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5 Reasons Why You Would Make an Excellent Entrepreneur

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If you have the vision to connect the dots and ideas at your present job, chances are you would make a great entrepreneur. But often people love the idea of having a “real job” too much to even give freedom a try. To help see if you are cut out for the entrepreneurial road, here are five signs you should jump the corporate ship and go out on your own.

1. You genuinely love what you do. 

In the corporate world, some people just punch the clock to pay the bills. They don’t really get any fulfillment or pleasure from their responsibilities.

On the other hand, there are some employees that take a lot of pride in their jobs. They don’t hesitate to go the extra mile to get tasks done. This sort of passion is one of the basic requirements for starting anything, especially a new venture.

If you are putting your mind and energy to doing an amazing job at your current position, you will love your own projects even more. Entrepreneurs who are passionate about their ideas believe they can do a better job than the people already serving that market. They change how we use everyday products and services in the process. If you think along those lines, chances are you will do better as an entrepreneur.

2. You would rather ask for forgiveness than permission.

Most people in a job setting prefer to stick to the rules and work by the books (aka the “yes” people).  If you need to ask permission to execute the simplest tasks, you may struggle to get your own ideas off the ground as an entrepreneur.

Entrepreneurs don’t ask, they do. If you tend to do most tasks without asking permission at your current job, you would be better off as an entrepreneur than an employee.

3. You crave innovation. 

You may not be the employee of the month but if you are thinking about new ways to get business processes done faster, smarter and cheaper, you will certainly add a lot of value to your product or service if you ventured out on your own. If you crave innovation, chances are you have a list of things you want to do to make life or work easier for others. So, if you keep telling yourself: “there has to be a better way to do this,” it may be a good time to become an entrepreneur.

4. You are comfortable with change. 

No business can survive without some kind of change: consumer and market demands change every year. Entrepreneurs know that. They study trends and know what to build or improve to stay in business as long as possible. So, you need to be comfortable with change and uncertainty and be willing to pivot quickly.

And if you hate to drop your current process of doing things for a smarter or even faster way, you probably shouldn’t start your own business.

5. You are not afraid to fail. 

Some people are just afraid of making mistakes. If you can’t overcome your fear of failure, you would be better off keeping your day job.

You need to keep in mind, you are not your failure. Entrepreneurs choose to try and try again until they succeed. In business, mistakes are opportunities to learn and move on. If you see setbacks as stepping stones to your end goal, you will go a long way as an entrepreneur.

In business, mistakes are opportunities to learn and move on. If you see setbacks as stepping stones to your end goal, you will go a long way as an entrepreneur.

A life of doing will always trump a life of “doing as you are told”. Choose to be an entrepreneur today.

source:http://www.entrepreneur.com/article/240019

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Industry

THE FINTECH REVOLUTION IN INSURANCE

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Advancing technology has collided with longstanding customer issues to create a series of deep, lasting, systemic challenges for insurance. How will these trends impact insurers’ businesses and the industry overall?

The rise of fintech, changing consumer behavior, and advanced technologies are disrupting the insurance industry. Additionally, Insurtechs and technology startups continue to redefine customer experience through innovations such as risk-free underwriting, on-the-spot purchasing, activation, and claims processing.

The report from Deloitte Global examines forces that are disrupting the insurance industry and presents four possible scenarios for the future. We explore:

  • Changing the channel: Partnerships with product makers and distributors, and embedding insurance into other products and services may enable customers to select products that best fit their lifestyle.
  • Underwriting by machine: Technology advancements including AI innovations and algorithms will likely individualize risk selection and pricing, and customers can select products based on a wider range of price points.
  • Rise of the flexible product: Time-flexible, event-driven, modular and adjustable coverage may evolve to accommodate life stage, lifestyle, and wellness changes among consumers.
  • E-Z life insurance: Given the growth and shopping patterns in emerging markets, insurers who introduce flexible term products, and master digital distribution without compromising underwriting are likely to win in the marketplace.

Read the report to understand what the future holds for the insurance industry.

Key Contact

Neal Baumann

Neal Baumann

Global Insurance Leader

Neal leads Deloitte’s Global Insurance practice and is the US insurance consulting leader. He has 20 years of experience advising financial services and insurance company clients on corporate and comp… More

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Business

EUROPEAN INVESTMENT BANK RUNS BLOCKCHAIN HACKATHON

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A team from EY triumphed in a 48-hour European Investment Bank (EIB) hackathon designed to find ways to use blockchain technologies to redesign the transaction processing of commercial paper.

The EIB brought together 56 coders from 15 countries in 12 teams for the hackathon, run alongside the bank’s annual forum dedicated to treasury issues.

While the conference was running, the coders were locked in an adjacent room, trying to prove that blockchain tech can improve the transaction process of commercial paper – a short-term financing instrument that is used worldwide in treasury operations and still relies on an ‘archaic’ and complex process.

In the pitching session, the EY team won the contest with an effort that taps a combination of blockchain, robotics and business AI tools to optimise the issuance process and reduce the number of exchanges between the EIB and its counterparties while maintaining each one’s role within the ecosystem.

The EY team won a EUR5000 cash prize and a contract with the EIB to further develop its solution into a proof of concept.

Alexander Stubb, vice president, EIB, say: “There will be major gains from the use of new technologies such as blockchain, generated from the simplification and streamlining of existing financial processes. The new perspectives opened up by digitalisation and Distributed Ledger Technology must be assessed and we must all be ready to make use of them and embark on this new venture.

“As the EU’s financial arm, we decided to be on the active side, learn by experience and make things happen, to be a facilitator and join with our banking partners to pave the way for tomorrow’s financial industry.”

Separately, Barclays is planning a hackathon that will see coders use blockchain technology for post-trade processing of derivatives contracts. The event will take place over two days in September in London and New York, according to Coindesk.

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Industry

GOOGLE NEVER REALLY LEFT CHINA: A LOOK AT THE CHINESE WEBSITE GOOGLE’S BEEN QUIETLY RUNNING

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More information is leaking out about just how Google is planning to re-enter the Chinese market with a mobile search engine application that complies to the country’s censorship laws.

The Intercept first broke this story when a whistleblower provided them documentation detailing the secret censored search project (codenamed Dragonfly). According to them, an overlooked Google acquisition from 2008 — 265.com — has been quietly laying down the foundation for the endeavor.

In order to run a business in China, tech companies are required to obtain a Internet Content Provider license from the Chinese government. As it’s difficult for foreign businesses to obtain this license, Google has long partnered with Chinese IT company Ganji.com. Back in the early years of Google.cn, Google actually operated directly off of Ganji.com’s license, even claiming the Chinese company was temporarily running its search engine. Facing intense scrutiny from the Chinese government and the media over this license arrangement, in 2007 Google formed a legitimate joint venture company with Ganji.com — the Beijing Guxiang Information and Technology Co.

Because of the necessity of that license, Google has maintained that joint venture and has been operating in China under the name Beijing Guxiang Information and Technology Co. ever since. Even after the shut down of Google.cn, Google’s Chinese advertising enterprise has been operating under the joint venture company as well as, low and behold, 265.com. A whois search of the 265.com domain name, which provides a record of the current domain registrant information, pulls up Beijing Guxiang Information and Technology Co. as the registrant organization.

A significant number of Google employees are reportedly none too happy about Google’s project complying with Chinese censorship laws. This most recent news, that the company has long been collecting data for a moment just like this, surely won’t make morale among these workers any better.

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