7 Most Unconventional Yet Promising Career Options for Youths

Professional courses not only help in securing a good job, but also help in grooming one’s personality. Attributes such as verbal communication, time management, asset management and self-confidence add a professional flair to the personality. Professional courses mean excellent career prospects and job security that can help you grow in your professional life to the top positions. That’s why youths in this age are more inclined towards professional courses than regular programs. Let’s find out what are the most popular professional courses in the present time apart from B. Tech and MBBS.

Career in Chartered Accountancy

Chartered Accountancy is one of the best options for students who are exemplary and outstanding in, maths and commerce. Eligibility for CA course is a degree in commerce. To successfully complete the program you have to clear three levels of examinations. The first is a proficiency test, the second is based on a theoretical program which is the professional competence course. And, the third and final is the course exam, which is the test of theory and the final stage, qualifying which you become a full fledged auditor. It could take anywhere between four to five years to complete the course after a B. Com or M. Com. All companies, whether private or public need auditors who audit accounts and file taxes. Job prospects for CA are very high and there’s a huge shortage of CAs, both in the domestic and international market.

Career in Textile Designing

The Indian textile industry is the second largest employer in the country. Textile is also one of the top contributors in India’s export basket and that’s why textile exporters draw good incentives from the Government of India. Among various career options in the textile industry, textile designing is one of the most creative, glamorous, lucrative yet challenging career option. Qualified youth with a bent of mind in designing and craftsmanship can excel very swiftly in textile designing. Ministry of Textile in India established National Institute of Fashion Technology (NIFT) in the 80s for the promotion and development of textile and its allied industries in India. Apart from NIFT there are many other private institutes which offer various short-term certificate courses, diploma programs and graduate as well as post-graduate courses in Textile Designing. For diploma or graduate courses, the minimum eligibility criteria is 10+2 pass or equivalent in any stream.

A textile designer should have a good sense and knowledge of colours, textures and motifs. He/she must be attentive, punctual and computer savvy, knowledge of CAD and other design software can be an added advantage for a fresher. Textile designing is not restricted to aforementioned areas rather it play a pivotal role in the fashion industry too. Textile designers can contribute immensely in the growth of export houses, buying houses, design studios, films & television studios and retail chains besides serving the conventional manufacturers in the textile, garments and furnishing industry. A fresher can easily get annual salary package ranging between Rs. 2.5 Lac to 4.0 Lac, while after a modest experience of 1.5 to 2 years one can expect 20 to 30 percent increment. In addition, the overseas market too eagerly awaits textile designers from India. A textile designer can make good money in countries like France, Japan, Italy and USA.

Career in Jewellery Designing

The unprecedented growth of jewellery industry opened many lucrative vistas for youth and those who really care about perfection, subtle beauty and a creative bent of mind can foray into jewellery designing for a stupendous career. For a great start in this ravishing sector, you need to develop innovative ideas, unique designs and powerful imaginations. The scope of jewellery designing is quite vast and it is not limited to the designing. After Graduation (BDes) one is eligible for a variety of associated fields like marketing, branding, operation management, visual merchandising, quality control, training & development, retail management, franchise development and other core services of jewellery industry.

Indian designers are in the upper hand in the international market because of their finer jewelry sense, intricate craftsmanship and unique dispositions that inherited to them generation after generation. The growth of jewellery sector is responsible for the imminent job opportunities in this highly glamorous industry.

Career in Law

In the era of globalization, law is one of the most sought-after career options for today’s youth. Opportunities for law graduates are enormous as they are in demands of the society and industries too.

Today, the Law is not restricted to the courts and corporate, it is widening with the development and changes in the society and business. 30 years back no one would have ever imagined that people in future get specialization in Cyber Law and Entertainment law. The growth of law is directly proportional to the advancement in human society. In the current scenario, law fields which are high in demand are Admiralty (Maritime) Law, Bankruptcy Law, Business (Corporate) Law, Civil Rights Law, Criminal Law, Entertainment Law and Health Law.

Career in Clinical Microbiology

Clinical microbiologists are medical professionals who study and research micro-organisms like bacteria and fungi in the laboratory with the aim of diagnosing, preventing and treating various infectious diseases. People equipped with knowledge and a professional degree in Clinical Microbiology is very much in demand these days both in the Indian and overseas market. Two of the most sought-after professional programs are Bachelor of Science in Clinical Microbiology (B. Sc.-CMB) and Master of Science in Clinical Microbiology (M.Sc.-CMB), 10+2 in any stream or equivalent is the admission eligibility for the bachelor’s level program and for masters one need to possess a degree in any one of the specialized fields such as BSCMLT /BSCBT / BSCCMB / BSCBI / B.Sc. (Biology) / B.Sc. ( Nursing) or equivalent.

Usually a clinical microbiologist performs two major tasks; first, managing and coordinating with medical technologists and consulting with doctors and physicians to anticipate their needs. Secondly, they monitor and analyze microbial culture/samples using specialist computer software and for this additional qualification in statistics, and computer science improves one’s career prospects. Personal attributes like meticulous planning skills, decisiveness, good analytical skills, IT skills, patience power and team spirit helps one to differentiate from the competitors.

A person with B.Sc. (CMB) can easily secure a pay package between Rs.25K to 35K per month while the holder of M.Sc.-CB can earn Rs. 35K to 45K per month in India. Besides, Microbiologists have tremendous job and research opportunities in the overseas market too, and countries like the US, Canada, Israel, Japan and Malaysia are the best places for these professionals to work and grow.

Career in Telecommunications Engineering

Telecommunications is the most revolutionary scientific achievement for the mankind that converted a huge planet (Earth) into a global village. Telecommunication fuelled the growth of the businesses and expedited various social and economic advancements. Today, millions of people are blessed with a lucrative job in this sector worldwide and it is one of the most stable industry in the present times. Telecommunications engineering is involved in all types of information exchange, be it telephone communications, TV and Radio broadcasting, radar signals in aviation and the Internet. A telecommunication engineer posses a blend of knowledge comprises of computer science, electrical engineering and networking.

