Category: Entrepreneurship

Is Digital Entrepreneurship a by Product of COVID-19?

Digital Entrepreneurship

Humans are survivors by nature, put them in a pit and they will climb out of it and do make that pit a well. There is always that has been motivating humans to do better, to go further, and work harder and smarter.

We have all heard the phrase “necessity is the mother of invention” if necessity is the mother of invention then by this logic each and every move made for the betterment of the society has been led by the fact that it was felt a necessity. In recent times the work from home became a necessity and it gave birth to a new world of digitization. 

Digital entrepreneurship describes how entrepreneurship will change due to the digitization of the market. It is not a new term but since the pandemic, it has been used more commonly. 

The question, however, is that has it been a by-product of COVID-19 or is it due to the gradual digitization of the world. 

So let’s take a look at how digital entrepreneurship actually started and how it impacted the world during the pandemic. Before we further explore the topic lets take a quick look at this mind-blowing stat, even though 2020 has been the worst year in every relatable term: 22.7% of startups failed during 2020 which is the lowest

It is amazing once you consider the overall economic depression we are facing globally. 

 

A Brief History of Digital Entrepreneurship

For us to understand the current, apparent, boom we must analyze from where it started. So let’s travel upstream a little. There is no question regarding the fact that the most important shift in human history has been caused by or through digitization. It is a factor that cannot be ignored. Digital technologies have become the backbone of the economy being integrated in administration, finances, communication, and obviously entertainment. 

So how did digital entrepreneurship actually started, before that take a load of this:

European Commission defines digital entrepreneurship as creating new ventures and transforming existing businesses by developing novel digital technologies that help people with their issues in giving direction to their businesses. 

To trace the evolution of entrepreneurship we can go back in history to trace the first American Entrepreneur in George Washington as claimed by Forbes. It is something that has grown with the growth of the internet.

 

The Truth about Digital Entrepreneurship

Now since we have a fair enough idea that digitization of the world caused digital entrepreneurship to have mushroom growth. It would only serve our purpose to dive a bit further and explore every possible angle. There seems like a strange relationship between age and monetary gains in the country of the UK youth with ages:

The digitization of the market has led to a mushroom growth in the UK:

These are amazing stats considering the times and competition that has had them engulfed. This tells you that digital entrepreneurship is actually on the rise. 

They also provide ample opportunities for employment. Now, let’s converse about an important offshoot of digital entrepreneurship. 

 

E-Commerce Growth Amid a Pandemic

One of the biggest growth in an industry that has been recorded in the e-commerce industry. Here is an interesting stat about e-commerce, namely Amazon:

These stats show the mushroom growth of the industry. These are extraordinary times considering the growth of e-commerce in the world. 

 

Telehealth and Tele-med

Telemed is defined in easy words as information regarding medicines provided through an outsourced team. This is a real growth oriented industry. It was really a dead end. The United Kingdom has witnessed a change of 10 years within a week when patients with lumps and throbbing chests were dealt with online in the no-go zone. It only foreshadows the imminent successful arrival of Tele-med or telehealth in the Kingdom.  Prior to the pandemic, the stats of Tele-med were abysmal; 

    • only 1 percent of 300 million made a televised appointment. 

The European Commission forecasts a boost of 

    • $40 billion growth in Europe as compared to a previous $10 billion.

 

Software Houses 

Here comes the real powerhouse of digital entrepreneurship. The software industry is the most growing industry in the world, it is one of the major job-creating industries. Only in the United States, it provides livelihood to about:

The software house in the east employs a lot of freelancers helping the economies of the countries and providing jobs to the youth. Digitization of the world has had a mushroom effect on the software industry in itself. The automation of each and every process has contributed to the unaccounted growth in the industry. 

 

Gaming Industry Boom 

Pandemic has proved to be the best ever thing that has happened to the gaming industry worldwide. With an effective quarantine, a relentless boost in the industry was seen. Games like PUBG, DOTA, and all others have enjoyed a season of unforgettable fame. In 2020 alone the gaming industry in the US alone amasses:

    •  $18,194 million from console fewer games only

Not impressive you might think but they contribute majorly towards the local economy only in the US they make up:

    • 1.0% of annual growth 

So they are a major contributor towards the GDP of the local economy. 

 

Conclusion

It is an established fact that their automation and digitization have provoked the world into a cloak of denser technology. Digital entrepreneurship was in the world before the COVID-19 the only favor that the pandemic lent it was the need arising due to remote work.

Since entrepreneurship is an easy thing in this time of the world where tech is easy to handle. Where resources are abundant and opportunities countless. This is the real breeding ground for all the digitization of the world. Staff Timer App has always supported the digitization of the world, the app itself automates most of the work done manually generating automated payrolls is one of them. 

