The New Face of Entrepreneurship

Entrepreneurship has been in existence even before the industrial revolution. However, the industrial revolution led to increased cases of entrepreneurship due to demand and supply logistics. The changes in technology, demand, and modernity resulted in the introduction of new and more modern entrepreneurs.

The fundamental principles of entrepreneurship have held up over the past decades. You come up with a great idea that has not been done before, or you take something that has been done and make it better. You then take a risk and put yourself out there in hopes that people will buy your products and services or that a venture capital firm will fund you.

With the bad economy looming and emerging technologies changing the way we brand and market our businesses, there is a new face of modern entrepreneurship. Now people from across the world are starting businesses, regardless of age, and we are not forced to tap into third parties in order to reach potential customers.

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The new face of entrepreneurship is a result of emerging technologies and a lot of inflation. The modern entrepreneur now needs a different set of skills to be successful in their business.

1. A scholarly research ability. People do not simply buy things anymore. There is a winning mix of brand interactions, advertisements, and recommendations that go into every significant purchase we make.

Getting this recipe to truly click involves not only knowing the history of your industry and competitors but also knowing where and when to go for the latest updates and insights. Do not pick up a copy of The New York Times, read through, and call it a day. Find those bloggers and influencers leading the way, peruse every trade publication for your industry and learn where to go for real answers.

2. A strong social media presence. If your LinkedIn profile looks like a phone book listing, we have a serious problem. If your indecent Facebook photos show up in an online search for your company, we might have a catastrophe. Tighten up your presentation to the world to leverage the free online assets we know as social media.

Designers are using Instagram to showcase their portfolios. Business owners are using Facebook to adjust their product offerings. Twitter breaks news; Tumblr shows trends and Pinterest uncovers customer-buying habits. Find the channels best suited to your industry and start making them work for you. Just make sure to tie up any loose ends first.

3. An actively updated blog or website. If you are not making so much as selling lemonade, you need a website. Unless you do not like making money, you need a blog. If you are not actively engaging potential customers online, showcasing your expertise and properly updating your channels and site, you are losing to someone who is. Get in a weekly rhythm of updating your digital properties.

Websites drive conversions and blogs drive search traffic. Both can become bottomless pits when it comes to managing your time. It helps to have a set of resources or a resident expert in your corner. WordPress sites, and the like, make updating your content painless but consider teaming up with an outside firm or consultant. Their insights and strategies can save hours of frustration.

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4. A professional look and feel to everything you do. Even if you are not in the fashion industry, every entrepreneur needs to work on perfecting their own personal style.

There is a certain beauty to a freshly minted business card or fine-pressed uniform. Clean, appropriate, smart design is what drives the professional world. Even for multi-colored or explosively creative big-league companies, there is a certain order and form that exists in their business materials that simply screams professional.

If you want to succeed, you will eventually need to develop an eye (or, at least, an appreciation) for the power of superior branding. Because higher branding is enough to turn a “maybe” into a “yes,, please!”

5. A knack for storytelling. This is an often-untapped asset in the business world, an escape from being perceived as just another vendor. While a great many might feel like they do not have one, rest assured: every business has a story worth telling. It may take some soul searching, but once you lock into that narrative, greater opportunities will begin to present themselves.

The world is filled with truly special individuals and great stories just waiting to be told. Recognize where your products or services come into that story and align yourself with it.

When it comes to keeping things fresh, it helps to keep a journal to recount all of your awesomeness. At a company, it is about creating the story of a best-in-class service or product that makes life better. In addition, do not forget: a great story needs great characters!

6. A way to put it all together. Keeping an ear to the online grindstone is a full-time job. A limitless smorgasbord of productivity apps and software services can leave many anxious and distraught. Turn these feelings into fuel and recognize that anything is possible. Use sites like IFTTT.com to automate certain processes and services like Evernote to keep tabs on your daily readings.

Be sure to take a step back from it all every day. Find time to reflect, with family or through fitness. Keep yourself motivated by seeking out mentors, video tutorials and new information.

Sourced from: http://www.entrepreneur.com/article/236004

Key Differences between Trade and Commerce

Commerce is an umbrella term that defines all processes that take place between the production of goods, transportation, advertisement, and the final sale of the product to the consumer. It is easy to confuse commerce with trade, but the two define two entirely different but related processes.

Many think that trade and commerce are the same terms and can be used interchangeably. However, the fact is both the terms are different from each other and carry different meanings. Trade simply means buying and selling of goods and services in return for money or money’s worth whereas commerce not only refers to the exchange of goods and services but also includes all those activities that are vital to the completion of that transaction.

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Trade is the buying and selling of goods and services for money while commerce defines the exchange of products and services and includes all other services that facilitate that exchange. The following are the primary differences between the two terms;

1. Trade is selling and buying of goods and services between two or more parties in consideration of cash and cash equivalents. Commerce includes the exchange of goods and services along with activities viz. Banking, insurance, advertising, transportation, warehousing, etc. to complement the exchange.

