Rites of Passage for Entrepreneurs

There are many entrepreneurs here in Singapore. Some are successful, some are not. The important thing here is they all had to go through some misfortunes, gut-wrenching things and rites of passage to get to where they are now. Rites of passage are associated with a crisis or a change or status for an individual.

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Building a successful business is never easy. The road to success is long and tedious marked by indignities and setbacks. This is the kind of thing every founder needs to go through at some point in time. The road may be long and tedious but the important thing is we learn from them. Here are some misfortunes, gut-wrenching things and rites of passage many entrepreneurs have experienced:

  • Our server crashes: There will come a time that our servers will overheat and shut down no matter how skilled our technicians or maintenance crew are. We know that if our servers crash, it is bad for business.

 

  • We forget to renew our license: Licenses are essential in the operation of a business. If we have a secretary to do it, we might not forget but if we are just starting and alone, we tend to forget things.

 

For example, we have an online store and we forget to renew our SSL certificate. That is bad for business since we are leaving our customer’s credit card information and transactions out in the open with hackers ready to steal it.

 

  • The biggest deal falls through: As entrepreneurs, we have to accept that sometimes, deals will fall through – even the biggest and the surest ones. We have to get used to this one so in the end, we will not lose our focus and just move on.

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  • Barely surviving financially: Founders will always have their share of “barely surviving financially” story. Sometime during startup, we will encounter financial turmoil but it doesn’t have to be the end. Business is a perseverance game.

 

  • The first company fails: If we are in an online business, we can build many companies but the first company is guaranteed to fail for the reason that we learn our lessons from that experience.

 

  • We have to fire an employee: When we are employers, firing people is part of the business. The hardest thing is firing people we like.

If we can relate to such things, we are really an entrepreneur. For others who are still starting, this list might help them avoid some misfortunes or instances that will surely try one’s soul.

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5 Benefits of IT Services Outsourcing

Keeping the information technology system functional and at its best is very important for the success of a Singapore business. With the increasingly competitive business world, big and small business owners are under great pressure in maintaining highly skilled staff and making sure that their IT system is giving them better return of investment that their rivals.

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Such objectives can’t be easily achieved, especially for starting Singapore businesses with less time and financial resources. Assembling your own IT department can eat up too much time and expenses, and could eventually cause major loss of competitiveness. These few but major disadvantages of employing an in-house IT staff are the reasons why big and small Singapore firms prefer IT services outsourcing to assist them in handling their business technology. So, what exactly IT outsourcing offers?

1. Innovative Ideas

One of the reasons why a business starts to deteriorate is because of the lack of new perspective and innovative concepts. By outsourcing your IT services, fresh and unique ideas can be implemented to your company with the help of IT professionals from your information technology partner. These professionals are updated with the latest IT trends and can use them to better your revenue.

2. Advantages of Education

When considering outsourcing, you get the chance to work with IT services Singapore experts from other places. IT specialists from other countries have their own standards and requirements, so when you outsource,, it’s possible to work with someone with higher skills, knowledge, education, and experience than you’re likely to find in your locality. You can expect better work quality if you’ve outsourced someone with a Master’s degree or PhD.

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3. Work Ethic

This is another factor that most companies consider when outsourcing IT services. Different countries have different point of view when it comes to work hours, performance, and other related employment issues. Oftentimes, these employees are more hardworking and dedicated with what they do. When you choose to outsource from a country that is known to have excellent work ethics, there’s a great chance for you to find a hardworking individual or team that will make your company far more productive.

4. Specified Skills

It’s never easy to look for employees that will meet your standards and has relevant experience and education to qualify in the position. Putting together a team with specified skills you’re looking for can take so much time that you can’t really afford to spare. In this situation, IT outsourcing becomes your best alternative. IT outsourcing companies specialize in managing technological needs of their clients, and can help you create a team of professionals with the knowledge and ability you’re looking for. If you’re only looking for a team to complete just one project, IT services outsourcing is certainly an easy way and time-efficient solution.

5. Cost-Effective

The most obvious benefit of IT services outsourcing is its cost-effectiveness. Hiring a team of IT professionals when you only need them saves you from the monthly salary expenses that you’re entitled to provide your employees. Updating software, running regular maintenance, and solving IT system issues do not happen every day; therefore, an outsourced IT team, who you can contact only when you need them, can already provide the services you need without costing too much on the budget.

