30.08.2023
ENTREPRENEURSHIP: ONLINE BUSINESS - WHY START AND HOW TO PROSPER
Many people dream of owning their own business, but in reality only a small part of them decide on this step. If you still have no experience and your budget is limited, you might consider developing an online business. It carries less risk and also has a number of advantages over the standard type of business.
Most people lead busy lifestyles and when they need to buy something, they increasingly choose to do it online instead of visiting a physical store. Online business allows customers to shop from the comfort of their home instead of walking around the stores. Shopping online saves time, effort and money.
What are the advantages of online business?
It's relatively cheap to get started
The amount of initial investment required deters many from creating their dream business. You need to budget for rent, leasing, purchasing inventory, budget for employee salaries, advertising, etc. If your venture fails, it can ruin you financially.
On the other hand, for an online business, all you need is a computer, a domain name, and a website. This means that starting an online business with a few hundred BGN initial capital is completely feasible, and you don't have to risk all your savings or take out loans to become a successful online entrepreneur.
There is great potential for growth
When you own a brick-and-mortar business, you have to deal with real-world constraints—from real estate costs to local search. If you don't have a top location or you don't offer unique products/services and you haven't built an image yet, your business can quickly go bankrupt.
When running an online business, none of these limitations can stop you. You can sell to anyone, no matter where they live, and your pool of potential customers expands every year as more and more people become comfortable with online shopping.
By 2025, e-commerce will account for almost 25% of global retail sales. In addition, the global internet population is also growing, with internet users worldwide expected to reach 5.6 billion by 2025.
More people online means more potential exposure for your online brand – especially if you don't mind taking your business overseas. Many people are willing to pay higher shipping costs in exchange for a quality and unique product.
You are always available
Another big advantage of an online business over a brick-and-mortar store is that it can operate 24/7, even during lockdowns, extreme weather conditions, and other unforeseen circumstances.
Once your business website is online, you are always available to sell. Buyers can order from you at any time. Since you don't need to be physically present to make sales, your business can generate revenue with less day-to-day involvement.
It is important to follow certain steps to create a successful business:
A business niche is the area you focus on – a market segment and target audience that you will primarily care about. This can be anyone from sports enthusiasts to amateurs and professionals.
You need to choose a suitable niche for your new business. To find the right target audience, make sure it has:
- a problem that no one else is solving (the way you would);
- willingness to pay you for solving this problem;
- a large enough discretionary income to afford your decision.
Once you've chosen the right niche, it's time to clarify your business idea. Here are some ideas:
Build an eCommerce Store – Ecommerce has been around for over four decades, but now is the best time to start an online store.
Once you've determined your niche, choose an e-commerce platform, set up your online store, and start driving traffic to it. If you intend to host yourself, you can choose a dedicated service.
Enter Dropshipping – Dropshipping is an online method that allows you to sell physical goods without maintaining inventory. With it, the customer orders a product on your website, you forward the order to the manufacturer, and then the manufacturer ships the product directly to the customer.
Dropshipping is an attractive option for those looking to enter e-commerce without taking on the financial risk of maintaining inventory. Statistics show that dropshipping businesses are constantly on the rise.
Become an Affiliate – Affiliate marketing is worth considering if you want to start an online business but aren't interested in creating your own products. This is a popular way to make money online.
The first step is to sign up for an affiliate program. Choose someone else's product to promote to your audience. This can be any digital product or physical good. You receive a commission for each sale generated through your referral link.
Promote affiliate products on your blog by creating SEO or social content around relevant keywords and then optimizing it to get organic traffic from Google. You can also promote affiliate products to your email list subscribers by allowing your affiliate partners to host webinars for your audience.
Affiliate marketing has an extremely low startup cost. You only need to pay up front for a domain name, web hosting and email marketing software.
Offer Web Design Services - Create a portfolio website to start attracting clients. You can learn the basics of web development and design through e-learning and experimentation platforms.
