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iPhone 12 Pro vs Samsung Galaxy S20: the battle of 2020’s biggest flagships

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Some take phones like the OnePlus 8 or Poco X3 NFC as proof you don’t need to spend more than $1,000/£1,000 on a handset. But Apple and Samsung have their own good arguments for the very same idea.

The iPhone 12 Pro and Samsung Galaxy S20 are top-end phones from the two biggest names in mobile, but still cost less than a grand. And neither will stretch your pocket in the physical sense either.

They are reasonably sensible buys. But which is best? Let’s break it down.

Price and availability

The Samsung Galaxy S20 arrived more than half a year before the iPhone 12. It launched in February 2020, a naive pre-pandemic time. The iPhone 12 Pro was announced in October 2020.

Apple’s phone starts at around the same price as the Galaxy S20 did, with the iPhone 12 Pro starting at $999 / £999 /  AU$1,699, while the Galaxy S20 launched for $999 / £899 / AU$1,499. But price erosion has performed its usual dance and you can now get the Samsung for around $750 / £680 / AU$1,350.

Both base models have 128GB of storage.

Be careful when buying a Samsung Galaxy S20, though. While these are both 5G phones, there’s also a 4G version of the Samsung.

Design

The Galaxy S20 and iPhone 12 Pro are both made using glass and metal, but there are some clear differences here.

Apple has reverted to the squared-off sides it used back in the iPhone 4 days. This reduces the iPhone 12 Pro’s footprint by cutting down the space taken up by those curves. These sides are steel, rather than the aluminum used in the Galaxy S20 and the lower-cost iPhone 12 and iPhone 12 mini.

Samsung’s approach is different, one that focuses on perception rather than dimensions. The Galaxy S20 has curved glass front and back panels, tapering to a relatively fine (but rounded) point at the parts you hold. It feels thinner than it is, and the Galaxy S20 is already fairly thin.

Samsung Galaxy S20

The Galaxy S20’s curved edges make it feel thin (Image credit: Future)

Which is actually larger? The Galaxy S20 measures 151.7 x 69.1 x 7.9mm, the iPhone 12 Pro 146.7 x 71.5 x 7.4mm. The Samsung is slightly taller, but narrower too. And while the iPhone 12 Pro is half a millimeter thinner, the Galaxy S20 is likely to feel slightly thinner thanks to the hand-fooling tapered sides.

The Galaxy weighs 163g, the iPhone 187g. S20 wins if you want low weight.

These phones are great buys if you don’t want a pocket-filling phone. Apple makes an even smaller one, the iPhone 12 mini, but these are already petite phones by today’s standards.

The iPhone 12 Pro continues to use the Lightning connector, the Galaxy S20 a universal USB-C. And both phones are water resistant to the IP68 standard.

This means a phone can be submerged at a depth of 1.5 meters for 30 minutes. However, Apple says the iPhone 12 Pro can actually go to a depth of 6 meters safely. This does not factor in the added pressure of movement underwater, so don’t go taking your iPhone on a snorkeling trip.

The iPhone 12 Pro is very water resistant

The iPhone 12 Pro is very water resistant (Image credit: Apple)

Only the Galaxy S20 has a fingerprint scanner, an in-screen one. But the iPhone 12 Pro has superior face recognition, using the extra hardware packed into its notch.

Apple has also brought back MagSafe, the old much-missed charging standard of older-gen MacBooks. Trip over the cable and it would disconnect rather than dragging your laptop to the floor.

MagSafe in an iPhone 12 Pro means a magnet around its wireless charging ring. It’ll be used both to hook up to wireless charge pads and to clip-on cases. That’s not revolutionary in our book, but if it means you can take a case on and off without eventually creating cracks in its sides, we’ll be happy.

Display

Both phones have OLED screens of a similar size: 6.2 inches for the Samsung Galaxy S20, 6.1 inches for the iPhone 12 Pro. But the Samsung Galaxy S20 has the technical edge in a few respects.

Its resolution is higher, 1440 x 3200 pixels to the iPhone’s 1170 x 2532. The Samsung has more than 1.5 million extra display pixels. However, we don’t think you should get too hung up on this one. Both phones will look sharp.

Some of you will prefer the Galaxy S20’s curved-edge screen. It certainly looks glossy. However, it also gathers reflections, which can be distracting.

Samsung Galaxy S20

The S20 has a stunning screen (Image credit: Future)

The Galaxy S20 also has a much higher maximum refresh rate. It can be set to 120Hz or 60Hz. The higher setting makes menus and webpages scroll more smoothly, although it does reduce battery life and reduces the phone’s render resolution.

Apple’s iPhone 12 Pro has a bog-standard refresh rate of 60Hz. Its notch is also hard to ignore, compared to the tiny little punch-hole of the Galaxy S20.

There are a few display benefits to the Apple phone. It has higher peak brightness, of a claimed 1200 nits to the Galaxy S20’s 850-ish nits.

Its display glass is stronger too. The iPhone 12 Pro has a new kind of Corning glass with a layer of transparent ceramic crystals on its surface. Ceramic is harder, and therefore more scratch resistant, than the Gorilla Glass 6 (also made by Corning) of the Galaxy S20.

Which phone wins? The Galaxy S20 has a higher-end screen, but in person you’re most likely to appreciate the punch of OLED’s contrast and the excellent color calibration. Both phones have this.

