Business Archives | Page 14 of 19

Stay Away From Business Jargon If You Want To Be Believable

Business writing and speeches are notorious for its adoration for complicated terminologies.These terminologies belong to a specialized language called business jargon. It is used by the members of companies, corporations, and bureaucracies.

Little do you know that some people consider this specialized language as a serious office pet peeve.

WHY BUSINESS JARGON MASKS REALITY

A collection of business jargon that no longer holds any relation to what is actually being said can be misleading. To perfectly illustrate this, here is a portion of the speech that Ford Australia CEO Robert Graziano gave last 2013:

“To better position the company to compete in a highly fragmented and competitive market, Ford will cease local manufacturing in October 2016. All entitlements are protected for the 1,200 employees whose jobs are affected, and the company will work through the next three years to provide support.”

Did you get that? He said that 1,200 employees were fired from their jobs.

As you can see, business jargon has a way to mask the reality. Jennifer Chatman, management professor at the University of California, even adds that people use it as a substitute for talking clearly about the directions and goals they want to give others. In some cases, it is better when business people adapted a simpler means of communicating.

WHY SIMPLER IS BETTER

Just when you thought that using business jargon (e.g., synergy, drilling down or core competency) can make you sound knowledgeable and believable, science comes in and proves you wrong!

The 2010 study of New York University and a Swiss university showed that using simpler language makes you seem more trustworthy. 2 out of 4 experiments found that statements of the same content were judged as more likely to be true if they were written in concrete language than when they were written in abstract language. For instance, consider these two sentences:

“In Hamburg, one can count the highest number of bridges in Europe.

Hamburg is the European record holder concerning the number of bridges.”

These sentences mean the same thing but when you ask people to rate their “truthfulness”, more people will rate the first one better. This is because it is way simpler. This study coupled with Psychological principles suggest that our minds process simpler statements much faster and we automatically associate fast processing with the truth. Furthermore, when something is easier to visualize and recall, it seems more plausible.

So if you want to come across as honest and direct, stick with the language that is easier to understand and visualize. Use concrete verbs such as lead and award and avoid ambiguous words such as spearhead and incentivize!

Image Credits: www.pixabay.com

Sources: 1, 2, and 3

Local Tech Startups That You Do Not Want To Miss!

As I was looking for the textbook definition for “Technology Startups”, I was surprised with the scarcity of written works that directly answer my question. Try to Google “What is a technology startup?” to see for yourself. Hence, I must define the term by dissecting each word – much like how Lance Weatherby addressed the situation.

According to Weatherby, defining a startup is the easy part. He was right! A startup is a company that it is in its first stage of operations. The founders of a startup often attempt to make money by developing product or service that they deem to be in demand. Startups are all about finding a market and a business model that works. Skype and Airbnb were once examples of tech startups but they have since grown to become established companies.

On the other hand, defining technology can be quite difficult. Technology is a broad and pervasive scope that encompasses something as simple as a wheel to something as complicated as an IPhone. In terms of technology startup, something must be made as a result of engineering or science.

Tech startups are on a mission to offer something to solve a problem in a different manner. In general, tech startups are unique and innovative.

On that note, here are some of the amazing tech startups in Singapore:

HIPVAN

Since its inception in 2013 with a funding of S$500,000, HipVan has been making waves regionally due to its lifestyle design inspirations and great sales. HipVan is a fashion-tech startup founded by Danny Tan, Kevin Vo, Deborah Wee, and Shobhit Datta. It is an online store that offers up to 70% off the retail prices of furniture, accessories, kitchen-wares, and so much more. Check their collections at www.hipvan.com.

Image Credits: www.facebook.com/thehipvan

BURPPLE

Ranking as #9 in Singapore at startupranking.com, Burpple shines from the rest due to its clever and beautiful way of discovering and sharing food experiences. You know how Singaporeans love MAKAN! Burpple allows its users to submit eatery listings and reviews with appropriate photographs. It is now downloadable on both the App Store and Google Play.

VAULT DRAGON

Founded by Vishesh Mittal and Tseng Ching-Tse, the Vault Dragon is basically your “Dropbox” for tangible items such as your secondary school books and holiday sweaters. You simply have to put the items on the storage boxes they delivered (i.e., free delivery of storage boxes but you can use your own too) and they will collect it and store it securely. Worry not about the prices as they are all affordable!

Communication is done through their website or through their number: +65 9385 9924.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1,2, & 3

How To Beat The Fear Of Public Speaking

The place is all set, you are now standing in a room full of people with lights focused on you alone. You are about to voice out your ideas and accept the audience’s warm or cold reception. This imagery can sound nerve-wrecking to most people. Even if you prepared your notes and practiced your introduction, you can still feel nervous on stage.

Anxiety in several situations such as public speaking is completely normal. In fact, this is known as performance anxiety. Other performance anxiety examples include test anxiety and writer’s block. Fortunately, you can overcome this fear with enough preparation and continued persistence.

1. PREPARE AMAZING VISUAL AIDS

Come prepared with interactive presentation slides and eye-catching notes (to be given out to each of your guests). As the audience reads through the slides and notes, their eyes will not be solely focused on you. This will help you a lot as you giving a speech to people who are not directly looking at you is easier.

2. PRACTICE, PRACTICE, PRACTICE

Firstly, record yourself and observe the areas that need improvements (e.g., tone of speech or hand gestures). Secondly, perform in a room full of a few people whom you are comfortable with. Lastly, consider joining groups that do improvisations or public speeches.

Getting used to the pressure of public speaking through practicing several times is extremely helpful. When you know what the worst case scenario is, you are less likely to stress about it once it comes.

