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Business – Important traits of a professional gambler

9 - Business - Important traits of a professional gambler

There are two types of gamblers. Those who gamble as a recreational activity and those who gamble because that’s their business, it’s where they earn their daily bread. This article seeks to look at 3 traits that make professional gamblers stand out.

We will look at gamblers as a whole because whether you’re into poker, sports betting, horse racing, or any other form of gambling, the traits required to be successful are more or less the same.

A professional gambler must be self-aware

41 - Business - Important traits of a professional gambler
As we have mentioned, professional gamblers are in this for the money. If they have fun in the process, well and good. They approach their gambling like a business that is, it’s about profit and loss. This therefore requires a professional to be very self-aware so that they don’t get caught up in the facade of success. This is because in gambling, wins in themselves don’t matter. It’s how they compare to losses that count. A self-aware professional knows not to get too distracted about winning or losing, what matters is that when they balance the books, the wins outweigh the losses. This means their business is turning in a profit.

A professional gambler must be disciplined

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Just like in business, professional gambling requires having a strategy in place and diligently implementing this strategy. In most cases, market forces may interfere with your strategy going as planned but you should never let this distract and derail you. Stick to your plan and forge ahead. This is the kind of mentality that professional gamblers must have and it will serve them well. It’s important to be able to stick to your guns as a gambler despite going through a losing phase because sticking to your strategy will ensure you reap the benefits in the long run. Otherwise, if fall into the temptation of changing strategy mid game due to pressure or panic, you are guaranteed to lose out big. Discipline is key.

A professional gambler will always analyze and refine their strategy

43 - Business - Important traits of a professional gambler
Like any other business, gambling is about being able to make adjustments to your strategy based on market intelligence and insights. Professional gamblers will therefore master the art of analyzing their market, their strategy, their game play, past results and other market trends, then use this information to refine their strategy. The key word here is refine. The strategy remains the same but just tweaked a little based on market insights. This is the key to the successful implementation of any business strategy.

If you can learn to apply these 3 traits in your poker, sports betting, and any other gambling that you engage in professionally, you are guaranteed to turn good profits in the long run.

We invite you to share with us your experiences and success stories in your business adventure.

These are the benefits of betting online

10 - These are the benefits of betting online

The sports betting sensation has gone global especially owing to the fact that gamblers can now do it online. It doesn’t matter which part of the world you are at, as long as you have an internet connection, a computer or a smart phone, you can engage in sports betting. This has revolutionized this business and created more avenues for profits for both the betting companies and gamblers as well.

The online sports betting business has become a sensation because of the convenience it has brought to gamblers. It’s now something one can do on the go, and does not require a physical visit to the bookie. Let’s take a look at 3 benefits of betting online.

#1 Betting online saves time

Time is money, this is a phrase we are all too familiar with. Considering the fact that there are numerous potential games available to stake on every day, if you had to make daily trips to the bookie from your busy work schedule, it would cost you too much precious time. Today however, through online betting, you can do it while in the house taking breakfast, or during your break in the office, or while on the cab or subway heading to work or heading home. You don’t have to disrupt your schedule in any way in order to engage in online sports betting and this saves you so much time. But choose the right bookmaker. The best betting sites you will find here. Our advise: Take betbright. Why? The answer u can find in this betbright review.

#2 Betting online saves energy

Many people never really think about the energy they spend when making trips to their favorite bookie. It’s a lot of energy for your information, especially keeping in mind that your bookie is obviously not your next door neighbor. You probably have to take a cab, a train ride or a very long walk to get to him/her. This consumes so much of your energy, energy that would have been directed to other important activities. Online betting has been a godsend. The only energy you use is your brain going through the tons of statistics available and your fingers when placing the bets. Easy huh!

# 3 Betting online saves money

When you aggregate the time and energy you save while engaging in online sports betting, you will realize that ultimately, you save money as well. The numerous trips to the bookie cost money. However, placing your bets with just a few key strokes, without having to leave the comfort of your home or office, and not having to spend a dime to do it apart from the money you use to stake, is a true money saver.

Incorporating technology in business is meant to benefit your customers through bringing convenience, saving them time and money. Online sports betting is a perfect illustration of how technology can be used to grow a business by addressing customer needs and by doing so, turning a good profit.