Performance and power

In most areas this comparison breaks down to a case of small benefits shining through based on your personal priorities. But not so in chipset and raw performance.

The iPhone 12 Pro is a significantly more powerful phone, especially if you reference the UK/Europe version of the Samsung Galaxy S20.

Samsung uses the Snapdragon 865 processor in its US Galaxy S20 phones, and the Samsung Exynos 990 elsewhere. The Exynos is the weaker of the two, in terms of GPU performance and efficiency.

The iPhone 12 Pro has a whole lot of power

The iPhone 12 Pro has a whole lot of power (Image credit: Apple)

We haven’t tested a device that uses the iPhone 12’s A14 Bionic processor yet, but Geekbench 5 results suggest it is a monster. Multi-core scores of around 4200 points easily beat the 3000-3100 you’ll see from a Galaxy S20. That score lowers to around 2650 in the Exynos variant.

We would question how much raw performance like this should actually matter to most people, though. A game like Fortnite is among the most demanding on either platform, and it will run perfectly well on both phones.

Cameras

The Samsung Galaxy S20 and iPhone 12 Pro both have three rear cameras.

They offer a great 12MP primary camera and an unusually good 12MP ultra-wide with a field of view of around 120 degrees.

The iPhone 12 Pro has a 2x optical zoom. You may have seen Apple reference ‘4x’ range, but this means the zoom is ‘4x’ if you take the 0.5x ultra-wide camera as the starting point. Cheeky.

The Galaxy S20 does have a zoom, and a very welcome one, but it is not the best around. It uses a 1.1x optical zoom and 64MP sensor, so every zoomed image is based on a combination of optical and digital techniques, mostly the latter.

Samsung Galaxy S20

The S20 has a trio of cameras (Image credit: Future)

While the S20 offers greater max digital zoom than the iPhone, 30x to Apple’s 10x, we hope to see slightly better results from the iPhone 12 Pro.

Apple has some claim to better low-light capability in the iPhone 12’s main camera, as it has an f/1.6 lens to the Galaxy S20’s f/1.8. However, these days true night shooting is all about computational photography.

This is where multiple exposures are merged to create a final image with dynamic range, detail, and color fidelity that otherwise just would not be possible with a phone-size sensor.

Apple says its Night mode is better than ever, but we’ll have to use the iPhone 12 Pro and Galaxy S20 side-by-side before making any firm conclusions.

Pre-iPhone 12, Apple’s latest phones had very good low-light image quality, but they were not quite the best around at preserving highlights at night. Let’s hope this has been improved.

We can make some solid predictions about general image handling, though. Samsung tends to oversaturate colors for a punchy effect, while Apple is more measured. Apple also claims to have improved its already-excellent HDR processing, which we look forward to trying out.

The iPhone 12 Pro also has a triple-lens camera

The iPhone 12 Pro also has a triple-lens camera (Image credit: Apple)

The iPhone 12 and Galaxy S20 can both shoot video at 40k, 60 frames per second or 1080p at up to 240 frames per second. Each has the odd extra video feature, though.

The Samsung Galaxy S20 can shoot 8K video, but it was only with the Galaxy Note 20 Ultra that Samsung really nailed this feature. 8K video’s panned motion can look juddery in the S20, so it’s best used for tripod shots or if you’ll hold the phone fairly still.

The iPhone 12 Pro can shoot in Dolby Vision HDR at up to 60fps, a feature we are dying to try out. There’s also a Night mode time-lapse, which should be able to produce stunning results.

Apple also introduced ProRAW with the iPhone 12 Pro range, a version of the unprocessed RAW images you might take with a DSLR. They offer a ‘best of both worlds’ solution. You get the suggested JPEG-style processing of Apple’s imaging engine, not a flat image, but each parameter is fully editable. The processing is embedded into the RAW file, but separately from the pure image data.

The instant punch of a JPEG plus the ability to retrieve more highlight and shadow detail, and do so right there on your iPhone: what’s not to like there?

Battery life

Wait for our full review to see what we think of the iPhone 12 Pro’s battery. But Apple’s claims suggest it will last just as long as the iPhone 11.

It’s rated for 17 hours of video playback or 65 hours of our audio playback, just like the iPhone 11. Or 11 hours of video streaming, one hour longer than the iPhone 11, suggesting the internals are more battery frugal in some cases.

We don’t know the iPhone 12 battery capacity yet, but for a guide the iPhone 11 has a 3,110mAh cell.

The iPhone 12 Pro should have similar life to the iPhone 11

The iPhone 12 Pro should have similar life to the iPhone 11 (Image credit: Apple)

This is smaller than the Galaxy S20’s 4,000mAh battery, but in real-world use we find the iPhone 11 outlasts the Samsung. With any luck the iPhone 12 Pro will too.

Both phones have ‘fast charging’, but neither is particularly fast compared to the 60–120W maximum seen in phones from companies like Xiaomi, Vivo and Oppo. Samsung and Apple aim for the “50% in 30 minutes” bronze standard, where other phones can now be fully charged in that time.

The iPhone 12 Pro doesn’t come with a charger, though, and you’ll need a 20W+ one to see the best results.

Each supports Qi charging at up to 15W, but the iPhone 12’s MagSafe rear magnets will also snap accessories into place. No more searching for the Qi hotspot.

