Now that we’re in June, summer has officially arrived — and it’s moving faster than anyone can imagine. So, have you accomplished your toughest summer goals? I know summer is a popular time to chill and hang out — whether by the pool, the beach, or attending concerts with friends. But, unfortunately, summer isn’t about all those things, even though I love them. Instead, be thinking about your summer goals — specifically, the goals you want to achieve by fall. Have you worked out your personal, professional, and academic progress goals? Even though summer is often the season of reflection, refreshment, refocus, and rejuvenation — it’s also a great time to explore and try new things. And, because you have more availability thanks to vacations or summer breaks, you can actually focus on your goals. Thanks to the warm weather, you’ll also have more energy and a better mood. As such, you’ll be able to start tackling your dusty, and un-completed bucket list. ![]() You can still enjoy your summer. Image Credit: Juan Salamanca; Pexels; Thank you! Tackle Your Five Toughest Summer GoalsTackling your most challenging summer goals is not easy, especially when you want to be outside and have fun in the sun. Use these tips to tackle your goals and still enjoy the dog days of summer.1. Setting forth the goal.Summer goals are no different from any other goals. The first step is to make a list. To not feel overwhelmed, your list should be lean and mean. In other words, prioritize the things that have value. Planning your goals is also essential. Holding yourself accountable is also crucial. Writing down your goals helps you do this. “Vividly describing your goals in written form is strongly associated with goal success,” writes Mark Murphy, founder of www.LeadershipIQ.com. “And people who vividly describe or picture their goals are anywhere from 1.2 to 1.4 times more likely to successfully accomplish them than people who don’t.” This is thanks to external storage and encoding. Best of all? You can refer back to this whenever you need it. The next step is to choose a deadline. By setting a deadline, you will remain on track. Deadlines also keep you accountable and motivated. Last but not least, make this list visible. Put it somewhere you can see it daily, for example, on your fridge, computer, or calendar. Daily reminders will ensure that you stay on track. Another option? Write down your goals in a journal. Then, you may reflect on them or make any necessary changes at the end of the day. 2. Change your mindset about summer and goals.Instead of treating this transition period as a break, see it as an opportunity for change. This mindset will make a huge difference. “If you change the way you look at things, the things you look at change,” said Dr. Wayne Dyer, an author , and motivational speaker. Think of the summer as a time for a change, as well as renewal. Thinking about Summer less traditionally can be the key to starting and completing even your most demanding goals. It’s no secret that our minds are strong. But, if you place your mind in vacation mode, you’ll think, “let’s take a break.” But, on the other hand, setting your mind on a time for change sets your attitude to “what’s next.” Even better? Consider adopting a freedom mindset to align with the Fourth of July. Essentially, this growth mindset allows you to break free of whatever is holding you back. To develop this type of mindset, be a little selfish by turning down requests if they interfere with your priorities. 3. Establish monthly, weekly, and even daily goals for yourself, and check in periodically throughout the process.“Truthfully, goal setting is easy,” writes Nicolas Cole in Fast Company. “It’s the accountability side of things people struggle with.” “Instead of thinking about your summer as one massive chunk of time (90 days), try to visualize your summer as three separate chapters (June, July, and August),” Cole suggests. Then, divide each of those chapters into smaller chapters (Week 1, Week 2, Week 3, Week 4). “And then within those sub-chapters, really internalize each day that makes up each one of those weeks (Day 1, Day 2, Day 3, Day 4, Day 5, Day 6, Day 7).” The next step is to set micro-goals for each by asking:
“The more you can help yourself see the next step in front of you (as opposed to the entire three-month journey), the more likely you are to remain consistent and connected to the process,” Cole adds. 4. Don’t fall into a summer slump.There is no secret that productivity is at an all-time low during the summer months — especially in July and August. According to Captivate Office Pulse’s study, productivity drops by 20 percent during the summer months. In addition, attendance dropped by 19 percent and work turnaround time increased by 13 percent. There are several reasons why. For starters, people are on vacation. Maybe your gym buddy is out of town, meaning you don’t have someone to hold you accountable. Perhaps you can complete a project at work because your collaborator is out of the office for a long weekend. We also tend to develop serious cases of FOMO. Why focus on your goals when you want to be at the beach with your friends? And, of course, as already mentioned, there’s the weather. How can you prevent falling into the summer slump? Well, you could look for inspiration. Maybe reading a book while chilling by the pool. Perhaps, you could schedule a walking meeting with a mentor or someone who pushes you. Or, you could take a class or attend events to learn new skills to help you reach your goals. And, if the workplace is quieter than usual. Primarily — making plans and the steps to achieve them. 5. Make keystone habits a part of your daily routine.In the summer, you have many chances to improve your life. For example, let’s say that you want to prioritize your health. Incorporating healthy practices into your daily summer routine could transform these seasonal habits into second nature before frost and cooler weather set in. For example, studies show that spending time in nature lowers stress, heart rate, and blood pressure, all risk factors for heart disease. The summer months are a great time for friends and family to enjoy sports such as walking, swimming, biking, and hiking. Incorporate outdoor activities into your family’s weekly schedule by setting aside time for them on the calendar. What’s more, this can reduce your screen time usage. If you want to achieve your goals, you should instill keystone habits.In his book, The Power of Habit, Charles Duhig aptly describes the keystone habit. As the cornerstone of any structure, the keystone holds everything in place. Additionally, keystone habits encourage the development of other good habits while helping eliminate bad ones. If you develop keystone habits, you’ll be able to achieve your goals while also improving your time management. Published First on Calendar. Read Here. Image Credit; by SHVETS production; Pexels; Thank you! The post How to Tackle Your 5 Toughest Summer Goals appeared first on ReadWrite. via ReadWrite https://ift.tt/SzK8hR4
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Will AI take over design jobs? Are robots going to replace designers in the future?Talk of Artificial Intelligence, and it is immediately depicted as a replacement for humans. But is it really? While there is no doubt that AI will transform the framework of design, the idea that this intelligent technology is here to replace humans is not strictly rational. As technology is evolving and the economy is transforming, shifts in business processes are natural. Design processes are also subject to this change. This article aims to discuss how AI will profoundly transform the design process. Instead of looking at AI as a threat, we will look at the opportunities that AI brings to the design field, its implications for design practices and principles, and how designers’ work will change. Analyzing the Role of AI in Two Design ContextsTo understand the impact of AI in design it’s helpful to analyze the two operating contexts of design – design principles and design practice. While design principles refer to the philosophy of design, design practices are concerned with the how-to and object of designs. Knowing the distinction between the two will help us gain an in-depth understanding of the impact of Ai on design. The Principles of DesignBroadly speaking, design aims to create meaningful solutions for people. From an organizational context, designers follow the principles of design thinking to achieve this goal. Principles of Design Thinking
