In a partnership, you and your partner (or partners) personally share responsibility for your business. This includes:
You’re self-employed if you run your own business as an individual and work for yourself. This is also known as being a ‘sole trader’
If you start working for yourself, you’re classed as a sole trader. This means you’re self-employed - even if you have not yet told HM Revenue and Customs (HMRC)
You may need permission or separate insurance to run a home business, and you’ll need to check if you have to pay business rates. Check this article out for the details.
What you need to do to set up depends on your type of business, where you work and whether you take people on to help.
This is Nokia 3310
the first ever mobile phone device I personally owned. The product was launched in 2000 and as a matter of fact it was one of the most iconic and cash cow products of Nokia Plc selling over 126 million units.
Nokia and Motorola, were the dominant players in the mobile phone industry in the early years of the 21st century.
Apple however, only launched its first ever iPhone in 2007 and ever since then they joined their arch-rival Samsung to dominate the smartphone industry leaving the two former giants way behind.
Among the multifarious reasons that have been cited one tend to be a common denominator:
Apple and Samsung understands this message hence why they tend to release a new version of their existing products every 6–9 months on average to the extent that we now have an over supply of excellent products in the market. The customers are spoilt with choices.
Like Nokia 3310, if you don’t constantly seek to improve on your personal brand in line what what your target audience (employers, customers) need, you will be replaced by those who can.
Seek to constantly reflect, project, adapt and readapt your offerings in line with the needs of your audience
Innovation involves conceptualizing new ideas, products, processes, or approaching existing ideas, products, and procedures in new ways by an individual or organization. Furthermore, innovation fuels growth and gives businesses a competitive edge over their competitors. Considering the world is constantly changing, businesses need innovation to stay relevant, competitive, and profitable. It also helps companies streamline their operations and differentiate themselves from the crowd, giving them a competitive advantage.
Owing to changing technology, businesses have great opportunities for development and a promising future. This is why next-gen innovation will see a significant change in required skills. As technology evolves, new possibilities requiring new skill sets will open up.
Here are essential skills for next-gen innovation:
In today’s constantly changing world, proactively thinking ahead of the curve is inevitable. Failure to pay attention to trends, technologies, and disruptions may cause things to change without you noticing suddenly. Since innovators tend to cultivate their skills by arming themselves with knowledge and information from articles, books, reports, latest trends, and alerts, tracking emerging trends will help you think ahead of the curve. This enables you to predict how these trends will affect the future to plan for it proactively.
When you assess and interpret changes related to your business and the world around you, you can transform them into new opportunities.
Collaboration is among the most effective ways to achieve innovation because it pools together a unique set of skills and knowledge that gives birth to new ideas. To facilitate and act upon collaboration, employees should possess time management and coordination skills for efficient and effective meetings, conflict management skills to sort out issues when disagreements arise, and emotional intelligence to foster trust so others can share information instead of hoarding.
Additionally, collaboration skills enable you to work with others to create something unique while sharing responsibility, improving the workplace atmosphere, and saving time.
Agility skills give you the ability and willingness to learn from past experiences and apply them to perform under new conditions successfully. Innovation is a challenging and complex process that requires you to constantly learn to better your ability to deal with new and difficult challenges. Learning agility skills gives you a beginner mindset that puts you in a continuous state of growth, helping you become comfortable with the unknown. To further boost your agility skills, remain curious and always experiment with new things. This way, you can keep learning and progressing.
Agile companies and employees foster innovation and successfully evolve by leveraging opportunities around them. For a company to become agile, all its organizational levels should have agile people.
Creativity and innovation go hand-in-hand. Creativity is an essential skill that brings out new and original ideas needed to fuel innovation. When you look at old and familiar things from different perspectives, you can create solutions that solve people’s problems. Innovative people use their creative skills to develop a product or service that makes life easier for others. For you to succeed and set yourself apart from others, you must have personal innovation.
When thinking creatively, use imaginative techniques to develop unique ideas, as well as elaborate, refine, examine, assess them to improve your creative efforts. When creatively working with others, generate new ideas and share them. If mistakes or failures arise, learn from them to develop better ideas in the future, promoting better innovation.
Innovation in the digital era moves fast, meaning you have to stay on top of new trends and developments to remain relevant. With cloud computing growing rapidly, employers seek people with cloud computing skills essential for next-gen innovation. These include machine learning, cloud security, DevOps, machine learning and AI, database skills, and cloud deployment and migration across multiple platforms. However, due to continuous technological advancements, cloud computing skills keep changing and advancing. Consider looking out for new trends in the industry to ensure you’re always in the know so you can grow your skills to remain relevant.
An entrepreneur can look for business opportunities and use their skills to add value. With an entrepreneurial mindset, it’s easy to innovate based on demand. Using your entrepreneurship skills, you can begin new projects and initiatives that grow your business and improve productivity while providing a valuable product or service to the public. Entrepreneurs are creative, ambitious, courageous, risk-takers, assertive, confident, and willing to learn. All of these entrepreneurial skills play a crucial role in fueling innovation.
The business world is evolving and sometimes Business Innovation is what can set you apart from your competitors. If you want your organization to not just survive but thrive in these changing times, then your team needs to develop skills that will help them keep up. The top 10 soft skills needed for business innovation include creative and critical thinking, observation, adaptability, logical thinking, problem-solving, resourcefulness, being innovative, analytical and have the ability to deal with uncertainty.
10 reasons to become your own boss.
Find out how to identify where your skills are lacking, learn ways to fill those gaps, and use your transferable skills to get your new business off the ground.