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11 Entrepreneurial Skills Small Business Owners Need To Master

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The word ‘small’ in ‘small business’ doesn’t necessarily entail minor tasks and responsibilities, for everyone engaging in entrepreneurship knows that it’s not the size of the business that counts but the operations that help it thrive. That is why as a small business owner, you are already tasked from the get-go to make sure that you come well-prepared for the circumstances you’re bound to face.

11 Young Entrepreneur Council members kindly shared the key skills they believe every small business owner should have and practice to safeguard their success and continuous growth in the market, all of them listed below.

1. Basic Communication Skills 

Jared Polites of LaunchTeam believes that a lot of founders and leaders slip at a basic skill – communication. As a leader, one should know the difference between effectively communicating and simply relaying a message. To enable a collaborative culture, a leader must teach his team to be proactive, honest, and open. This should also extend to warmly welcoming feedback, listening to negative sentiments, and properly responding to acquired knowledge.

2. Emotional Intelligence 

Jared Weitz of United Capital Source Inc. takes high emotional intelligence as an edge for business owners. While more technical tasks are already automated by technology, one thing robots can’t take away from the manpower is their ability to feel. Whoever you’re bound to deal with in the business, it’s a vital and powerful skill to perceive their emotions and empathize with them. This also applies inwardly as your capability to manage your feelings will do wonders in your decision-making circumstances.

3. Leadership 

Dishan Javasinha of DG Studio strongly emphasizes the value of connecting a team through a solid, greater purpose that inspires and unites all individual purpose. He claims, “The strength of a leader could be measured by how many personalities get behind and believe in the purpose the leader puts forth.”

4. Proactivity

Richard Fong of Bliss Drive turns to proactivity instead of merely reacting to circumstances right when they are already taking place. While the lesson of working under pressure is deemed crucial to every business owner’s learning process, it would do the bigger picture a huge favor when you foresee possible hardships and work on what you need to surpass those at present. Plus, a head start is almost always a great advantage.

5. Delegation 

Matt Doyle from Excel Builders encourages first-time business owners to learn the importance of delegating duties as the business starts growing. Sure, leaders are known to shoulder the majority of tasks, but any human being can only do so much. This, however, doesn’t mean that you have to give your followers every duty at hand to spare your reputation the burden by saying you’re handling the ‘thinking’ part. Great leadership stems from scrutinizing your team well enough to know who is best at which job and giving them a platform to exercise their capabilities while still providing them opportunities to try out other tasks to channel growth. Your reach then lies in constantly training and assessing their skills so they could operate the business with you and not just for you.

6. Financial Literacy 

David Chen of GTIF Capital heavily advises every small business owner to thoroughly understand financial matters. The numbers you incur are hard facts about your business’ life, where it is now and where it’s headed. Scrutinize your numbers to maximize your cash flow and determine how to invest for your future. As Chen puts it, “Your business depends on it.”

7. Digital Marketing 

Sved Balkhi of WPBeginner puts confidence in one’s expansive understanding of digital marketing. As more people rely on the Internet for products and services, Balkhi draws attention to business owners’ firm knowledge of SEO, social media campaigns, online marketing, and more to be able to effectively lead a team that, too, is well-informed in drafting the best digital marketing strategies to grow the business.

8. Customer Service 

Thomas Griffin of OptinMonster counts on great customer service that is well-versed in dealing with irate customers and responding to negative reviews. Griffin believes that there’s more cost to incur in acquiring new customers than in keeping the existing ones.

9. Sales 

Kristin Kimberly Marquet of Marquet Media, LLC sees persuasion skills as a key factor in successfully operating a business. Your sales reach doesn’t only have to cover new clients, prospective customers, potential employees, profitable investors, and existing talents, for it also has to include your capacity to sell yourself to establish your credibility to your stakeholders.

10. Thought Leadership 

Daisy Jing from Banish describes a thought leader as someone who thinks outside the box, motivates, and willingly shares controversial ideas to others. She believes that to operate well, you must know how and when to bring innovation, motivation, and collaboration to the table whenever possible.

11. Self-Awareness Of Blind Spots 

Magnus Simonarson of Consultwebs realizes that the prime skill a business owner needs to sharpen and refine doesn’t have to be taught but uprooted from within. When the business owner knows his blind spots and can bravely seek help from those he believes knows better than him, he also prevents compounding inner issues that no technology nor app can solve for him.

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Amazon Alexa App’s Most Hilarious Responses

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The Amazon Alexa App is always ready to help, especially in the most boringly dreadful of days stuck in quarantine. It can add a little fun into your day with these funny questions, you can ask Alexa to get the most unexpected responses.

Open Air Horn

An air horn blasting from the speakers is one of the most annoying things to serve everyone living in your home. It is also quite funny if you’re thinking of pulling a random prank.

Funny Cat Facts

Whether you are a cat person or not, asking Alexa for amusing facts about your furry friends will certainly make your day. Otherwise, it just turns out to be a good 15-minutes of educating yourself on interesting things about cats.

Read Funny Haikus

You can also ask the Amazon Alexa App to read aloud funny haikus about the most random topics. It could range from short poems about the refrigerator to chicken nuggets—practically anything you could think of.

Blast Fart Sounds

It sounds quite immature, but what’s not amusing about fart sounds unexpectedly blasting from your home speakers? The best part is that Alexa gives a joke about farts before throwing in a fart noise. If it doesn’t make you laugh, it’s a reliable proof way to get the kids in the house in a great mood.

Ask Who’s the Worst Roommate

Tricky Alexa can choose the worst roommate based on a pre-made list. This feature can be enabled so you can poke fun of your roommates. The bonus is that this can quickly solve any of your debates about who’s the better roomie.

