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Five Distinct Mindsets of an Entrepreneur

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I have written in this column before about whether entrepreneurs are made or born (January 18). As I noted in that column, the issue is no longer the subject of debate. Entrepreneurs can be made, that much is clear. Unfortunately, the culmination of that debate begs a new question: What do aspiring entrepreneurs need to learn?

The most fruitful research into this question has identified a number of cognitive skills that “expert entrepreneurs” possess. Cognitive skills are, in short, unique ways of thinking. Entrepreneurs who have been examined to reveal the cognitive skills they possess are usually NOT able to articulate them. They are aware that they’ve developed capabilities to convert disparate resources into profitable opportunities, but they can’t exactly say how they do it.

Research has identified distinct patterns in the thought processes in an exceedingly diverse set of entrepreneurs. Scholars have translated these patterns into terms that can be used by people who teach entrepreneurship and, more importantly, those who practice it.

In another field of study, Harvard psychologist Howard Gardner wrote a book titled “Five Minds for the Future”. The rationale for Gardner’s work is that: “One cannot even begin to develop an educational system unless one has in mind the knowledge and skills that one values, and the kinds of individuals one hopes will emerge at the end”. His book focuses on the five “mindsets” that he believes essential to general education: the disciplined mind, the synthesizing mind, the creative mind, the ethical mind, and the responsible mind.

While Gardner’s minds are debatable, his perspective that the way people think largely defines who they become is instructive. In light of his work, it seems natural to wonder whether it is possible to identify five specific “mindsets” that are important to entrepreneurial success. My own research has identified five such mindsets: the opportunity recognizing mind, the designing mind, the risk managing mind, the resilient mind, and the effectuating mind.

The opportunity recognizing mind is cultivated by identifying “pain points” in industry-specific value chains. Expert entrepreneurs rapidly go from spotting a pain point to analyzing the size of the market opportunity. Aspiring entrepreneurs, in contrast, are more likely to extrapolate from limited experience, and they tend to neglect analyzing the SIZE of the opportunity.

The designing mind has learned how to create repeatable production processes that consistently create valuable output for an identified market. In fact, one of the main differentiators between entrepreneurship and small business is the entrepreneur designs and develops of production processes that do not require his or her constant attention. Small business owners generally enjoy working in their business. Entrepreneurs prefer the design approach of working on their business.

Risk management is a too-often overlooked element of entrepreneurial expertise. A common belief is that entrepreneurs are risk takers. In reality, entrepreneurs have learned to be highly effective risk minimizers. Where others see intolerable risk, the expert entrepreneur has learned to reduce the risk to an acceptable level. For example, expert entrepreneurs operate according to the “principle of affordable loss” when launching a new venture. They don’t risk more than they can afford to lose.

The resilient mind is simply the ability to bounce back from the inevitable failures and setbacks that all entrepreneurs encounter. Expert entrepreneurs have learned to distinguish their business failures from personal failure. Without question they still experience disappointment and frustration, but they don’t turn their negative emotions inward. They view their business experiences objectively, and they strive to learn as much or more from their failures than they do from their successes.

Finally, the effectuating mind is simply the ability realistically to assess one’s talents, situation, and prospects. Any particular entrepreneurial opportunity could be pursued by anyone, but not everyone can pursue each opportunity. Some people simply will be better prepared to capitalize on an opportunity than others. This may be due to their life history, family circumstances, genetic gifts, or other factors. Expert entrepreneurs have learned honestly to assess their own unique talents and to leverage them in pursuit of opportunity. They do not care that others may be better suited to pursue other, potentially more lucrative, opportunities.

The five mindsets entrepreneurial expertise are targets for lifelong learning and development. No matter your current level of expertise in any of these mindsets it is likely that you have room for improvement. If you deliberately practice and develop skills in these specific mindsets over time, the chances for your entrepreneurial success inexorably will improve.

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Source by Dr. Thomas Duening

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January 22, 2020
Importance Of Cash Control

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Cash is a vital component of any profit-generating organization. An organization’s assets generate revenue, which in turn generates cash inflows. These cash inflows are used for several purposes: to pay creditors, compensate employees, reward shareholders, provide asset replacement, and provide for growth.

Cash is unique because it’s the single asset that is readily convertible into any other type of asset. Therefore, it’s also the most widely desired asset. However, cash is also the asset that is most susceptible to fraud and abuse. Therefore, management has to ensure that adequate controls and safeguards are in place to eliminate any unauthorized transactions with cash.

Fortunately, there are ways management can safeguard the cash generated by its organization. Each of the following methods will help an organization prevent losses due to human error or theft:

o Monthly bank reconciliation

o Segregation of duties over cash handling

o Accountability for cash shortages

o Authorized cash disbursement

o Internal audits

Monthly Bank Reconciliation. Monthly bank reconciliation will help ensure that the amount of cash generated by an organization is consistent with bank records. In addition, an independent review of the reconciliation by management will provide an additional safeguard. Independent verification of bank reconciliation acts as a check to make sure the reconciliation was done properly and ensures there is no abuse of the organization’s cash.

Segregation of Duties Over Cash Handling. Every organization must make sure that there is adequate segregation of duties over cash handling. Separating the duties of cash receipts and disbursements prevents an individual from committing and concealing embezzlement.

Accountability for Cash Shortages. Management should hold supervisors accountable for cash shortages. If supervisors know that they’ll be held accountable for a cash shortage, they’ll be motivated to keep a close eye on how cash is used within their departments.

Authorized Cash Disbursement. Management should allow cash to be disbursed only through checks issued by authorized signers, which will provide a method for tracking cash usage. In addition, your organization should require signatures on all checks in order for them to be valid.