In a traditional design approach, these activities demand human labor. But AI can radically transform this scenario. Ai empowers a design process with real-time data recorded from user interactions or market trends. This data can serve as input to designers or, even more interestingly, used to build AI engines. AI engines have problem-solving abilities and can generate solutions for various contexts without human interaction. AI can also release designers from detailed decision-making.During a design process, several decisions need to be made and actions taken — but only a few of these will require a high imagination or creativity. Most decisions require problem-solving skills, especially complex decisions during development, such as the functional shape of an object or display of text details. AI can handle these, thus letting designers focus more on creative aspects of design. Thus in the age of AI, rather than ideating or creating designs at scale, the role of designers will be to come up with new offerings and design problem-solving loops. These loops act as independent and human-free design systems which can replace people with machines for specific solutions. Thus, a model that can provide a variety of solutions in a short time, without great effort, can be realized. The Design PracticeWhile technology has been playing a significant role in influencing operations and contributing to reducing the cost and time of developments — its role in the design practice has been quite limited. With artificial intelligence, this is changing as it introduces automation in the “designing” and not just the “making.” The automation capabilities enable designers to do their work faster, thus increasing the efficiency of their work process. A great example is the AI system that Airbnb is developing that translates mockups (drawn by designers) into component specifications. Airbnb is known to transform its operations with AI in multiple ways. In this example, the foundation of this AI system is the standardization and organization of all design components. The AI engine can recognize the components from drawings and translate them to its spec and source code for prototypes. The role of AI in design practice is not just limited to the automation of existing practices. With its problem-solving capabilities, it can also influence detailed design choices such as the type of content to create, the way of positioning products, the interface to present to users, and so on. AI will enable dynamic designing, that is, what a user experience will be designed at the moment by the AI system. The role of designers will be to design the problem-solving loops as we discussed above rather than designing solutions. What is in the Future for DesignersAs AI begins to be incorporated in-depth into the design domain, what would the future look like for designers? What should designers know to adapt to the age of AI and thrive? Let’s take a look. Designers as CuratorsA significant breakthrough of AI in design will be that designers will become curators over being creators. They will develop an AI system and train it to solve problems based on different goals and contexts. One aspect of their role will be setting the parameters, constraints, and goals for other models and defining and training the AI system. Another aspect would be to fine-tune the designs generated by AI and review them. Non-Designers as DesignersAI will enable access to programs like creative intelligence training and human-centered design training. As a result, non-designers will have the opportunity to develop their creativity and design thinking skills, empowering them to take up design jobs. Therefore, creativity and social intelligence will not be enough to sustain a designer. To stay competitive, designers must build expertise in multiple disciplines or specialize in specific niches. Demand for SpecialistsThough the barriers to entering the design profession will reduce, the demand for people who are masters in the craft will increase. With AI-driven tools, amateur designers can produce thousands of variations of a design quickly. But to review them and choose the ones that best fit the context, the skilled hands of experienced designers are required. Design for VirtualThe next big thing in design is working with augmented and virtual reality. In the coming years, AR and VR will explode, generating demand for particular skills. In addition, the challenges in virtual reality interactions and curating virtual experiences will require unique skills that AI engines may not fulfill. Thus in the future of design, the virtual world offers a high potential for designers. How the Collaboration Will ManifestFuture designers must collaborate creatively with algorithms to enhance their work process. Let’s look at three areas where collaboration between humans and machines would be most prominent.
The Future of AI in DesignFar from being a threat that will make designers lose jobs, AI opens the door for many opportunities. It enables designers to co-create with machines to work smarter and faster. The collaboration of humans and computers will make achievable what is impossible for each to do alone. In addition, AI leverages continuous learning, which is central to innovation. AI empowers designers to move past the limitations in scope, scale, and learning. It will be a fascinating journey where innovation, creativity, and empathy walk together to give design a new nature. Image Credit: by Polina Kovaleva; Pexels; Thank you! The post How Design will Fare in the Age of AI appeared first on ReadWrite. via ReadWrite https://ift.tt/ms9q2Tg There is something magical about the “edge.” For example, in environmental science, one studies “habitat borders” where certain varieties of plants grow heavily at the edge but no further. Similarly, in astronomy, we have seen dramatic phenomena happening at the edge of the universe. It seems no different with human societies as a new revolution is brewing with high computational powers moving to the edge in what is increasingly called – Edge Computing. Industry 4.0 and IoTAt its heart, IoT encompasses collecting and analyzing data, insights, and automation of processes involving machines, people, things, and places. IoT is, therefore, a combination of sensors, actuators, connectivity, cloud and edge computing and storage, AI and ML intelligence, and security. Industry 4.0, also known as the fourth industrial revolution, relies heavily on IoT technology, redefining automotive, transport, healthcare, public mobility, retail, and commerce. Since AI and ML drive all 5G and IoT innovations, their coming together is a natural phenomenon. 5G Supporting Strong IoTOne of the most significant innovations of 5G is providing strong support for IoT, including support for low-cost, long-battery life sensors. As data storage and computing become a ‘fabric continuum.’ That fabric touches all sectors, and a slew of AI, ML, and Edge Compute solutions will eventually find their optimum zones to reside and roles to play depending on the use case. HyperscalersA new breed of cloud service providers, such as Google, Amazon, and Microsoft, introduced an entirely new scale of IaaS (Infrastructure as a Service), with manageability, transparency, and analytics at competitive prices. ConnectivityA plethora of options from LoRAWAN, NB-IoT, and rapidly proliferating 5G made offering advanced IoT solutions easier and more feasible. Edge ComputingMassive advances in computing silicon have made edge devices powerful – allowing localized data assessment and real-time decision making, totally avoiding the round trip to the server. Some of the other transformations are beginning to be seen, more visibly in terms of engagements of players. For example, telecom operators with Hyperscalers (mentioned above) and transition of Operations Technology (OT such as machine control systems moving into the IT domain). An increasing number of IoT applications are being conceived and built in the hope they will be consumed and paid for by enterprises and consumers. However, for various reasons, it is clear it will be best delivered from a location closest to the customer, and that zone is a hotbed of activity. The space closet to the enterprise and consumers is the space that all these players want to dominate.This space will essentially mean a shift in workloads from central data centers to near-premise or on-premises dedicated edge compute cloud. The central data centers shift could sometimes mean moving the on-premises data center to an on-premises dedicated edge compute cloud. This suggests a shift from the Capex model to an Opex model, impacting enterprise financial models. Edge Cloud in an IoT worldIn some ways, this increases a new direction in the value chain. The cloud is moving toward the edge, in what is now called the industry as the Edge Cloud. A Straightforward Explanation of Edge CloudThe Edge Cloud is simply the combination of smart edge devices (including sensors, nodes, and gateways) with software (algorithms, security stacks, connectivity modules, sensing and actuating components, a processor in a full stack) to handle hundreds of sensors per gateway. Thousands of such nodes come together automatically with advanced clustering and nodal reconfiguration, re-routing in case of failure in some sort of a super-intelligent IoT network. Where Does the Tech for Cloud Come From?The various technologies are already in place, and scalable use cases are becoming common. They even have standardized protocols to offload data to the cloud for non-critical data processing, but retain real-time data processing at the Edge Cloud itself. Can We Stop AI or ML?As Silicon volumes build and prices drop, we expect millions of IoT devices to communicate via Edge Clouds and aid human life. The movement of AI/ML toward the edge is an irreversible process and, in fact, a necessity. The following benefits are clearly visible to the industries that deploy these technologies:
AI image processing, object detection, and audio/video recognition capabilities have also improved significantly. They are now available as additional capabilities with certain Silicon vendors. We expect these to become even more prevalent and improved pricing as deployments grow. Is this Edge Cloud for real?Is there a overhype around Edge Computing? Several assumptions are being made that fuel this extraordinary boom in Edge cloud theory:
ConclusionThese revelations will come to light soon. As the space evolves further, it will become more apparent how AI/ML technologies will realign in the new world order. This will possibly define new positions of the service providers, their alliances with solution providers, and combined business models. The combination of AI/ML will eventually settle down on a unique landscape that will drive consumers and users in the next decade. The post IoT Trends: AI/ML and Edge Computing in IoT appeared first on ReadWrite. via ReadWrite https://ift.tt/gp5UVtx For many Americans, retirement isn’t about white sand beaches, or sipping Pina Coladas in the sunshine. For a lot of older people, retirement isn’t about simply relaxing, but really challenging themselves — to push their boundaries. To trying new things, meeting new people, and – sometimes – starting a new venture. Whether it’s a new idea or something you’ve always wanted to do, starting a business in retirement can be rewarding. To both personal and professional fulfillment. But, like all businesses, you can’t start a successful post-retirement venture without that vital ingredient – the capital. So how can you finance a business while in retirement – and how should you? Moreover, what are the most modern ways you can fund a venture in retirement – lines of credit that go beyond the tried and tested methods of the past? Below, we’ll explain all. From swimming with sharks to wading into alternative finance providers, find out how you can fund your post-retirement venture by dipping into your savings – and dipping your toe into the world of crowdfunding. So read on – we’re unpacking 7 of the best, most modern ways of financing a venture while in retirement. 1. Seek Out Angel Investors‘Angels’, in this context, are private, high-net-worth individuals. They invest in businesses – often with the capital vital to get a startup or venture off the ground – usually in exchange for a stake in said company, or for a percentage of its future expected profits. To find angel investors, head online. Angel Investment Network, Gust, and Angel Forum are all popular sites connecting the people looking to finance a venture to those with the capital to do so. You can also attend networking events, or get active on social media. LinkedIn is a great place to meet potential angels for your business. Even the less business-oriented social platforms – Twitter and Facebook, for instance – can be fertile hotbeds for reaching out to cash-rich investors. And, for a truly modern way of seeking angel investment, you could go on TV. Now into its 13th season, ABC’s Shark Tank (‘Dragon’s Den’ if you’re in the UK; ‘Money Tigers’ in Japan) puts entrepreneurs face to face with five ‘sharks’ – wealthy investors with a combined net worth of billions of dollars. While putting yourself center stage and risking the wrath of the sharks might seem daunting – a younger person’s game, even – Don Wildman of Hand Out Gloves recently proved that you’re never too old to get in front of the camera. Don was 85 when he appeared on the show, seeking investment in (and finance for) his glove and mittens company. Better still, he came away successful. Don received a $300,000 line of credit from shark Barbara Corcoran, at 6% interest – for 25% of the company. All that publicity wouldn’t have done HandOut Gloves any harm, either! 2. Dip Into Your SavingsOften, financing a venture in your retirement days doesn’t have to rely on outside investment. Instead, you can simply use money you already have. Except instead of using the cash you’ve saved for a rainy day, you can put that pot to a far more exciting purpose – funding a unique new business venture. Of course, there are several savings accounts that allow you to plan for retirement. And whether you’re able to (and whether you should) pull money from them to fund a venture depends on the type of plan you’ve selected. Below, we’ve listed several of the most common retirement savings accounts – and how you can use them to finance a venture. 401(k) Plan LoanOne of the most common retirement accounts in the US, the 401(k) plan is a company-sponsored savings pot with a wealth of tax advantages. If you’re already in retirement, you can use these funds for whatever purpose you see fit – including financing a venture. If you’re a younger retiree, though – and you haven’t yet reached the age of 59½, when you can withdraw your 401(k) plan funds without paying a penalty tax – you’ll want another way of accessing that money. Particularly if there’s a venture you want to finance now, rather than later. If this is the case, you might be able to access a 401(k) plan loan. This allows you to borrow 50% of your account’s value, or $50,000 – whichever is the smaller amount. A 401(k) plan loan isn’t taxable – nor will you pay a penalty to access those funds. It doesn’t affect your credit rating, either, and you can make payments automatically from your paycheck – making it a quick, simple, and convenient way to finance a venture heading into retirement. Roth IRAIf you’re already into your sixties, you’ll have the lion’s share of your retirement savings at your disposal. The Roth IRA, for example – another tax-free individual retirement account – gives you penalty-free access to your life’s savings once you hit the 59½-year age threshold. However, if you’ve retired early – say, your fifties – you won’t yet be able to unlock your hard-earned Roth IRA retirement funds without paying a 10% fee. Rollover as Business Start-Up (ROBS)The IRS defines the ROBS plan as “an arrangement in which prospective business owners use their retirement funds to pay for new business start-up costs.” You won’t pay a penalty or any tax, and you’ll receive as big a chunk of your retirement savings as you’d like to plunge into a new business. And, as Adam Bergman of Forbes notes, you’re also allowed to be personally involved in the business you create. This means drawing a salary and being an active part of the venture, without violating any of the plan’s rules. 3. Take Out a LoanWhen you think of financing a venture – especially in retirement – taking out a loan often seems the most direct and appealing route to funds. And often, it is – although not all loans are created equal. Below, we break down several loan options any retiree could consider to fund a venture. Traditional Bank LoanThough they won’t be right for all retirees, banks will still be the first port of call for many. For credit, they’re reliable and straightforward – providing you have a good credit history, plus some assets to your name. However, there are several – more modern – ways to finance your venture than opting for a loan with a bank or credit union. We’ll unpack these next. Small Business Association (SBA)-Backed LoanThe US Small Business Administration “helps small businesses get funding by setting guidelines for loans and reducing lender risk.” The SBA offers a variety of funding options: including 7(a) loans, 504 loans, and microloans. However, they tend not to provide direct loans, except for businesses recovering from a declared disaster. What the SBA is good at is matching you with a lender, via its ‘Lender Match’ feature. Simply head to the SBA’s ‘ Loans’ page, and enter your Zip Code to explore lenders in your area. From here, you can apply for a loan directly through one of these local lenders, who’ll approve – and help you manage – your loan. It takes a few minutes to answer the requisite questions about your business. Often, you can be matched with one or more lenders within two days. Plus, more than 800 lenders across the US participate – so you’re exposing your new venture to a wide range of experienced and astute investors. Peer-to-Peer (P2P) LendingMatching people looking to invest money with people looking to borrow it – and using technology to facilitate it all? What could be more modern than that? This is just what peer-to-peer (P2P) lending aims to do. Typically conducted via an app or online marketplace, these platforms (PeerBerry and Funding Circle are two notable examples) can help you place your prospective venture in front of people ready and willing to invest. There’s no need to go through a traditional lender – like a bank, credit union, or building society – and, if your credit’s good, you can qualify for competitive interest rates. If your credit isn’t so good, P2P lending can still be ideal. It certainly represents a better alternative to payday loans, or high APR credit cards. Plus, some P2P platforms – the apps and marketplaces that connect lenders with loan recipients – don’t always disclose the credit history of the applicant. This can be handy for retirees financing a venture, but who have poorer credit ratings or have previously been turned down for more conventional forms of credit. Home Equity Loans and HELOCsHome equity loans and HELOCSs (Home Equity Line of Credit) leverage your home’s equity – the difference between your home’s value and your mortgage balance – as collateral. Offering super competitive interest rates and flexible repayments, these loans don’t have to be spent on refurbishing your residence. Despite most commonly used to fund home renovations and repairs, there are no rules on how to use the money. If you want to spend yours on financing a venture in retirement, well… there’s nothing stopping you! Invoice factoringInvoice factoring is a form of finance where your business “sells” the invoices owed to it to a third-party provider, at a discount. It’s particularly useful for ventures in the recruitment and construction spaces. Or any industry in which lengthy payout times (think 90+ days!) are the norm. What sets invoice factoring apart from the other forms of finance listed here is that you’re only receiving funds tied to monies you’re already owed. This means that it’s a safer, more secure form of funding. You’re less likely to get dragged into a cycle of debt, as you’re only borrowing against work you’ve already completed. However, because factoring relies on you having existing invoices to sell – it’s only suitable for more established businesses. Your business needs a sufficient sales ledger to make it worth the finance provider’s time. If you’re at the start of your venture’s journey, it’s not the right funding option for you. But, as your business grows, invoice factoring can be a scalable and savvy way of financing your retirement venture’s evolution. 