Open, My Friend, Gollum

Lord of the Rings fans would be thrilled about this fun trick. Gollum will give you a riddle you need to solve. Step it up a notch and make it a contest on whoever gets the most answers correctly.

Is It Happy Hour?

Get a laugh out of the Amazon Alexa App’s reply to the golden question: is it happy hour? Whatever hour of the day it is, she will definitely give you a hearty “Yes!”. You would be glad to know that Alexa supports your drinking decisions.

Ask RoastMaster for an Insult

If you ever find the need to fuel your comeback bank with some of the wittiest lines ever written, go ahead and ask Alexa. Not only will you roll on the floor laughing by yourself, but you can also use them on your social media pages or your friends!

Ask Shakespearean Insulter to Insult my Brother

What better way to drop a comeback than in a sophisticated, Shakesperean manner. Just ask Alexa, and she would gladly oblige, reading you the best and funniest Elizabethan-era insults you have ever heard. It will surely leave you and your family laughing.

Begin Pizza Toppings

Most days, we just don’t know what we want on our pizza, and that’s okay because Alexa has got you covered. You can ask her to suggest pizza toppings, and she will give you three non-conventional but ultimately fun add-ons to make your pizza extra interesting. 

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Business

How Traders are Capitalizing on Virtual Reality Goggles

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Bank trading is getting a tech twist. UBS is giving its London traders an opportunity to test out trading rooms by employing VR goggles from Microsoft.

Since the pandemic started, it goes without saying that corporations were not prepared, which in turn reduced the number of people reporting for work, and coming to banks. While the lockdowns have been lifted and some businesses are slowly opening, the risk of the COVID-19 cases spiking is not a threat to be taken likely, which is why banks like UBS have been looking into other ways to simulate a regular day in the bank.

Beatriz Martin, the chief executive of the UBS UK branch was the first to consider this idea and has suggested starting working groups to work on reimagining the trading floor and also set up screens on the trader’s desks alongside their coworkers to encourage collaboration. 

Some banks such as JPMorgan have attempted to bring their workers back to the office but have had to send some workers home after one of them tested positive for the coronavirus disease. 

Meanwhile, other banks such as Deutsche Bank have made returning to the office as voluntary to avoid the risk of spreading the virus around and that most workers can return to the office in the middle of 2021 when the virus has been contained. 

BlackRock’s chief executive Larry Fink does not expect 100% of the workers to return to the office with the current situation, which is why virtual reality tools would be helpful to aid productivity from the safety of their homes. 

How VR changes the system:

With COVID-19 as a threat, it’s only natural that people are warier about coming back to work in an office, which is why it’s convenient to incorporate virtual reality so that you can simulate a normal workday without risking your health, and the health of others. 

The good thing is that there are multiple companies that specialize in virtual reality, which means you have options to choose from, which works for you. Microsoft launched HoloLens in 2015, and while it was initially perceived to be a gaming device, with their headphones at a price of $3000 upwards, it has since been considered by companies to be a tool for communication.

The first bank to consider using HoloLens for their trading business was Citigroup, in 2016, they developed the Citi system which combined financial data with 3D holograms. While they were looking into making the graphics in a way where clients could interact with the data, Citigroup decided against using the headphones because they felt it was too limited in terms of battery life, display size, and processing function.

Banks are an essential business, and staying afloat is one of the most important things they should focus on when it comes to the pandemic, which is why implementing virtual reality is a good move to replicate trading rooms for bank traders and their current investor clients. 

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Business

12-Year-Old Named CEO for E-Commerce Business

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Most 12-year old kids are busy studying for school, playing videogames, or running around a basketball field. For 12-year old Ojas Batra from Agra, however, he is busy building an empire. At a young age of 12-years old, Batra decided to develop his own company.

e-commerce 2.jpeg

Getting to Know Ojas Batra

His business idea stemmed back in January 2020 when he noticed that there are a lot of young children who cannot afford quality education. His concept involves drop shipping or a streamlined retail business where sellers accept orders from clients but do not keep the sold goods in their stock. He developed his entrepreneurial mindset when he noticed that formal types of education, usually in a classroom setting, do not provide for the needed skills and toolsets that pupils need.

He decided to formally drop out of school to pursue his passion for business. He also chose to understand and learn new skills relevant to his company, such as content writing, game development, graphic design, marketing, and the like. With all of these new skills under his tool belt, he can make an impact not just on the business world, but also to the community. 

The Hive: E-Commerce Business Foundation

Batra served as an intern for several tech companies and business industries that served well for his financial acumen and entrepreneurial skills. He Founded the Hive Group, which is comprised of three successful companies:

  • Teen Hive is a company whose main objective is to increase a typical teenager’s wellness. Since adolescence is a delicate period brought about by many changes (physically and emotionally), Batra being a teenager himself, decided to provide much-needed support for teenagers. This support includes finding appropriate sources of education, support for mental health, career, and skill development.
  • Skill Hive offers low-cost short-term classes offered to anyone – from young kids to senior citizens! It provides a wide array of short-term courses that people can specialize in, in the future.
  • The third company, called the Talent Hive, is still a work in progress! Knowing how the first 2 companies boomed, we do not doubt that the Talent Hive will follow suit in becoming a huge success.

What’s Next?

With the success of the Hive Group, what’s next for our teen entrepreneur? Right now, Batra is currently publishing a book entitled “Teenage AF.” The book is a semi-anecdotal of Batra’s life. It also tackles critical societal issues, such as the erroneous parts of the current educational system. It also includes how to live a teenager’s life in a changing world, including having more profound thoughts about acquiring specific skillsets to help individuals find their passion and meaning for their lives. 

Indeed, Batra is an inspiration to many people – young and old alike. His work through the Hive Group of Companies is a testament that age is just a number. With passion, grit, and a purpose to help others, anything is possible.

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