Internal Audits. Every organization should arrange to have internal audits conducted on a regular basis. Whether the auditors come from an internal audit staff or an outside auditing firm, auditing an organization’s accounting system can identify how effective and accurate the operation is and whether or not any improvements need to be made.

ESTABLISHING A QUICKBOOKS CONTROL ENVIRONMENT

QuickBooks allows more than one user to access company files. (Conceptually, an unlimited number of users may have access to the company’s data files, but only five users may work with the data at the same time.) When multiple users will have access to the company’s QuickBooks data files, it generally is necessary to create a control environment that protects the data from unauthorized use. For example, some users may not need access to sensitive payroll data, while others may not need access to accounts receivable and sales information.

One of the best ways to prevent errors when posting transactions in QuickBooks is to limit access to specified users. If passwords and access permissions are not assigned, users have unlimited access to all areas in QuickBooks. When setting up QuickBooks, one user should be designated as the QuickBooks Administrator.

The QuickBooks Administrator has unlimited access to all areas of QuickBooks and assigns passwords and access permissions to other users. The name and password for the QuickBooks Administrator can be set up by selecting “Set Up Users” from the “Company” menu. The QuickBooks Administrator must be set up before any other users can be set up. Although QuickBooks does not require the use of passwords, the QuickBooks Administrator should set up and use a password since anyone logging in to the company’s QuickBooks files as the administrator has full access to all areas in QuickBooks. After setting up a name and password, the QuickBooks Administrator should click the “Closing Date” button in the “User List” window and enter the date through which books are closed in the “Accounting” preferences dialog box. The administrator can also password-protect the closing date (requires single-user mode). When this feature is enabled, QuickBooks requires users to enter the password before they can make changes to periods that have been closed.

The QuickBooks Administrator is the only user who can:

o Set up other users.

o Change other users’ access permissions.

o Set up a company file using the “EasyStep Interview.”

o Change company information (such as company name, address, fiscal year, tax year, tax form, and federal identification number).

o Change company preferences.

o Condense data.

o Import and export data.

o Apply for QuickBooks Merchant Account Services.

Note: Since the QuickBooks Administrator has the ability to password-protect the entire company’s files, has access to all accounting functions, and assigns access to all other users, the company should carefully consider whom to select as administrator. The person selected should have an understanding of the importance of this position on the internal control of the company. Some companies designate the controller or Chief Financial Officer as the QuickBooks Administrator because those individuals normally do not have direct interaction with the software.

The QuickBooks Administrator can set up additional users and specify the areas to which each person has access. To do so, select “Company” from the menu bar and “Set Up Users.” Then click the “Add User” button in the “User List” window. Assign a user name and password for the new user. Even though QuickBooks does not require the use of passwords, each user should be set up with a password that must be used when logging in to the company’s QuickBooks file. (An unlimited number of users can be added, but only five can have access to the company’s data file at the same time.)

After setting up the user name and password, the administrator then specifies whether the user will have access to selected areas of QuickBooks or all areas of QuickBooks. The user should not be given access to all areas of QuickBooks since that permission essentially establishes a second administrator allowing users to access the following:

o Sales and accounts receivable.

o Purchases and accounts payable.

o Checking and credit cards.

o Inventory.

o Time tracking.

o Payroll and employees.

o Sensitive accounting activities such as bank transfers, general journal entries, and online banking.

o Sensitive financial reports.

o Changing or deleting transactions.

o Changing closed transactions.

Note: Even if users need access to most of the preceding areas, they should not be allowed to change closed transactions.

Rather than giving users access to all areas of QuickBooks, the QuickBooks Administrator should give users access to selected areas. In that case, the QuickBooks Administrator specifies whether the user should be given no access, full access, or selective access to each individual area listed in the preceding paragraph. If the user is given selective access in a particular area, the QuickBooks Administrator also must specify whether the user can (a) create transactions only, (b) create and print transactions and forms, or (c) create transactions and create reports.

Sensitive Accounting Activities. Users generally should not be given access to sensitive accounting activities. Such activities include:

o Maintaining the chart of accounts.

o Working in the account register for balance sheet accounts.

o Reconciling accounts.

o Making journal entries.

o Using the “Accountant’s Review.”

o Transferring funds between accounts.

o Using online banking.

o Creating budgets.

o Printing registers.

o Condensing data.

Even if users are given full or selective access to sensitive accounting activities, they cannot create financial reports (with the exception of the “Payroll Report”) or change or delete previously recorded transactions. Those permissions must be assigned separately, as discussed in the following paragraphs. The QuickBooks Administrator generally should be the only user with access to sensitive accounting activities.

Sensitive Financial Reports. Users generally should not be given access to sensitive financial reports (such as the balance sheet, profit and loss reports, budget reports, cash flow reports, income tax reports, and audit trail reports). That access allows users to create all reports and graphs available in QuickBooks. However, even users with access to reports cannot change or delete transactions included in the reports. That permission must be assigned separately, as discussed in the following paragraph. The QuickBooks Administrator generally should be the only user with access to sensitive financial reports.

Changing and Deleting Transactions. Even if QuickBooks users have full access in a particular area, they cannot change or delete transactions in that area unless they are given that permission in the “Changing or Deleting Transactions” window. For example, a user with full access in the sales and accounts receivable area cannot change invoices or sales receipts unless they are given permission to change or delete transactions. However, even if users do not have permission to change or delete transactions, they can change or delete transactions they entered in the current QuickBooks session so that quickly identified data entry errors can be corrected. Users that are given permission to change or delete transactions can alter transactions only in areas in which they have access. For example, users that have access to the inventory area but not to the payroll area cannot alter payroll transactions even if they have permission to change or delete transactions. The QuickBooks Administrator generally should be the only user with permission to change or delete historical transactions.