Alternatively, you can register with a freelancer site. However, freelancing can be challenging. While you can benefit from location independence and a flexible schedule, you'll have a harder time predicting income and financial stability at first.
Regardless of which option you choose, once you acquire web design skills, you can expand into creating and selling your own products – this gives you greater financial stability and provides greater autonomy.
Create an interesting blog - do you have a writing talent? If you can write engagingly and enjoy it, then a blog is an online business idea worth considering.
While having a blog isn't a business model in itself, it does allow you to build an audience. Once you have an audience, you can sell your products or services, promote affiliate products, run sponsored campaigns with brands, etc. – which helps you earn passive income while working on other business projects.
When conducting product research, you should review the following main product types:
Physical goods
As the name suggests, physical goods are tangible objects that must be manufactured, stored in a warehouse, and shipped to customers.
Selling physical goods can be lucrative, but profit margins can be low if you don't manage your operating costs well.
Digital downloads
You can also sell digital products – this category includes anything a customer can download to their device, such as e-books, audio courses, podcasts, online courses, etc.
Digital products have higher profit margins than physical goods. However, pricing them can be difficult as they are often perceived as having less value than physical products.
Services
Almost any service available remotely can be sold online. Selling services is one of the fastest ways to start an online business and make a profit.
However, it is important to keep in mind that this is a business model where you are selling your time. This means that your earning potential is limited because you only have a limited number of hours in the day.
To create a successful online business, you will also need market research dаta:
Marketing research is an important step in starting your own online business. It helps determine the depth, competitiveness and profitability of any chosen business vertical.
You certainly don't want to offer something that no one is willing to buy. By conducting online market research, you can learn what your target audience wants, needs, or lacks.
Here's how you can get started with market research:
Check SERPs (Search Engine Results Pages)
Look for variations of your product/service keywords and analyze search engine results pages (SERPs). What type of content is currently ranking on the first page? Which businesses pay to advertise above organic search results?
This will help you pre-assess your competition and get information on advance SEO and digital marketing strategy based on the content your target audience prefers.
Research the competition
It's a good idea to take a close look at your main competitors outside of the SERPs. Who are the biggest business players in your niche? How much money do they make? What are their strengths and weaknesses?
By looking at other players in the market "under the microscope", you can understand what can give you a competitive advantage over them.
Track high performing keywords
Analyze how demand is changing for different products in your niche and what content ranks best by monitoring niche-relevant keywords.
You can use tools like: Google Trends, Google Keyword Planner, Ahrefs, Semrush.
Once you know who your target audience is and what they want, you can begin the process of attracting sales and scaling your business. This data will help you develop a deep understanding of your prospective customers' needs, their preferences and reasons for buying.
To analyze buyer needs and preferences, be sure to research the following areas:
Demographics – Demographics include basic socioeconomic characteristics and patterns such as age, gender, ethnicity, income, and occupation.
Psychographics – psychographic data includes various psychological characteristics such as values, beliefs, interests and opinions.
Your online business will not prosper if your products are mediocre. You need to find the price-quality balance to turn your company into a recognizable brand and your products into a trend in your industry.
When looking for products to sell online, consider your sourcing strategy. This can be done by:
Create your own products – this option is relatively easy if you plan to sell digital products/services.
On the other hand, physical production of products involves hard work in terms of design, material selection, partnerships, etc. Financial costs are also higher.
However, manufacturing will always give you an edge over the competition in terms of quality, product range and branding ability.
Finding a Dropshipper – Finding a manufacturer that allows you to dropship their products is potentially lucrative. In fact, many small business owners negotiate dropshipping deals with foreign manufacturers to offset business expenses.
Partnering with a wholesaler – A wholesaler can provide your business with a range of products to purchase and list in your online store. Some may even offer you a product distribution plan.
You need to holistically evaluate the viability of your product before purchasing or manufacturing a large order. To do this, ask yourself the following questions:
Is there a successful online company already selling such products?
Is the demand for this product sustainable or just temporary?
Do the bills come out with this product ie. can you sell it at a profit?