Takeaway

If you simply want the most tech per dollar you can possibly get, the Samsung Galaxy S20 seems the best choice in this fight. It has a longer-range zoom camera, a higher-resolution screen, an in-screen fingerprint scanner, and a 120Hz refresh rate. And it now costs significantly less than the iPhone 12 Pro.

However, we recommend waiting for our full iPhone 12 Pro review if this is the exact decision you are currently mulling over.

The iPhone 12 Pro’s Dolby Vision HDR video and Night mode improvements, as well as suspected superior battery life, could make it a more rewarding phone to use day-to-day.

Source: https://www.techradar.com/news/iphone-12-pro-vs-samsung-galaxy-s20

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The Motivator

China’s revamped law bans online services that ‘induce addiction’ in kids

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China is implementing stricture measures in its bid to keep kids away from addictive digital content. The state-backed news agency Xinhua reported (via Reuters) that China has voted for revamped law that will ban internet products and services which “induce addiction” in kids. Game creators, livestream services and social networks also have to set up time and consumption limits.

The revised measures also give kids and their parents the right to ask internet providers to take “necessary measures” to thwart cyberbullying, including blocking and deleting content.

The updated law will take effect on June 1st, 2021.

To some extent, this is formalizing what China has done before. It was already exploring the ethics of game addiction, and developers like Tencent have already put checks in place. However, an explicit ban on addictive content could force sites and game creators to put checks in place to be safe, even if they’re not convinced kids will be hooked. While that will mostly affect China-focused digital goods, it could have an effect on the Chinese-made games and services you see elsewhere.

Source: https://www.engadget.com/china-law-bans-online-games-that-addict-kids-181301284.html

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The Motivator

How to Empower and Support Young Entrepreneurs (Resources & Tips)

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In times of economic uncertainty, it is easy to think that it is ‘impossible’ for anybody to make money. This is complete nonsense and the exact kind of thinking that new entrepreneurs should steer clear of. It is a poverty-based mindset that looks to respond defensively to conditions instead of looking for profit opportunities in all conditions.

To understand how to support and empower young entrepreneurs, we must look at statistics and theoretical knowledge but have a strong emphasis on practical experience.

  • 👧 Entrepreneurship motivation seems to begin between 20 – 40 and peaks at 42 (Fraser).
  • 👦 Self-employment rises dramatically with age (I4J).
  • 👧 The Per Capita rate of new businesses is actually falling (I4J)
  • 👦 The majority of entrepreneurs continue to be white males, despite a closing gap (Study.com).

This guide aims to equip the global youth with psychological tools and practical resources so they can confidently build wealth without buying into all of the drama. Saying this, the correct method through which to teach the youth psychological success principles remains a little uncertain and is most definitely not actively fostered in the schooling system.

What’s a ‘Young’ Entrepreneur Anyway?

A ‘young’ entrepreneur is aimed between 18 – 24 for statistical purposes. However, we will take a look at how child and teenage encouragement can assist the youth get set up for success at a later phase of their development. While many believe that the entrepreneurial spirit is dying, consider that a Gallup poll revealed that:

  • 👧77% of kids want to be their own boss.
  • 👦40% want their own business.
  • 👧42% say they will invent something that changes the world.
  • 👦91% say they are not afraid to take risks.

The issue may be that they are not getting enough support from their wider environment, as the entrepreneurial spirit seems to be going strong. Most of the students surveyed did not have a credit union account and only half agreed that the school teaches them well about banking and finance. More statistics on global entrepreneurship are given below (on younger entrepreneurs as opposed to kids).

Key Statistics – Young Entrepreneurs & the Global Economy

The following statistics were taken from a wide variety of resources to demonstrate the current status of young entrepreneurs (aged between 18 – 24) in a number of different jurisdictions. However, note that in the EU a youth entrepreneur is one aged between 15 – 29, and such studies cast a much larger net for statistical purposes. Some relevant statistics include:

  • Higher education decreases entrepreneurial motivation. As countries get more developed with niche service-based roles, people have less of a need to become truly entrepreneurial. This is because education more or less guarantees a steady paying job, and graduates do not feel they have to work as hard and are ‘guaranteed’ a high paying job (Gem Report).
  • The UK has low levels of youth entrepreneurialism. Only 1.1% of small business owners in the UK are aged between 18 – 24. Similar economies have a 7.6% rate for the same age bracket. 75% of UK youth entrepreneurs make a profit in 2016. (UK.Gov)
  • Only 33% of US entrepreneurs have a high school diploma. 35% indicate that educational qualifications were not necessary or even helpful. 21% said educational qualifications help a little (Finimpact SMB Survey 2019).
  • Across practically all jurisdictions, the key reasons for entering the world of entrepreneurship are ‘freedom’, ‘independence’, and the ‘ability to work for themselves’. These are indicative of psychological traits, and may also indicate a personality disposition that cannot simply be instilled in a person regardless of how intelligent or well-intentioned the program may be. Only a small percentage enter entrepreneurialism because they have no other option (Keele University).
  • Middle-aged men (42 – 50) have the highest business success rates. There is a belief that the youth are responsible for most successful businesses out there. However, studies have shown that middle-aged men have a much better chance of succeeding in their enterprises, especially if they already have experience in the area. Statistics about entrepreneurs tell us business owners who start their companies and hire at least one employee are 42 years old on average. The dataset consisted of over 2.7 million people and the blog title is ‘The 20-year-old entrepreneur is a lie’ (MIT Sloan).