We invite you to share with us your experiences and success stories in your business adventure.

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3 major cons of trading in binary options

8 - 3 major cons of trading in binary options

In our previous post, we looked at 3 benefits of binary options as a potential investment avenue for the profits from your business. We established that this can be a risky yet rewarding investment and a good way of getting financing to reinvest in the growth of your business.

Just as a recap, we defined binary optionsas a financial option in which the payoff is either some fixed monetary amount or nothing at all. It’s commonly referred to as an all or nothing investment. Trading in them is considered to be risky, but the potential rewards are usually really good. This however only applies to risk takers who believe that high risk is equal to high rewards.

Let’s take a look at 3 cons of trading in binary options.

Binary options have limited trading tools available

31 - 3 major cons of trading in binary options
A number of financial experts are of the opinion that trading in binary options is no different from gambling. In fact, in some countries, trading in them has been banned. One of the reasons binary options are not recommended by financial experts is because in most of the websites that offer their trading do not provide an investor with advanced analytics such as technical analysis as well as charting. These are basic features you will find on a typical forex trading site. These analytic tools are important because they help an investor understand market trends well so that they can make informed decisions. As an entrepreneur looking to invest profits from your business, it will be important to think long and hard before ‘gambling’ with your profits.

Binary options have limited regulation

32 - 3 major cons of trading in binary options
The biggest disadvantage about binary options is that trading in them is highly unregulated. Most of the brokers who provide this service don’t operate within any legal framework therefore, nothing stops them from taking investor’s money and closing shop. It’s therefore important for you as an entrepreneur looking to invest money from your business to do your due diligence and ensure you don’t risk your revenue in such risky ventures. Sometimes, it’s never worth the risk.

It’s difficult to learn about trading in binary options before hand

33 - 3 major cons of trading in binary options
The beauty about platforms offered by other forex brokers is that you can get to learn about trading in them through a demo platform before investing your hard earned money. However, when it comes to trading in binary options, you can only access demo trading sites once you have opened a real account and deposited your money in it. This means that you are bound to lose some of your money before you get a grasp of trading. As an entrepreneur, this is not the kind of venture to risk your business profits.

All in all, every investment option usually has its pros and cons therefore it’s upon you the entrepreneur to decide whether the risk-reward associated with binary options is worth it.

We invite you to share with us your experiences and success stories in your business adventure.

3 benefits of trading in binary options

7 - 3 benefits of trading in binary options

When running a business, it’s always a good idea to reinvest some of your profits back into the business, and invest the remaining profits on other ventures. Diversifying your investment ensures that your eggs are not all in the same basket therefore they are not exposed to the same risks. If one doesn’t pan out, you have the other investment to count on. One type of investment you can consider is binary options. This however only applies to risk takers who believe that high risk is equal to high rewards.

A binary option is basically a financial option in which the payoff is either some fixed monetary amount or nothing at all. It’s commonly referred to as an all or nothing investment. Trading in them is considered to be risky, but the potential rewards are usually really good.

Let’s take a look at 3 benefits of trading in binary options.

Binary options have a potentially high return

When it comes to binary options, an investor is usually looking at a potential return of between 60 and 90 per cent. Talk about high risk high return. This is a significantly high potential return in comparison to other available investment options out there therefore, if you are successful, you can get some good return which can help in your business expansion plans.

With binary options, your risk is fixed

The beauty about investing in binary options is that as an investor, you will get to know up front exactly what you stand to lose versus what you stand to gain when you trade. This is why it’s referred to as a fixed risk. Your investment will not be affected by fluctuations in the market. This therefore means that if you intend to invest in binary options with some of the profits from your business, you will be able to make a determination early in advance whether you can afford to lose this money, as well as determine whether the potential returns will be sufficient for the plans you have in place for your business.

Binary options are easy to trade

When looking for a place to invest profits from your business, binary options become a convenient investment because it’s fairly easy to trade in them. The trading platforms that have been set up are easy to operate especially by individuals with no investment experience. There are a number of online platforms that are very user friendly, and they allow you to practice through demo accounts, video tutorials, as well as live chat options where you can be guided in real time on how to go about it.