Remember, it doesn't matter how trendy or exciting a product may look. The important thing is that it is viable from a business point of view.
Brand is the overall essence of your business. You need everything from an online business name to a web design to convey a consistent visual image and ideas. The same goes for your off-site presence, from social media and e-newsletters to packaging.
As you work on your brand identity, pay attention to the following details: logo, color scheme, landing pages, page layouts, typography, graphics and photos.
Your brand image should be the overall result of the successful combination of all these elements.
Some small business owners believe that traditional business laws do not apply to online businesses. This is not true.
Although online businesses require fewer licenses and permits than brick-and-mortar operations, there are still a few important legal details you need to sort out. Specifically:
- What business license do you need to start a business?
- Which legal structure makes the most sense - a sole proprietorship, a limited liability company or a corporation?
- Are there any permits you need to get?
- Are there examinations you need to pass?
- Do you need a sales tax license?
- Are there specific regulations that only apply to online businesses?
- What are the laws regarding hiring contractors and employees?
Each country has its own laws. Make sure you always check with your local authorities.
It's time to prepare for the launch of your website. To ensure that the website becomes successful and viable, consider the following steps:
Choose your e-commerce platform
An e-commerce platform is the technical backbone for online sales. This software provides you with all the features you need, from product catalog to payment processing.
Some of the most popular options are: BigCommerce, WooCommerce, Shopify, Adobe Commerce (Magento), Salesforce Commerce Cloud (Demandware).
Make sure you choose a platform that provides all the features you need at a price you can afford.
Add your products
Once you've chosen a platform and store theme, add products to your catalog. Pay special attention to product images – provide high-resolution visuals showing the product from different angles.
Product descriptions are also essential. Don't just list the features, focus on the added value the customer will get.
Product images and descriptions greatly affect the conversion rates of your product pages. Therefore, do not spare time and effort to make them well.
Choose how you will make the deliveries
Fast and free shipping is the number one driver for making an online purchase and can greatly affect the quality and quantity of your sales.
Make sure all products reach your customers without delay. It's good to have several delivery strategies including: store pickup, freight carriers, same day or next day delivery, free shipping.
Make sure everything works
Finally, once your eCommerce store is live, triple test all aspects. Make sure all pages look good on all devices, including desktop, tablet and mobile.
It is important that the website works well in all browsers, from Chrome and Firefox to Safari and Microsoft Edge. All buttons must be associated with the correct applications.
If you have the budget, it's a good idea to hire a quality assurance professional to conduct site tests for you and report the findings.
Once everything is set up, it's time to start driving traffic to your eCommerce store. Prioritize the following channels:
- paid ads – allocate an advertising budget for pay-per-click (PPC) ads on social networks and in search results. This is one of the fastest ways to improve brand awareness for a new store;
- influencer marketing – start building partnerships with social media influencers to create testimonials promoting your products;
- social media marketing – complement paid campaigns with organic traffic by building an audience on social media platforms such as LinkedIn, Instagram and Facebook;
- search engine optimization (SEO) – make sure all pages on your website are optimized for SEO and create a content marketing strategy for your written content;
- email marketing – create an email list by saving the email addresses of users who visit your online store. You can then promote your products to your email subscribers.
Are you convinced yet that creating a successful online business is not an overwhelming task? You just have to walk the path step by step.
The process from research and development to launching your website can be complex, but it's not complicated. By following the recommendations in this guide, you can build a profitable online business on a small budget.
29.08.2023
SUCCESS TECHNIQUES: "WHAT CAN I LEARN FROM THIS?": 9 PHRASES THAT SPEAK OF EMOTIONAL RESILIENCE
Emotionally resilient people consciously respond to painful experiences. They allow themselves to grieve, remember what they are grateful for, and focus on what they can control right now.
But for many people it's an uphill battle, and it takes effort, practice and mental strength to win.
If you use any of these phrases every day, then you are more emotionally resilient than most people:
Emotional resilience is associated with courage and mental resilience. There is an understanding that we must be strong and overcome adversity without letting it break us.