What Are the Best Ways to Train and Mentor Young Entrepreneurs?

It goes without saying that young entrepreneurs are the lifeblood of the economy. Because they eventually grow up and become adult entrepreneurs who really bolster the economy. But training young entrepreneurs is not such a cut and dry process.

How can you train somebody in 2015 for an economy in 2020? Not even the most brilliant investor in the world such as Warren Buffet or George Soros could predict such events as COVID 19. Of course, they can diversify across sectors, but this is because they have such huge levels of wealth. Young entrepreneurs need to take more risks, as their wealth will compound with time. This is a basic tenet of investing.

The single best way to train a young entrepreneur is to make them ‘Antifragile’, a term initially coined by options trader Nassim Taleb. Essentially, you make them able to thrive and adapt to an environment where you cannot rely on static principles. An antifragile entrepreneur actually thrives in chaotic environments, where there is less certainty on the outcome.

Training an entrepreneur to be antifragile, however, is an entirely different story. The short version of training and mentoring entrepreneurs centers around 3 core principles:

  1. The reading of high-quality entrepreneurial books at an early age (more on this below).
  2. An attitude of creative experimentation and consistency from an early age.
  3. Close association with successful entrepreneurs and likeminded individuals at an early age.

More details on why these 3 principles are so essential are explained in detail below. Needless to say, the younger an entrepreneur starts on his or her journey, the better. And few, if any, entrepreneurs succeed without failing on multiple occasions. It is better to fail early and try again than to try late and give up.

8 Best Tips for Millennial Entrepreneurs

The following are some of the best tips for young entrepreneurs and business people looking to build wealth quickly, and then hold it for a long time horizon where it can grow steadily. Younger entrepreneurs can afford to take more risks and can look to get creative, while older entrepreneurs will look for diversification and consolidation.

#1 – 👧 Choose Your Friends Wisely

As the well-known adage goes, you are the sum of your closest five friends. Young entrepreneurs need to associate with like-minded individuals. This principle applies across fields. If you want to become an American Football player, you need to associate with friends who are obsessed with succeeding at football. Their influence will rub off.

Setting up businesses with other people is correlated with increased success, especially for startups, an area where lots of millennial entrepreneurs will be looking towards. But setting up a business with an irresponsible person will lead to issues down the line. Make sure to set up with someone you really trust. Starting a business as a co-founder can give you a much needed psychological boost as you are not simply doing it alone, and it will foster teamwork and collaboration skills.

#2 – 👦 Find a Mentor

This is related to the first point. A mentor can really serve to point you in the right direction. They have been through everything that you have, multiple times. They will also be a valuable network partner who can hook you up. Many new entrepreneurs make the dreadful mistake of ignoring this tip.

This could be a generational tendency with a do it yourself at all costs attitude. But it is not just millennials that are guilty of this, but the entire social class of entrepreneurs. And this is an excellent characteristic to have for an entrepreneur. It is better to be bold and assertive and learn through failure to use mentors than never to try at all.

#3 – 👧 Get Comfortable With Failure

The fact of the matter is that you cannot predict the market. You cannot know if your business is going to succeed. In fact, it is likely to not succeed. The very best entrepreneurs started early, sometimes with lemonade stands. It is the quickest way to learn good business principles. You learn more from failure than you do from your success. Failures are the stepping stone to success. So if a business fails in your twenties, as many do, then dust yourself off and start again.

Related to this point is that you need to become a self-starter and take 100% accountability for your own actions. Your results need to be tied to your effort. Entrepreneurs need to learn to turn $1 into $2. Just being fed stimulus and grant programs can lead to incompetence if it is not used correctly. Learn to succeed in any environment and to make do with what you have now and again. Positive psychology, competence, and active work will make you a better human and a better business person.

#4 – 👦 Use Indirect Success Techniques

There are many tools and strategies you can use to succeed. But success is more than merely the ‘technicals‘. Consider affirmations, visualization, and meditation as integral techniques to succeed. Have a vision of where you are going and contemplate it often. Do not fall into the habit of pushing forward at all costs until you make it.

The business world does not care how much effort you put in if you are not wise in how you spend your resources. Many entrepreneurs have fallen foul of entrepreneurial burnout in their thirties and late twenties. Take at least one full day off and ensure you are getting enough sleep and wholesome nutrition. This will pay off in the long run – do not trade success for health.

#5 – 👧 Write a Business Plan

Writing a business plan is an excellent tool as it will familiarize aspiring entrepreneurs with all many aspects of the establishment of a business. A business plan is typically a document between 8 and 15 pages outlining the core values of the business, how it hopes to acquire funding, the experience of the founders, the target market, and so forth.

A mock business plan can be created if you currently do not have a business. As you start to write the business plan, you will come to spot certain blind spots in your ideas and you can refine it until it is a pure gem.

#6 – 👦 Get Comfortable Speaking

Like the business plan, public speaking will help you to clarify who you are and what your business is all about. It will also bolster your confidence and rhetoric skills. Most people find public speaking to be incredibly nerve-wracking, but it is a very powerful self-development tool if you stick with it. To succeed in the realm of business, you will need to get used to speaking with people (not to mention arguing and negotiating with them). All people, not just potential investors, respond well to power and confidence. 