4. Crowd FundWhen it comes to strictly modern ways to finance a venture in your retirement years, crowdfunding is at the top of the list. Crowdfunding is a form of raising funds – for a business, project, or venture – from a large number of people (the crowd). Thanks to the internet, this is now easier to do than ever. With popular sites such as Kickstarter and Indiegogo, you can get your idea in front of more people – selling your venture, and making it simple for them to donate. Crowdfunding is also a fantastic way of validating your idea – before you launch it. If no one’s interested, it might be a sign that there’s no market for your idea. In this case, you’ll want to know now, rather than after you’ve sunk time and money into developing the idea! Crowdfunding platforms also allow you to offer your potential investors something in return for their donation. For example, if the venture you’re looking to finance in retirement is a feature film, you might offer investors of a certain amount a role as an extra in the film. If it’s publishing a book, you might offer donors an acknowledgement in print. Of course, using a crowdfunding platform is the most simplest way of putting your idea for a venture out there. They’re well-known, well-established sites, with a lot of traffic. However, they’re also expensive. Kickstarter, for instance, will take a 5% fee of the total funds you raise, if your campaign is successful. There’s also the payment processing fees of 3% + 20 cents per pledge. Indiegogo will also take a 5% cut. With that in mind, you can crowdfund without relying on these platforms – you just have to get smart about it. Instead, you can create your own website using a website builder tool, such as Wix and BigCommerce – an idea made even more palatable by the fact that, these days, website costs are more affordable than ever. On this website, you could publicize your proposed venture: discussing the reasons behind it, and giving people a simple way to donate funds. You’ll still need to connect a domain name – but many website builders are an easy way to create an online presence for your venture. You can attract donors with a beautiful, bespoke site – without the egregious fees. 5. Enter a ContestOkay, so it’s a bit of a long shot. But entering a contest can be a lucrative – if not the most sustainable – way of generating funds to finance a post-retirement business venture. Every year, for example, FedEx runs its Small Business Grant Contest. The three winners each bagging a $50,000 ‘Grand Prize’, and seven ‘First Place’ contestants scoring $20,000 apiece. Not exactly chump change! 6. Start a Side HustleWe know what you’re thinking: you didn’t retire, only to start working again! But sometimes, a small side hustle can be a low-risk way of generating funds to fuel a commercial venture. Plus, the advent of technology and the internet has made it easier to make money than ever before. You could teach English to students in China, in real time, via a video conferencing tool. You could become a taxi driver via one of the many ride-sharing apps, or start your own dropshipping business. The sky’s the limit! 7. Cash in Your InvestmentsWhen an alluring business opportunity calls – particularly a time-conscious one – you have to pick up the phone. And, if you don’t have access to a reliable line of credit, a contest-winning idea, or the credit history to utilize some of the alternative funding providers we’ve discussed above, you might have to make some sacrifices. That could mean cashing in your investments. Be they stocks, bonds, or an alternative asset (like gold), the best way to finance your next venture could be selling on your nest eggs. Of course, this approach isn’t without risk – particularly if those investments are long-established and have tax advantages. But if you need money to finance your next venture – and you need it soon – it’s worth considering. Financing a Venture in Retirement: ConclusionOkay – so Pina Coladas and beaches are nice. But for a retirement that goes beyond the ordinary – there’s nothing like launching a brand-new business venture. The trouble is, stretching yourself also means stretching your wallet. It can be a struggle to fund a business without a proper strategy in place. However, we hope this article has helped. Here, we’ve shown that you don’t always need to rely on traditional forms of credit – bank loans, credit cards, or even family and friends – to get started. Instead, try some of the more modern ways of financing your post-retirement venture: angel investors, crowdfunding, P2P borrowing, and contests. You can also cash in your investments, and cash out your retirement funds – sometimes before you’re even at retirement age. Ultimately, there are many ways to fund a business post-retirement. Which one suits you will depend on your unique financial circumstances – there’s certainly no ‘one size fits all’ approach. And remember, always weigh up the pros and cons – the risks and the rewards – of any venture before committing to a line of credit. Some of the best businesses, after all, were bootstrapped. Published First on Due. Read Here. Image Credit: by Andrea Piacquadio; Pexels; Thank you! The post 7 Modern Ways To Finance A Venture While in Retirement appeared first on ReadWrite. via ReadWrite https://ift.tt/rPKTXM9 There’s a common fallacy out there about trading, that it’s an easy way to get rich fast. But data shows something very different. Prior to the pandemic, retail traders, or traders who buy and sell securities for their own accounts made up about 10% of the stock market’s total trading volume. Enter the pandemic, and that percentage had increased to 30% by mid-2021 according to an estimate from Citadel Securities and Themis Trading. A large chunk of retail investors got their start during the pandemic. However, they don’t seem to be striking it rich at the rate many of them had expected. The rise of online trading platforms including Robinhood and TD Ameritrade have made trading easy for everyone using just a smartphone. But the hard truth is that 70% of day traders lose nearly all the money they initially invest according to a North American Securities Administrators Association (NASAA) study. And in fact, only 11.5% showed the ability to conduct profitable short-term trading. It seems that trading is not the get-rich-fast strategy that a lot of new traders think it is. You’ll Need to Assess Your Risk Strategy and Cap Your Maximum LossesWhen I started my journey as an independent trader, failures rapidly followed my initial successes. My losses were significant and I started questioning my capacity to make a living out of trading. Slowly, I realized that I would need more than just expert opinions if I wanted to make money long-term as a trader. I would need data to know when to enter the market and, more importantly, when to exit. Backtesting my investment strategies and systematically letting the system guide me on what I should put my money on — was a good place to start. My past experiences had taught me that I could lose substantial sums very fast. So, as part of my risk containment strategy, I capped my losses to a certain amount. Although the sum I was willing to lose would vary depending on the investment itself, I considered that 2% of the total sum invested was high enough. Don’t Be Fooled By the Mirage of Instant WealthMinimizing risks is a good start but certainly not sufficient to grow rich in trading. Too often, I have noticed that what differentiates successful traders from those who fail over time is the scientific mindset the former have in common. They are patient, disciplined, and systematic in their approach to trading. They know that trading is very risky, and they do not neglect the slightest warning of losses. On the other hand, outsiders and newcomers tend to see trading as an eldorado. Generally, they have two main motives for investing in the markets. They either want to improve their family returns or to generate wealth quickly. Both reasons are wrong because the illusion of instant wealth drives them. I’m often concerned by people going on online forums such as Quora to ask whether they should buy cryptos. These people