Price elasticity of demand and How it Affects a Business?

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Price elasticity of demand basically deals with price and quantity demand and their relationship. It evaluates how a change in price can also create a considerable change in quantity demanded. Heavily influencing marketing mix and decision making with respect to price, it is one of the most important and necessary business tool and concept. Many of the important marketing strategies that you adopt which will possibly affect and change the entire course of your business are under the grasp of this theory. Also called PED, it greatly affects finance and other aspects of your undertaking as well. Even though the changes in price and elasticity of demand move in opposite directions, they seem to be tightly knit together. The co-efficient of elasticity of demand as a matter of fact is what concerns most. Once the price changes, the revenue and expenditure in terms of the product can be assessed. Also determination of price volatility after supply in market, for prices may shift from time to time. A lot of factors also happen to affect it. Determination of whether the product is that of necessity or luxury, whether a tactical price war is on its brinks, peak and off peak demand as well as habitual consumption. The key point here is that, this calculation is often an estimate and can be changed given time and space. The market is constantly growing, open to changes and full of surprises. The customers are also the same. Sometimes sensitive to price variations and not big fans of sudden circumstances. Price and demand have always been major ingredients in this mix. The demand and supply cycle works one way, but this one, this one lays down the path itself. Customers are the kings and Queens, and while their demand will be high, disappoint them and charge them beyond a line, and your business can go to pieces. Not all products have the same future or capability to do well nor the endurance and power. Price changes are to be intricately dealt with keeping in mind that without demand, there’s no point of supply. Some products are inelastic and work well with change. Elasticity assumptions differ from product to product. The responsiveness of each product is relative. Whereas, some just bring down the profit margin. It’s critical to a business to not stretch to a point, it can’t take it anymore. It simply breaks then.

The more discretionary a purchase is, the more  its quantity will fall in response to price rises, that is, the higher the elasticity. So, if you are considering buying a new washing machine but the current one still works (it’s just old and outdated), and if the prices of new washing machines goes up, you won’t end up buying it then. You’ll wait for the prices to either fall or wait for your current machine’s condition to be worse enough to need a new one. The prices are also “elastic” if the rise of that of one product leads to rise in demand for another one. For example, if the price for headphones rises, customers will willingly resort to buying earphones. Substitution is a great idea in such a case. This is when price is elastic.

The concepts of business and marketing keep changing, evolving and maturing. So do the customers and ultimately with technological advancements and the rising tide of globalisation, wants needs and preferences all are going through a character change. At such a time, this concept becomes very important. And more so, the equilibrium!

Creativity in Business: Partners in your Empire

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Creativity isn’t just a form of expression; it’s the spark that ignites the fire of your deepest passions. Business like any other is highly influenced by the amount and type of creativity presented, it’s your personal vision in physical shape and form, it’s your authentic brain child and trust me, as an entrepreneur or businessman what could be better. Often capitalism is synonymous considered to creative destruction and yet we literally are creators. Creators of dreams and empires. The truth of the matter is that no matter what happens, creativity and innovation is never just limited to art or dance, it’s an unfathomable sea. It’s anything you want it to be. Creativity is what fuels big ideas, challenges employees’ way of thinking, and opens the door to new business opportunities. “Creativity” and “innovation” are often used interchangeably for that reason, but are two separate concepts.

Anything you can imagine is real, Picasso once said. You channel all your ambitions and creative notions, your mind blowing ideas and breathtaking concepts, into one. And you make it your life and your source of livelihood. That’s what creativity is. It’s your life. Here’s why and how:

Engage – creativity needs focus and commitment. 

Take the time to listen fully to the voices that really count,including your team leaders and customers. Also take the time to listen and believe in yourself. Take on and conquer your own fears and challenges, before you face the many business challenges requiring extra creativity. , Of course, you can’t just say, “Be creative,” and expect your staff to magically produce innovative ideas. An innovation-driven work environment must be carefully nurtured and encouraged, and it starts with your company’s leadership. Observe and absorb everything around you, to cultivate your creative and recreational needs and space.

Dream – creativity needs imagination and free thinking. 

Research has long suggested links between dreams and creativity. It suggests that the dreams themselves–with their idiosyncratic imagery, colourful extrapolations on the same theme and non-judgmental stance–model the free thinking that precedes robust creativity. Dream bigger but work harder. Don’t settle yet don’t overachieve. Your mind is a safe haven, and it needs to be safe and protected. Nurtured in fact. The amazing thoughts that you have, the undying urge to do new and better cannot be let go of, thus should be preserved and cared for, used in times of absolute creative and innovative peaks. The truth is, creativity often has to hear no,often its sad and disheartening, but there are so many more doors left for you to open, so keep going.