3. VISUALLY TRANSFORM YOUR AUDIENCE

No! I am not recommending you to visualize your audience naked. Instead, I want you to perceive them as your friends whom you have not seen in a long while. You will be more comfortable to look them in the eyes as you turn each one into your “friend”. This will also add a very approachable, friendly, and personal tone to your presentation.

4. TELL A STORY

Incorporating a story in your presentation can alleviate your nerves as messing it up is completely acceptable. As stories are meant to be told and not to be memorized, you can tell yours in the most natural way possible. People might not recall some of the main points of your presentation but they will surely recall a good story.

5. EMBRACE AWKWARD SILENCES

If your mind goes suddenly blank during your presentation because the nerves kick in, it may seem like you stopped for a long while. But it probably took less than a minute in real life. Embrace these “awkward” silences and take it as an opportunity to take slow and deep breaths. Worry not, the audience probably would not mind the pause as they try to understand what you were saying all throughout.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, 3

Fundamental Financial Tips For Startups

According to Investopedia, a startup is a company that it is in its first stage of operations. The founders of a startup often attempt to make money by developing product or service that they deem to be in demand. Startups are all about finding a market and a business model that works.

And since you are a newbie in the field, here are 5 essential financial tips that you must keep in mind:

1. GET A CLEAR IDEA OF THE TOTAL COSTS

The costs of the business depend on its scale. Say you and your spouse are the founders of an online company in a basic office setting. You would need to pay these expenses (approximately):

Office Rent = S$500/month
Tables, Chairs, and Office Supplies = S$400
Internet Access = S$150/ Month
Salary = S$2,500 /Month
Company Registration = S$100

As a startup, you must think of ways to minimize your cost by comparing prices and doing in-depth research.

2. VALUE EXPERIENCES

Degree and certificate qualifications seen on your C.V. are important but so does your experience. Experiencing both failure and success in the field determines whether you are suited for the market and whether you are passionate about what you do. Especially in the Silicon Valley or Tech World, experience matters massively. Bringing seasoned managers and talent is not only critical to your success but is also worth every cent.

3. ONLY HIRE PEOPLE WHEN YOU NEED THEM

As a startup, you are testing every aspect of your business including the amount of labor necessary. Do really a marketing team or can you handle the marketing aspect by yourself? Instead of hiring professionals to do the job for you, you can commit several hours in developing skills.

And when you decide to hire help, good sources of quality yet low-cost labor are university or polytechnic interns. If you are willing to supervise and devote your time to training, both of you can benefit from the experience. Think about it! You are giving a worthwhile experience and good recommendation for the intern while the business is receiving low-cost (and sometimes free) services.

You can also consider outsourcing your accounting matters to a cloud accounting firm such as Cloud CFO that provide cloud accounting services in Singapore for your company at a fraction of the cost.

4. MARK YOUR CALENDAR FOR TAXES

You are bound to pay your taxes even as a small startup. Otherwise, you will have to face penalties and additional interest from the Inland Revenue Authority of Singapore (IRAS). Also, you shall organize the allocation of money to pay taxes on time to avoid the extra fee of late payment.

Image Credits: pixabay.com (CC0 Public Domain)

5. GET PAID FIRST

One of the dilemmas you will encounter as a first-time founder is getting your clients to pay for the job. Shall you charge a flat rate or shall you give a discount? No matter what you decide to do, do not start working until you get paid first.

As cash flow is the core of startups, you do not want your company to crash just because of the debt of your clients. To avoid chasing your clients, ask them to pay at least two weeks in advance before you commence your work.

Sources: 1, 2, 3, & 4

Is Home Office Heaven Or Hell For You?

Working from home used to be an idea that graced infomercials few years ago but in the new generation, it has become increasingly common. According to the data collated by Global Workplace Analytics, there are approximately 10 to 15 million home-based businesses. Before making any decisions to jump on the “home office” bandwagon, you must first weigh its advantages and disadvantages.

ADVANTAGES

Given the opportunity to be your own boss, you may be able to do things you love and get paid for it. Since you do not have a supervisor beside you, your passion will fuel your creativity and productivity. In fact, a Stanford University study showed that call center employees from China reported increased performance by 12% and higher work satisfaction as they worked from home.

Aside from this, having a home office can give you one thing that you might be itching for – freedom! You start by building your own working environment that you are most comfortable with. With this power of autonomy, you will notice that little things you do can make a huge difference.

Freedom also entails that you hold your own work schedule. Setting your own hours can mean that you get to drive your children to school, you can go out for private errands during lunch, and you won’t miss out on your children’s school presentations. This means that you are able to do more of what you really love.

DISADVANTAGES

After hearing its advantages, working from home may sound like a dream come true but you have to take note of its disadvantages too. One prominent downside to many home offices is the vulnerability to distractions such as accessible electronic devices, noisy family members, and many household tasks.

Another disadvantage is higher utility costs, especially if you barely leave your home. This is why you should make it a habit to conserve energy through simple strategies such as scheduling your air conditioning use, reducing indoor heat by painting your rooms white, or working at the brightest part of the house.

Lastly, since most people meet new people and make friends in the workplace, professionals who are working from home may experience loneliness, isolation, and depression. As they are plucked away from their previous co-workers and bosses, staying in touch with them can remedy the situation.

Image Credits: pixabay.com (CC0 Public Domain)

Bottom line: When you are shifting towards the home office, you must consider all its possible factors – both good and bad. If possible, you may split your time between the home office and the workplace.

Sources: 1,2,3,& 4

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