A similar phrase: "As much as I hate this, I can live with it."
Resilience means that when you experience the pain of mistreatment, you change your perspective from "I'm a victim and I'm powerless to help myself" to "How can I grow from this?"
A similar phrase: "Even though I was a victim in this situation, I will not let it define me or destroy my future."
Resilience is associated with a basic acceptance that life is not always fair and that we all experience emotional difficulties. Accepting this truth helps people not take things so personally when undesirable events occur.
A similar phrase: "I'm not always going to be happy with how things turn out. But that's part of the journey."
Resilient people believe that setbacks and challenges may feel terrible in the moment, but that nothing in life is permanent. This doesn't mean the pain will go away completely, but it does mean we can work to make it less traumatic and harmful to us over time.
A similar phrase: "Every day is an opportunity to feel a little better."
Openness to experiences and the ability to shift your perspective from "Why did this happen to me?" to "What can I take from this to grow?" can help you better cope with life's inevitable ups and downs.
A similar phrase: "Even in the darkest experiences there is always a gift - I just need to find out what it is. How can I use this experience to empower and transform me?"
A key component of resilience is emotional flexibility, or the ability to regulate your feelings and reduce their intensity in a given situation. Mastering this ability can help us feel strong in difficult times.
A similar phrase: "I'm feeling a strong emotion, so I'm going to take some time before reacting or making important decisions."
We are hardwired to notice threats to our well-being. But people who are resilient find a way to focus on the positive even in difficult times.
A similar phrase: "It may be hard for me, but I can find a way to be grateful for the good things in my life."
The key to resilience is not in denying reality or looking for a reason to make us feel better about what happened. When we come to a place of radical acceptance, the situation has less power over us.
A similar phrase: "I have to see reality as it is, even if it's not what I want, in order to move forward."
If we are offended, want revenge, or focus on revenge, it causes us to hold on to the pain of the past. Developing resilience requires getting to the place where we can see life's difficult circumstances for what they are and actively choose to let them go.
A similar phrase: "Forgiving doesn't mean it's all right; it just means I'm not letting it weigh on me anymore."
25.08.2023
2022, THE MOST PROFITABLE YEAR FOR ROMANIAN COMPANIES, AN INCREASE IN PROFITS IS EXPECTED IN 2023 AS WELL
Last year, Romanian companies enjoyed unprecedented revenues and profits, and for 2023, an increase in profits and profitability is expected on the back of a significant reduction in energy costs, Romanian news agency Agerpress reported, citing an analysis by business intelligence platform Termene.ro.
"In 2022, there was an increase in the total number of companies submitting their annual financial statements, and for the first time in the last 5 years they exceeded the threshold of 810,000", according to the study on the development of the business environment in Romania in 2022, carried out from Termene.ro.
Against the background of high inflation (over 13%), revenues in 2022 reached a record level compared to both 2021 and the other analyzed years, namely 2020 and 2019. Thus, the total revenues declared by the companies managed to exceed 2 trillion lei for the first time, namely – 2.392 trillion lei.
As in terms of revenues, 2022 registered a record in terms of profits of Romanian companies and also in terms of their average profitability.
If in 2020 the total profit of Romanian companies was 103 billion lei, being the first year in which the threshold of 100 billion lei was exceeded, in 2021 the value of the total profit increased by almost 50%, reaching 149 billion lei, and in 2022 an increase of another 50% was achieved, and thus the total profit exceeded 204 billion lei.
According to the quoted source, the profitability of companies in 2022 is based on the emergence of the phenomenon of "greedflation", inflation fueled by artificial price increases. Thus, against the background of rising prices of raw materials, prices increase not only to cover the corresponding price increase, but also to generate higher profits than before. At the same time, the emergence of a labor force coming mainly from Asia, which accepts lower wages than the local labor force, generates a decrease in the final price.