If a user is given permission to change or delete transactions in areas in which they have access, the “Changing or Deleting Transactions” window also asks whether the user should be able to change or delete transactions recorded before the closing date. The QuickBooks Administrator always should deny users access to such transactions by selecting “No” in response to that question. Even when “No” is selected, users can view prior-period transactions in QuickBooks areas to which they have access. If “Yes” is selected and the administrator sets a password, the user will be required to enter the password.

Viewing Data. QuickBooks allows the QuickBooks Administrator to limit a user’s access to creating sensitive financial reports or creating and printing sensitive reports. Companies can use this feature to allow the Controller, Chief Financial Officer, or another person independent of the accounting function the ability to oversee the accounting operations. Because many companies frequently have small accounting staffs, this increased oversight can mitigate some of the risk to the system of internal control created by having limited segregation of duties.

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Source by Leigh Ann

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January 22, 2020
Vagus Nerve Stimulation Therapy Can Eliminate Drug Cravings, Finds Study

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Addiction to any substance can make the life of an individual topsy-turvy. From spending a fortune to deceiving own family, a person addicted to illegal substances can go to any extent. But how does addiction force someone to put so much at stake and then lose all? There are several factors at play when it comes to dealing with the growing problem of addiction.

Cravings are a serious issue that torment numerous people fighting drug addiction, especially when they try to come off the addictive substance. Ironically, many people would have successfully attained long-term sobriety if cravings did not crop up with addiction. Apart from being considered as the major obstacles in recovery treatment, cravings are also the root cause of relapse.

A complete recovery from addiction happens only when a person is free from cravings. Living a drug-free life without the need for constant monitoring against drug cravings can be difficult for a recovering individual, but a recent study published in the journal Learning and Memory has suggested that drug cravings can be effectively treated with vagus nerve stimulation (VNS) therapy. Under the therapy, the patients are taught new behaviors that replace their old addictive behavior of seeking drugs.

Role of VNS in addiction recovery

In the University of Texas at Dallas study, the researchers revealed that the VNS therapy helped patients to recover from the maladaptive behavior of drug taking. VNS is basically a surgical process wherein a device is implanted to a wire threaded along the vagus nerve, which travels up from the neck to the brain and connects with the area responsible for regulating mood. Sized as small as a silver dollar, the device works just like a pacemaker. It primarily works by sending a slight electric pulses through the vagus nerve, which further reaches to the brain, thereby controlling the cravings and urges.

The methodology is approved by the U.S. Food and Drug Administration (FDA) and is considered as a potential treatment for treatment-resistant depression, post-traumatic stress disorder (PTSD) and paralysis. The study further highlighted that VNS facilitates “extinction learning” of drug-seeking behaviors by reducing cravings and replacing the behavior associated with addiction with new ones. “Extinction of fearful memories and extinction of drug-seeking memories relies on the same substrate in the brain. In our experiments, VNS facilitates both the extinction learning and reduces the relapse response as well,” said Dr. Sven Kroener of the University of Texas at Dallas.

Drug-free life is possible

Though addictive substances succeed in temporarily alleviating emotional and physical pains of drug abusers, they have to eventually cope with the painful symptoms of substance abuse. Besides developing a number of physical and mental problems, many of these individuals also become self-destructive and suicidal in nature.

Addiction to any substance can be life-threatening. Only a comprehensive treatment program involving detoxification, medications, psychotherapies and other experiential therapies like yoga, meditation etc. can help an individual get sober. Moreover, a holistic recovery management plan is equally important to sustain the period of sobriety and manage cravings. However, the extent to which health care practitioners can garner results in the treatment for drug addiction is dependent on the clinical characteristics of the patients that may vary according to the type of drug being abused as well as its quantity, duration and the method of using the drug (oral or intravenous).

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Source by Barbara Odozi

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January 22, 2020
Holistic Approach For Faster and Better Healing – What Does It Include?

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The Merriam-Webster dictionary defines the word holistic as follows:

“relating to or concerned with complete systems rather than with individual parts”

This term – holistic is used a lot these days in terms of healing and curing diseases/ailments. Looking at the definition, this seems to be an obvious route to rightful healing any particular ailment or disease.

Diet

When we visit a doctor looking for curing some of our physical issues, he/she will give us some medicine/drug. These days, doctors also prescribe dietary recommendations to follow for faster recovery. Why do they do it? Is the medicine alone not enough? You will say, there is an obvious reason. The medicine will fight against the undesired elements in the body and diet will help build strength at the same time normalizing the function and thereby facilitating the healing process, right? If there is such a holistic approach, the healing is better and faster.

Stress

It is very commonly understood that stress makes any ailment or disease worse. Therefore, stress management along with medicine and diet further accelerates the healing process. One might watch comedy movies, read positive books, stay in positive company, or take a walk in park, play some sport or exercise for eliminating stress and thereby helping the healing.

The Energy Body

The Energy Body interpenetrates the physical body and extends beyond it by a few inches. This is one another aspect that healing professionals are also looking into for a much more holistic approach. The energy body is also seen affected by various clairvoyants and the effect of working on energy body is manifested on physical body sometimes immediately and sometimes with a time-lag depending on various factors.

Working on energy body alone does not seem to be a holistic approach either, although, there are many who are trying to do it. Just like traditional medicine is supported by diet and stress management, the energy healing/medicine can also receive equivalent support from traditional medicine, diet and stress management. It is ideal to do all four

Counselling (Emotional Body)

Another aspect that is also very important is our emotions and our will power. This is a deeper and very important aspect of healing that is mostly ignored. Are we emotionally and mentally ready to get healed? Sometimes medicines do not work, diet does not work, energy healing does not work. One of the reasons is our willingness to heal which is influenced to some extent by our emotions. One should also consider taking counselling sessions with the therapist, or with someone else or sometimes talking to ones own self also does wonders. The holistic approach should definitely include this aspect of healing as well.