In India, the starting salary of an individual varies from organization to organization and the name of the institute also play a vital role in one annual pay package. But, on an average a diploma holder earns a monthly salary in the range of Rs 10,000 to 20,000, while a B. Tech holder can easily secure a package in between Rs 12,000-25,000 per month.

Career in Pharmacy

There are unparalleled career opportunities for pharmacists in India as the sector is experiencing 15% annual growth rate and many market experts have predicted that soon it will supersede the IT sector. The demand of Indian medicines is rampant in America, South East Asia, Central Asia and Africa, the total export had already crossed Rs. 12,000 crore figure and many more Indian pharmaceutical companies are venturing into the export.

In modern era, pharmacists play multi-faceted roles. They contribute in clinical services, manufacturing, quality assurance, regulatory affairs and many. To play such a variety of roles, one should have good analytical skills, communication skills, interpersonal skills, coordination capabilities, humble attitude, apart from the good knowledge of various chemicals and compositions which can be acquired through a diploma program or B. Pharm and M. Pharm further hones one’s skills.

From Business Plan to Web Design – Starting an Online Business

Before you officially “open the doors” of your e-business, you need to create a business plan. Turn your business idea into a plan that will help you succeed (or you may find while going through this process that it is better to scrap the idea and come up with something better).

Putting a business plan together may seem like a daunting task. I will take you step by step through the process of creating a business plan, making the process a little easier for you. Putting a business plan together will include completing a market analysis, a competitive analysis, an advertising plan, pricing, branding, a sales strategy, and much more. This article will go over some of the basics.

You will want to consider marketing, financing, your target market, distribution of your product, finding out who your competition is, etc. In addition to considering these factors, you will want to set realistic goals for your small business.

Ask yourself the following questions: What is the purpose of your e-business? To make money, right? That’s one purpose. What are some others? Perhaps you have created or found a product that the world just can’t live without and you want to share it. Maybe you offer a service that will help others. You might have a hobby that you want to turn into a profession. Write down your purpose, whatever it is.

After you know what your purpose is, answer the following questions:

– Why am I committing my time and resources to this endeavor?

– How will I be helping others?

– What needs will this business meet?

– How will I be helping myself (owner), or ourselves (owners)?

– What “greater good” will be served with this business?

Once you have answered these questions, you can form your company’s mission statement. Your mission statement identifies your company. Keep your mission statement to a few sentences. You can adjust your mission statement as your company grows and changes, but the core values included in your mission statement should remain the same.

What is your Company’s Purpose?

What is the purpose of your e-business? To make money, right? That’s one purpose. What are some others? Perhaps you have created or found a product that the world just can’t live without and you want to share it. Maybe you offer a service that will help others. You might have a hobby that you want to turn into a profession. Write down your purpose, whatever it is.

After you know what your purpose is, answer the following questions:

– Why am I committing my time and resources to this endeavor?

– How will I be helping others?

– What needs will this business meet?

– How will I be helping myself (owner), or ourselves (owners)?

– What “greater good” will be served with this business?

Once you have answered these questions, you can form your company’s mission statement. Your mission statement identifies your company. Keep your mission statement to a few sentences. You can adjust your mission statement as your company grows and changes, but the core values included in your mission statement should remain the same.

Preparing to Launch Your Online Business-Strengths and Weaknesses

As you go through the process of planning your online business, you may not have the answer to every question we ask. Don’t worry if you don’t have all of the answers now, because that is the whole point of doing this plan-to help you find and discover the areas that might sneak up and get you in the future.

Having gone through the process of putting this plan in place, however, you will be better prepared to face unexpected turns and situations. Answer the questions you can and think about the ones you can’t. There are a lot of details that will come together as you go through this process.

Part of making your online business successful is knowing your strengths and your weaknesses, along with the (potential) strengths and weaknesses of your company. What are you good at? What is your company good at?

– What are the strengths of your products? Price? Selection? Variety? Quality? Brand association?

– What are the strengths of you and your partners or team?

– What are your strengths with respect to reaching customers and telling them about your product?

– What are your leadership or organizational strengths?

– What is the vision of your company and how is that a strength?

The answers to the above questions may be the reasons you want to start an online business in the first place. You must also look at your weaknesses. Good business owners strive to identify areas of weakness so they can turn them around and make them areas of strength. It’s better for you to discover weaknesses than your competitors or customers to discover them for you!

– How will the business run from start to finish?

– Do we need to hire people?

– Where will our products come from?

– How will we get the word out about our company?

– Do we have enough money to survive the start-up phase?

– Do we have a good system in place to track orders and make sure our customers are happy?

Preparing to Launch Your Online Business…Make Opportunities & Prepare for Unfortunate Circumstances

Successful online businesses take advantage of opportunities, whether they be changes in customer tastes or preferences, unmet market needs, or market niches that have never been addressed. What opportunities do you see that make you excited about your online business opportunity? Before you start an online business, consider:

– Do you see an unmet need?

– Is this a frustration you have experienced yourself?

– Is there a common feeling that something is missing among people you know or have talked to?

– Have there been changes economically, politically, or otherwise that have set a good stage for your online business?

– Now it’s time to play devil’s advocate and imagine what elements or factors could potentially harm your online business. It is important to identify such things that could adversely affect your business in order to prepare for such circumstances. Preparation is sometimes the best defense. Consider:

How will competition affect you?

Are you able to meet anticipated demand?

What if UPS goes on strike?

Is your business seasonal, and will that adversely affect your cash flow?

If you plan on starting an online business, consider writing down your business description and strategy. By now you know your company’s purpose and your strengths and weaknesses. Use that information as you work out your business strategy.

The key element in your business description is to address how your business will meet the needs of your customers. In other words, how are you uniquely positioned to get your needed product to the right people and make money in the process?

Now let’s discuss the strategy behind your business. Consider:

– What type of business are you (retail, manufacturing, consulting, etc.)?

– Will you need employees?

– Where is your business located?

– What are your hours of operation?

– How do you plan to make money?

– What costs will be involved?

– How much money do you need to start, and how will that money be spent?

