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A business mantra that you may have heard of is “failing faster”. This can be interpreted in many ways and it’s often misunderstood by students and budding entrepreneurs who are trying to get their big break in the world of business.

For some, failing faster means to quickly cut their losses and get out of a business while it’s sinking. This is a good interpretation of the saying, but it’s not the full story. Yes, it’s important to get out of a business if it has stopped growing before more of your time, effort and money are invested, but failing faster holds a deeper meaning and it’s even more important than ever for new entrepreneurs to grasp the concepts behind it.

What is failing faster?

Picture it this way; what is the number one source of knowledge that people rely on to grow themselves as well as their business? Tech-savvy people will say the internet, and they would be partially correct. The internet is indeed a database of knowledge that collectively contains far more information than any library in the world, and there are thousands of articles, journals and case studies to look at for inspiration and help. Older business owners are likely to say from other people. Industry veterans, figureheads and mentors are all perfectly good examples of good sources of information and guidance. Yet, there’s one thing that remains certain; all of these sources are derived from one simple method of acquiring knowledge: experience.

This is why failing faster has the most potential for building up your knowledge. The more things you expose yourself to, the more likely you’ll be able to learn from your own experiences and thus, build a better brand and develop yourself as an entrepreneur. It’s important to note that experience alone won’t turn you into a successful business owner, but it plays a major role in applying whatever you have learnt in a real-world scenario.

How do you fail faster the right way?

There are a number of different ways to fail faster without harming your own chances of success. The first would be rapid manufacturing. Ideas don’t always work out, and some companies can spend months or years working on a project that is ultimately scrapped because the fundamental idea was flawed. This is a huge waste of time and resources, which is why rapid prototyping of a product is needed to get it into the hands of consumers to gather feedback and suggestions.

The goal isn’t to get it right on the first try, but to have a product that can be talked about and tested before you invest more money and resources. Imagine if you spent the entire evening baking a large and extravagant cake, only to realise that you used the wrong type of flour in the end and created something inedible. It would’ve been wise to test it first by using fewer ingredients and tasting it before you decided to invest more money and time into it.

The same concept applies to business. If you want to have a better final product, then you need to fail faster and get your ideas out there in a timely manner so that you can grow them steadily instead of trying to surprise the industry and consumers with something.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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Business

5 Things To Keep In Mind When Changing Careers

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Your dream job may be much closer than you think – and it might not even be in your current industry.

Many people aren’t aware that hundreds of jobs out there offer a higher salary than their own and career growth and stability. These jobs often require skills not used in their routine work but can provide an easier transition to a new job within the same company or industry and more career opportunities down the line.

To get started on finding the right opportunity for you,

Here are some things to keep in mind:

Figure Out What Exactly You Want From Your Career

Sometimes, figuring out what we want from our lives is the most difficult part of getting somewhere. So What do you want? If you could have any kind of job in the world, what would it be?

If you don’t know where to start, think about the things that make you happy. Do you enjoy helping people? Do you like making money? Do you like staying at home and never going outside of your house? All of these are possible career paths, but knowing what’s right for you will go a long way towards helping you choose the best opportunities from which to choose.

Don’t Overlook Smaller Opportunities

Don’t limit yourself by thinking that only Google and Facebook can give you fulfilling work! There are many jobs out there suited to almost every kind of person, so if those big names don’t sound appealing to you, keep searching until something does.

Make Sure the Opportunity Fits Your Lifestyle

Do you have anything keeping you from pursuing the career path of your dreams? Maybe you have children or elderly parents who rely on you. Maybe you have bills to pay online casino real money every month. Don’t let any limitations keep your dreams from being realized!

If you can’t give up everything in your life to pursue a new career, don’t worry! There are many jobs that allow you to work from home or just work part-time while still earning a steady income, make sure to learn more about these opportunities. They might not pay as well as traditional jobs, but they will reduce some of your living expenses and provide you with more time to do what’s important to you.

Don’t Limit Yourself By Your Current Skill Set

A lot of people think that if they aren’t proficient at using Microsoft Excel, they can’t get a data science job. This isn’t true at all! In fact, the majority of data science jobs don’t require you to be fluent in Excel! So even if you’re not good at using it now, don’t think that it will stop you from getting a new and better job.