A further increase in profits and profitability is forecast for 2023 on the back of a significant reduction in energy costs (electricity, gas, fuel), while prices continue to maintain their levels (in some cases even rise) in the first half of 2023. Termene.ro's analysis also shows a continuing trend of increasing the share of cheap labor willing to work for wages close to the minimum in the economy at the expense of local labor.
2022 was the first year since the start of the pandemic in which the number of private sector jobs did not decrease from the previous year and remained constant at 4.01 million, the cited document noted. However, the number of registered workers last year remained at a lower level compared to 2019, when 4.12 million workers were registered. This decline in the number of people employed in the private sector is due to the appetite of Romanians for entrepreneurship, visible through the record number of active companies, to automation processes that reduce the need for the human factor, but also to the phenomenon of the migration of the Romanian workforce to developed countries, also says the analysis of the business intelligence platform Termene.ro.
The analyzed data takes into account the public situation as of July 17, 2023.
24.08.2023
BGN 210 MILLION ADDITIONAL SUPPORT FOR COMPANIES IN OUR COUNTRY
Small and medium-sized enterprises in our country will be able to benefit from support in the amount of nearly BGN 210 million until the end of 2023, reports the Fund of Funds.
The Fund will provide the additional resource to the guarantee limit of the partner banks implementing the instruments under the "Recovery" Program. The funds are from the Operational Program "Innovation and Competitiveness" 2014-2020, co-financed by the European Fund for Regional Development, including under REACT-EU (Recovery Aid in favor of Cohesion and the Territories of Europe).
The interested partner banks will receive additional funds in the amount of BGN 84.5 million, so that the total funds for the implemented guarantee instruments under the "Recovery" Program will reach BGN 333.8 million, the announcement states.
The resource is expected to be available on the market in the second half of September, after the completion of the formal process of assigning it to the banks.
The Fund of Funds explains that the factors for the addition of fresh money for the business are the successful investment of the resource under the instrument, the market need and the ongoing active search for financial support from Bulgarian companies.
The "Recovery" program was created to facilitate business access to business recovery loans after the gradual lifting of measures related to the pandemic, according to the website of the Fund of Funds. A total of 1,659 companies in the trade, transport, hotel and restaurant industries have been supported through the program.
23.08.2023
REDUCTION OF SALARY WITHOUT CONSENT OF THE EMPLOYEE
According to Art. 66, para. 1, item 1 of the Labor Code, the employment contract contains information about the parties and determines the basic and additional wages of a permanent nature, as well as the periodicity of their payment. On the basis of the cited provision, upon the creation of the employment relationship, the employer is obliged to determine both the basic remuneration and the additional remuneration of a permanent nature.
The provision of Art. 119 of the Labor Code provides that an amendment to the employment relationship is permitted by written agreement between the parties. This means that with an additional written agreement on the basis of Art. 119 of the Labor Code, the parties may amend any of the elements of the content of an existing employment contract between them (working hours, position, term, remuneration, etc.) for a fixed or indefinite time, which should be recorded in the agreement. The clauses that are amended are explicitly stated in the additional agreement to the employment contract.
In the event that the worker or employee does not agree with the employer's proposed change in the terms of the employment contract and does not sign the additional agreement, it does not give rise to legal consequences. The clauses of the employment contract signed by both parties or an additional agreement to it remain in effect.
According to Art. 272, para. 1 of the Labor Code, without the worker's or employee's consent, deductions may not be made from his remuneration, except for: 1. advances received; 2. amounts overdrawn as a result of technical errors; 3. taxes, which according to special laws can be withheld from the labor remuneration; 4. insurance contributions, which are at the expense of the worker or employee, insured for all insurance cases; 5. liens imposed according to the relevant order; 6. deductions in the case under Art. 210, para. 4 when implementing limited property liability.
18.08.2023
THE LEVEL OF UNEMPLOYMENT IN THE REGIONS OF MONTANA, VRATSA AND VIDIN ROSE SLIGHTLY IN JULY
The level of unemployment in the three northwestern regions - Montana, Vratsa and Vidin - rose slightly in July by 0.3 percent compared to June, reported the Regional Employment Service in Montana.