believe that they can trade and make money from materials gathered here and there on the internet. They will not realize their mistakes until they lose their hard-earned money too often. Here are Four Reasons Why You Won’t Get Rich Overnight as a Day Trader1. It’s easy to fall victim to scams.Far too many people place their trust in con artists who swindle their money after classic phone call tricks. In my opinion, the reason why so many people fall victim to scams is that their appetite for instant wealth makes them vulnerable. The people behind these scams leverage our greed and our faith in the gurus of the moment. Their phone calls generally start with questions such as your interest in the stock exchange, your sources of income, and opportunities to invest in specific areas that are trending. They will follow up with PDF documents full of logos showing that they are fully compliant with trading laws. This is a red flag as real documents generally don’t have so many logos. Another warning sign? If they promise a stable 10% return on your investment every month, you should run for your life. 2. Expert predictions often offer misinformation.Anytime you pick up a tip as a trader, you need to evaluate its validity. First, identify the flaws and cross-check and identify the causes of the miscalculation. If you are a discretionary trader, you could potentially test these tips through demo trading. In systematic trading, this is easier because you are able to test ideas and strategies before investing money in them. Systematic traders are similar to football coaches who can analyze, track and monitor the performance of their teams. They must understand what algorithms can be applied to which markets. For example, what applies to a highly liquid market will differ from what can be used on an illiquid market. 3. People are quick to jump in on trends like cryptocurrency with no education on how to be successful.The opportunities in the cryptocurrency market are similar to gambling if you don’t have enough education in trading or have the wrong approach. The high volatility and the stories of people who got rich with Bitcoin provide opportunities to speculate, but the downside is that the fast movements can drag one from riches to rags. With the boom in trading, many have suffered considerable losses since the end of 2021. Bitcoin has lost nearly 40% of its value since November 2021. It was once at $67,000, then fell as low as $30,000, and then went up again to $60,000 before going down below $30,000. Experienced traders are generally careful when it comes to cryptocurrencies. It’s important to diversify and only invest a small part of your portfolio in digital coins. 4. Many traders underestimate their risk and lose big.Many traders just focus on acquiring the tools that will enable them to analyze markets better and make decisions faster. They often realize too late that what matters the most in trading is not the goals you have set, or even the resources at your disposal, but that you have a sound risk control strategy from the onset. Trading is a marathon, not a sprint. The Real Secret to Success is PerseveranceThe real secret to success in trading is patience and perseverance. I’ve experienced many failures in my career as an independent trader, and each time I fell down, I refused to give up as my passion for trading motivated me to keep going. Slowly, I turned failures into successes, won the World Cup Trading Championship four times, and set a world record that remains unbeaten to date. You may not get rich quickly if you choose a systematic approach to trading, but you will become independent as you learn to build your own trading system and earn a living on the stock exchange. You will look forward to making the best out of the economic shakeouts of the future. Image Credit: David Mcbee; Pexels; Thank you! The post You Won’t Get Rich Overnight Trading. Here’s Why appeared first on ReadWrite. via ReadWrite https://ift.tt/nM028Zt Specialty stores are retailers that deal in specific product categories, such as automotive parts, office supplies and more. The rising middle class, accessible financing and credit facilities, and availability of a trained workforce are expected to boost the market size of the specialty retail industry. However, low barriers to entry and high competitiveness pose a challenge to the players in the industry. Let’s take a look at the ten biggest specialty retailers. The Ten Biggest Specialty RetailersWe have used the latest available revenue figures posted by the specialty retailers to come up with the ten biggest specialty retailers. The list of the ten biggest specialty retailers includes specialty retailers other than specialty apparel retailers. Also, the list includes only Fortune 1000 companies.
Founded in 1957 and headquartered in Springfield, Mo., this company distributes and retails automotive aftermarket parts, tools, supplies, equipment and accessories. O’Reilly Automotive Inc (NASDAQ:ORLY) shares are down almost 14% year to date but are up by over 13% in the last year. The company reported a net income of more than $2 billion in 2021 and over 1.7 billion in 2020. As of writing, O’Reilly Automotive shares were trading at over $596, while it has a 52-week range of $526.90 to $748.68.
Founded in 1986 and headquartered in Boca Raton, Fla., this company offers business services and supplies, products, and digital workplace technology solutions. ODP Corp (NASDAQ:ODP) shares are down by almost 3% year to date and by almost 24% in the last year. The company reported a net income of more than $180 million in 2021. As of writing, ODP shares were trading at over $38, while it has a 52-week range of $34.71 to $50.29.
Founded in 1979 and headquartered in Memphis, Tenn., this company retails automotive replacement parts and accessories. AutoZone, Inc. (NYSE:AZO) shares are down by over 1% year to date but are up by over 48% in the last year. The company reported a net income of more than $2 billion in 2021 and over $1.7 billion in 2020. As of writing, AutoZone shares were trading at over $2,064, while it has a 52-week range of $1,374.13 to $2,267.40.
Founded in 1971 and headquartered in Union, N.J., this company sells domestic merchandise and home furnishings products, including bath items, kitchen textiles, kitchen and tabletop items, and more. Bed Bath & Beyond Inc. (NASDAQ:BBBY) shares are down by over 51% year to date and by almost 78% in the last year. The company reported a net loss of more than $550 million in 2021 and over $150 million in 2020. As of writing, Bed Bath & Beyond shares were trading at over $6.
Founded in 2013 and headquartered at El Dorado, Ariz., this company offers motor fuel and convenience products through its retail stores (Murphy USA and Murphy Express). Murphy USA Inc (NYSE:MUSA) shares are up by over 19% year to date and by over 72% in the last year. The company reported a net income of more than $390 million in 2021 and over $380 million in 2020. As of writing, Murphy USA shares were trading at over $236, while it has a 52-week range of $126.56 to $262.58.
Founded in 1953 and headquartered in Chesapeake, Va., this company operates discount variety stores that offer merchandise at fixed prices. Dollar Tree, Inc. (NASDAQ:DLTR) shares are up by over 11% year to date and by over 50% in the last year. The company reported a net income of more than $1.30 billion in 2021. As of writing, Dollar Tree shares were trading at over $153, while it has a 52-week range of $84.26 to $177.19.
Founded in 1939 and headquartered in Goodlettsville, Tenn., this company operates merchandise stores offering food, snacks, basic apparel, housewares and more. Dollar General Corp. (NYSE:DG) shares are down by over 1% year to date but are up by over 11% in the last year. The company reported a net income of more than $2 billion in 2021 and over $2.5 billion in 2020. As of writing, Dollar General shares were trading at over $230, while it has a 52-week range of $183.25 to $262.21.
Founded in 1966 and headquartered in Richfield, Minn., this company offers consumer technology products and services, and operates through Domestic and International business segments. Best Buy Co Inc (NYSE:BBY) shares are down by almost 29% year to date and by over 37% in the last year. The company reported a net income of more than $2.40 billion in 2021 and over $1.5 billion in 2020. As of writing, Best Buy shares were trading at over $70, while it has a 52-week range of $69.07 to $141.97.
Founded in 1946 and headquartered in Mooresville, N.C., this company offers home improvement products, including related to maintenance, repair, home decoration and more. Lowe’s Companies Inc (NYSE:LOW) shares are down by almost 28% year to date and by over 2% in the last year. The company reported a net income of more than $8 billion in 2021 and over $5 billion in 2020. As of writing, Lowe’s shares were trading at over $184, while it has a 52-week range of $179.22 to $263.31.
Founded in 1978 and headquartered at Atlanta, Ga., this company deals in building materials and home improvement products. Home Depot Inc (NYSE:HD) shares are down by over 30% year to date and by almost 7% in the last year. The company reported a net income of more than $16 billion in 2021 and over $14 billion in 2020. As of writing, Home Depot shares were trading at $284, while it has a 52-week range of $279.59 to $420.61.