Whereas some financial experts might classify binary options as some form of gambling, the truth is all other investments are in truth gambles. You can never really predict market forces. As an investor, once you get a hang of it, binary options can be a really quick and effective way of raising financing for your business, but ultimately, do remember the risk as well.

We invite you to share with us your experiences and success stories in your business adventure.

Every business needs these 21st century skills

6 - Every business needs these 21st century skills

The proliferation of technology in the 21st century has made it much easier to run a business for entrepreneurs who have mastered technology and much harder for those who haven’t been able to keep up with it. Industry experts are of the opinion that there are 4 essential 21st century skills that are the determinant of whether a business will succeed or fail.

This article seeks to explore these 4 skills and how they are of benefit to both an entrepreneur and his/her business.

#1 Digitalliteracy skills

In today’s business world, literally everything can now be done digitally, from record keeping, to finance, to HR, name it. This has enhanced convenience as well as reduced personnel costs and overall business operation costs. As an entrepreneur digital literacy skills will be important because they will help you make technology related decisions to make your operations more effective and efficient. Digital literacy will basically entail your understanding of various present day technologies, how they work and how they can be relevant for your business.

#2 Problem solving skills

The key to the success of any product or service is its ability to solve a problem for the consumer. Most business that thrive today are that are proving to be the best at satisfying consumer needs. As an entrepreneur, for you to be able to ensure that your business stays relevant and you are a step or two ahead of your competition, you should have the ability solve problems and present your business as the best solution provider available. Being a good problem solver and surrounding yourself with staff who are problem solvers themselves will ensure high productivity and higher profits for your business.

#3 The ability for inventive thinking

In addition to digital literacy and problem solving skills, as an entrepreneur, it will be important to have inventive thinking. This is essential if you are to be able to translate your understanding of technology and consumer problems into a new or improved product or service. With this skill, you will find it much easier to adapt to situations and complexities that emerge in the market, and find creative ways of ensuring your products and services are tweaked to suit the emerging market needs.

#4 Effective communication skills

To cap off this list of 21st century skills is effective communication which is of course a no brainer. Your ability to communicate clearly with your audiences which will include customers, employees, suppliers, investors, as well as other stakeholders will be key in any business. This is not a skill you will be able to survive without.

The ability to marry all these skills and effectively apply them in your day to day business operations will ensure you produce relevant, high quality services or products, thereby maximizing your profits.

We invite you to share with us your experiences and success stories in your business adventure.

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Business – 3 ways to mitigate risk

5 - Business - 3 ways to mitigate risk

Business risk is the term used to refer to the possibility of inadequate profits or even losses due to uncertainties or unforeseen events. These could include increased competition, change in government policy, obsolescence, among others.

It’s no secret that every type of business comes with its own set of risks. It would be naïve to assume that because you run a small business, you will not be exposed to the same types of risks as compared to much larger companies. The truth is, whether big or small, your business will be exposed to risk. What may differ is the severity.

Let’s take a look at 3 ways to mitigate risk in business.

The risk of business interruption

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Your business can be interrupted by various unforeseen events like fire, natural disaster, among others. This will result in massive loss of property, sometimes injuries and death, and loss of incomes for an extended period of time. As a mitigation against such a risk, as a business owner, it’s advisable to have in place a disaster recovery plan. Such a plan will entail data backup, an emergency alert plan for employees, and most importantly some form of business interruption insurance cover. Having such a plan in place will helpyou cover operating costs and loss of income as you engage in rebuilding. Ensure you are fully aware of what the terms of any insurance cover are before signing up.

The risk of property loss

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You may lose property in your business for various reasons such as theft, fire, and natural disasters, among others. It’s therefore important to have a mitigation plan in place for such an eventuality. This will start with an audit of your business environment both physical and processes, with the intention of identifying all vulnerabilities so that you can plan ahead. It will also be important to invest in some form of insurance that offers a cover against property loss that results from theft, fire, and natural disasters. Always make it a point to fully understand the terms of any available insurance cover before signing up.