Ask Your Friends for Help

If you’re unsure about what career path might be right for you, ask your friends for help. If they know of something that sounds interesting or fulfilling to them, there’s a good chance they’ll know someone who works in that field or can put you forward for an interview with one of their contacts. But beware: asking your coworkers is probably the number-one way to find out how boring your current job really is!

Good luck!

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Young Entrepreneurs

How To Make Your Small Business Global

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So, your small business is doing well, you’ve conquered your market and everything is running along smoothly. So what’s next? Do you cruise along just enjoying your success? Or do you push yourself and your business to see how far you can take it? That’s right, keep going and see where you can take it. Thanks to this increasingly connected world you can grow your small business and make it global, but how?

Do your homework

DOn’t do anything without doing proper research first. Find out what the market is like in other countries, if there is a need or demand for your product. Are there competitors there? What are they doing and how are they doing it differently to you? Look at everything from the cost efficiency, to the legal regulations and know everything there is to know.

Know the culture

You need to be aware of other cultures and how they may perceive your business and your content. You also need to know how to do business in other countries and what cultural practices are. For example, is shaking hands okay, or is there another way of greeting people? Is it okay to hand out business cards? Find out all of these small details because they could make or break your opportunity to do business in a particular country. 

Make friends with local experts

It’s a good idea to get to know as many local experts as you can and get as much advice from them as possible. You should also listen to what they say and not think you know better. Accept their help and let them tell you about best practices and how things like social media work in that country

Learn the language

Don’t let language barriers slow down your success. Put in the effort and learn the language for the country you wish to do business in. Not only does it make things easier for you but it shows that you respect the country and want to be a part of it.  

Visit each country 

If you’re thinking of going into more than one country or you’re undecided where to start, then you should visit each country. Even though everything can be done online now, it doesn’t mean it has to be and you can make better decisions when you’re in the country. It might be easier when it comes to how to choose China freight forwarder online but if you’re choosing material for your manufacturing process and a person who you’re going to be working closely with, then it’s better to be in the country. Once you know how things work and have established a few things, then it will be easier to do the rest online. 

Although it can be a lot of hard work to take your company global, you can do it and many others have done it before you so take their advice. There are so many tools and strategies now available to help you expand your business globally, so make the most of them. Just remember to take it slowly, take it one country at a time, and don’t set your heart on world domination just yet.

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Business

Steps You Can Take to Make Your Business More Successful

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There are so many steps you can take in order to help you have a strong business that you can work on making more successful. You need to think about doing what you can to hit the ground running as a business, and this is something that plays a big part in helping you develop the company. There are a lot of ideas you need to keep in mind when it comes to trying to make your company more successful.

Make sure you do as much as possible to improve the process of running a business, and this is something you need to make the most of right now. Try to think about what it takes to make the most of this right now and there are plenty of ideas that play a part in helping your company stand out. 

Market More Successfully

Try to make sure you do as much as you can to market the company more successfully, and this is something that is going to have a massive impact on your success. You need to get the promotional part of the business right as much as you can, and this is something that you are going to need to figure out as much as possible. Work on taking things to the next level, and try to come up with ideas that will help you to achieve this right now. 

Give People Something Different

Making sure you give people something a bit different is absolutely crucial when it comes to improving and enhancing the success of the company right now. Try to make sure you do as much as you can to improve this and make your business more competitive in the process. There are a lot of factors that play a part in this, and you need to think outside the box and figure out how you are able to improve the appeal of the company, and the services you offer. 

Engage More 

Engaging more with the public is really essential, and there is a lot that can be done in order to achieve this. Social media is one of the best platforms you can use to improve the way you engage with your customers right now. There are so many ideas you have to keep in mind that can make this much easier and more effective. Using as many social media sites as possible is one of the best ways of being able to achieve better engagement, but you also need a great website and multiple ways of communicating with customers. 

Hire Experts to Help You

Another thing that you need to consider when it comes to achieving this is to make sure you are focused on being able to bring in experts to help you. This is a massively important part of the process, and something you need to think about for the future right now. Try to make sure you focus on this for the future, and try to work on hiring experts like Australian Adam Blumenthal, who can play a key role in advising and helping your business decisions, and allowing the company to grow in the process.  

Make sure you try to do as much as you can to make the most of this right now, and there are plenty of things that play a role in this. Make sure you look at some of the best ways of being able to take your company to the next level. Try to think about what it takes to improve the process and make sure you can make your business more of a success in the long run.

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