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.

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.

Is Your Company Ready For Industry 4.0 Transformation?

What is Industry 4.0?

Industry 4.0 is the 4th industrial revolution. To give a little history, industries used steam to make the machine work which increased production and reduced cost in the industrial revolution. The next phase of the revolution was the mass production with implementing electricity and assembly lines. The third revolution introduced automation and computers. We are now here in the fourth revolution through digitizing and networking where we can connect the digital world with the physical world.

With hassle free wireless networking you educate the machine. Earlier the intelligence lied with the humans and machines just helped with the physical work, but now we can educate the machine and the products itself, also get a virtual image. Using Internet of Things (IOT) you can connect all the physical machines with software, networks and censors and they would exchange data with each other making human life and production much more simpler.

How many hours have you spent to hire a mechanic because your machine stopped working and the mechanic failed to understand what went wrong with the machine? With Industry 4.0, the machine will tell you what part has been failed and what has to be replaced. With artificial intelligence, it also tells you which spare parts need to be fixed.

Why Transform to Industry 4.0?

The Cyber ​​Physical systems enable your product to communicate with your machine. Your product will instruct the machine as to the quantity and the type of product that needs to be produced, and the machine is then produces and labels the products. After detecting the product, you can never go wrong with packaging, also your quality check has been performed by the machine while packaging itself.

Industry 4.0 allows you to have a flexible manufacturing process that will better react to customer demands. This new manufacturing technology reduces your cost of production, cost of wastage, reduces errors, increases efficiency due to use of robotics, yields higher revenue, improves customer service and increases innovation. It also allows you to create a virtual image of the real world using 3D printers and help you test your product and know your contingencies beforehand which would allow you to change the process in order to avoid the contingency before you even start your production.

You don't need to manually check your stock. You can add a censor to your forklift and your products, and while stacking up your goods, you get the data of the quality, description, weights and dimension as well as the location of the product. This would immensely reduce errors and damages.

Feed your machines, knowledge of automated systems with this new manufacturing trend and let them communicate with each other while you see your profits rise up high and costs go low.