Tuesday, 23 June 2020

INTANGIBLE ECONOMY BUSINESS OPPORTUNITIES

 “Everything is a business” (Professor Rebecca Knapp) 

The global pandemic has created a great depression with massive unemployment, hence how do we recover? Survivors need to go back to the drawing board, lean and re-plan their career choices or businesses. A knowledge of tangible and intangible sectors of the economy enables public and private sector employers, employees, plus entrepreneurs make informed decisions.

“Ideas and knowledge are goldmines and the primary sources of wealth” (Dr Beem & Doo Beeka)

Tangible economy business opportunities include primary sector farming, mining and secondary sector manufacturing and logistics. While intangible economy businesses largely operate in tertiary sectors, including, the services of tourism, hospitality, education, finance, law, research, consultancy, other professional services, telecoms, entertainment and technology. The service economy is where the vast majority operate  feasible careers. However, the year 2020 has exposed that many careers can be operated online, and despite the global pandemic and alongside health, and social justice; technology offers vast opportunities in connecting a multitude of companies, employees, entrepreneurs, buyers and sellers worldwide.

 “Sergey and I founded Google because we’re super optimistic about the potential for technology to make the world a better place” & “My goal is for Google to lead, not follow” (Larry Page)

 

Tourism and hospitality influences a community and country’s perception affecting its ability to attract business, investment and effectively trade with others. Education formal, informal or vocational studies, indicate how skills are built and knowledge shared. Legally, every product/service bought and sold represents a business transaction, and contract so whether you study law or not, ensure the best contracts and rights. Financial services are a wide area, so learn and ensure financial literacy. Technology is omnipresent in online shopping, trading, marketing, sales, social connections, and countries such as India and mostly China operate their own functional satellites, news media etc and parallels for every technology product out there. For instance QQ or Renren appears the Facebook equivalent but beyond, Tencent Weibo compares to Twitter, while WeChat is a cross between WhatsApp and Facebook with over 800 million Chinese users, TikTok and so on.


“Your first and best investment is in yourself” (Dr Beem & Doo Beeka)
 

ARE YOU TECHNOLOGICALLY SAVVY FOR THE 21ST CENTURY?


“What new technology does is create new opportunities to do a job that customers want done” (Tim O’Reilly)

 

Hence, with the prevalence of technology, the funding of satellites, artificial intelligence, machine learning, robotics, and e-commerce, what are your future career, team and business opportunities? Many are using Zoom for office meetings, mobile phones for contact, VLE for online teaching and courses, Drones for various purposes, including spraying hectares of farmland, factories are replacing humans with robots etc. Many businesses are incorporating machine learning, algorithms, artificial intelligence (AI) into products, marketing campaigns and operations. Many are selling online or via social media.

 

Therefore, are you technologically savvy for the 21st century?

 

Furthermore, the gig economy and freelancing is on the rise younger people unwilling to settle for jobs that discriminate or distort career lifestyles. The pandemic has shown that some parts of government, offices and businesses can operate lean and virtually. Certainly, to achieve a better quality of life, access markets and operate across teams, it becomes necessary to become a digital “seller” native not only a digital “consumer”. To remain competitive and operate an enhanced career everyone and country needs to develop their STEM capacity, that is Science, Technology, Engineering and Mathematics, or even STEAM (Science, Technology, Engineering, Arts and Mathematics).

“Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine” (Jack Ma)

Jack Ma (Alibaba) said years before this 2020 pandemic that over the next 30 years’ people need to get educated in creativity and technology or they will be left behind unable to compete. That technology will make many people irrelevant, in pain and unprepared for the upheaval that technology will bring, as such, educational systems must raise students to be ready, creative thinkers, more curious, entrepreneurial and technologically savvy. Hence, learn and become an enabler or co-creator in this technology age, become proficient utilising technology or actively coding, programming, developing contextual algorithms, and utilising innovative technologies that make everyday life easier, including your businesses and communities more efficient.


TIMELESS CAREER OPPORTUNITIES IN THE SERVICE ECONOMY

 

“Believe in life! Always human beings will live and progress to greater, broader, and fuller life” (W. E. B. Du Bois)

 

The service  economy is where a vast majority can operate feasible careers. The year 2020 has exposed that despite the global pandemic and alongside agriculture, health, social justice, and security; STEAM (Science, Technology, Engineering, Arts and Mathematics), technology offers enormous opportunities in connecting institutions, companies, employees, like minds, entrepreneurs, farmers, commodity traders, buyers and sellers worldwide. Consider that there is an estimated 7.6 billion people in the world, divided into a potential market size of about 1.2 billion people in Africa in 54 countries. About 738 million people in Europe in 51 countries. About 991 million people in America in 35 countries (23 North and 12 South), and about 24 million people in Australia. A market size of 4.4 billion people in Asia in 48 countries. Each continent, country, city, community has unique resources, threats, strengths, weaknesses and career/business opportunities. 

“Don’t happily be a spectator in your own economy” (Monica Musonda)

The next article will discuss the opportunities in the tangible business economies of agriculture, mining and manufacturing.

CAREER ACTION ACTIVITY

1.     Learn more about tangible and intangible business sectors?

2.     Which intangible sectors could you operate? 

3.     What STEAM talent or knowledge do you possess or need to learn to become an expert within your chosen tangible and intangible sector?

4.     Think what’s good tech idea business? Study a tech entrepreneur to learn the business.

5.     Think what’s a good idea for a freelance work from home business? Find and study a freelancer or work from home entrepreneur to learn and activate your business.

6.     List at least three things learnt after reading this article which is part of Chapter 6 of our book Wealth Empire State of Mind (WESM): Entrepreneurship is a Viable Career Choice  



2. How to Start Your Own Business: Entrepreneurship Career Edition 2 (Entrepreneurship Career Startup Edition Book 1)

3. Mu Koyi Sana’a (Hausa Entrepreneurship Book)

4. The Entrepreneurs Tool kit. The African Business Roundtable (ABR). 

5. A Practical Guide: How to Start and Grow Your Own Business

6. Effective Ways to Know, Manage or Motivate your Team to Attain High Profitability.

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Disclaimer: Every possible effort has been made to ensure that the information contained in this article is accurate. While every precaution has been taken in the research but it is advised that names, places, narratives and quotes be independently confirmed by the reader. The publisher and the author cannot accept responsibility for any errors or omissions, however caused. The editor, publisher or author can accept no responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the material in this publication.

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