It will be great to know if any of the aspects are missed and comments on the description mentioned in the article. Feel free to share your thoughts by comments or email.

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Source by Nazia Hirani

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January 17, 2020
The Single Sales Principle and The 8 Myths of Selling

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The Single Sales Principle states that:

‘People buy when a compelling need is met by a credible solution that offers perceived value’.

Simple. Too simple? Well, as Jim Collins claims in his book Good to Great, “Freud, Darwin and Einstein all had one thing in common. They took a complex world and simplified it.” And Single Principled Salespeople do just that. They understand that selling doesn’t have to be complicated. They simply make it easy for a customer to buy.

It’s one of the two things they have in common. They are customer centric, not sales centric.

The other thing that Single Principled Salespeople have in common is that they never follow the 8 myths of selling. Simply never.

The 8 myths of selling were taught by well-meaning sales managers, eager to pass on the wisdom and knowledge that their sales managers had passed on to them. Like a cult, however, no one had questioned whether they were true. The 8 myths may have worked in their day, but they simply do not work today.

Do you remember how you felt when you discovered there wasn’t really a Santa Claus? I remember it well. It was the 12th December 1971 and my (so called) best friend Johnny Harrison broke the fateful news to me over a Curly Wurly. I felt like I had been had. You don’t question what you are told as a kid; you just believe it to be true.

Well, that was also the way I felt the day that I discovered that everything that I had been taught up to that point in sales was a complete lie; all myths. They were theories that had no substance in the modern world.

Walk onto most sales floors and you’ll see the 8 myths of selling proudly displayed on the wall (probably next to the target and the ‘Inspiration’ poster):

“Attitude Sets Altitude”

“People Buy People”

“Always Be Closing”

“Customers Like to Talk about Themselves”

“It’s a Numbers Game”

“Sell the Sizzle not the Sausage”

“Money Talks”

“Fail to Plan, Plan to Fail”

Be honest, you believe in at least half of the 8 myths yourself, don’t you? You are not alone.

Most salespeople will quote them as the ‘sales gospel’. Suggest that they are myths and they will think you have gone mad.

On the surface the 8 myths look perfectly reasonable. In fact, set inside a picture frame, each one looks positively motivating. And I am sure they made a lot of sense, at the time. But things change. And so has selling.

Myth 1: Always Be Closing

If you need to use closing techniques to get a sale, you clearly haven’t demonstrated that your product meets their needs. Rather than force the customer into a decision they will regret, simply go back to where you lost them in the buying process, and start again from there. If you apply the Single Sales Principle® you don’t need to close… the customer should be asking you to buy.

Myth 2: Attitude sets Altitude

Abraham Lincoln asked the question: “How many legs does a dog have if you call the tail a leg? Four. Calling a tail a leg doesn’t make it a leg”. No amount of looking in the mirror and telling yourself ‘you’re a tiger’ will work if you don’t believe in your product.

The better the value proposition, the better the attitude of a salesperson. Single Principled Salespeople ensure that they have a deep, genuine belief in their value proposition.

Myth 3: People Buy People

People buy when the product/service cost-effectively meets the customer’s needs. No amount of schmoozing with a client will make up for a poor product match.

Being personable is, of course, important in sales. But isn’t it important in all vocations? Friendly plumbers are more pleasant to deal with than unfriendly plumbers. Friendly bus drivers are more pleasant to deal with than unfriendly bus drivers. Friendly lawyers are more pleasant to deal with than unfriendly lawyers (unless they’re on your team of course!) Ken Hubbard, the American writer said “Beauty is only skin deep, but it’s a valuable asset if you’re poor or haven’t any common sense!”

In the good old/bad old days, salespeople would use their charm (‘beauty’) to cover up for this lack of a credible solution (‘common sense’). Today’s professional buyer can see through that. It’s what is underneath that counts most.

Myth 4: Customers Like to Talk about Themselves

We have sat on thousands of sales calls. Some were good. Some were bad. And some were downright ugly. The bad ones were those where the salesperson doesn’t ask any questions at all. They launch into their features and benefits without any consideration for what the buyer may actually needed.

And then there were the ugly calls. The salesperson knew that they had to conduct a fact find, and gain as much information about the customer as possible. So they launched into a ‘Spanish inquisition’, asking a list of meaningless questions that did nothing but bore the customer.

Yes, there is a certain amount of information that needs to be identified in a sales intervention, as without it it is difficult to make a recommendation and know whether the opportunity is worth fighting for. But this is all for your benefit, not theirs. Needs make sales, not customer biographies.

Myth 5: It’s a Numbers Game

Average salespeople get a long way by putting in long hours and running around contacting a lot of people. They then submit ‘phantom forecasts’; over-optimistic sales projections based on a pipeline of proposals that never convert into actual business. This is because the needs identified in the sales call were not compelling needs.

Just having a need doesn’t mean that the customer will act upon it. Many of the deals on a salesperson’s pipeline remain unclosed because the customer keeps procrastinating over the decision. Playing the numbers game doesn’t help them deliver more sales. It just creates more work for themselves and everyone around them.

The Single Principled Salesperson ensures that the needs are compelling prior to presenting the solution. Why? Because only then are they assured that the customer will be motivated into action.

Myth 6: Sell the Sizzle, not the Sausage

We love the concept of making presentations sizzle. Our issue with the myth of ‘selling the sizzle’ is with how salespeople think that they can bamboozle a customer with fancy presentations that are high on show but low on substance.