Now is the time to tout you and your team. Your confidence, enthusiasm, and vision are incredibly important to the success of your business, and to gain the confidence of investors. They are ultimately investing in YOU, so sell yourself and your team!

Consider:

Who are your team members, managers, or partners? What is their level of education? Do you or they have any experience in similar ventures or businesses? Are you particularly passionate about your products? Why? Who will be in charge of what? Who has final decision-making authority?

Every business can potentially be faced with challenges. What risks might you face in your business, and how will you be prepared to face them? Consider:

Have you in the past, or are you currently facing litigation? Do you have access to an attorney? Do you have adequate insurance coverage for your business? Who is in charge of record keeping, and how are those records stored and protected? Do you use an accountant?

Once you have a plan for your online business, you need a website. When conceiving your website, before you think about colors, pictures, or even format, take into consideration the answers to the questions above and come up with the purpose of your website. That will make your web design process a lot easier.

Building A Future In Self-Storage-Things To Consider Before You Invest

Across the country, entrepreneurs are talking about the self storage business. The buzz is that investing in the mini storage business can be very profitable. What’s more, seasoned investors aren’t the only ones with their eye on the mini storage prize. With lower building and management costs than other real estate investments and a failure rate of less than ten percent, the self storage industry is drawing first-time business owners like moths to a dazzling flame.

The advantages are obvious, easy start up, easy maintenance, low risk, but what’s the catch? Can it really be that easy? There is no catch, but it does require work. An investment the mini storage business has a lot of potential, but it is an investment. No matter how you slice it, you need to be prepared to devote time, energy and of course, money to a self storage enterprise. If you’re ready to commit to the self storage industry, here are some things to consider before you invest:

If You Build it, Will They Come?

Before you spend even a nickel on land or buildings you’ll need to do some research into the self storage market. You should strongly consider hiring an experienced consultant to do a feasibility study in your area. Even if you have experience in real estate or the self storage industry, an unbiased opinion is invaluable when starting a new venture.

Location, location, location. Those three words are everything in the real estate world. The same is true for your self storage facility. You might be tempted to use a bit of land you already own, or buy the lowest priced land you can find but you should never sacrifice location for price.

According to the Mini Storage Messenger, a resource center for the self storage industry, choosing a site is one of the most difficult decisions to make. An ideal site is one that is located on a major travel corridor and is highly visible. Still, there are more factors to consider. Will you be needed in your service area? How much competition are you facing? Is the area you’re interested in already saturated with self storage businesses? If there are a lot more storage units than customers in your area you’re likely going to have empty storage units which lead to an empty bank account.

Measure Twice, Cut Once

You’ve considered where, next you’ll need to consider how. Since your storage buildings will be your business, a lot of thought should go into planning construction. The unit mix and amenities of your site can be greatly advantageous or, conversely, a huge drain on profits. There are quite a few construction details that are unique to the mini storage industry, such as driving space, size and placement of unit doors, lighting and security. Choose a builder a builder with experience in the self storage industry who can advise you in such matters. The right building plan will improve your occupancy rate and help you avoid costly renovations. For professional advice in choosing the best steel building supplier, visit http://www.gosteelgo.com/ChoosingSteelBuildingSupplier.htm.

Another aspect of self storage construction to consider is financing. Construction loans are dramatically different and more complex than other forms of permanent financing. Moreover, construction loans for self storage are different than those for traditional real estate. Before scheduling an appointment with your lender find out about the size and scope of loans they are able to make and if they make unique loans for mini storage businesses.

Holding Down the Fort

After deciding where and how to build your mini storage units there are still more things to consider. Many first time business owners fail to plan beyond grand-opening day. Advertising, staffing, and the day to day maintenance of your new self storage site should not be afterthoughts.

An important detail to consider is marketing. You’ll need more than a listing in the yellow pages and a big sign out front to keep your storage units full. Decide on a marketing strategy before you build. Expect to be analyzing and changing that strategy through out the life of your self storage business. Advertising is a necessity not an option.

Customer service and salesmanship will be vital to your business. Be prepared to find experienced staff members and to train them. Be cautious about hiring friends and family. It’s hard to treat loved ones like employees and hard for them to treat you like the boss. Also, don’t assume that you can do it all yourself. If you want your mini storage business to be a success you’ll probably need to be open a lot more hours than you’ll want to be standing behind the counter.

As with any business venture, the risks and decisions involved in starting a self storage business can be daunting. However, with proper planning and preparation, an investment in the self storage industry can be a dream come true for any aspiring business owner.

Which Comes First – The Patent or the Prototype?

Throughout my time helping inventors develop a multitude of different projects, this conundrum has often reared its head. It is important to say from the outset that there is no definitive answer, but I will aim to convey the alternative perspectives, to allow inventors to make an informed choice for themselves. The opinions on this topic vary across professionals in the IP industry and the answer will differ depending on the specific idea.

Having said that, below are the main reasons for developing a prototype before patenting:

  1. A patent application requires a certain level of detail regarding how the idea functions. This is known as ‘sufficiency’ or an ‘enabling disclosure’. It is often easier to describe, and draw, an invention once a prototype has been created and tested.
  2. Prototyping develops the idea and it may be that a new or better solution is achieved. Potentially these iterative developments could require altering the original patent application or filing a new application. This could cost more or result in advantageous changes being left unprotected.
  3. The grace period before substantial fees and important decisions need to be made during the patenting process is quite short, considering the average time it takes to launch a new product onto the market. It could be argued that it is better to progress the idea as much as possible before filing the patent application, including finalising the design through prototyping. This would then allow the grace period to be used for manufacturing or licensing the product.
  4. A prototype can be used to test the market and some people consider that it is best to do this before embarking on a potentially expensive patenting strategy. (Disclosing the idea can prevent a granted patent being achieved and legal advice should be taken on how to test the market without forfeiting potential patenting opportunities. Confidentiality agreements are one way of protecting an idea before a patent application has been filed.)
  5. A prototype may prove that the idea is not viable therefore saving the cost and time involved in drafting and filing a patent application.