So the one-liner is that no, COVID-19 is not the mother of digital entrepreneurship it is only a catalyst for the situation.

8 Types of Management Styles for Efficient Leadership

Some people are born to lead while others need to practice hard at it. For those who want to work hard on different types of management styles, this article is going to be of tremendous help.

There are different styles of management and no one can say only one is right while all the others are wrong. In fact, truly great leaders incorporate different styles in order to make their leadership more effective. 

In this article, we’re going to talk about ten types of management styles for effective leadership. So let’s get into it!

The Most Effective Types of Management Styles

The truly honest answer is that no one type of management style is the best for all situations. 

The ideal types of management styles should be appropriate, flexible, and effective for all circumstances. As we all know, different situations require different kinds of leadership.  

Effective leaders always take a number of considerations before deciding to lead. Some factors that’ll influence your management style include:

    • Type of business 
    • The volume of incomplete work
    • Your natural personality and management qualities
    • Your staff’s quirks and personalities

After taking all of these factors into consideration, you’ll be ready to take effective action. 

Why Learn Different Management Styles

Identifying your own management style or knowing which style works in which situation will have a big impact on the day-to-day business operations. 

Here’s how learning different management styles can make you successful:

    • You won’t have to rely on trends
    • You’ll comprehend how to adapt
    • You’ll learn how to engage your employees
    • You’ll identify your weaknesses and how to improve them

Different Types of Management Styles for Efficient Leadership  

  • Democratic Management Style

Democratic management style involves taking the point-of-view of staff in company decisions. This type of management style lets your employees know that you respect them and their abilities. It also shows confidence in your own leadership skills. 

You won’t have to rule with an iron fist and always be severe with your employees. Your staff will be empowered and you’ll simply have to oversee the direction of your company. 

  • Inspirational Management Style

To inspire people is no walk in the park. But when done in the right manner, it has proven to be very effective. 

To practice the inspirational management style, you’ll need excellent people skills, a big heart, and a desire to improve your employees both professionally and personally. 

  • Authoritative Management Style

Most people prefer a democratic management style but sometimes specific situations call for a dictator of sorts. For example, imagine you’re a new manager who needs to bring order to a chaotic office. The best possible approach is to be strict and to take disciplinary action when necessary. 

But keep in mind an authoritative management style doesn’t ask you to be rude to your employees. 

Read More: Why Personal Time Tracking is Important

  • Result-Based Management Style

Result-based managers want one thing from their employees: efficiency. They don’t want to hear how things are done as long as they’re done well and in the quickest possible manner. 

If employees come up with a better way of doing things then these managers are happy to make changes to the company policy. Only results and output matter in the end. 

  • Collaborative Management Style

The collaborative management style might sound similar to the democratic management style but differs in one major way. 

In a collaborative management style, managers don’t just simply ask for a generic vote from their employees—they actively seek feedback from their team members. 

Collaborative managers want a genuine thoughtful conversation about their business. This empowers their staff and makes them feel as if they’re an integral part of the company. 

  • Example-Setting Management Style

As the name suggests, managers using this style consistently set an example for their employees to follow. This allows workers to know what kind of standards are being expected of them. 

The bar is always set by the manager’s actions and methods. This type of management style can even change the ethics and working style of a working environment. 

  • Strategic Management Style

Strategic managers don’t waste their time on the minute details of day-to-day business operations. They’re concerned about the entire forest instead of just the trees. 

These managers are comfortable with letting their assistants oversee most of the daily responsibilities. While staff looks into the everyday mundane work, strategic managers are busy planning the next phase of expansion. 

  • Charismatic Management Style

The charismatic management style—also known as a persuasive management style—depends on the personality of the manager. 

In this type of management style, the managers focus on developing personal relationships with their staff and team members. Their employees in return appreciate the fact that their boss is genuinely interested in getting to know them better. 

Key Takeaways

Experienced managers will know how to successfully incorporate the above-mentioned types of management styles in their daily activities and tasks.

How Entrepreneurs Can Stay Ahead of the Curve

As an entrepreneur, one of the most significant things you can accomplish for yourself is to set up a viable work-life balance.

When most people begin their business, they eat, sleep, and breathe work. From their life experience, they know the true value of hustle and diligence. Their whole focus is on creating something successful. In pursuit of success, they can let work consume their whole life.  

This will undoubtedly have an adverse effect on one’s health. Personal relationships become strained. The mind becomes restless and distracted. Many only seem to realize what their business needs have done to their health when it’s too late.

Balancing the needs of your business with your daily life is crucial to you and your business’s well-being. In this article, we are going to discuss four tips that can help entrepreneurs efficiently maintain a work-life balance.  