At first sight, ‘selling the sizzle’ seems to make perfect sense. The sausage sizzling away on a griddle is much more likely to sell than an uncooked sausage sitting in the fridge. But this is because the sizzle fired up your senses bringing attention to the fact that you are hungry. The sizzle satisfied your compelling need.

Ever smelt a sizzling sausage when you have food poisoning? It would probably make you feel even worse. This is because this time your need isn’t hunger. In fact, food is the last thing you need.

Myth 7: Money Talks

Listen to buyers and you’d think that they really do believe that money talks. Buyers are a brutal species, taking sheer delight in making a salesperson sweat on price. They trick them into thinking it is all about cost, and if the salesperson doesn’t drop their price they will find a supplier who will. Indeed, some buyers actually believe in this hype themselves.

But customers actually want value, not the cheapest price. If people wanted cheap we would all be driving around in 10-year-old cars and shopping in charity shops. Products are only perceived as expensive if the value is not appreciated by the customer. You’ll never lose a deal on price, only on value.

Myth 8: Fail to Plan, Plan to Fail

Salespeople tend to fall into two camps: those who plan too much and those who hardly plan at all.

Those who plan too much tend to be ‘busy fools,’ i.e. running around doing very little. When we go out with these salespeople on calls they show us all the planning they have done: a tour of the client’s website; the previous history; a list of questions they are going to ask; competitor information etc. The problem is they don’t even refer to it.

The second type are those salespeople who do very little planning. Indeed, most salespeople fall into this category. You may be surprised to learn that so do Single Principled Salespeople.

“Hooray!” I hear the cry from the sales community at large. “What? No need to plan?” Not quite!

Peter Drucker, the management guru, defined the difference between ‘effectiveness’ and ‘efficiency’ as being:

“Efficiency is doing things right; Effectiveness is doing the right things.”

Single Principled Salespeople are effective because they identify the right things to do. It’s why they often work fewer hours than the average performers.

The cartoonist, Doug Larson, said on time management, “For disappearing acts, it’s hard to beat what happens to the eight hours supposedly left after eight of sleep and eight of work.” I think we can all empathise with this sentiment. Life is too short to be planning for the sake of it.

The 8 Myths of Selling Summary

Winston Churchill said “Out of intense complexities, simplicities emerge.” Selling has become a complicated business. But it doesn’t have to be. Simple is good.

And that’s why great sales people follow the Single Sales Principle®. By focussing on matching compelling needs with credible solutions that offer perceived value you will succeed in selling. We guarantee it. Follow the 8 myths and you will become frustrated and disillusioned with our wonderful profession.

Original article written by Mark Blackmore (MD of Lammore)

For more information on the ‘Single Sales Principle’ sales training programme contact:

Ben Thompson

ben.thompson@lammore.com

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Source by Ben Charles Thompson

Views: 0

January 16, 2020
How to Win Consistently at Trading Forex

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Trading Forex is a fantastic career or hobby, but unless you are winning consistently then it can be a short lived career or an expensive hobby. The elation of a win is often followed by several losses if you don’t have a serious approach to your money management strategy and control of your emotions. In this article we are going to establish a money management and psychological strategy that will help you win consistently at trading Forex.

First of all let us look at the trade settings themselves. Now this article is not to define a winning strategy; but to show you that even a strategy that only wins 50% of the time can make consistent returns. You may already have a winning strategy but poor money and psychological management.

It is important to aim for a 3:1 risk reward ratio. In simple terms; you need to look for trades that can offer you 3 times the return of the potential loss. If you adopt this approach then you only need to win 50% of the time because your wins out way the losses by 3 times. Once you master this rule you are well on your way to a winning strategy.

Research your trades well and do not jump into the markets without doing your analysis whether that is fundamental or technical. If you can stick to these rules then you are half way to winning the psychological battle as well.

The biggest issue traders face is getting into trades too early because they think they are going to miss the trade or too late because they were scared to pull the trigger. Leaving a trade too early because they believe it is about to turn against them, only to later watch it hit their, would be, take profit level. Or, equally as common, they let the trade run and run expecting more and more profit only to let all the profit get sucked away in a reversal. There is an old saying amongst successful traders “plan your trade and trade your plan. That is exactly what you should do.

Don not let your emotions let you take profit early if that was not your original plan. Make sure you plan for the trade turning before your profit level and have a preset plan to take profit. A solid plan is to take profit if the trade has reached 90% of the target and is showing signs of reversal. If you have your stop loss set correctly from your original analysis do not extend it as you are compromising your 3:1 risk reward ratio. Keeping these rules in min is the first step to winning consistently at Forex trading.

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Source by Adam Woods

Views: 0

January 15, 2020
Myth of "An Internal Customer"

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Honestly is there an internal customer? The term “Internal Customer” has been so over used that it has become a cliche, losing it’s original meaning. The term Internal Customer was originally used in the field of Management Science (MS). However it was later popularized by Joseph Juran, the management consultant known for his dedication towards quality management in companies, especially factories.

The initial use of the term Internal customers was meant to refer to ‘users’. This user refers to people who will utilize the output of another department or unit. Thus the term internal and external customer was born. External customer refers to customer/consumers outside the company who are users of the product/services of the company and internal customer refers to user of the product/services of another department/unit. The use was purely for technical differentiation.

However the term was later extended to reflect management styles, teamwork, interdepartmental communication etc. The extension went beyond technical relationships between departments and individuals in the company (known as the hard areas) to include the soft areas of attitude, experience, teamwork etc. This is when you will find bosses promoting teamwork by asking the employees to view and treat another department like their own customer. What seem shocking is that even trainers and consultant preach this gospel when they themselves cannot treat their own receptionist or account’s clerk like a customer.