Conversely, below are the main reasons to file a patent application before prototyping:

  1. Prototypes often need to be produced by companies and therefore it could be wise to file for the patent first to protect the intellectual property.
  2. If the inventor waits for the prototype to be produced before filing the patent application, someone else may file an application for the same idea first. In many countries of the world, including the UK, the patents systems are ‘first to file’ and not ‘first to invent’.
  3. The patent application process includes a thorough worldwide novelty and inventiveness search by the UK IPO that could reveal valuable prior art material, not only in terms of the direction the prototype should take, but also in terms of potential infringement issues whereby the prototype can then be designed around existing patents.
  4. A patent application and the resulting patent, like all intellectual property, provides an asset which is owned by the inventor or applicant company. If prepared effectively, the patent can be licensed or sold to generate an income stream potentially without ever needing to produce the prototype.
  5. It may be better to start with a patent application if funds are limited, as a patent application is generally cheaper than a prototype.
  6. A ‘provisional’ patent application can be filed without requiring great detail, providing a follow up application is then filed within 12 months which describes the idea in more detail. This may be following the proof of concept provided by the prototype.

There are some ways round these issues. Prototyping manufacturers can be asked to sign a confidentiality agreement before the idea is disclosed. However bear in mind that many companies will not sign confidentiality agreements, since their in-house departments might be working on similar ideas. Pre-application patent searches can be carried out prior to prototyping or patenting to discover whether it is sensible to proceed without having to draft and file an application.

There is a third perspective for consideration. Some industry experts would suggest that it’s not a patent or prototype that should come first but the opinion of industry experts as to whether the idea is viable and will sell. They would argue that the prototype and patent are important parts of the process but, at the very beginning, it’s best to ascertain that there is actually a market before investing in either a patent or prototype.

In conclusion, the best way to proceed with any new product idea is a complex decision. If the novel functionality of the idea is unproven, then a prototype may be a sensible first step. It is worth ensuring that a reputable company is used to produce the prototype and that a confidentiality agreement is signed prior to the concept being revealed. Alternatively, the inventor may choose to file a patent application first and accept that additional cost may be incurred to re-file or amend the application as the project is developed.

Fuji Newest 4.0 Road Bike Review

One of the most highly respected and sought after brands in road bikes remains the Fuji Bicycle company in Japan. The company boasts an astounding 100 plus year history in the bicycle manufacturing industry with many notable accomplishments along the way such as the establishment of the now world renowned Tour de Japan race and the first to introduce the Shimano Dura Ace part group on its bikes. The following article will give a Fuji Newest 4.0 Review, one of the company’s premier road bikes.

At a modest 500 dollars for a road bike, the 4.0 delivers a lot in an economical package. It features a 24 speed Shimano SL-R400 down tube shifter great for use in a variety of road inclines and environments. The chain is a KMC Z-72 and the brake components are made of a forged aluminum and are dual pivot R-310A’s. Spokes are manufactured of 14G stainless steel and the stem is made from proprietary adjustable road aluminum. All in all a very durable light weight construction overview for a smaller price.

Many users reported that the strengths of the bike are its durable frame and comfortable ride. Some drawbacks were lack of smoothness or a lag in shifting and the actual placement of the down tube shifters claiming that they can be bumped with the knees. Many reviewers were first time road bike owners and commented on the great price combined with value in features. Many said it was an excellent entry-level bike for novice or intermediate road riders. Other positive comments are that the bike is ultra light and easy to carry, great braking capabilities, smooth ride and easy setup. Additional negative comments included a sticky or clunky shifting, practical but ineffective shifter placement, geared more for racing than novice or intermediate riding, and pedals do not accommodate toe clips.

The most frequent comment from users came back to the price of the bike, which was thought to be reasonable across all reviews. Compared to many other professional race bikes on the market, the price of the 500 dollar 4.0 is incredibly reasonable. Buyers can expect to pay at least 3 times that for models that are slightly more sophisticated from other manufacturers. For example, a 2010 Shimano Ultegra, which has similar features and construction to the 4.0, however it retails for up to 2,000 dollars. Overall, the Newest 4.0 has a good array of practical and useful features for the more economical price.

Achieving "Plan B" Through Individualpreneurship – The Notion Of An Individual As An Enterprise

What is entrepreneurship?

Entrepreneurship is a competency (set of knowledge, skills, and activities) required to start, develop, and assume risk for an enterprise. An entrepreneur is an individual who organizes, operates, and assumes risk for an enterprise with the intention of transforming innovative ideas in products and/or services for a profit.

An enterprise is an undertaking for a prize or cause. It is a group of activities intended to produce income organized for:

  • Profit as a business of any size and type: unincorporated or incorporated; one or many entities, of which one is designated as the “holding entity” in a multi-entity structure; and such that one enterprise can incubate another
  • A not-for-profit association, such as a public charity or a private foundation
  • A government agency

When an enterprise is referred to as an entity, the reference is specifically to the holding entity, unless otherwise specified. The term “not-for-profit” is generic; the term “non-profit” means an entity that has been approved by a taxing authority as being exempt from income tax. “Not-for-profit” does not mean “not-for-revenue.”

As a discipline, a business delivers products and/or services to a customer for a profit. As an entity, a business can be:

  • Sole proprietorship (individual)
  • Partnership (pass-through to individuals): general, limited, or limited liability
  • Limited liability company (pass-through to one or more individuals as a partnership or as an equivalent to a “subchapter S” corporation)
  • Corporation: general with directors appointed by shareholder investors, and officers appointed by directors (“subchapter C”), pass-through to one or more shareholder investor individuals who may also be directors and officers (“subchapter S”), professional (pass-through to one or more individuals), or foreign

An upwardly mobile enterprise is a small-to-large enterprise focused on large market dominance (share being either industry-wide or in niches) with local-to-global aspiration in both traditional and non-traditional industries. It has growth potential from highly innovative people, processes, and products and/or services, and/or duplication of a business system. It is financed by founders and/or third-party investors (closely or widely-held) seeking capital appreciation, and potentially cash flow from dividends and/or interest, with medium to high risk. An upwardly mobile enterprise may be founded by one or more entrepreneurs, who either become part of a larger management team as new investors come on board, leave to form another venture as serial entrepreneurs, or retire.