Passion: do what you love.

The best of you is in the things you love. Brainstorming and spitting of ideas back and forth with your trusted and like minded allies, finding answers to questions you have in daily life scenarios, noticing things no one ever does and trying to find out its secrets,are all steps and stages to becoming what you are and what your business will be. Businessmen and entrepreneurs are ordinary people, with extraordinary passion and commitment, two key elements to being content and successful. So even with road breaks and bumps, limitations and blocks, never stop doing what you love. Channel all of it into making something great and out of the box, and it’s only when you embrace it, that you truly unlock the doors to your creative self.

Being creative requires you to be relaxed, open to ideas and most importantly, dedicated. It requires all of your time and effort, your sense and senses and your entire being. It is learning and growth. It’s for you to embrace and nurture. It’s the base, the foundation of everything that you build and thus, it’s important to never lose track of your roots. Creativity is what you build on, build with and build for.  

Starting a Business: What to Do Before You Begin

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Launching your own company seems like a great idea at first. After all, what could be better than running your own business, where you get to choose your own hours, set your own salary, and even go to work in your PJs if you feel like it?

Of course, there’s more to beginning a business than most people realize. Although almost anyone can set up a business website these days, that doesn’t necessarily mean that you have what it takes to run a successful business. To help you start your entrepreneurial journey on the right foot, we’ve put together these simple tips for success.

1.     Start with a Killer Business Plan

A lot of ambitious people avoid creating a business plan for their company because sitting down and answering a lot of questions about their upcoming venture doesn’t sound very exciting. While it’s tempting to say that you’ll simply tackle each challenge as you come to it, writing a business plan can be more valuable than you think. When you create a business plan, you force yourself to answer some important questions about your company and your future. For instance:

  • How much money do you need to get started?
  • How many employees do you need?
  • Where are you going to market your company?
  • How much money do you need to earn to make a profit?

A business plan will also be crucial when it comes to attracting investors.

2.     Decide How You’re Going to Fund Yourself

Some people get so caught up in the idea of making money with their business, that they forget they’re going to need to spend a little cash to get started too. Ultimately, launching a business can cost a lot. You have to pay for things like your website, your product manufacturing, and more, all before you’ve had a chance to start building a reliable client base.

With that in mind, make sure you know how you’re going to fund yourself when you’re getting started. You may be able to get some of the money you need from friends and family and obtain the rest from a business loan. Remember, compare your business loans to make sure that you’re getting the right interest rates.

3.     Equip Yourself for Success

Once you have decided how much money you’re going to need to launch your business, you’ll need to start equipping yourself with the right tools. Sometimes, all you’ll need to start your company is a computer and a good internet connection. Other times, you may need to invest in specialist machinery that will help you to create the products that you want to sell.

Make a list of all the items that you absolutely have to have now, and the things that you might be able to invest in at a later stage after you’ve started to make some revenue.

4.     Create a Website and Promote Yourself

Before you give up your day job, make sure that there’s a market for whatever you’re selling. There are plenty of ways that you can do this, but few things are more effective than simply setting up a website and seeing how much attention you can generate. Rather than launching your website straight away, consider adding a landing page to your site where you can ask people to sign up and give their email address in exchange for a discount when your business launches.

This will help you to predict how much traction your site is going to get when it goes live, and it also means that you’ll have a valuable email list to nurture when you do begin running your business.

5.     Stay Committed

Finally, make sure that you’re committed to whatever you decide to do when you’re running your own company. Remember that launching and managing a business is hard work, and there’s a good chance that you won’t make a lot of money straight away. However, if you can stay devoted to what you’re doing, and make sure that you keep pushing forward – even when times are tough, you should eventually begin to see results from your hard work.

A good way to make sure that you stay motivated is to consider looking for a business mentor. These inspirational people have already been through similar challenges to the ones you’re facing now, so they may be able to help by answering any questions you might have about the ups and downs of an entrepreneur lifestyle.

What to Put on Your Resume When You Have No Relevant Work Experience

Resume

There are many reasons someone might apply for a job for which they have no relevant experience: a career change, being fresh out of college and starting a career or finding a once in a lifetime opportunity that you can’t pass up.