#7 – 👧 Understand Money, Not Just Work

It is vital to understand the very basic tenets of money. Why you want it, what you can do with it, and how it grows and compounds with time. It is also important to understand the difference between being an employee and an entrepreneur. Not everybody has the characteristics to become an entrepreneur. But it is still useful to understand savings and investments to a degree. Time is always the greatest investment, and if money is saved from an early age, the benefits can be enormous. Start saving and compounding wealth today.

The mindset should be to have a lifestyle that is engaging and dynamic, and this can be done with an understanding of how money works, and how you can get money to work for you – not the other way around. This is why many investors are so adamant about building real estate and rental wealth, as it is passive income that generates for them week by week, month by month, and year by year.

#8 – 👦 Start Right Now, but Slowly

Many new entrepreneurs make the mistake of ‘waiting’ to become an entrepreneur. But the process does not start when you are finished college! You spend money every single day! Every time you purchase something, you engage in a business transaction!

If you start saving and investing from an early age, even with small amounts, it will become a trend. You will form automatic success habits that last a lifetime. If you earn $150 a week, get into the habit of saving $15 and investing $15. This follows a golden principle of investing 10% and saving 10% of income. Over time, it will result in the accumulation of great wealth.

Other than this, there are many things you can do, just get started. Write a business plan, start an online business, look for creative ways to make money, brainstorm, pool resources with friends, etc. if you look at the autobiographies of most Ivy League entrepreneurs, you will see they started business programs while in high school and university. Do not wait to start

The Psychology of Entrepreneurship

What is often overlooked in terms of successful entrepreneurs is their initial mindset. Many of them knew what they wanted to do and went for it. In the overall scheme of things, a determination to succeed and an assertive ‘shark’ mentality are what makes for real success. This kind of attitude can be fostered to a degree but is largely a function of the character of the individual.

However,  this is certainly not the whole story, even if it is an essential building block. According to JBCNS School, the 10 characteristics of a successful entrepreneur are:

1) Creativity

2) Professionalism

3) Risk-taking

4) Passion

5) Planning

6) Knowledge

7) Social Skills

8) Open-mindedness towards learning, people, and even failure

9) Empathy

10) The customer is everything

Clearly, what goes into the ‘mix’ of entrepreneurial success is quite diverse! For a young entrepreneur, it is possibly best to emphasize teamwork, collaboration, and networking. If they do not contain all of the necessary ingredients, then they can acquire them through shared characteristics. This is the best way forward, as it is too much to ask for a young entrepreneur to have truly honed these skills with little business experience. Slow and steady wins the race. History is rife with tales of people who acquired wealth quickly and lost it even more swiftly.

Linked to the psychology of entrepreneurship is positive psychology. This does not have any connection with the common idea of simply thinking happy thoughts while your business flounders. But it is to do with actively achieving goals steadily, being focused in your application, making effective use of your time, networking, and being active, dynamic, and collaborative.

You will then see your business income increase, and know that it was because you did it. This is why people who win the lottery lose all of their winnings shortly after. It was not tied to their individual effort, merely luck, and chance. No individual skills or attributes were developed, and so the wealth was not sustained.

As an exercise, it can be very useful to get teenagers and students familiar with all of the business documents associated with running a company. As mentioned previously, the business plan is the most useful for an education perspective, as it is the written definition of opening a new business. Other than that, it can be informative to learn and fill out key forms including Form W4, Form I9s, Form 1099s, Form W2, Forms 941, etc.

A good exercise would be to give students a random assortment of employees and have them figure out how they should file for each one and what tax they must pay. Accounting theory is also incredibly useful as every new business owner will have to know the numbers inside and out. The most embarrassing entries on Dragons Den and other shows are those who cannot differentiate the net from the gross profit from a given year, or who do not understand cost accounting or other basic metrics.

Practice beats theory every single time. An internship at a good company can really set students down the right path, as the experience will stay with them for life. It also teaches them timekeeping and social skills which are relevant regardless of whether they decide to become entrepreneurs or not.

Is the Education System Detrimental to the Growth of Wealth?

It is a sad fact that the education system does almost nothing to teach children about wealth. Perhaps the most pronounced proponent of this fact is Robert Kiyosaki, author of “Rich Dad Poor Dad”. He outlined that the purpose of school is to get a job as a means to earn money, but teaches nothing about money management, making the entire process somewhat futile.

And he makes a strong point. Children should not have to spend nearly 2 decades in school without any knowledge of financial management in the end. It teaches people to be useful employees as opposed to successful entrepreneurs. And from a purely financial perspective, sending children to university is an investment that is no longer profitable, especially given that most of them do not even end up in professions relevant to their degrees. But they still end up with a mountain of debt.

A balance could potentially be struck, but it is wiser for parents to play a more active role in teaching their children about money. There are many ways to foster such understandings.

All this aside, the majority of business people do believe that a university degree is useful. It’s just that certain attributes could be fostered from an earlier age and the relationship between the degree and the business results have yet to be substantiated. A mix of business and theory is arguably the most efficient.

How Can Parents Nurture Entrepreneurialism in Their Kids?

This subject can be a little tricky, not to mention personal. On one hand, do you really want to teach your kid heavy entrepreneurial principles at the age of 10? Perhaps not, but you can show them the basics in a very down to earth manner. Create a savings account for them and encourage them to put away 10% every week.