Upwardly mobile enterprises are the heart of Wall Street.

A lifestyle business enterprise owner operates an enterprise in a local community, and may also be the founding entrepreneur:

  • Either as an active owner-manager, making a living from its activities for their own lifestyle
  • Or as a passive owner-manager, with an active management team in place

Lifestyle business enterprises are the heart of Main Street.

A lifestyle business enterprise owner can be a sole proprietor, partner, member (and usually also a manager) of a limited liability company, or a shareholder investor in a corporation (and usually also a director and an officer).

An employee is an individual who provides services in exchange for compensation under an explicit or implicit contract for hire, whereby the employer (hirer) has the right to control what work is performed and how. An independent contractor is self-employed; the hirer has the right to control only the result of the work, and not how it is performed.

What is individualpreneurship?

Individualpreneurship is a mindset for thinking about oneself as an enterprise, actively developing and managing multiple sources of income, and without being highly dependent upon any if possible.

Sources of an individualpreneur’s income include:

  • Employment
  • Entrepreneurship/business ownership
  • Investing

The individualprise represents the aggregation of all sources of an individual’s income. Gross income results from wages from employment, and from both revenues (commissions, dividends, fees, interest, rents, royalties, and sales) and from capital gains from both entrepreneurship/business ownership and investing activities. Net income (profit) results from gross income less the cost of revenue and the expenses required to generate it. The cash flow generated from net income generates wealth, which can be used for investing activities and supporting a personal lifestyle.

The broadest definition of wages includes all remuneration or compensation paid for services rendered by an employee, whether in cash or in other media including bonuses, commissions, and gratuities, based on piece, task, or time.

The need to develop and manage multiple sources of income arises from increasing uncertainty about economic, regulatory, and social trends.

For many individuals, the primary source of income is remuneration from employment, and the largest asset is their home. Employment is an active form of income – in effect employees exchange time for money. However, the best forms of income are those that are residual and passive.

Residual income results from an initial transaction at some time in the past for which an ongoing cash flow is received; passive income results from transactions where the individualpreneur is not actively involved.

Examples of residual income include enrolling members in systems where downstream commissions can be earned; selling items, such as subscriptions that are automatically renewable, or consumables where the ordering is processed by third-parties; and affiliate programs based upon referrals.

The rise and fall of employment opportunities

Prior to the industrial revolution, families were in effect enterprises. Augmenting farm work with other trades and crafts, families flourished in cottage industries working from home, effectively as a group of individualpreneurs. Merchants brought raw materials to homes and would take finished products to markets. Entrepreneurs would “put out” work to families, who were in effect their subcontractors.

As the industrial revolution progressed, work was transferred form homes to factories when the required machinery became too large or expensive. Initially, the “put in” system was used whereby workers in a factory were treated as subcontractors, and eventually became employees. Labor movements were founded to fight for workers’ rights, from which today’s employment and labor laws have evolved.

As the economy shifted from family to commercial and industrial enterprises, employment opportunities grew. Workers could expect long-term employment opportunities as manufacturing demand increased. Through improvements in manufacturing techniques, such as production lines and automation, the scale of units produced increased dramatically. Through improvements in energy, transportation, and telecommunications technologies, reach extended into new geographic markets for acquisition of materials and supplies, and delivery of end-products.

However, recent globalization trends have changed the cost structure of certain activities through outsourcing to providers who offer economy of scale, or to lower cost production markets. As a consequence of information and process control technologies, work has shifted from manufacturing to knowledge-based services. Technology can play a major role by creating jobs in new areas and eliminating them in others.

Enterprises have been impacted dramatically by these trends. For example, “big box” and online stores have had an impact on retailers on “Main Street” – but the savvy ones offer specialty products coupled with exceptional service. Even the local coffee shop is impacted by the price of green beans in global markets. Many manufacturers have downsized through strategic sourcing of components to scale providers, and in the construction industry, general contractors take advantage of prefabricated assemblies. As industries shift from manufacturing to knowledge-based, a major differentiator is marketing capability. Marketing capability requires understanding customer needs and wants, and responding with products and/or services designed for niche or mass markets, regardless of where the components are made.

The consequence is that job markets are dramatically changing, and that old assumptions for employment have become invalid. The notion of working for one employer for forty plus years is no longer possible because technology is changing the structure of industries and the nature of employment. Downsizing has become common, and it is a challenge for the education system to keep up with changing trends in the knowledge, skills, and technical requirements for jobs in emerging enterprises and industries.

The increase in consumer debt coupled with unstable employment opportunities has created stress for many individuals and their families, especially for those who are unemployed, face foreclosure on their homes, or even bankruptcy.

What is “Plan B?”

The term “Plan B” is used to describe an alternative course of action in case the preferred or primary “Plan A” fails. For many individuals, Plan A is a combination of a good education leading to a well-paying job. This form of Plan A stresses individual achievement through successes in education and employment – failures are usually downplayed. However, changing trends in employment put pressure on most individuals’ Plan A, who may face downsizing or even their employer going out of business.

For others, Plan A is a combination of entrepreneurship and business ownership. This form of Plan A can result in failure. However, ultimate success in entrepreneurship and business ownership is often achieved by learning from mistakes and failures over time, and by building teams. Plan A for entrepreneurs and business owners may change from time to time as their ventures change. Eventually, many entrepreneurs and business owners finally get it right as lessons from past failures lead to successes. Many entrepreneurs and business owners become investors in other enterprises with a sense of “wanting to put back,” and often with a higher tolerance for risk than those who have, in effect, earned income in exchange for time.

The uncertainty of the economy, regulation, and social trends as evidenced by downsizing, high consumer debt, government debt and unbalanced budgets, and high unemployment has created the need for all individuals to have a strong “Plan B.”