At the end of July, the registered unemployed in the three regions were 11.8 percent of the able-bodied. Their total number in the three regions is 16,109 people, and the increase compared to June is 457 people.
In July, there was an increased activity for registration at the labor offices - the newly registered unemployed were 1,876 people, and their number increased by 190 compared to June and by 240 compared to July of 2022.
In July, 913 unemployed started a new job compared to 1139 in June.
Last month, the largest number of new workers were hired in the public administration sector - 25.5 percent. These are followed by those in human health care - 12.4 percent, in trade - 10.8 percent, in the processing industry - 9.1 percent, in construction - 6.8 percent, in the hotel and restaurant industry - 6.5 percent, etc. Through subsidized jobs and employment measures, 137 unemployed people were employed.
The occupations most in demand by businesses in July are tailors and ironers, machine operators, fitters, general workers, cooks and kitchen workers, waiters, electricians and locksmiths, teachers, doctors and nurses, valets, sales consultants, etc.
The employment service stated that July was the first month with an increase in unemployment after several consecutive months with a decrease or retention of its level.
16.08.2023
WHAT IS A "NEGOTIATED" LABOR REMUNERATION?
"Negotiated" labor remuneration is among the expressions often used in the law, for which no legal definition is given. An example of this is the text in the Labor Code in Bulgaria, according to which one of the main obligations of the employer in the employment relationship is to pay the worker or employee the negotiated remuneration for the work performed.
The same applies to the norm according to which for damage caused to the employer by negligence during or in connection with the performance of work duties, the worker or employee is liable in the amount of the damage, but not more than the negotiated monthly labor remuneration, etc. Examples in this guideline can also be found in other legal provisions.
What does the term "negotiated" labor remuneration actually mean under the law?
In order to clarify the meaning of the concept of "negotiated" labor remuneration, first of all we should keep in mind that the employment contract necessarily includes the basic and additional remunerations of a permanent nature, as well as the periodicity of their payment.
This means that the contract usually states the gross amount of remuneration.
It is also extremely important to explain the difference between "gross" and "net" remuneration, because it is not uncommon for workers to firstly not distinguish between the two concepts and secondly - to not pay attention when the concept is explicitly emphasized. This is also the reason why, when negotiating a remuneration upon starting work, many workers, after receiving the salary in their accounts, are surprised to find that the amount received is less than what they had originally agreed upon with their employers.
Let's recall that the "gross" labor remuneration is the sum of the basic salary and additional labor remunerations. It is also the basis for calculating benefits under the Labor Code. In the law, and very often and entirely colloquially, the concept of "net" labor remuneration is also used.
The "net" remuneration is obtained after making deductions from the labor remuneration as tax under the Personal Income Tax Act and insurance contributions at the expense of the insured person. In other words, a "net" labor remuneration refers to the so-called "net" amount to receive after all kinds of deductions of amounts.
The law also includes the concept of "guaranteed" remuneration. It is important to know that according to the law, in case of conscientious performance of the labor duties of the worker or employee, the payment of labor remuneration is guaranteed in the amount of 60 percent of his gross labor remuneration, but not less than the minimum wage for the country. The difference up to the full amount of the labor remuneration remains due and is payable additionally together with the statutory interest.
Reference:
Art. 66, para. 1, item 7, art. 128, item 2, art. 206, para. 1, Art. 245, Art. 247, para. 1 and Art. 250 of the Labor Code
16.08.2023
CORPORATE RESPONSIBILITY TOWARDS SOCIETY AND THE ENVIRONMENT
Corporate social responsibility is one of the current topics not only in society, but also in law and economics. Usually, it mainly boils down to the fact that all merchants and social entities that carry out activities that come into contact with nature and society are obliged to preserve and protect public interests.
Does this exhaust the commitment of companies on this seemingly limited topic?
