onwards.  In short this was a subscription model and Whatsapp had 700 million users at the peak of this model which meant it was generating 700 million dollars in revenue.

Facebook ended up purchasing WhatsApp in 2014 for $ 19 billion but one of the founders Jan Koum decided to leave WhatsApp because of a disagreement with Facebook over its use of user data and its desire to allow advertisements on WhatsApp.  Both the founders were vocal supporters of user data privacy.  As of 2020, WhatsApp has over 2 billion users, the second largest user database after Facebook.

ALSO READ: 4 Useful And New WhatsApp Features That Released During The COVID-19 Lockdown 

But How is Whatsapp generating its revenue now since there are still no ads on display in the mobile app.  In a 2016 blogpost WhatsApp said “Starting this year, we will test tools that allow you to use WhatsApp to communicate with businesses and organizations that you want to hear from.  The goal is to have people communicate directly with their banks, airlines, etc. over the app, while the businesses pick up the bill previously paid through subscriptions.”  Facebook also uses the data from the user messages in WhatsApp to increase the reach of its ads on Facebook.  However, a user has the ability to turn off the settings which allow Whatsapp to share the data with Facebook.  According to a Forbes estimate, WhatsApp is generating a revenue of $ 5 billion at an average revenue of $4 per user.

Facebook is benefiting from Whatsapp by generating a huge wealth of consumer behavior data which inturn is being used to improve the ads on Facebook.  WhatsApp has a growing revenue stream because of the new users it keeps adding to its database and still has a lot of room to grow.

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How To Identify Your Target Audience

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How To Identify Your Target Audience

Startups are created when there is an existing problem which needs to be solved.  Startups often spend years in moulding and creating a product or a service which aims to address a need or a problem.  However, it can be easy to lose track of the end goal if the product or the service is not in the hands of the actual target audience.  Target audience is a group of people you want to reach with your publication, advertisement (ads) or a message.  For example ads related to non vegetarian food would not do any good if they are placed in areas with a high vegetarian population.  Ads related to high end cutting edge computers would not do any good if they are not placed in areas which have a high density of industries.  Simply put identifying a target audience will translate into sales for your product or service.

Target audiences can be identified by following three simple steps

1. Creating a customer profile:

The first step in identifying a target audience is to assign certain characteristic attributes to the audience which include

  • Age: What is the age demographic that is most likely to use your product or service.  This is important because customers across different age groups think differently, which would mean the marketing campaign needs to be tweaked accordingly.
  • Gender:  This is an important metric to be established because a product needs to be able to address these differences.  For example, it does not make sense for a male grooming product to be advertised to the female gender.
  • Spending Capability: The ability of a target audience to spend greatly affects marketing strategies.  People who are able to afford spending luxuriously respond well to marketing campaigns which stress luxury and exclusivity.  For example, OnePlus the mobile phone developer positioned itself as a flagship killer with the features of a flagship.  It was able to appeal to the middle class spectrum which in turn translated into a huge volume of sales.

Other key characteristics can include marital status, geographic location, hobbies, interests and many more.

ALSO READ: How To Ensure Team Meetings Are Productive During Work From Home Due To Lockdown

2. Conduct market research

A lot can be gleaned from conducting primary and secondary market research.  Primary research involves learning about customer buying habits through direct contact like surveys, interviews and focus groups.  This is why a lot of startups and businesses usually ask customers to answer survey questionnaires when they make a purchase. Secondary market research is a kind of a market research method that involves collecting information or data from secondary sources.  This means a business collects and uses information that has previously been collected by some other person or entity.   A simple example would be food delivery platforms like Swiggy and Zomato asking feedback about a recent food order.  The purpose of this is to curate a better restaurant selection experience for you when placing a new order.

3. Observing competition

It is safe to say that no product or a service would be a monopoly as new players will keep on emerging in the market.  It is always a good idea to know what your competitors are doing with their businesses. This would offer fresh insights related to your marketing strategy like what other offerings could be added to your portfolio, or how a marketing campaign can be changed to tailor the ever changing customer demands.  Analysing a competitor can lead to valuable modifications to your offering and yield new business.  An example here would be how Zomato acquired UberEats thereby making them the market leader in the food delivery industry in India.  Previously Swiggy used to rule the market by holding a majority share in the market.  Zomato realised that instead of putting in resources to penetrate the market, acquiring UberEats would give them the advantage.  Zomato now holds around 50% of the market in the food delivery business in India.

Target audiences will need to be reassessed periodically on a regular basis.  The customer profile needs to be refined regularly and the marketing campaign changed accordingly.  As the market trends keep constantly evolving, one can stay ahead of the curve by doing their due diligence in gathering market research data.  Start defining and understanding your target audience so that you can make the most of your precious time.

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How To Ensure Team Meetings Are Productive During Work From Home Due To Lockdown

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How To Ensure Team Meetings Are Productive During Work From Home Due To Lockdown

The entire world is currently battling its biggest threat so far, the Novel Coronavirus or COVID-19 virus.  Businesses and corporate organizations were totally unprepared for the lockdown of entire countries across the globe, which is a consequence of the COVID-19 virus.  The lockdowns were enforced as a desperate measure to curb the spread of the virus and give the healthcare infrastructure some amount of leeway to combat the virus.

However, companies and businesses adapted to the lockdown by enforcing a mandatory work from home option to ensure work stays on track.  Working from home means having to balance both personal and professional lives at the same place and this can often lead to frustrating situations.  Physical team meetings have now moved to virtual spaces where teams can catch up on targets and establish new targets.  But virtual team meetings can sometimes drag onto a long time which leads to the decrease in the productivity of the meetings and also a waste of time.

There are however ways to ensure the virtual meetings and conference calls to stay productive and also to finish them efficiently in minimal times.

Equip the team with the right technology and tools

More often than not team meetings see a wastage of time during the beginning of the meets when everyone is joining the meet.  Time is lost while checking for the quality of the video and audio and can often look disorganized.  It is important to use the right tools or apps which are light and easy to use.  Examples include Zoom, Google Meets and Hangouts or Microsoft Teams.  Equipping the team with the right tools means the managers and the team stay on the right page.

Being Prepared

It is important to spend some time before the meeting to prepare a list of questions and tasks that need to be addressed during the online meeting.  This simple task will not only ensure that you stay on track during the meeting but also lets you get into the right frame of mind for the meeting.  Any follow up questions can be compiled and can be asked in an email or in a one on one call.

Keep the time/time zones in mind

While scheduling a meeting, the time should be taken into consideration.  No one likes to have a meeting early in the morning because it is a normal time in a different timezone.  A meeting should be fixed so that everyone attending is comfortable which would in turn mean everyone would be able to participate efficiently.

Speaking over each other

While working remotely, one may not be able to see each other clearly either due to slow internet or bad hardware.  There can be video and audio lags as well which would mean you might not be able to know when someone is speaking which would mean two people are speaking at the same time making the situation a little awkward.  Therefore it is important to take a pause before speaking to check if someone else on the team is speaking.

Make the team meetings a regular part of the schedule

It is advisable to avoid ad hoc and impromptu meetings during remote working hours as it might disrupt an employee’s work flow.  Agreeing on a time and schedule for a team meeting will also send an important message that other people’s time is valuable.  Preparing for the meeting in advance also allows you to avoid potential connection issues.

As the large majority of the world is currently working from home, it would be safe to assume that a lot of roles would see the transition to remote work once lockdowns are lifted.  However for the moment, it is important to remember that time is valuable and following the above mentioned points will help in improving the productivity of virtual team meetings.

Also read: How To Onboard The Right Investor For Your Startup

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