Whatever the case may be, it’s challenging to know what to include on your resume if your experience doesn’t directly relate to the job posting qualifications. If you find yourself in this situation, here’s what you can do instead.

Transferable Skills

Not all skills that you pick up at a job or during your life pertain to a specific job or career path– many are transferable. For example, if you’ve worked with employee scheduling software as a manager at a restaurant (to learn more about smart scheduling, click to start your free trial now), it may be beneficial when moving to a sales position in a wholesale company that struggles with scheduling. General life and career skills, like strong communication and the ability to analyze data, may not be listed on a job posting but could give you a competitive edge even compared to someone whose application fits the bill.

Truth be told, you don’t know what hidden talents a hiring organization is looking for. Just because your application doesn’t necessarily match the requirements they listed, including the right combination of skills may highlight a problem within an organization that you could help solve.

Skills

Volunteer Experience

Having volunteer experience not only highlights your capabilities as a socially-minded individual, but it also identifies skills and experience you’ve picked up outside of a work setting. Assisting with the organization of fundraising events speaks to project management and working within a budget. Doing door-to-door collection campaigns takes strong sales skills as you compete against other non-profits and an individual’s expenses to be successful.

Having volunteer experience listed on your resume gives hiring managers insight into who you are and what you value. This gives them a strong idea of how you would fit into the company culture and often acts as a conversation point or common ground.

Enthusiasm

While crafting a resume and cover letter, make your enthusiasm for the job apparent. Don’t make the focus all about you; talk about why you want to work for this company specifically. Use relevant information about accolades the business has received and talk about what drew you to this organization.

In the workplace, attitude is everything. Hiring managers like to see candidates who aren’t just looking for a job but looking to bring their skills to a business so that they can grow with it. If there’s not a lot of relevant information on your resume, don’t highlight the gaps. Instead, create such a compelling document about your enthusiasm that your lack of relevant experience is an afterthought.

Great References

Incorporate reference letters that tell hiring organizations why they would benefit from having you as an employee, regardless of your skill alignment. In this case, it’s better to have physical letters attached rather than the “references available upon request” standby. Reach out to people you’ve worked for in the past, professors and mentors, and former employers who valued you as a worker.

Creating a resume when you lack relevant work experience is all about presenting yourself in the best possible light. Highlight your skills and let a business know why you should be at the top of their candidate list.

5 most Profitable Industries for Small Business Owners in 2019

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There has never been a superior time to begin a business, as beginning a business today doesn’t require the exorbitant capital investment it completed quite a while back.

Copywriting

Copywriting fills a profitable need in the market, interfacing gifted essayists with organizations needing limited time administrations. As of late, the interest for quality web duplicate has quickened, expanding the requirement for gifted experts. The present publicists make promoting and showcasing materials: a domain that currently incorporates online networking advertisements, site duplicate, blog entries, and even email messages. Copywriting requires no formal instruction, making this industry genuinely simple to embrace, notwithstanding those without involvement in substance creation. There is additionally no compelling reason to put resources into an exorbitant business space; most marketing specialists telecommute on an independent premise and pay next to no in overhead costs. Interest for good journalists is high, making procurement of work genuinely direct for those looking for customers. In any case, composting doesn’t really come simple, and just those with a genuine ability for dialect will prevail in this specialty field.

Beauty

There has never been a superior time to be an autonomous marvel mark. On the off chance that you have an extraordinary item that takes care of a squeezing skincare issue, utilizes quality fixings, or focuses on an underserved specialty showcase, (for example, men, minorities, clients with maturing skin, and so forth.), you have the chance to wind up extremely fruitful. Beauty is a developing industry where sagacious littler brands are removing the piece of the overall industry from industry goliaths. Autonomous brands can dispatch online with their own Internet business store and appropriate items through online channels like Amazon, which holds a 37% offer of online beauty deals. Beauty brands can likewise utilize influencer effort to drive movement and deals. Whenever upgraded and done effectively, excellence brands can have continuous, long-haul deals from steadfast clients.

Business Counseling

Organizations will put resources into quality business specialists who can enable them to accomplish the outcomes they are searching for. They’re likewise ready to pay strong sums for the correct guidance, which, tied in with low overhead, makes business counseling a productive business to leave on. Obviously, successful business advisors do require sound business discernment and learning, so this isn’t really the correct open door for everybody.

Counseling and Therapy

The emotional wellness field is another call that is encountering expanded interest for administrations. The BLS expects the requirement for marriage and family advisors to grow 41 percent by 2020. The idea of psychological wellness counseling makes it appropriate for private practice. Numerous experts in the field settle on the word related decision to begin their own guiding organizations. This regularly requires broad tutoring, in any case, and frequently post-advanced education.