In fact, corporate social responsibility is not subject to legal regulation and therefore lacks a legal definition in the laws. The debate on the subject is mainly in the field of ethics and boils down to whether the commercial company should be controlled more by the state, or whether a social contract is needed between it and civil society. However, it is a fact that the state does not always show sufficient concern and vigilance in the protection of nature and public interests.
In practice, as most of us have convinced ourselves, the intervention of vigilant citizens and non-governmental organizations, often and thanks to social networks, signal phenomena that irreversibly destroy natural objects. This is also the reason why corporate social responsibility is implemented under the simultaneous pressure of the state and society.
In other countries, the issue of corporate responsibility is placed in the foreground and is a matter of honor for the development of companies in social and economic terms.
Let us clarify that social responsibility is an ethical category and means that the enterprise as an organization or individual entity has an obligation to act for the benefit of society as a whole. It requires the merchant to behave ethically during his business activities and to contribute to economic development by improving the quality of life of both his workers and their families, the local community and society as a whole. This responsibility arises both for passive behavior - failure to prevent harmful actions, and for active - actions that directly contradict social goals.
Nowadays, companies should make efforts to integrate socially and ecologically in their business activities and in their relations with their partners. As part of society, as part of the environment in which they develop, companies, their decisions, their activities are judged not only on the basis of profits for themselves, their partners and shareholders, but also on the basis of how well they serve and are useful to society, based on their social meaning and purposes. In the modern business environment, corporations and their managers are forced to play a significant active role in increasing the welfare of society.
In order for this responsibility to be realized, the environment in which individual companies exist and operate, the local social and natural environment and the broad global environment in which they realize their goals, is of fundamental importance.
There is no doubt that business is an active participant in public life, engaging natural resources, attracting labor, creating material goods for society.
In many cases, business is a participant in political life. The responsibility of companies should be expressed in the optimization of natural resources at the local and national level as part of its production activity, in the results of the competition between the corporation and other organizations in the same field, the enrichment of the social environment by increasing the opportunities for work, the distribution of the positive results of the activity of the owners of the company through the distribution of dividends not only among the partners and shareholders, but also among the workers.
But the biggest link of corporate social responsibility is the link to climate change. More or less every production activity exploits the planet's resources. In some cases - in an irreversible way - poisoning of lands and waters, cutting down forests, destroying biological diversity, making the population sick, damaging the genetic code, etc.
In some cases, the profit of an enterprise can be found in a causal relationship with the deterioration of the environment and the way of life in a certain populated place. And this is exactly where the society and the non-governmental sector must intervene - to ensure the balance between the interests of the corporation and those of the citizens, of the entire society, ranking them in importance and directing the attention of the state authorities to these issues.
15.08.2023
ENTREPRENEURSHIP: FIVE TIPS FOR SMALL BUSINESSES TO TAKE ADVANTAGE OF NEW TECHNOLOGY
Nowadays, almost every business is technological. Emerging technologies enable critical insights, automation and efficiency across a wide range of business functions, from human resource management and efficient operations to marketing. Technological developments also make many solutions more and more suitable and affordable for small and medium-sized enterprises.
In a recent Inc., Fast Company and Dell Women's Entrepreneurs Network (DWEN) webinar, the moderator spoke with Venus Quaits, president and CEO of integrated technology provider Launch Tech, and Katina Kenyon, CEO of Tree3, an e-commerce platform commerce for content creators. The two talk about how small business organizations like them can make the most of technology.
Fast Company takes the main takeaways from this conversation.
Kenyon comes out of the technology sector - her first job was at Dell, where she says she had the opportunity to "learn from great leaders under the corporate umbrella". She combined her love of technology with her interest in fashion and content creation to build her own company that uses artificial intelligence and visual machine learning to help creatives connect with brands.
"Find something that excites you," Kenyon says, because it will fuel you and "mitigate some of the challenges that we all face as entrepreneurs."
Quaits has been a serial entrepreneur since childhood. When she was old enough, she began reading magazines to find out what the hottest jobs of the year were and what certifications and skills she would need to acquire for them.