The thing is that first we need to be truly honest with ourselves and answer this question: “Can I see and treat the accounts department or the purchasing, marketing, IT, technical support; as our own customer?” And that means you work to give the other department your best, take all of their nonsense and pacify yourself by saying with a smile: “Oh well… they are after all my customers.”

The problem lies with the word – Customer. The very word suggests to our mind that it is business transaction, money and that there is a direct monetary benefit that will come out of this transaction. These things are not that apparent when we deal with another department (at least not as direct as with real customers). So why are we swimming against the current to beat the hell out of our team to get them to except the other colleagues as customers. Let’s face the fact… it is not going to happen. The other department may be your internal customer from Juran’s standpoint of management science. But they are definitely not customers from the standpoint of our interaction and operation on a daily basis. Internal Customer is a Myth.

The answer is Partner. Instead of beating on the workforce to accept the idea of internal customer (which the brain tickles itself every time you hear it); why don’t use a term that our psychology and conscience would accept. Partner is a much more acceptable term.

In sales and customer service, we talk about maturing the seller-buyer relationship. This maturing process consumer-to-partner starts from a Consumer to a Customer to a Client and then a Partner. When a person buys something from us through a third party or a middleman, they are consumers to us. When they buy it from us, they become our customer. A client refers to a relationship where the seller acts as an advisor. This could be when the product or service requires guidance or follow up. Such examples would be like an attorney, wellness centres, fitness instructor and to some extent even real estate agents. The third stage is called the Partner. This is when the buyer and seller have formed a powerful bond that is glued by trust, transparency, mutual respect and an interest in each other’s success. We are talking about a powerful relationship that is productive to both.

The situation with a work team is that by default they are in a situation of partners. The systems, processes and daily activities are all centred around a partnership-like relationship rather than a customer relationship. So why would we want to ‘de-mature’ (if that term makes us understand) that relationship to a customer-vendor relationship. Taking a customer situation, you would probably call one of your customer Mr Goldwin or Ms Johnson in the earlier meetings. But in a partnership relationship, you would conveniently refer to them with their first name. Wouldn’t it look weird for a person who calls someone Tim all the while to one day call him Mr Goldwin?

While I am not saying that you will call your colleagues by their surname in an internal customer situation; the weirdness of treating a colleague as a ‘customer’ is as absurd as that. So the better alternative would be to motivate the team to accept one another as partners. This can be done by building the trust in the team, practicing a sense of openness at the leadership level, making everyone in the team feel special for their contribution and showing how their personal successes depend on the team’s successes. Team members are not internal customers but Partners. Lets be honest with ourselves.

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Source by Jegatheeswaran Manoharan

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January 15, 2020
Creativity and Entrepreneurship

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We will commence our assignment with a discussion of sources of new ideas. We will then examine methods of generating ideas, creative problem solving, the product planning and development process, and then e-commerce. We will then generate several new ideas using brain writing, the checklist method, and free association. We will apply the product development stage to our new ideas and end our discussion with two alternatives to e-commerce.

Sources of new ideas include consumers, existing products and services, distribution channels and even the Federal Government (Hisrich, 2008). The files of the patent office are full of new ideas and new product ideas can form as a result of government regulations. Research and development is the largest source of new ideas and can occur in a formal lab or in a garage or basement.

Many methods can be use to generate new ideas. In focus groups, a moderator leads a group of people through open, in-depth discussions. These groups generally consist of eight to fourteen participants. They are stimulated by comments from other group members in creatively conceptualizing and developing a new product idea to fill a market need. Focus groups are also an excellent way to screen ideas and concepts. Problem inventory analysis is another great method of generating new ideas. It uses individuals in a manner that is similar to that of focus groups. Consumers are provided with a list of problems in a general product category and are then asked to identify and discuss products in this category that have the particular problem. This method should be used primarily to identify product ideas for further evaluation.

Creative problem solving takes the generation of new ideas to a higher level. Brainstorming allows people to be stimulated to greater creativity by meeting with others and participating in organized group experiences. Rules include the following:

a) Criticism not allowed

b) Freewheeling is encouraged

c) Quantity of ideas is desired

d) Encourage combinations and improvements of ideas

Brainstorming should be fun and not contain any domination or inhibition of discussion. It is highly effective in groups of six to twelve individuals and can generate ideas about a problem within a limited time frame through the spontaneous contributions of participants. Reverse brainstorming offers a different perspective as it is similar to brainstorming, except criticism is allowed. It is based on finding fault by asking in how many ways an idea can fail. The focus is on the negative aspects of a product, service, or idea. One must be careful to maintain group's morale though. Reverse brainstorming can be used prior to other forms of creative techniques to stimulate innovative thinking and involves the identification of everything wrong with an idea. It is usually worthwhile since is easier for people to be critical about an idea instead of coming up with a new one.

Brainwriting is a form of written brainstorming and gives participants more time to think than brainstorming. It is silent and each group member writes down three ideas within five minutes. A form is passed around to all participants while a leader monitors time intervals and can even modify them. The Gordon method is another method of creative problem solving and begins with group members not knowing the exact nature of a problem. This ensures that a solution is not clouded by preconceived ideas and behavioral problems. A general concept associated with the problem is mentioned and the group then expresses a number of ideas. A concept is then developed and related concepts are developed. Finally, the actual problem is revealed.