The risk of injury at the workplace

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When running a business, you must always be aware that your staff or any other personnel in your business premise will be exposed to potential injuries which will result in certain costs such as medical treatment and even lost productivity. These are not expenses you want to pay from your cash flow because they may become very high. Therefore, to mitigate against them, it’s important to educate employees on issues of workplace safety, and also take up a workers’ compensation insurance cover. Such a cover will help provide benefits like wage replacement and cater for the medical costs of the staff memberinjured while on the job. It will also offer the business protection from any legal complications that may result from the workplace accidents.

Putting these measures in place will keep you protected from major losses that are likely to cause the total collapse of your business.

We invite you to share with us your experiences and success stories in your business adventure.

The 4 basic competencies for a successful business

4 - The 4 basic competencies for a successful business

For the success of any business, there are certain basic competencies that an entrepreneur must ensure are in place so that they can start and smoothly run their business. These are essentially competencies that will successfully aid the day to day operations of the business.

Here is the list of 4 competencies for a successful business. These are skills that an entrepreneur can choose to learn, or hire someone to provide them.

#1 Financial management competencies

For any business, the ability to manage finances is probably the most critical. You must always be able to budget, do cash flow forecasts and, monitor profit and loss. It’s also important to be familiar with your financial obligations to the government’s revenue authority and ensure all income is declared and relevant taxes paid. It’s only through having competencies in financial management that you will be able to ensure your business is profitable.

#2 Sales, marketing and customer service competencies

The goal of your business producing products or services is so that they can be utilized by your target consumers thereby enabling you to profit from this. In order for your consumers to be aware of the existence of your products or services, and learn about the value proposition of your products or services, you will need competencies in sales and marketing. This is essentially the team that helps you close sales and make profits. In addition to this, having a good customer service in place enables your business to be able to handle customer queries or complaints much more effectively thereby creating a sense of customer loyalty.

#3 Communication and negotiation competencies

For a business to be run successfully, you must have sufficient communication and negotiation competencies as these will come in handy when dealing with your various stakeholders. Being able to establish good relationships as well as make win-win deals with suppliers, customers, potential investors, as well as employees will be very necessary as part of the day to day operations and this requires the right combination of written and verbal communication skills.

#4 Leadership competencies

In your business, the overall leadership should come from you. Leadership competencies come in handy when you are making decisions on how to delegate responsibility, when you are managing a combination of staff, projects your business is engaged in, and other stakeholders crucial to your business as well as when offering general direction for your business. Your staff will rely on you for motivation and inspiration so that you can bring out the best out of them. It’s therefore important for you to hone your leadership skills so that you can be in a position to transfer them to your team.

These are competencies that every business owner should work on developing. Even, if you opt to outsource these competencies, you must make sure that you have an above average mastery of them.

We invite you to share with us your experiences and success stories in your business adventure.

The 3 best business ideas for 2018

3 - The 3 best business ideas for 2018

When an entrepreneur establishes a business, their goal is to be profitable within the shortest time, and sustain these profits for years to come. Therefore, the first step in being able to achieve this is choosing the right business venture.

Most businesses will require the right skills and some level of experience. However, sometimes a business just requires the right timing and the right product offering that addresses consumer needs satisfactorily. We take a look at 3 of the best business ideas for you to consider in 2018.

#1 Incorporating virtual reality (VR) in your business

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Today, more and more consumers are looking for immersive and experiential product or service offerings whether it’s in the entertainment, education, recreational or medical industries. In this case, virtual reality is currently the best option available as it gives consumers a very realistic experience, almost as the actual real life experience itself. Economic experts estimate that this market will be worth over $40 billion by 2020. The beauty about VR is that it can be incorporated in literally any type of business where customers need to experience a scenario, a process or an event. So far, VR has been used in gaming and entertainment, medicine, real estate, team building and even meditation. This is still virgin land with plenty of opportunities.

#2 Skill based businesses

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For the past couple of years, there has been an overemphasis on white collar jobs as more and more young people lose interest in skill based professions and instead want jobs they consider more ‘clean’ and better paying. This is usually based on the assumption that skill based trades are not well paying. It’s important to note that with less people interested in skilled trades like welding, carpentry, plumbing, masonry and metal works, among others, it means there is a shortage in the market therefore resulting in a high demand for these skills. If you are familiar with the laws of supply and demand, which you should be a business person, you should be well aware that the market is currently willing to pay a premium for these services. This is therefore an idea that will be worth considering in 2018.