"I paid for myself to go to training if my employer didn't send me. The money mainly went to upgrade my qualifications."
There is too much information about new technologies for any entrepreneur to find, but Quaits is adamant that one should not overdo it.
"Just yesterday I was looking at something on the internet about artificial intelligence and machine learning for the back office of restaurant platforms. It's so cool! It's the future. But can you imagine that a mommy-daddy-me restaurant could apply this now? Probably not."
She advises entrepreneurs to spend 30 minutes a day perusing news based on keywords related to their business goals, so they stay on top of trends without getting overwhelmed by the overwhelming amount of information.
Rather than trying to offer "everything," Kenyon says a business is best off letting customers show it what they need from it.
"This means participating in forums with your early adopters, giving advice to customers and generally listening to their opinions," she says, and suggests that entrepreneurs always accept calls from potential partners trying to sell them new technology. .
"Ask them to tell you about what they offer and how it can solve your business's problems, so they save you research time," she emphasizes.
The costs of starting a business can be burdensome, but there is no shortage of ways to make technology more affordable. Kenyon advises budding entrepreneurs to always compare offers from different startup providers, as they sometimes offer discounts.
Coates says, "I always type in the name of the software and then add 'vs.' because there are always people who have done useful comparisons of the different products for you. This helps you compare the prices and features of competing products."
And even if there isn't, there's always a way to do the research yourself, albeit at the cost of some time.
15.08.2023
UNEMPLOYMENT RISES IN THE HEIGHT OF SUMMER
The level of registered unemployment in the country of 5.2% was reported in July by the administrative statistics of the Employment Agency. Thus, at the height of the summer season, the month saw a slight increase in unemployment of 0.2 percentage points compared to the previous June.
Accordingly, the Employment Agency reports an increase in the number of registered unemployed in the labor offices. At the end of July, they totaled 147,596, which is 5,086 more than in June.
In July, the activity for registration at the labor offices also increases. 21,512 new unemployed were registered. They are 1,937 more than the previous month and 1,150 more than those registered in July 2022. Another 597 people from the groups of jobseekers employed, learners and pensioners also registered with the employment offices during the month, although in this group there was a 21% decrease compared to the previous month in the demand for the Agency's services.
The number of inactive persons on the labor market activated in July is also increasing. As a result of the work of the Roma and youth mediators, as well as the labor mediators in the labor offices, a total of 4,166 were activated for the month.
In the number of those who started work in July, the administrative statistics of the Employment Agency reports a decrease - in the month they were 10,212 compared to the reported 14,176 in June. 379 pensioners, students and employed people also found work with the support of the labor offices.
The largest share of those who started working in the processing industry sector is 21.2%, followed by those in trade - 12.7%, hotels and restaurants - 7.5%, state administration - 6.4%, construction and agriculture with 5.5% each, and others. Nearly 780 unemployed started work during the month in EU countries with the mediation of the Employment Agency.
689 unemployed people from the risk groups found their employment through subsidized jobs - 220 under employment programs and measures and 469 - under schemes of the Human Resources Development Program. 184 unemployed and employed are included in various trainings, and 223 people have completed the training started in previous months, having acquired a new profession or key competence.
During the month, 9,026 vacancies were reported in the labor offices in the primary market, compared to 11,325 in June 2023. In the real economy, the most vacancies were reported in the manufacturing industry (25.1%), education (18.3%), trade (11.1%), followed by public administration (8.6%), hotel and restaurant industry (7.8%) and administrative and auxiliary activities (6.1%).
The most sought-after professions by businesses in July are: teachers; staff caring for people; workers in the mining and processing industries, construction and transport; sellers; machine operators of stationary machinery and equipment; personnel employed in the field of personal services; waste collection and related workers; drivers of motor vehicles and mobile equipment; skilled workers in the production of food, clothing, wood products and related; metallurgists, machine builders and their relatives and craftsmen, etc.