The checklist method involves the development of a new idea through a list of related issues or suggestions. The following questions demonstrate how the checklist method is used:

ii.Put to other uses? New ways to use as-is?

iii.Adapt? What else like this? What could I copy

iv.Modify? New twist? Change meaning, color, form, shape?

v.Magnify? What to add?

vi.Minify? What substitute? Smaller?

vii.Substitute? What else instead? Other material?

viii.Rearrange? Other pattern?

ix.Reverse?

x.Combine? Blend?

Free association is another form of creative problem solving and is one of the simplest and yet most most effective methods. It is helpful in developing an entirely new slant to a problem. First, a word or phrase related to a problem is written down. Then other ones are written down and so on. Each new word attempts to add something new to the ongoing thought processes. This creates a chain of ideas ending with a new product idea.

The product planning and development process is crucial to an entrepreneur's success. One must first establish evaluation criteria by assessing the market opportunity and size. One must evaluate current competing producers, prices, and marketing efforts. New idea should have synergy with existing management capabilities and marketing strategies. The proposed product or service idea should be able to be supported by and contribute to a company's financial well-being. One should evaluate the compatibility of a new product's production requirements with existing plant, machinery, and personnel. Entrepreneurs should be concerned with formally evaluating an idea throughout its evolution. The idea stage involves identifying new product or service ideas while eliminating impractical product or service ideas.

One must determine the need for the new idea as well as its value to the company to ensure both prior to proceeding with the ideas. The need determination should focus on the type of need, its timing, the users involved with trying the product or service, the importance of controllable marketing variables, the overall market structure, and the characteristics of the market. In the concept stage, a new product should be developed further and refined through interaction with consumers. The refined idea is then tested to determine consumer acceptance. Features, price, and promotion should be evaluated for the concept being studied and any major competing products. The product development stage involves determining consumer reactions to the physical product. An entrepreneur can provide samples in this stage. The final stage of the development process consists of the test marketing stage, which provides actual sales results that indicate the acceptance level of consumers.

E-commerce is a relatively new concept in the business world and should be used creatively. An entrepreneur must address additional specific issues due to continually-evolving technology. For instance, one must decide if he will run the internet operations of the business or outsource the task to another firm. A website is often created and must be aesthetically-pleasing and fully functional. Ninety percent of small businesses use websites and ease of use is important with websites. The website is a communication vehicle in which search capability and speed are equally important. A website should have a shopping cart, secure server connection, credit card payment processing, and a customer feedback feature. It should be customized for specific target market groups and should be compatible with various browsers.

The tracking of customer information is vitally important when dealing with e-commerce. This is often accomplished via electronic databases. Doing so supports personal marketing and captures customer attention with customized one-to-one marketing. It is critically important to protect the privacy of individuals when keeping databases.

When conducting e-commerce as an entrepreneurial company, one's products should be able to be delivered economically and conveniently. Products must be interesting to a large number of people and a company must be prepared to ship products out of its geographic location. Online operations must bring significant reductions in cost as compared to having a store.

We now turn our attention to the generation of clothing ideas for Libya. We utilized brainwriting with a time limit of five minutes to come up with a new idea. We drafted an adjustable robe for women that can be rolled up and then attached with velcro to shorten it when desired to offer additional clothing and styling capabilities. We then used the checklist method and came up with the following:

xi.Modify? New twist? Change meaning, color, form, shape?

a) Can offer robe in multiple colors such as white, red, and blue

xii.Substitute? What else instead? Other material?

a) Can make robes out of breathable polyester / nylon material as used in athletic wear

b) Allows for wicking away of sweat and moisture to keep clothing dry and light in weight

We then used free association to come up with a list of related words:

-xiii.cooling, light weight, windproof, light colors, reflective material xiv. End result is metallic-colored fabric that will reflect sunlight like aluminum foil

We then applied product development stages to the new ideas to formulate a final product concept. We first established our evaluation criteria by assessing market opportunity and size. The population of Libya is 6,173,579, so this will serve as our potential market (Wikipedia, 2009). We then turned to the idea stage to identify new product ideas. These ideas included the following thought process:

a) Can offer robe in multiple colors such as white, red, and blue

b) Can make robes out of breathable polyester / nylon material as used in athletic wear

c) Roll-up velcro to shorten robe for greater cooling and comfort

d) metallic-colored fabric that will reflect sunlight like aluminum foil

xv.Eliminate impractical product / service ideas in this stage

a) Metallic-colored fabric will be eliminated

b) Reflecting sun can create an oven effect on wearer

c) Can actually make customer hotter and not cooler

xvi.Determine the need for the new idea as well as its value to the company to ensure both prior to proceeding with ideas

a) Multiple robe colors will appeal to different people

b) Wicking-material robe will appeal to men more

c) Roll-up robe will appeal to women more

d) Can result in greater sales and market share

e) Is beneficial to company to sell more robes while meeting individual needs of customers via mass customization

We then moved on to the concept stage to further develop and refine our new product ideas through interaction with consumers. We plan on participating in trade shows to present our new ideas. We will display prototypes and obtain feedback from potential customers. Our refined ideas will then be tested to determine consumer acceptance. We will take consumer ideas into consideration and tweak prototypes accordingly. We will then consider the pricing and products of our competition and price our products accordingly to maintain a competitive edge. In the product development stage, we will determine consumers' reactions to the physical product by allowing customers to try our robes on at trade shows. We will then participate in the test marketing stage by proving actual sales results once our products enter the market.

Alternatives for the use of e-commerce in conducting one of the product development stages for the actual commercialization of our final product idea can involve the creation of a company website that is easy to use. We will incorporate powerful search capabilities while ensuring that our site performs with acceptable speed. We will include a shopping cart, secure server connection, credit card payment, and customer feedback feature in our website. In addition, our website will be customized for specific target market groups and be compatible with various browsers. We will also track customer information by creating an electronic database that supports personal marketing. This will allow us to capture customers' attention with customized one-to-one marketing while protecting the privacy of individuals via strong database encryption. Incorporating online operations will bring significant reductions in cost as compared to having a store. This will allow us to pass savings on to customers via lower prices and greater value.