Travel organization

The movement business in India has seen a blast in the previous decade. Keeping to individuals’ changing propensities and their craving for a definitive ‘hunger for new experiences’, the time is ready for hopeful business people to put their cash where the guide is. The savviest measure to open up a locally established travel organization is by tying up with a post-office. Thusly, you will get the advantages of pace (helping you get your Curve, CLIA, or IATA number quicker), accommodation (they play out all the ‘back-end capacities’), and help you gain higher commissions and minimize your expenses. While the rates vary as indicated by the host organizations, your fundamental introductory costs that will fall inside Rs 10,000.

Is an Online MBA Worth Getting?

MBAFor many career-oriented, driven young professionals, an MBA is a key that can open previously locked career doors. Even older working adults are finding that many hiring managers require, or at least prefer, MBA holders. Whether you want to move up in your company, land a senior role elsewhere or start a successful venture of your own, an MBA can help you get there.

But, while the salary and career benefits of an MBA are clear, leaving the work force to go back to school full-time just isn’t feasible for many working professionals. It would mean leaving your job, and your paycheck, behind and putting your career on hold, and that can be a hard pill to swallow even if you don’t have a couple of kids and a mortgage to think about.

Of course, plenty of reputable business schools these days are offering MBA students the chance to earn their degrees online – but are online MBAs really as worthwhile as traditional ones? Is there some benefit, intangible or otherwise, to sitting in a classroom that can’t be matched by the asynchronous, digital experience? That’s what many prospective MBA students wonder, but those who take the plunge into online education typically find that their online MBA classes are just as rigorous and valuable as the on-campus versions.

An Online MBA Is an Investment

An online MBA is just as much of an investment in your career and future as a traditional MBA. For most programs, the only difference is that, rather than clearing your schedule to travel to campus and attend classes in person at set times each week, you’ll be allowed to review the material online as your schedule allows. As long as you complete your assignments on time, you’ll be able to do your coursework from anywhere and, largely, at any time of day.

Just because you’re not attending classes on campus doesn’t mean you’re getting a substandard or discount education. If you choose a good business school with a highly-rated program, you’ll be taking classes from the same professors that teach on campus. You’ll be doing the same assignments that on-campus students complete.

And you’ll be paying the same tuition. The average part-time, out-of-state online MBA student paid about $1,110 per credit for tuition at a top-rated business school during the 2016-2017 school year. Average part-time, out-of-state tuition for the best programs exceeded $53,000 that year, and nearly 44 percent of the year’s graduates carried debt from their MBA studies. The average graduate left his or her program with more than $37,000 in debt. Graduates see an average salary increase of about 26 percent, but it’s important to weigh this potential boost in income against the debt that you might incur to achieve it.

Why Get an Online MBA?

online MBAPeople choose to earn online MBAs not because they cost less (they don’t) or are less challenging (they aren’t), but because they’re easier to balance with a full-time job and other commitments. Of course, not all MBAs cost as much as the top-rated programs described above; an MBA from Fort Hays State University in Fort Hays, Kentucky costs about $12,000, for example. Many students are able to slash the cost of earning an MBA by taking advantage of employer tuition reimbursement programs or scholarships and grants.

Making the Right Decision

Is an online MBA the right choice for you? First, consider whether you really need an MBA to get where you want to go in your career. If an MBA is a clear necessity, then an online program might be right for you if you don’t want to or can’t leave the work force to go back to school full-time and if you’re not as interested in having the traditional MBA experience. You’ll need self-discipline, superior time management skills and the willingness to spend a longer period of time working toward the degree to make a part-time, online course of study work for you.

Of course, it’s important to shop carefully for a program. Higher-ranked schools look better on a resume and are more likely to land you interviews with brand-name employers, but they cost more, too. Many lower-ranked schools offer just as much academic value for a lower price tag and could be just what you need to reach your career goals. Investigate their student support services, talk to alumni and spend some time getting to know faculty. Weight your potential future salary against the debt you will incur, and consider whether you can get financial assistance to make the tuition more affordable.

An online MBA can be hugely beneficial to your career, especially if you’ve reached a point where an MBA is a requirement to advance further. Before you start preparing your applications, carefully consider whether the cost of earning the degree will be worth your increased earning potential. That way, you won’t end up regretting your decision to go back to school.