2. Trade is a narrow term that merely includes the selling and buying whereas commerce is a wider term that includes exchange as well as the several revenue generating activities that complete the exchange.

3. Trade is generally done to satisfy the need of both the seller and the buyer, which is more of a social perspective. Whereas the commerce is more economic in nature because of the involvement of several parties whose primary aim is to generate the revenue.

4. Trade is generally a single time transaction between the parties that may or may not reoccur. Whereas in commerce, the transactions are regular and occur again and again.

5. Trade involves two parties the seller and the buyer who facilitates the exchange without employing anyone in between. Whereas in commerce exchange is done with the support of several departments thereby giving them employment opportunities.

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6. Trade provides a link between the seller and the buyer, the direct parties involved in the exchange. Whereas the commerce provides a link between manufacturer and the ultimate customer, who are not direct parties, with the help of several aides of distribution.

7. Trade represents both the side of demand and supply where both the parties know what is demanded and what is to be supplied. Whereas in commerce only the demand side is known i.e. what is demanded in the market and then making that available through various channels of distribution.

8. Trade requires more capital because the stock has to be kept ready that is entitled to the sale and also the cash has to be kept ready for the immediate payment. Whereas in commerce the capital required is less because there are different parties involved who have to manage their resources individually without imposing a burden on one.

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What is Commerce?

Commerce is the entirety of activities that facilitate the exchange of goods and services from the producer to the consumer. Commerce helps to promote trade but should not be confused with trade as trade is the actual exchange of products and services.

Commerce includes all the activities that assist in facilitating the exchange of goods and services from the manufacturer or the producer to the ultimate consumers. Majorly the activities are transportation, banking, insurance, advertising, warehousing, etc. that act as an aide in the successful completion of the exchange. Once the products are manufactured these cannot reach directly to the customer, the same has to pass through a series of activities. The first wholesaler will purchase the product and with the use of transportation, the goods will be made available to the stores and at the same banking and insurance service will be availed by him to have protection against the loss of goods. The retailer will then sell to the ultimate consumer. All these activities come under the commerce head.

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Commerce helps facilitate the movement of goods from the producer to the consumer; so it encompasses the transportation of goods. The following are some of the benefits of commerce;

1.Commerce tries to satisfy increasing human wants

Human wants are never ending. They can be classified as ‘Basic wants’ and ‘Secondary wants’. Commerce has made distribution and movement of goods possible from one part of the world to the other. Today we can buy anything produced anywhere in the world. This has, in turn, enabled man to satisfy his innumerable wants and thereby promoting social welfare.

2.Commerce helps to increase our standard of living

Standard of living refers to the quality of life enjoyed by the members of a society. When a man consumes more products, his standard of living improves. To consume a variety of goods, he must be able to secure them first. Commerce helps us to get what we want at the right time, right place and at right price and thus helps in improving our standard of living.

3.Commerce links producers and consumers

Production is meant for ultimate consumption. Commerce makes possible to link producers and consumers through retailers and wholesalers and also through the aids to trade. Consumers get information about different goods through advertisements and salesmanship. The manufacturers are regularly informed about the likes and dislikes of the consumers through marketing research. Thus, commerce creates contact between the centers of production and consumption and links them.

4.Commerce generates employment opportunities

The growth of commerce, industry and trade bring about the growth of agencies of trade such as banking, transport, warehousing, advertising, etc. These agencies need people to look after their functioning. Increase in production results in increasing demand, which further results in boosting employment opportunities. Thus, development of commerce generates more and more employment opportunities for millions of people in a country.

5.Commerce increases national income and wealth

When production increases, national income also increases. In a developed country, manufacturing industries and commerce together accounts for nearly 80% of total national income. It also helps to earn foreign exchange by way of exports and duties levied on imports. Thus, commerce increases the national income and wealth of a nation.

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6.Commerce helps in expansion of aids to trade

With the growth of trade and commerce, there is growing the need for expansion and modernization of aids to trade. Aids to trade such as banking, communication, advertising and publicity, transport, insurance, etc., are expanded and modernized for the smooth conduct of commerce.

7.Commerce helps in growth of industrial development

Commerce looks after the smooth distribution of goods and services made available by the industry. Without commerce, the industry will find it difficult to keep the pace of production. It helps to increase demand for goods on one hand and, on the other hand, it helps industries by getting them the necessary raw materials and other services. Hence, Commerce helps in attaining better division of labor and industrial progress.

8.Commerce encourages international trade

Through commerce, we can secure a fair and equitable distribution of goods throughout the world. With the help of transport and communication development, countries can exchange their surplus commodities and earn foreign exchange, which is very useful for importing machinery and sophisticated technology. It ensures the faster economic growth of the country.

9.Commerce benefits underdeveloped countries

Underdeveloped countries can import skilled labor and technical know-how from developed countries. While the advanced countries can import raw materials from underdeveloped countries. This helps in laying down the seeds of industrialization in the underdeveloped countries.

10.Commerce helps during emergencies

During emergencies like floods, earthquakes and wars, commerce helps in reaching the essential requirements like foodstuff, medicines and relief measures to the affected areas.

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