An effective Plan B begins with the notion of an individual behaving as an enterprise in their own right – the individualprise. Whereas Plan A may provide a primary source of income, developing a Plan B means understanding opportunities for earning multiple sources of income and allocating time efficiently by prioritizing on the best. Executing a Plan B may allow an individual to keep their primary form of employment, but work on other income producing activities, such as part-time employment, home-based businesses, or investing in real estate and/or securities.

The income statement of the individualprise is the tax return – after all, if the an individual has multiple strong streams of income, taxes are likely to be an important consideration.

The basis structure of the Individual Tax Return (IRS Form 1040) applicable to both Plan A and B activities includes:

  • Wages
  • Interest (Schedule B)
  • Dividends (Schedule B)
  • Business income from sole proprietorships (Schedule C)
  • Capital gains (Schedule D)
  • Supplemental income from rental real estate, royalties, partnerships, and subchapter S corporations (Schedule E)

The tax return offers clues as to opportunities for alternative sources of income; however, it is useful to separate the type of income from the forms of business, such as sole proprietorships, partnerships, limited liability companies, and corporations.

Types of income include:

  • Wages – all forms of compensation for full or part-time employment
  • Interest on investments
  • Dividends on investments
  • Capital gains on investments
  • Net income from active revenue generation such as commissions, fees, rents, royalties, and sales less expenses
  • Net income from passive revenue generation activities – primarily real estate rents and royalties less expenses

Types of business forms include:

  • Sole proprietorship and single member limited liability company – an individual that sells products and/or renders services, including as an independent contractor to hirers
  • Partnership or limited liability company – where an individual is a partner or member in an enterprise that shares profits, losses, and capital with others – the individual may be a general partner or member-manager, or a limited partner or member; a single member limited liability company is considered to be a disregarded entity
  • Subchapter S corporation – where an individual is a shareholder investor in a corporation that passes its profits and losses through to its shareholders – the individual also may be a director and/or an officer, and as such earns wages as an employee in addition to receiving dividends
  • Subchapter C corporation – where an individual is a shareholder investor in a corporation that is taxed separately from its shareholders, but may pay tax on the dividends received (thus is subject to double taxation) – the individual may also be an employee, and as such earns wages in addition to receiving dividends

Only individuals and corporations are legal entities, and as such, corporations have separate rights and privileges from their shareholder investors. Individuals are natural persons. However, a juristic person is a group of natural persons behaving as if they are a single group, such as in a partnership, a limited liability company, or an association. A company is a group of individuals that make up an enterprise regardless of business or legal form.

Entrepreneurs may start enterprises in any business form, but lenders and investors may require a specific form, and may place personal guarantees in individuals for contingent liabilities. Venture capital and investment firms may place specific requirements on business forms and management structure, such as being a Delaware subchapter C corporation. Thus a founding entrepreneur could become a shareholder investor in an enterprise that they are no longer in control of if an investor group brings in its own management team. Delaware is the preferred choice for incorporation for many investors because of its well established corporate laws.

Although self-employed individuals are treated as business owners through sole proprietorships, single member limited liability companies, and single shareholder corporations, they are unable to leverage their time unless they can delegate to trustworthy employees, or earn residual and/or passive income.

Individuals who are sole proprietors, partners, and members in limited liability companies are subject to self-employment taxes, and shareholder investors who are officers in subchapter S corporations are subject to employment taxes.

Achieving “Plan B”

There are many ways to develop and achieve a Plan B that has multiple income streams, and it is possible that one component may become the new Plan A eventually. Some opportunities result from converting a hobby into an income producing activity, whereas others result from leveraging professional qualifications and experience.

Examples of income producing activities include:

  • Part-time employment
  • Establishing a home-based business on a part-time basis, that has the potential to become full-time
  • Earning fees and commissions from referrals through affiliate marketing relationships
  • Earning royalties and fees through writing and speaking engagements
  • Investing in real estate for rental income and capital gains
  • Investing in securities for interest and dividend income and capital gains

Businesses that require separate physical premises, inventories, and employees should be avoided as a Plan B because of the high overhead of carrying costs, insurance, payroll, risk of theft, and governance. Whereas the notion of owning a restaurant can be a dream to many, all too often such an enterprise becomes nothing but a nightmare.

Home-based businesses can take many forms such as buying and selling products on the internet or providing professional services on a part-time basis. It is important to note that home-based businesses are subject to licensing and zoning laws and regulations, and may be subject to property, sales, and use taxes, in addition to income tax.

Any form of revenue generating activity requires business development and marketing capability to create awareness and build relationships. The degree of selling experience necessary is a function of the type of business. These activities can be routinized through duplicable, predictable, and measurable processes that can be learned over time.

Some investing activities may require active trading to ensure that capital gains can be properly realized in up markets, and to prevent losses in down markets.

The best form of income is both residual and passive, whereby ongoing cash flow results from activity that occurred in the past, and for which little or no management activities are required in the present.

An effective way to achieve a blend of residual and passive income is through a combination of sources from membership systems and investing activities as follows by:

  • Enrolling customers in membership systems where commissions are earned from ongoing sales of consumables, for which the ordering and distribution is handled by third-parties – this activity generates residual gross income
  • Investing the residual income in an investment portfolio that diversifies risk, and generates cash flow from interest and dividends – this activity generates residual gross income; the income is passive if the portfolio does not require active management through trading
  • Note: investing in real estate may generate residual income from rents; however active management may be required for finding tenants, negotiating leases, collecting rents, paying expenses such as utilities, and performing maintenance and repairs; investing in securities may require some trading to hedge from risk, and to take advantage of capital gains.

A shorter-term objective of Plan B is provide a hedge against Plan A as an alternative. A longer-term objective of Plan B is to gain financial independence – the state of having sufficient wealth to cover expenses required by a certain lifestyle. Wealth is achieved by having sufficient assets and income producing activities to generate a gross income that exceeds all professional, physical, and personal expenses required by that lifestyle. Wealth is a source of capital for future investment. It is usually advisable to eliminate debt in the quest to achieve financial independence.

Enterpriship

A key success factor in developing a Plan B is understanding those enterpriship (entrepreneurship, leadership, and management) competencies that are essential to income generation.