Plan Ahead

Protect your schedules and give importance to your time. It’s important to attentively plan meetings with clients and potential customers. Explain your need to give them your complete consideration and support. After that, offer suitable windows of time in which a meeting can take place.

Clients may assume that you don’t have other customers or commitments because your calendar is open for them—and so they may ask for rescheduling at the last minute or arrive late to meetings. If you don’t handle these matters delicately then they have the potential to affect your family time.

Take Time Off

It’s important to understand that enjoying your time away from work can help you remain focused while you’re at the workplace. It’s not about the number of hours you sit at your desk, it’s about the number of quality hours you spend at a task with your complete focus.

It takes numerous attempts to understand and acknowledge that getting some enjoyment out of your time off is useful for your mental well-being. Also, what’s good about running a successful business if you can’t take some time off and enjoy life?

Hire the Right People

Hire smart individuals who can efficiently maintain your business in your absence. It will allow you to take some days off and spend more time with your family. This is the reason why employing the right individuals is essential. Or else, you will end up sacrificing your own time to keep the business alive and eventually wear yourself out.

Structuring your work culture around a genuine faith in work-life balance will be tremendously beneficial in the long-run. 

Take advantage of tools

Tons of business-related services and tools are available online. Instead of trying to manually complete your tasks, look into apps that can help you automate and streamline your business. This saves time and money in the long-run. 

Make a list that includes all the must-have features that you would like from a tool. Carefully search the market once you’ve made the list. Look into apps that fit your budget. Make sure that they tick all or most of your boxes. 

To maintain a work-life balance, entrepreneurs need to cleverly utilize their time. Use time management apps, like Stafftimer, to keep track of employees and tasks.  

Stay Healthy

It’s hard to inspire and motivate others when you aren’t healthy. No matter what kinds of sales you’re bringing in, if you’re not taking care of your body, it won’t be sustainable. Put self-care at the top of your list. Exercise, get on a healthy diet and sleep 6-7 hours per day. 

These are just some ways with which entrepreneurs can balance their personal and professional life. In the end, it all depends on the individual. If a person doesn’t give importance to his/her personal relationships then there is no reason for him/her to maintain a work-life balance.

Use Virtual Office Software to help your Blogging Business

During the early years of the new millennium, a blog was primarily a forum where a single individual shared his views and opinions about a certain niche.

Perez Hilton, who often annoyed celebrities with his ramblings, was one of the pioneers of entertainment blogging. But over the past several years, blogging has evolved into an elaborate field.

Today, there are many diverse kinds of blogs, covering every area one could possibly imagine. With blogging being an elaborate, innovative and fast paced field, more often than not, blog owners hire writers and authors who share the same passion and ideas as them.

Food bloggers hire chefs who have a knack for experimental cooking or a food journalist who visits restaurants and produces honest reviews. Similarly, entertainment bloggers hire writers who are up to date about the happenings of the la la land.

Since finding people in close vicinity, who have such precise qualities, is hard, bloggers often hire remote writers who can produce exactly the kind of content that they are looking for. And this is when Virtual Office Software comes into the picture.

Why the need of Virtual Office Software arose

Many writers bill by the hour and this creates an uncomfortable situation for the employers and the employees. Employees often are not sure:

  1. how much time does it exactly take to produce content for an individual writer.
  2. if the employees waste time on activities not related to work and include them in the billable hours as well.
  3. if the employees actually spent time on research or were they simply wondering over the internet.
  4. about the productivity and profitability of a certain writer.

Many of the woes of blog owners could be addressed using Remote Time Tracking software. Even though internet has been popular for more than two decades now, Virtual Office Software has only made it to the market several years ago and they are tremendously effective at helping out employers in managing their teams and giving a push to the productivity.

Writers go through many phases before a good quality article takes shape. This includes tracking information, organising the information, using software for identifying effective keywords and finally writing and publishing the article.

Remote employee monitoring can help both the writers and blog owners in getting a clear picture of how time is spent in putting up an article together.

How a Virtual Office Software helps bloggers

A Virtual office software tailored to the needs of a blogger could boost the productivity of your team and the profitability of your business to a great extent. Following features can especially help a blog owner.

  1. Remote monitoring has become possible by the Software available for Time Tracking. Now a blog owner can hire writers without worries due to inadequate monitoring options.
  2. Precise reports of work progress, productivity and time spent on a project let a blog owner know how apt a writer is. These evaluation statistics can help a blogger do the math necessary to boost profits.
  3. They can help a client in diagnosing habits of employees that cause a decline in productivity. Is the writer not very well versed with the subject and spends too much time on the internet while learning about it? It means he’s not very competent. Does the writer get distracted a lot by all the social media apps, thats a problem that could be solved by diligent tracking.

Conclusion

If you are a blogger and you want your business to become more productive, start using a Time Tracking Software!