#3 The children’s services market

13 1 - The 3 best business ideas for 2018
With children being born on a daily basis, parents getting busier as they work towards making ends meet so that they can take better care of their families, and other parents simply striving to give their children the best that life has to offer, there is a growing demand for services in the children’s market. These include daycare or babysitting services, quality pre-school education, art and music classes, tutoring services in important skills like math and science, and sports and fitness. These are essentially services that ensure children have an environment away from home that will help nurture and equip them with qualities that will give them a step ahead in life. These is a type of business that will be competitive but as long as you provide unique and innovative ideas, the market will have plenty of opportunities for you and your business.

The beauty about all these businesses is that they will require a relatively small starting capital and don’t have many barriers to entry.

We invite you to share with us your experiences and success stories in your business adventure.

Business – 4 benefits of effective communication

2 - Business - 4 benefits of effective communication

Effective communication can be described as the ability to share information as well as ideas and be able to get and act on feedback when dealing with both individuals as well as groups. This is very essential in business as it will aid an entrepreneur in a number of ways.

We take a look at 4 benefits of effective communication in business.

It enables teaming and collaboration

1 - Business - 4 benefits of effective communication

In business, an entrepreneur will often need to work with individuals with whom they share common goals and ambitions, as well as join their unique personalities, egos and experiences, in order to achieve their goals. Without effective communication, this teaming up and collaboration will not be possible.

It aids interpersonal interactions

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With effective communication skills, an entrepreneur will be much better equipped to nurture positive and productive interactions and relationships with both individuals and groups playing a crucial role in the success of their business.

It aides in demonstrating social and civic responsibility

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In any business, it’s important for an entrepreneur to be able to demonstrate that their products or services are not only geared toward profit but are also for the promotion of public good as well as the protection of society and also the environment. Effective communication skills come in handy when trying to communicate this.

It aides in better use of communication tools

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In business, an entrepreneur will often need to send out different communications to various audiences. It’s therefore important for them to have a better understanding of all available communication channels, which will be best suited for their different audiences. Having effective communication skills will therefore aide you in identifying the most effective communication channels as well as messages for your different intended audiences.

If you are thinking about starting or improving an already existing business, make a point of learning and improving your effective communication skills as this will be highly beneficial for your enterprise.

We invite you to share with us your experiences and success stories in your business adventure.

5 essential skill sets for successful entrepreneurs

1 - 5 essential skill sets for successful entrepreneurs

The ability to successfully establish, run and make profits in any type of business enterprise in the 21st century will require entrepreneurs to have certain essential personal traits. This is because various industries have become very competitive therefore entrepreneurs need to be extra inventive in order for their enterprises to be able to stand out.

We take a brief look at 5 skills we believe entrepreneurs will need. However, because this is a broad topic, we will expound more in our subsequent posts.

Being highly adaptable

It’s very important for any entrepreneur to fully appreciate the fact that change in the business environment is inevitable. This therefore requires an entrepreneur to learn to be adaptive to this change, through being ready to modify their product, consumers they are targeting, marketing techniques, among others.

Have a sense of self-discipline

As an entrepreneur, the ability to manage you time, your work, recognize your weaknesses and be open to learning, work independently or collaborate with others as you develop your plans is very important, and will require self-discipline. This is the ability to know yourself and ensure you keep your emotions in check.

Have a sense of curiosity

The key to creativity in business is having a curious mind. It’s an entrepreneur’s curious mind that will drive their process of identifying needs that exist and thereafter engage in product design with an intention of addressing these needs. This is essentially how business enterprises are born.

Have a sense of creativity

In business, creativity is key because an entrepreneur is always required to come up with new ways of solving problems through their products or services. Being creative allows them to be original therefore their products or services can stand out more in the market therefore assuring them better positioning.

Have an element of risk taking

There is a common belief that risk takers get the highest rewards. This has proven especially true for entrepreneurs who come up with completely new products or services to challenge traditional products or services that have been around for a while. This willingness to get out of comfort zones and explore virgin territory is part of what makes good entrepreneurs.

If you are thinking about starting or improving an already existing business, first, try and establish if you possess these essential skills.

We invite you to share with us your experiences and success stories in your business adventure.

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