How Is the Automotive Industry Handling the New Industrial Revolution?

Bill Gates is alleged to have once quipped that "If GM had kept up with technology like the computer industry has, we would all be driving $ 25 cars that got 1,000 MPG." Even though the authenticity of this quote is questionable, it has been circulated throughout the internet for years because there is something about the sentiment that rings true to us. It certainly does not seem that the automotive industry has kept up with advancing technology the way that the computer industry has.

This may be due in part to the manufacturing infrastructure that has evolved over the years. Making sweeping upgrades to equipment and / or processes seems a very expensive and risky proposition. & Nbsp; When you couple this with the fact that many automobile manufacturers today struggle to find enough demand for their current supply, it is easy to understand why keeping up with the latest technology isn't always a top priority.

The problem with this reluctance, though, is that automobiles are not inexpensive consumables that people buy casually. Customers expect vehicles to come with the highest standards of safety and efficiency. Customers expect the latest technology possible. How can manufacturers keep up with this demand for innovation without changing their processes?

It seems that some manufacturers are beginning to embrace the ways of the modern industrial world, and are finding ways to align their business models with the current wave of interconnectivity and streamlined automation.

Honda Manufacturing of Alabama

Honda's largest light truck production facility in the world – a 3.7 million square foot plant – was faced with a problem all too common to large manufacturing facilities. Over the years, a number of different automation systems were introduced to help streamline production. With operations including blanking, stamping, welding, painting, injection molding, and many other processes involved in producing up to 360,000 vehicles and engines per year, it is not surprising that they found themselves struggling to integrate PLCs from multiple manufacturers, multiple MES systems, analytic systems, and database software from different vendors.

Of course, on top of these legacy systems, Honda continued to layer an array of smart devices on the plant floor and embed IT devices in plant equipment. The complexity introduced by this array of automation systems turned out to be slowing down the operations they were intended to streamline.

After reorganizing their business structure to merge IT and plant floor operations into a single department, Honda proceeded to deploy a new automation software platform that enabled them to bring together PLC data with the data coming from MES and ERP systems into a common interface that allowed the entire enterprise to be managed through a single system. This also allowed Honda to manage and analyze much larger data sets that revealed new opportunities for further optimization. While this reorganization required a significant investment of resources, they were able to realize benefits immediately, and ultimately positioned themselves to maintain a competitive edge through the next decade or more.

Ford Motor Co.

Ford Motor Company operates a global network of manufacturing operations, and have had difficulty when trying to promote collaboration and share best practices between their various plants. They found a solution using technology based on the Google Earth infrastructure.

Ford was able to develop a cloud-based application that stores 2D and 3D representations of Ford's global manufacturing facilities, and allows users to navigate through these virtual environments, place pins, and upload video, images and documents to these pins that are shared throughout Ford's global operations. Engineers and operators can share information about current plant conditions and procedures, which can be accessed in real time from anywhere in the world. The accumulated data can be used for training or to update standard procedures. By creating a global collaborative tool, Ford has created a means of ensuring that each and every one of their employees has the latest, most accurate information on how to best perform a particular task or how to avoid a problem that was encountered elsewhere.

We will have to see in coming years whether or not these innovations will lead to improved market performance for either of these manufacturers, but in the meantime it is probably safe to expect other companies to follow suit. With the advances in manufacturing technologies and machine-to-machine communication, it is becoming very difficult to remain competitive without playing by the same rules as everyone else. Industrial technology has advanced to the point that we are experiencing what people refer to as a new industrial era – or Industry 4.0. Reluctance is no longer a viable option.

Film Radiography is Declining in Industrial Testing Applications

DODGED THE DIGITAL DILEMMA

The shift from analog to digital technology has given a new lease of life for NDT applications in the industrial radiography market, thus, broadening the scope beyond traditional applications. Digital X-ray systems are proliferating with increased acceptance across all industry verticals, including highly regulated and traditionally conservative aerospace and automotive industries. The most significant contributing factor for this paradigm shift to digital X-ray systems is the cost-saving, which is 5-6 times more (in both computed and direct radiography) when compared to film-based systems. The shift is also being fueled by the bridge of gap by digital systems when it comes to high-resolution images, which used to be a niche for film radiography. Megatrends, such as Industry 4.0, Industrial Internet of Things, and Big Data, are expected to progressively phase out radiography on film.

ADVENT OF PORTABLE RADIOGRAPHY EQUIPMENT

The industry is experiencing significant influx of portable equipment in the recent years. With the need for inspection activities to be carried out at multiple locations and in various orientations, the industry demand for portable testing devices is increasing. The demand for compact and lightweight devices, which enable easier examination, has been a key trend in the market. Innovation in manufacturing technologies is propelling the deployment of these products. Elimination of installation costs with the use of portable devices, which helps in reducing the total cost of ownership (TCO) of these devices, is further helping the manufacturers strengthen their economic position in the market. The oil & gas industry, which employs testing across the industry supply chain for gauging the structural integrity and for continuous monitoring of intricate structures of various sizes, like plates, tubes and drilling machines, is expected to be among the most dominant end-users for portable radiographic equipment.

DIRECT RADIOGRAPHY TO BE THE GROWTH ENGINE

What's leading the pack in digital radiography? Direct radiography is the fastest growing type of radiography with near double-digit growth rate as compared to the overall market. This segment is aided by advancements in hardware, such as tubes, sources, and detectors, as well as software improvements facilitating better user-friendliness and efficiency. The advantages of direct radiography, including shorter exposure times, real-time applications, use of recognition software, reduced inspection time, environmental concerns, portability, and increased dynamic range (enabling multiple thicknesses to be inspected in one shot), are driving their adoption across all industry verticals. Direct radiography equipment is offering guaranteed high ROI to customers, which is the biggest contributing factor for their growth. Significant market opportunity for direct radiography (includes real-time) exists in automotive and aerospace segments, which are witnessing very high growth rates, even exceeding that of the overall direct radiography market.