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How to Make an Effective Training Proposal?

Human resource professionals are always considering the training of their employees as one of their important function.  This is vital not only for the organization but also for the growth of the employees, that is proven to be a part of their satisfaction in their job. An excellent training program is pretty much well designed. Here are some important notes to be considered to make your training proposal alluring and well created.

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  1. Asses the real problem of your organization. There are instances that the training program that is created didn’t fit the need of the organization. This gives a major loss in terms of the time and money of the organization.
  2. State your objectives evidently. Everything starts with clear objectives. This serves as the main focus of the whole training program. This tackles the knowledge, skills and behaviour that you want your participants to achieve after the training program.
  3.  Be sensitive of the duration of the program. The time and day of the program should be in accordance with the amount of learning the chosen participants need to acquire.
  4. Participants should be properly selected. The number of the participants should be noted and they should be single out based on the needs and objectives of the program.

How to Write a Business Proposal

  1. The venue should have everything that will be needed. The venue of the training program should have all the facilities needed for the program to be executed accurately. It should be within the budget.
  2. The agenda is well organized. It should always have the integration in the end.
  3. Activities should match the lessons being taught. Activities should always be durable.
  4. Always within the budget. The training program should be effective and within the desired cost of the top management.
  5. Don’t forget to evaluate your program. You have to make sure that the attendance sheets and the evaluation sheets are given. This will serve as a tool for you to check if the program is successful or not.

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Getting a Job at Google

Are you aspiring to get a job at Google? Google is one of the most successful companies in the world. Working here is a dream of some Singaporeans. If you really want to belong in their team of experts, you should persist because they will eventually consider you. To increase your chances of getting a job at Google, you have to know the factors that they deliberate.

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The New York Times interviewed Adam Bryant, the Senior Vice President of Google, in June 2013. Adam Bryant mentioned the things that will get you to Google. Here are some things that you should keep in mind when you want to get a job at Google:

  • GPAs are not very important

The good thing about Google is that they give chances to everybody regardless of the educational background or attainment. You do not need college diplomas or degree. You also do not need high grade point averages. As long as the management sees potential in you and your learning ability is superb, you will be considered.

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  • Leadership is crucial

More than the learning ability and the potential, candidates should also remember that leadership plays a crucial part. The management should see the leader in you. Most of the time, you will work unsupervised. The company needs to know that you can lead your own. This is not about whose idea is better but it is the group’s effort to solve problems.

So, the next time you hear Google is hiring and you think that you have so much talent, you should seriously consider the company and try your luck. If you are not considered, maybe it is still not the right time.

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Things You Need to Know About Credit Bubble

The Forbes Magazine contributor Jesse Colombo published his article online warning the republic for a credit bubble in relation to its high property values. On January 14, 2014, MAS (Monetary Authority of Singapore) responded to Colombo’s article. MAS assured the public and the investors that the financial system of the republic is healthy and strong. MAS stressed that the property market here is steadying while the household financial statements are sturdy. markets_1980043b

If you are not familiar with the term “credit bubble”, this is the perfect time to understand its basics. Here are the things that you need to know about credit bubble:

What is a Credit Bubble

Credit bubble is also called economic bubble, market bubble or financial bubble. Credit bubble is characterized by the outpouring in asset prices that are higher than its fundamental or intrinsic value. The presence of a bubble is hard to spot but you will know it once there is an abrupt drop in prices. The drop is known as the bubble burst or crash.

Impact of Credit Bubble

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The impact of credit bubble depends on the school of thought you adhere. In Austrian economics, credit bubbles have negative impact because they can be the source of disproportion of resources. In Mainstream economics, they believe that credit bubble cannot be prevented and cannot be pricked; any attempts to prick the bubble immaturely can lead to financial crisis. Robert Wright contends that bubbles can be recognized before the event with certainty. Irving Fisher said that the crash or burst can abolish a big amount of wealth.

Effect of Credit Bubble on Spending

The credit bubble can affect the spending habits. For example, if you have overvalued assets, you are inclined to spend more because you feel richer. When the bubble eventually erupts, those who clutch to their overvalued assets will feel the reduction of their wealth so they cut their spending. If spending is cut, it will surely hinder economic growth or worse, it can aggravate economic slowdown.

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