The post These Are The Ten Biggest Specialty Retailers appeared first on ReadWrite. via ReadWrite https://ift.tt/aGSnMZK Stress is a fact of life. Whether it’s caused by work or general daily responsibilities, it’s not uncommon to feel worn out from time to time. Stress or exhaustion can take a serious toll on your mental, emotional, and physical well-being if not taken care of. When these feelings start to interfere with work, it’s often referred to as burnout. Fortunately, burnout is a reversible state of mind that people manage to overcome every day. By recognizing burnout and taking action early on, it’s possible to avoid many of the negative symptoms of burnout altogether. Read on to learn more about the symptoms of burnout, how to deal with it, and helpful tips for preventing burnout from occurring in the first place. What Is Burnout?In most cases, burnout is brought on by working. People with burnout often feel overwhelmed, tired, or unmotivated due to the constant pressure of their job. A recent survey by McKinsey & Company found that almost half of respondents experienced moderate work-related burnout within the past few years. Sometimes burnout comes from feeling underappreciated in the workplace or overtaxed by too many responsibilities. Given time, this stress can contribute to anxiety, depression, or developing a cynical attitude about the job. While usually a work-related problem, burnout can stem from relationship stress or family challenges as well. How to Identify BurnoutThe first step to fixing burnout is identifying its symptoms. People respond to stress in different ways and not everyone with burnout will exhibit obvious signs of having a problem. There are several telltale signs of how burnout affects men and women that many individuals report experiencing. You’re Less Productive Than UsualThose with burnout often notice a sharp decrease in their productivity. Tasks that were once easy to complete become tiresome and time-consuming, making it more difficult to get things done. This diminished performance can become a source of stress in itself, further adding to burnout symptoms. You’re Experiencing Negative Thoughts and EmotionsFeeling burnt out usually comes with mental or emotional instability. This can cause some people to isolate themselves from others, making them feel disconnected from the external world. As people with burnout become increasingly distant, their work performance starts to suffer as a result. They may also encounter feelings of uncertainty, fear, or inadequacy as burnout progresses. These negative emotions and thoughts tend to become more pronounced with time. If nothing is done to remedy the situation, people with burnout may start to develop conflicts with other employees. Others may simply quit their jobs unexpectedly if stress and exhaustion become unbearable. You Don’t Feel MotivatedEventually, a person experiencing burnout may start to avoid responsibilities at the job or call into work more often. Burnout can also cause workers to feel less satisfied with their contributions. As tasks pile up, a burnt-out employee will procrastinate or ignore project deadlines to minimize their workload. They may also take more breaks for longer, show up late, or leave earlier in the day. A sense of helplessness may be the main cause for many of these behaviors, while others may simply feel stuck in their current position. Tips for Getting Through BurnoutOvercoming burnout isn’t always easy, but it’s not impossible. With a little time and effort, you can return to feeling in control of all the stress going on in your life. Here are a few helpful tips for how to recover from burnout that can put you back into a positive mindset. Exercise WeeklyNo matter what’s going on, devote a few hours a week to personal fitness. Taking a walk or going to the gym can do wonders for your mental and emotional wellbeing. In addition, getting regular exercise can help to boost your immune system which is often undermined by the constant strain of burnout. If you’ve noticed yourself getting sick more frequently or simply feeling sluggish each day, it could be due to a lack of aerobic activity. This is especially likely if you’re working a sedentary office job that requires you to sit in front of a computer all day. Find engaging activities you enjoy and establish a predictable exercise regimen. Before long, you’ll likely notice a considerable shift in your mood and attitude at work. Get Plenty of Sleep Each NightThe average person needs at least 7 hours of sleep every night. When you start neglecting sleep, you’re more likely to become irritable, exhausted, or disinterested in work. Prolonged sleep deprivation can even cause health problems, increasing your likelihood of developing conditions like heart disease or diabetes. If you’re feeling run down every day, consider going to bed earlier than usual to help your body recover. Whenever the stress of life keeps you up a night, drink a relaxing tea before bed or look into natural supplements that can help you establish a consistent sleep cycle. Practice a Healthy DietThe human body needs a wide range of vitamins, minerals, and nutrients each day to operate at peak efficiency. Try to practice a healthy diet composed of diverse foods, including different types of fruits and vegetables. While fast food may be convenient, greasy burgers or tacos for lunch every day doesn’t contain the nutrition your body needs to thrive. Instead, consider making healthy meals at home for the work week ahead. Focus on healthier alternatives to snack on at the job, like grapes, nuts, or salad. Meanwhile, steer clear of high-sugar beverages like sodas or energy drinks that may leave you feeling drained later in the day. Tips to Prevent BurnoutTaking action to mitigate stress is the single best defense against burnout. If you’re getting exhausted with work, it may be time to make some changes. Follow these steps to put things back into perspective whenever you start feeling overwhelmed. Speak with Your EmployerSchedule a time to sit down with your employer to discuss how the job is impacting your mental and emotional health. Ask about reducing your workload for a time or switching roles to something less demanding. Be honest about your thoughts and feelings so your boss can find the best solution to the problem. Ruminating about the situation will only make matters worse. Instead, try to define the stressors responsible for your burnout and propose different ideas for addressing the issue. Commit to Taking Regular BreaksSet a timer on your phone to take microbreaks throughout the day. Take a short walk around the building every few hours or simply step outside for some fresh air when things get hectic. Neglecting breaks to tackle more work may seem like a good idea at first, but you’ll likely find yourself feeling burnout sooner than later. The moment you start getting frustrated, make it a point to walk away for a few moments. Start a JournalWriting down your feelings and experiences at work can help you narrow down the source of your exhaustion. In addition, putting pen to paper can help to clear your mind of the thoughts responsible for burnout. Knowing exactly why you’re feeling run down or overloaded is essential to getting at the root of the problem. If you’re not comfortable writing in a journal at work, set aside a few minutes when you get home to summarize your day in a few paragraphs. Go on VacationA simple change of scenery may be all you need to prevent burnout from happening. Think about planning a weekend getaway for yourself or a short vacation with your family. While away on your trip, avoid thinking about work and leave the laptop at home. If possible, turn off your cellphone as well so you can focus on relaxation. The temptation to check emails or texts may be strong, but just remember there will be plenty of work when you get back home. Don’t Be Afraid To Ask for HelpIf you begin to notice signs of burnout at work, reach out to coworkers and colleagues for help. Seek out support on a current project or delegate a few tasks to others who have relevant experience. Chances are other employees will be more than happy to assist. Although it may feel easier to simply do things yourself, this approach will likely only leave you feeling exhausted before long. Prevent Burnout at Your BusinessRunning a business is hard work. Between managing employees, creating a business plan, finances, and digital marketing, it’s easy to feel swamped. Following the tips above will help you to set the right example for your employees and you will see it trickle down to become a part of your work culture. You can also look for tools or partners to help alleviate some of the burdens you have. Preventing burnout is a critical piece of running a business and you will find that investing time in these tips will be better for yourself and your employees in the long run. Inner Image Credit: Provided by the author; Thank you! Top Image Credit: Kamaji Ogino; Pexels; Thank you! The post Burnout and How To Avoid It appeared first on ReadWrite. via ReadWrite https://ift.tt/ap3z4RG What does the crystal ball portend for AI as we are halfway through the first business quarter of the year? First, of course, we already know that artificial intelligence (AI) impacts every industry on the planet. Here are some areas in which AI will play a more significant role in our lives in 2022 and beyond. Markets for dataAI feasts on data and the gathering avenues of that information have heightened the value of data as a competitive advantage and a critical asset for businesses and governments alike. Privacy RegulationsAs a result, privacy regulations have been enacted and initiatives to educate the public about how their data can be used. Individuals will have more agency in exercising their data rights due to these efforts. Data marketplaces are already emerging due to the convergence of these forces. Individuals and businesses can buy and sell data in data marketplaces, which are online marketplaces. Data marketplaces offer the ability to combine methods. For example, democratized access, privacy restrictions, and monetization methods coincide to allow data owners to profit from their data usage. The Metaverse and AI are collidingThe metaverse combines virtual reality, augmented reality, online worlds, tailored experiences, and games. This allows people to communicate, transact business, and construct personalities totally