Blockchain & IoT – How "Crypto" Is Likely Going To Herald Industry 4.0

Whilst most people only started to learn about “blockchain” because of Bitcoin, its roots – and applications – go much deeper than that.

Blockchain is a technology unto itself. It powers Bitcoin, and is essentially the reason why *so many* new ICO’s have flooded the market – creating an “ICO” is ridiculously easy (no barriers to entry).

The point of the system is to create a decentralized database – which essentially means that rather than relying on the likes of “Google” or “Microsoft” to store data, a network of computers (generally operated by individual people) are able to act in the same way as a larger company.

To understand the implications of this (and thus where the technology could take industry) – you need to look at how the system works on a fundamental level.

Created in 2008 (1 year before Bitcoin), it is an open source software solution. This means its source code can be downloaded edited by anyone. However, it must be noted that the central “repository” can only be changed by particular individuals (so the “development” of the code is not a free for all basically).

The system works with what’s known as a merkle tree – a type of data graph which was created to provide versioned data access to computer systems.

Merkle trees have been used to great effect in a number of other systems; most notably “GIT” (source code management software). Without getting too technical, it basically stores a “version” of a set of data. This version is numbered, and thus can be loaded any time a user wishes to recall the older version of it. In the case of software development, it means that a set of source code can be updated across multiple systems.

The way it works – which is to store a huge “file” with updates of a central data set – is basically what powers the likes of “Bitcoin” and all the other “crypto” systems. The term “crypto” simply means “cryptographic”, which is the technical term for “encryption”.

Irrespective of its core workings, the true benefit of wider “on-chain” adoption is almost certainly the “paradigm” that it provides to industry.

There’s been an idea called “Industry 4.0” floating around for several decades. Often conflated with “Internet of Things”, the idea is that a new layer of “autonomous” machinery could be introduced to create even more effective manufacturing, distribution and delivery techniques for businesses & consumers. Whilst this has often been harked to, it’s never really been adopted.

Many pundits are now looking at the technology as a way to facilitate this change. Reason being that the interesting thing about “crypto” is that – as especially evidenced by the likes of Ethereum – the various systems which are built on top of it can actually be programmed to work with a layer of logic.

This logic is really what IoT / Industry 4.0 has missed thus far – and why many are looking at “blockchain” (or an equivalent) to provide a base-level standard for the new ideas moving forward. This standard will provide companies with the ability to create “decentralized” applications that empower intelligent machinery to create more flexible and effective manufacturing processes.

During Industrial Revolution 4.0 Era, Palm Oil Plantation Have to Implement Digital Technology

At this time the world is in the era of the 4th Industrial Revolution (Industry 4.0) which is characterized by the implementation of artificial intelligence, super computer, big data, cloud computation, and digital innovation that occurs in the exponential velocity that will directly impact to the economy, industry, government, and even global politics.

The Industrial Revolution 4.0 is characterized by a smart industrialization process that refers to improved automation, machine-to-machine and human-to-machine communication, artificial intelligence (AI), and the development of sustainable digital technology.

Industrial Revolution 4.0 is also interpreted as an effort to transform the process of improvement by integrating the production line (production line) with the world of cyber, where all production processes run online through internet connection as the main support.

Road Map to Industrial 4.0 in Palm Oil Industry

In Indonesia the application of industry 4.0 is expected to increase productivity and innovation, reduce operational costs, and efficiency that led to increase the export of domestic products. In order to accelerate the implementation of Industry 4.0, Indonesia has developed a roadmap for industry 4.0 by establishing five manufacturing sectors that will be a top priority in its development, including food and beverage industry, automotive, electronics, textiles and chemicals.

The five industry sectors are favored considering that they have shown their great contribution to the national economic growth. For example, the food and beverage industry, especially the palm oil industry, has a market share with growth reaching 9.23% in 2017. In addition, the industry also became the largest foreign exchange contributor from the non-oil sector which reached up to 34.33% in year 2017.

The magnitude of the contribution of the food and beverage industry sector can also be seen from the value of exports reaching 31.7 billion US dollars in 2017, even having a trade balance surplus when compared with the import value of only US $ 9.6 billion. This figure also places the palm oil industry as the largest foreign exchange contributor to the country.

In order to increase productivity and efficiency optimally, the technology supporting the industrial revolution 4.0 is imperative to implement, including the implementation of Internet of Things (IOT), Advance Robotic (AR), Artificial Intelligence (AI) and Digitalized Infrastructure (DI).

The structural transformation from the agricultural sector to the industrial sector has also increased per capita income and driven Indonesians from agrarian to economies that rely on an industry-driven value-added process accelerated by the development of digital technology.

In the context of this industrial revolution 4.0, the palm oil industry sector needs to immediately clean up, especially in the aspect of digital technology. This is considering the mastery of digital technology will be the key that determines the competitiveness of Indonesia.

Because if not, then the Indonesian palm oil industry will be increasingly left behind from other countries. If we do not improve our capabilities and competitiveness in priority sectors, we will not only be able to reach the target but will be overridden by other countries that are better prepared in the global and domestic markets.

Digitalization Era in Palm Oil Industry

As a major player in the global palm oil industry, Indonesia needs to clean up soon. Absolute process and operational efficiency is immediately undertaken especially concerning activities involving many manpower such as field work (infield activity) such as crop maintenance, land treatment, fertilizing activity, weeding, harvesting and transporting fruit to weighing and sorting. This is because in this sector there is often time and cost inefficiency.

Digital technology has facilitated a lot of work in the palm oil industry. Now no longer need to make statistical data collected from a number of palm plantations manually. Ease and other advantages of digital technology is able to capture images or photos of fresh fruit bunches, as well as precise location of the garden using a tablet that can access the GPS.

That way, field managers can not only easily track and monitor real-time activity in the garden, but they can also see for themselves the quality of the palm fruit and know exactly which areas are experiencing the problem. And incredibly, it does not need their presence on the field.

In addition to the ease of transferring data from the field to the Excel sheet on the computer and also making reports on the quality of the palm fruit, digitization also facilitates in recording the presence of employees and field workers to then process the data for the purposes of remuneration and incentives.