As they become teenagers, you can pay them for chores completed. If they do not complete their chores, then do not pay them. That is teaching them they can get paid to do nothing and will have the opposite effect. You can also encourage them to get a job with another person or go a step further and part finance any creative ambitions they might have. The idea is to foster and encourage, not to restrict, and reprimand.

There are many applications and online initiatives that you can also use to your advantage when it comes to encouraging savings and entrepreneurialism. An ‘Acorns’ feature on many financial applications will let kids and students put away the spare change from retail purchases towards a specified goal, such as a vacation, camp, or product.

Top 4 Financial Options for Aspiring Entrepreneurs

As teenagers start to lean into their twenties, it is useful for them to become aware of the numerous financing options that are available to them. Because good businesses do need capital to succeed. Saving this young is simply not a viable mechanism for a new business that needs a sharp influx of capital to get off the ground. The most common financial options are:

  • Online Loans – This is potentially the most straightforward option for new entrepreneurs. It provides a no-hassle loan with low minimum requirements. It also provides applications and software that is very appealing to the millennial population, with charts and graphs. 
  • Grants – There are multiple grant options available for young entrepreneurs. And this class does have a lot of social leverage. People like to see young people doing well and are open to helping out. But grant writing is an art that has to be honed like all others. The pros and cons need to be weighed before application.
  • Bank Loans – This is something of a ‘classical’ financial option most frequently reserved for larger business models with established revenue flows. As such, it is not the most direct option for aspiring entrepreneurs. Applications are also long and tedious.
  • Venture Capital – This is a very competitive way to acquire money for a new business. Venture Capital is a shark tank, and the sharks do not lend money easily! Still, it can be an excellent experience for a young entrepreneur to pitch in front of famous business people. If they get a deal of any kind, the experience will be invaluable.

As useful as all of these options are, an emphasis needs to be placed on the creation of money in potentially hostile environments, rather than relying on credit. It is essential for growth, but there are many ways to create wealth, and a mindset of infinite possibility and wealth generation, as opposed to borrowing, must be created. This is also what it will take for the next generation to be removed from the wheel of eternal debt. America is a case study for global debt, as loans and credit seem to be heavily entrenched within the culture from an early age.

11 Best Training Resources For Young Entrepreneurs

Below is a list of helpful resources for young entrepreneurs. This is not a definitive list, as there are too many resources to write about in detail, including grants, mentorship, funding, networking, loans, venture capital and so much more. These are some of the most well-recognized resources that can serve for further inspiration.

#1 – Business Model Generation Handbook

This is a downloadable worksheet called a business model canvas that helps you think through your business idea. While it is more of a book/document, it is brilliantly written to give new entrepreneurs inspiration and empowerment. The site itself also offers online courses about business models and value propositions. It is a great place for new entrepreneurs to learn how to set up their own business instead of just spoon-feeding them the information. There is no substitute for practical experience.

#2 – Founders Workbench

The Founders Workbench has a variety of tools to help you get your startup off the ground. From financial calculators to startup checklists, there’s a whole host of helpful resources on the site. You can actually use this one as an entire startup resources hub, including protecting your profit, scaling the business, and hiring new employees. There are a lot of areas that need attention in a new business, and it is good to have an organized framework in place. This is one of the best entries on the list and an ideal place for an aspiring entrepreneur to get started.

#3 – Launcher (School For Startups)

Launcher is a unique new business startup finance program for entrepreneurs. A business plan must be submitted for a successful application. They offer new business owners aged 18 and over access to world-class teaching, a supportive community, and regular mentoring. The Launcher program (offered by School for Startups) combines government-backed startup business finance from the Start-Up Loans Company, in tandem with a School For Startups one-day Bootcamp. It offers all of this, along with online community and mentoring, at zero cost.

#4 – UnLtd 

The leading provider of support to social entrepreneurs in the UK and offers the largest such network in the world. This resource assists hundreds of individuals each year through their core Awards program. UnLtd invests directly into individuals offering awards of funding, ongoing advice, networking, and practical support.

#5 – O2 Think Big

Provides training and funding for young people with great ideas and helps them get going to make their ideas work. Due to COVID 19, O2 Think Big is not currently offering work experience to young entrepreneurs. In addition, this organization is aimed more towards corporate roles than real entrepreneurial freedom.

#6 – Buzz

A crowdfunding website which enables social entrepreneurs and social ventures to raise funds and build a crowd of supporters. There are multiple other crowdfunding websites that young entrepreneurs can take advantage of to make things happen (though it is by no means an easy route to success).

#7 – Newable

Newable Offers Start-Up Loans of over £500, in increments of £500. Successful applicants can receive free support to prepare your application and mentoring support once you start trading. You must be aged 18 and over and want to start a business in the UK.

#8 – Get Started / SFEDI

Provide access to finance, mentor support, and learning to make sure you have the best chance to get started and grow your business. This is a government-backed project aimed at self-starters and is one of the most well-recognized programs in England. Only UK-based businesses can apply.