online, which has recently received a lot of attention. Many firms are vying for control of aspects of the metaverse, with examples currently present in popular apps like Roblox. What does this control have to do with artificial intelligence? In the metaverse, AI can play a variety of functions in the cloud, including developing synthetic people, writing stories, and improving VR experiences. The AI-Enabled ClinicianGone are the days when AI was exclusively understood by data scientists. AI is becoming a learning need for many jobs, with AI in every industry. Every government produces AI policies, and new laws arise to manage AI and associated elements such as privacy. There will be an increase in the number of AI-Enabled Practitioners and those with advanced degrees in Artificial Intelligence. This is because people are beginning to understand the importance of AI in their work, whether in medicine, law, human resources, sales, or any other field. Everything is CustomizedSome of AI’s most commercially successful applications have been recommendation systems and dynamic pricing. It may be unnerving — but AIs never sleep, and they are constantly learning more about us. We can expect this trend to continue forever, now. Everything we receive online is tailored to us as people (whether it’s a sale, a coupon, recommendations, prices, and so on). Therefore, we should expect more information about us to be collected online. Intelligence is gathered via chatbots, digital assistants, and other means. For some, all of this collecting is an exhilarating thought, but it is a source of concern for others. Questions are asked — where is all of the information being kept? Who will access things about me in the future? Why do salespeople think it’s okay to push, push, push and sell, sell, sell to me when I don’t want to be bothered? AI as Educational RequirementsEducation standards take time to keep up with technological change. India, for example, has developed Automated Intelligence test standards for K-12 pupils. AI is an essential subject in schools. In-house training for course curriculum is in the near future. Robots in the HouseAlexa and Siri, among other digital assistants, have been around for a while, but what about house robots? Although AI-powered gadgets are not new to the house (for example, Roomba), this year has introduced more general-purpose AI-powered robots. Amazon, for example, recently unveiled Astro, a robot that can follow you around the house, link to Alexa, and monitor security, among other things. Creativity BoostedAI has shown incredible creative talents, ranging from the ability to compose music to the ability to write poetry and paint. What does this mean for the average creative who makes a living through their craft? What will this do for the shoppers? You can expect to see Artificial Intelligence-assisted creativity in your favorite apps. From those that generate presentations for you at work — to those that cook dinner for you. Will a standard procedure be demanded? What will be the quality? ConclusionAI’s progress as a technology and a force for industry growth has been exponential in recent years. As a result, we may expect more AI trends to touch our daily lives as Artificial Intelligence-powered goods find their way out of the prototype labs and into the hands of consumers. 2022 looks to be the Year of AI Supremacy — and not in an evil robot bad way — but in a way that will make the business of doing business easier and more profitable. Some employees and their managers are under the mistaken impression that Automated Algorithms stifle creativity. These Luddites are always happy to learn about glitches in the cloud and on platforms. But the intelligent worker and manager realize that each step technology takes forward, whether automated or not, is an opportunity to improve the bottom line and increase productivity. It seems that most people in business have concerns about AI — but because AI in business means moving forward despite the progression of things we don’t know yet — we accept the unknowns. Image Credit: Tara Winstead; Pexels; Thank you! The post 2022 AI Trends: How Will AI Affect You? appeared first on ReadWrite. via ReadWrite https://ift.tt/wFmJvLj Online businesses are on a roll to leverage the expansion of the business market to the internet world. The internet world has grown at a rapid pace, and looking at the popularity and business scope, it is here to stay. Customer preference has played a massive role in an online business’s success. People prefer to have something that is at their convenience, and effortless and online services fulfill both their demands effectively. The concept of online business is encouraging to a lot of aspiring entrepreneurs. Yes, there are benefits to running a business online — but it is not as easy as many entrepreneurs think. Running a business online requires skills and proficiency, and you need to learn online etiquette and customer etiquette before diving into the work of the business. All businesses take a risk when they start out — and it’s had to get your business to survive.Every business has the need to make it survive in the world, and the right person with effective skills will be able to succeed with its venture. Overall running a business online is a great idea, and according to recent stats from Statista last year, over 2 billion people purchased things and services online. A person in business with effective skills that are fruitful will be a cakewalk for them. Knowledge and skill-set are the brutal combinations that the most successful business people should have. As an online business is a new concept, it is essential to learn new things, and thus, learning skills is also one of the skills that are very important. There are many skills that are required to run an online business, and here are the top skills that help you run your business efficiently. Top Skills for Running Online Business1. Research and PlanningResearching and evaluating the current market trends and your business niche is very important. Knowing what’s going on in the market is important to know, and it will help you get to know what’s bothering your business model. The competitor’s activity is something that you should be knowing, and a well-versed research skill can be beneficial. To stay ahead in the competition of the business world, you need to do it and plan accordingly to move your online business towards a successful path. Planning is critical in online business to organize all the aspects and take it in the right direction. Thus, research and planning is the essential skill that helps withstand your online business and helps you to become a successful business person. 2. Online SalesOne of the crucial skills to run a business online is online selling. The online world is very vast and gives a massive amount of scope and growth opportunities to the business model. The skills for selling online are also very important that helps your business model to run efficiently. There are few areas like internet marketing, advertising, online promotion, etc., that are very helpful, and with adequate skills, you can leverage your business using these tactics. Grabbing people’s attention in the online world is an essential and helpful skill that drives your business towards success. There are different marketing variations in the online world. Having good knowledge about them will be fruitful for your online business. Effective ways to grow the business online require good online marketing and communication skills and a solid understanding of different verticals in the internet world. 3. Technical SkillsThe online business running in the internet world requires a few technical skills that help in the smooth running of the business. Digital technologies are used in running the business online, which most people are not aware of initially. It is suitable for the business owner to have some knowledge about the technical aspect of operating the system and managing the business online. If you don’t know the entire technical part, that is ok. Still, it is important to understand the correct application of using the technology. And that is how you can handle the online business efficiently. If you have good knowledge about technological aspects, you will keep your input when you want to create your digital platform for running your business online. The business running with the help of mobile apps is increasing. These days — an app for a grocery store, mobile stores, restaurants, supermarkets, etc. are available. If you have some technical skills to develop an app, you can easily get your online business app developed as your requirements. 4. Social Media ManagementWhen it comes to the online world, social media needs to be mentioned. Social media is one of the impactful and well-known tools in the internet world. Social media is a very important tool because of its popularity, and for online businesses, it can be very helpful. A social media presence is a must for the business running online these days. It is a tool that can be used for gaining people’s attention effectively, as we all know the capability to make things viral in a minute on social media. Effective social media management skill requires a bit of creativity and the ability to influence people with it. It is the skill that you need to have because it can be fruitful for your business. As many as 4.20 billion social media users exist, and that indicates how useful social media is to your business. 5. Commercial SkillFor any business in the world, commercial skill is important. For online business, you need to create an impact in the market and people’s minds. To create such an impact, it is important to have the commercial ability to take your business towards success. It is important to build a network so that your business achieves the desired success. Product ranges and pricing also depends on your commercial ability. Suppose the customers are offered the products or services at the right cost, which is convenient for both service providers and customers. In that case, it is very impactful for your online business, and this is possible with adequate commercial skills. Business connection with the vendors, suppliers, transporter, etc., is also very important. And you can form that connection with good business sense and ability. 