Bibliography

Hisrich, Robert D., Peters, Michael P., and Shepherd, Dean A. (2008). Entrepreneurship
(7th ed.). Boston: McGraw-Hill Irwin.

Wikipedia (2009). Libya. Retrieved July 23,2009 from http://en.wikipedia.org/wiki/Libya .

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Source by Bobby Mobini

Views: 0

January 14, 2020
Organic Farming: Key to Healthy Living?

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What is organic farming? How it promotes healthy living? Organic farming is a form of agriculture that relies crop production on green manure, compost, and biological pest control instead of using pesticides and herbicides. Therefore such process can help individuals have a healthy lifestyle because of the absence of chemical content.

These organic agricultural methods are internationally regulated and legally enforced by many nations. In our cooperative, all our suppliers’ farms are fair-trade and organically certified by an international certifying body. Fair-trade in the sense that we follow the international fair-trade protocol especially in terms of wage compliance requirements and child labor laws. Organic also because the only allowed fertilizer in our farms is SALT. It is based on minimal use of off-farm inputs and on management practices that restore, maintain and enhance ecological harmony.

With the increasing environmental awareness of the general public here and abroad the originally supply-driven organic movement transforms into a demand-driven one. For coconut farmers, premium prices attracted farmers to convert their farms into organic.

Organic farming methods is a mixture of scientific knowledge of ecology and modern technology because practices are based on naturally occurring biological processes. It is also concerned with protecting the environment and working in harmony with existing ecosystems, including conserving water, soil and energy, and using renewable resources and natural farming cycles.

Moreover, organic foods are not necessarily completely chemical free. They may be grown on land not previously used for organic food production and, therefore, might contain chemical residues. However, the pesticide residues in organic food are considerably lower than those found in foods produced with synthetic chemicals.

Most people buy organically-grown food products because they are concerned about pesticides, additives, antibiotics or other chemical residues. Although pesticide residues in fruit and vegetables are monitored, many people believe organic food is healthier. Some people worry about the long-term health, economic and environmental consequences of genetically manufactured foods and choose organic foods.

Organic foods promote healthier and more sustainable use of natural resources. Modern farming methods, including excessive use of chemicals, have led to a decline in soil fertility, and an increase in salinity and blue-green algae in waterways over many years. Organic farmers try to minimize damage to the environment by using physical weed control, and animal and green manure.

Organic food is often more expensive than conventionally-produced food because organic farming generally operates on a smaller scale. The production is more labor intensive and yields are generally smaller. It is a known fact that when you use herbicides and pesticides, you get high production.

Despite this problem, when we patronize organic products, we have a guarantee that our lives would be healthier, safer and longer.

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Source by Rosemarie Sumalinog Gonzales

Views: 0

January 11, 2020
Biotechnology and Social Entrepreneurship: The Perfect Symbiosis

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This is the era of globalization where modernization in every sector is essential due to societal changes and the continuous demand for a quality life. It’s the duty and a moral obligation of every industry to assist in providing a better way of life to those who are less fortunate and require your help. In such conditions, one needs to be resourceful, altruistic, have qualities pertaining to that of a businessman, and have a scientific view. Biotechnology as such is a field that can contribute to various individuals in terms of money as well as its inventions. This industry has grown monumentally over the years and has helped people find hope and restore their belief in humanity with its applications in the field of genetics, agriculture, food, medicine, and healthcare.

Biotechnology and social entrepreneurship can go hand in hand. For example, by providing better healthcare options at cheaper costs, consumers are motivated to opt for Biotech products. In this way, the Biotech organizations can help move low-income communities toward better health, and by purchasing their products, the consumers are indirectly promoting the company’s brand. Creating employment opportunities, intellectual wealth, and expanding industrial growth are a few of the absorbing factors that guarantee a focused approach for this sector, resulting in a general benefit to society.

Scientific entrepreneurs often lack managerial competencies, industrial experience, and contacts, even if they integrate members with an administrative background; so therein lies a critical area that requires some work. Solutions to certain social problems, such as improving the quality of health, economic, political, and cultural problems in reference to poverty, often require fundamental transformations in the political, economic, and social systems. A Social Entrepreneur brings change to the social system by utilizing their work and business to address that cause. Such ingenious creativities represent social entrepreneurship. Hence, it can be stated that the approaches for network building observed by biotech companies regarding social entrepreneurship will combine behavioral features that are archetypal of biotechnology entrepreneurs, and include other characteristics that are a response to the conditions found in their particular environment.

An excellent managerial team can provide the necessary skills for the management and coordination of scientific and commercial operations, and can also help maintain a good organization repute. One key area where social entrepreneurs play a vital role is in the commercialization of research results of the biotechnology industry thus, warranting sustainable growth. A working local innovation system with respect to the connections between companies and knowledge organizations can be the stimulus to this implementation.

For example, Juan David and Alicia Carpio launched Q’omer Bioactive Ingredients, a technology-based social enterprise. They witnessed the condition of people regarding their farms and unfair labor deals in Peru, so they designed a sustainable and socially responsible way of working with resources in Latin America. They offer raw materials and ingredients to produce organic products and improve the well-being of people while promoting the economic and social sustainability of producers from Latin America. This is only one example, but with each passing year, more and more Biotech companies are taking the initiative to promote social entrepreneurship and contribute to various societies by providing scholarships, funding, and research options in the field of Science.

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Source by Chris Bouchard

Views: 0

January 10, 2020