#9 – vInspired Cashpoint

For 14 to 25-year-olds who have an idea that will solve a given issue within their locality, vinspired Cashpoint is offering grants of up to £500 to those who can turn ideas into reality, and get their projects off the ground. Once the funding’s signed off young people are given the autonomy to run your project their way. A very fun initiative that gives a lot of freedom for the new generation of entrepreneurs. A balance of structure and spontaneity/freedom is always nice to see, as many programs are too rigid with the rules and regulations.

#10 – Prince’s Trust

Provides practical and financial support to young people, helping them to develop key skills, confidence, and motivation, enabling them to move into work, education, or training. The Enterprise programme provides money and support to help young people start-up in business. They have a ‘Young Person Action Plan’ which outlines key goals and aspirations in s step by step process for success. A young person is defined as one aged between 11 – 30 on the Prince’s Trust website.

#11 – Rockstar Youth

Rockstar Youth is a part of the Rockstar Group. This is the UK’s largest entrepreneurial mentoring organization. Rockstar Youth has produced a market-leading programme for young entrepreneurs that are aged between 18 to 30 years old. The aim is to support them through principle ideation to enterprise creation and furthermore accelerated growth and investment. This is a platinum opportunity for UK based entrepreneurs.

Automation and Entrepreneurship

An area that is not often covered in entrepreneurship is robots and automation. All of the historically difficult tasks can now be done by qualified third parties at a low cost. Getting incorporated, filing for payroll, online legal service, accounting, and scheduling are no longer things that new entrepreneurs need to do manually, though it is still a good idea to get familiar with these areas.

Unfortunately, the role of automation is not covered extensively in universities and is hard to pin down (it is an area that moves rapidly). But all of the greatest and most profitable innovations of the 21st century are a mix of technology with a simple solution. Consider the impact of Tinder, Facebook, Airbnb, Uber, Instagram, and numerous other services that have changed the world.

Tech startups are high risk, high reward, but it is certainly good to get business students familiar with the possibilities. On a micro level, new entrepreneurs should look to leverage automation services for the common business tasks, from business formation to tax filing. 

At present, there happens to be an opportunity to reach a higher level of efficiency through the careful use of automation. At the very basic level, automation can take care of mundane, everyday tasks as well as repetitive processes. This means top talents can focus on more advanced tasks and additional resources can be freed up. Practically all of human evolution has involved the use of tools that made life easier.

The one who uses the tools the best wins the game in a survival of the fittest world (though we want to encourage a more all-encompassing, diverse, and pleasant social environment for the youth of today to grow into).

How to Deploy Automation Technology

Automation in business can be very simple. Instead of manually filing purchase orders, for instance, an automated system can handle the task easily. All customer orders are processed and analyzed to determine the right purchase orders (i.e. for raw materials) to issue. Thanks to machine learning, this process can be optimized further.

The employees that were normally handling this task can then move on to more important challenges, such as boosting sales and drawing the attention of more potential customers. As a result, the business can grow and capitalize on market growth without having to expand structurally. With clever use of automation, you can exert enormous leverage. It’s how there are many business people who can run an entire business on a single computer, such as drop shippers and business consultants.

As long as you are focused and efficient, automation via robots can do a whole lot for you. Automation can be a double-edged sword, but it is well worth it to outline the benefits to the global youth. And they are going to naturally gravitate to automation anyway, as the world is becoming more digital. The danger lies in trying to use too many applications and tools without really understanding their use value and how they fit in. The human touch is always required for creative and innovative purposes.

Machines, computers, and robotics are advancing such that they are beginning to perform jobs previously reserved for humans who can think and move on their feet. Humans can problem-solve, execute non-routine manual tasks, and use their brains to analyze, create, and decide. Thanks to technologies such as artificial intelligence, machine learning, and robotics, computers and machines are now better at performing tasks that we as humans currently perform: they make fewer errors, they can work 24/7, and they are more efficient.

While many are contending that robots will ‘steal’ all of the jobs, this is largely a lazy and traditional mindset. What will happen is that robots will be doing all of the mundane work and will free people to do what they are truly good at. They are a new means of empowerment for all classes of people.

Best Books for Millennial Entrepreneurs

There are many, many, many books on how to become successful as an entrepreneur. But the best recommendations have to be based on principles, not technicalities. This is because all the details of the successful investing change, but the principles never do. Being successful as an entrepreneur mainly relies on successful habits with a persistent attitude. And governing the two of these is a strong mindset built on solid psychological fundamentals. With this in mind, the best entrepreneurial books are:

  1. The Richest Man in Babylon – Quite likely the oldest and most influential book on investing ever written. It consists of a series of parables where numerous individuals slowly learn the secrets of wealth. It also established the fundamental principle that if you invest 10% and save 10% of your earnings, you will steadily get rich while not feeling poorer. What most fail to recognize is that expenditure rises with an increase in wealth, often automatically. With this mind, set 20% aside and work with the remainder. Otherwise, it will be spent on silly things.
  2. Rich Dad Poor Dad – One of the most influential investment books of the modern era. Robert Kiyosaki tells the story of how his poor father was an employee while his real mentor (“Rich Dad”) educated him on the secret of financial success. And he did this, in part by teaching him to play monopoly! Real estate investing is emphasized as it teaches people to look towards passive income and not to have an employee mindset. Focus on being an entrepreneur, and never a worker, on getting returns from investments, not a paycheck from a boss. The difference from a psychological standpoint could not be more pronounced.
  3. Antifragile – This is a little more controversial and ‘technical’. Nassim Taleb made a fortune on options trading by shorting highly volatile assets. During 2008, he made a killing.  This book will teach aspiring entrepreneurs to think independently from the herd. You cannot get rich by following the standard advice found online. You need to understand risk and make your own decisions.