6. AdaptabilityAdaptability is an important skill that any entrepreneur in the world should learn or possess. Especially when you are involved with the technology in your online business, you need to be more open about it as technologies keep updated. Adapting to technology is very important as it will open up the doors of innovation for your business. Adaptability is an important skill often considered by business people. Being adaptive to any situation in a business is always important, especially when you are into online business. 7. Consumer ServiceConsumer service is an important aspect for business people to consider because consumers are an important element in the business. The revenues generated for the business generate from the consumers only. Thus, one should give priority to customers, especially when you are offering services online. This is the new angle of doing business. One should better understand what customers need and how effectively they can get those things. Skillful business people should always correct themselves and know how they can serve their customers efficiently. Thus, to run the business efficiently, it is important to take care of the customers’ needs and constantly improve customer service. 8. Finance ManagementOne of the important aspects of business is finance, and to handle the financial aspects, you must have adequate skills for finance management. It is essential to discover new revenue streams and handle that revenue for the effective growth of the business. To use the funds at the right time and place is very important because your financial strength is your biggest strength. Proper finance management can be instrumental for business people to run their business efficiently even in tough times. ConclusionThere are many skills an ideal entrepreneur can have, but it is essential to have learning skills because if you keep learning new things, you will soon become successful. The online business is booming these days because it has become easy to establish. But the thing is, they hardly sustain as 80% of them fail. Start learning new skills if you are an entrepreneur about to start a business. One of the reasons for the high failure ratio is the lack of adequate skills. Hence, it is clear that running a business online is not a cakewalk if you don’t have any skills and you don’t want to learn anything. Thus, these were some of the top skills that can be helpful in running a business online. Image Credit: The post Top Skills to Run Online Business Efficiently appeared first on ReadWrite. via ReadWrite https://ift.tt/ELBuC2b Open banking has opened up new possibilities for financial and technological services, enabling companies to tap into consumer data like never before. For example, third-party service providers can now access bank account information, account balances, customer financial history, and more through bank links and customer consent. Growth and enhancement through in-depth collaborationInternet of Things (IoT) could see growth and enhancement through in-depth collaboration with open banking technology to provide additional benefits and uses for people. Benefits include consumers accessing their financial data such as bank balances through wearable tech and AI assistants, making requested and automated payments through IoT devices, enabling more detailed credit checks, simpler insurance claims, and more. Data safety and cybersecurity in open bankingWhen it comes to any new fintech innovation, concerns and skepticism typically arise in consumers in terms of data safety and cybersecurity. Many consumers believe that traditional financial institutions are better equipped to protect their data than fintech. This is likely due to years of continued use and a lack of profound understanding of what terms such as “open banking” entails and what security measures are in place to protect consumers. Open banking is as safe as ever and spreading its data security practices and policies across various case studies in the world of IoT. Current data protection practices in IoTThe rise of IoT and intelligent technologies has led to a consistently improving customer user experience through seamless day-to-day operations that fulfill the users’ needs. However, in terms of security, IoT has previously seen a good amount of criticism regarding built-in security features, and it often relies on the safety of the network the tech connects to. The data collected, stored, and shared by IoT devices must be protected under the General Data Protection Regulation (GDPR). GDPR refers to a legal framework that regulates the guidelines on how data must be collected and protected. It is a crucial obligation for IoT application providers to adopt GDPR-compliant data protection and security measures to keep their users’ data safe and protected and ensure that the ingrained sensors do not collect more data than necessary. IoT tech has the potential to be targeted with malicious intentJust like any other device which can be connected, IoT tech has the potential to be targeted, tapped into, and utilized with malicious intent. For example, in 2020, a study by Palo Alto Networks found that 98% of all recorded IoT data traffic was not encrypted. A 2021 global survey by IT security firm Trend Micro found that 86% of IT professionals believed that their organizations could do more to educate regarding IoT security threats. With predictions estimating over 30 billion established IoT connections by 2025, security must be at the forefront of users’ and organizations’ minds. Open Banking will protect a specific part of dataWhile open banking can protect only a specific part of the data gathered by IoT devices with utmost certainty, implementing open banking policies and technologies protects financial and payment-related information first and foremost. With smart payments, automated purchasing, and direct bank links on the rise, the financials will, without a doubt, become a fundamental aspect of IoT. How open banking is kept safeSafety is one of the main pillars of open banking, and despite security concerns, it is as safe as traditional banking. Open banking API endpoints were actually developed by banks and have been rigorously tested to ensure maximum data security. Open banking also gives more power to consumers themselves, allowing them to only share data with third parties of their choosing. Eligible banks also have their own security measures in place, delivering a multi-layered safety wall. Payments Services Directive 2 (PSD2)Payments Services Directive 2 (PSD2), the regulation behind the creation of open banking, was initiated in part to re-establish security requirements in the payments sector. Strong Customer Authentication (SCA), dynamic linking requirements, and consent management were introduced to ensure that only authorized users can connect to sensitive data. Consent management is required when banks and other firms ask customers for consent to the entity’s collection and sharing of their personal data. SCA’s Authentication ProcessSCA refers to a process of authentication that requires the account holder to prove their identity through the use of two or more security elements that are split into three categories:
Dynamic Linking CodesSimilarly, dynamic linking establishes the user’s identity by requiring a new, unique code for every new transaction. Unlike questionable practices, such as screen scraping (the process of copying information from a screen rather than securely connecting to the actual platform displayed), open banking never requires users to share their login details with anyone — making the above methods a viable option for identity verification. How IoT devices benefit from open banking security measuresWhile IoT devices are all about convenience and consistent data sharing, some sensitive information, such as financial data, should not be easily accessible outside of the agreed-upon scope. With unauthorized access to devices being one of the main concerns, it is vital that PSD2-backed open banking identity verification processes, such as SCA, be implemented when setting up automated payments and new transactions. This ensures that only the authorized user can establish future payments. On the downside, it reduces the simplicity, and ease-of-use IoT is so well-loved for. Still, it is necessary to require the same level of security for regular IoT payments as in any other financial app. Data gathered on the user can be helpful in further protecting the user from fraudulent actions.By securely connecting to bank accounts, consumer data can be collected and analyzed to create a portfolio that consists of regular spending patterns, most-used shopping categories, and gambling and overspending habits. This client file can then be used to analyze whether their current transaction is characteristic of their usual spending behavior or not. If the new transaction does not fit the typical customer profile, the system can be notified, and additional checks and identification processes can be performed. Encryption of DataWhile many IoT devices do not encrypt traffic, open banking goes the other way. It does as much as possible to ensure that the APIs are protected by implementing various security measures. In combination with a heavy-duty identification verification and data analysis, this establishes a protection system that, while IoT tech itself may be vulnerable to some attacks, the financial data and accounts connected to the device are still protected. This protection ensures fraudulent payments, login attempts, and access to bank data are limited. IoT and open banking for the futureProtection of customer data is at the core of PSD2 and open banking, enabling the customers to control and maintain their own financial information. Therefore, security is vital when it comes to sensitive financial information, and solid safety measures are an utmost priority. Open Banking and IoTOpen banking and Internet of Things technology will inevitably go hand in hand in the near future. Where IoT has security concerns, open banking can help provide the answer and the needed safety net to protect users when accessing their finances on the go. As technologies continue to evolve and prosper, both of these options in open banking will generate more ways to connect and create countless innovations to enhance and improve users’ lives across the globe. Image Credit: Provided by the Author; Thank you! The post How Open Banking Keeps Data Safe When Using IoT Devices appeared first on ReadWrite. via ReadWrite https://ift.tt/hkvP83u |