Other notable mentions include ‘The Lean Startup’(Eric Ries), ‘Purple Cow’ (Sreth Godin), and ‘The Art of Start’ (Guy Kawasaki). But these books are not ‘timeless’ in nature. They are based on current trends and will soon be irrelevant.

In contrast, the 3 bulleted books will provide a young entrepreneur with the essential success principles independently of the specific market they are in or the wider macroeconomic conditions. By teaching the technicalities of a given economic era, you are limiting the entrepreneur to a short time period before the data is rendered redundant. By teaching them fundamental principles, you are equipping them with a wealth mindset for life. 

Summation

Young entrepreneurs are the foundation in a thriving global economy. They need to be given the necessary mental and practical resources to foster an entrepreneurial mindset, from an early age.

Empowering and supporting young entrepreneurs is essential, as they are the ones that reinvent society for the betterment of all.

Let us know if we missed out on anything and what you think are the best ways to support and empower the next generation of global entrepreneurs.

FAQ

What Grant Options Are There for Young Entrepreneurs?

There are many, many, many grant programs available for young entrepreneurs. Too many to list in any detail! To search through the list of grants, one of the best resources would be grant.gov. This will give you a list of available Federal grants. Other resources include The US Chamber of Commerce and the Grants Register, which has a list of over 4,200 grants. Remember, young entrepreneurs can also enter most of the typical grants that are available for regular entrepreneurs.

Should Young People Set Up Their Business Differently?

This depends on a wide variety of individual criteria. But in a nutshell, the short answer is no. Young business owners should use established business principles until they know what they are doing. Yes, you will get many people saying you should reinvent the wheel and set up a novel kind of new business with a diverse workforce and a brand new way of doing things involving technology. The end result is most commonly a business failure. You only hear the stories that worked tremendously well, like Facebook and Google. Not the tens of thousands of failures that have and are happening right now.

Where Is the Best Place for a Young Entrepreneur to Get a Loan?

When all is said and done, the best place for a young entrepreneur to get a loan is with a reputable online lender. Every other mechanism (bank loans, grants, venture capital) is variable and time-consuming. Online loans are near guaranteed, even without a history (though not without risks). Family and friends are a viable option, but things can go South with this kind of business arrangement.

Is Becoming an Entrepreneur Really Worth It?

Entrepreneurs do report higher levels of job satisfaction in comparison to other social demographics. So yes, the freedom and independence it provides are certainly with it, to a certain person with a certain mentality. Do not forget the reality of entrepreneurial burnout and having a balanced and holistic lifestyle. It is also wise to remember that the most consistently reported regret of terminally ill individuals is that they wish they had not worked so hard.

How Important Is Entrepreneurial Psychology?

Entrepreneurial psychology is everything in business. This is why we at Finimpact believe that the absolute best thing you can do is hand young entrepreneurs the 3 books listed above and tell them to read them over and over. It will sink in. In a world that is filled to the brim with data, core principles need to be reinforced. Without strong individual psychology and a firm vision, the business is highly unlikely to succeed on a long term basis.

What Are the Best Business Ideas for Young Entrepreneurs?

Business ideas are a dime a dozen. There are thousands upon thousands of them. Just do a quick Google search. The tough part is the execution and implementation of a given business idea. Otherwise, it is merely words on a piece of paper.

Instead of focusing on business ideas, consider ways to increase your income and profitability right now with current income. It can be a little detrimental to try and find the next new revolutionary business idea as opposed to simply working on something simple and making a profit steadily each week. Learn about money, not about business ideas. The details will flow from the fundamentals.

Source: https://www.finimpact.com/empower-and-support-young-entrepreneurs/

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The Motivator

New WordPress tool automatically turns blog posts into tweetstorms

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WordPress has introduced a new feature that automatically posts entire blogs as Twitter threads, complete with all text, images, videos and embeds. You can access the feature via the green Jetpack icon on the top right of the edit post page, alongside existing options to share links to Facebook and other social networks.

WordPress argues the feature is “a great way to amplify your content,” by allowing posts to reach any Twitter followers that don’t follow a WordPress blog directly. Twitter threads also often end up being much more visible on the platform compared to single tweets, and the new feature allows followers to read a post’s contents without having to click through a link.

But here’s a counterpoint: Twitter threads are an objectively terrible way of reading medium- or long-form writing. That’s why popular services like @ThreadReaderApp have cropped up to help format lengthy threads into something more compact. Even WordPress launched a similar service back in July to turn Twitter threads into blogs. Now, its latest feature is here to take your writing back in the opposite direction.

For what it’s worth, WordPress has made some sensible decisions with how it’s implemented the feature. You can add an introductory message to the beginning of the thread, and the software will pay attention to sentences and paragraph breaks when deciding where one tweet should end and another begin. There’s also an option to preview what a thread will look like, though this requires one of WordPress’s $25/month Business or $45/month eCommerce plans to access the social preview feature. The final tweet in the thread links back to the original blog post.

Source: https://www.theverge.com/2020/10/14/21515567/wordpress-tool-twitter-thread-tweetstorm-automated-social-post-preview

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