Online businesses are on a roll to leverage the expansion of the business market to the internet world. The internet world has grown at a rapid pace, and looking at the popularity and business scope, it is here to stay. Customer preference has played a massive role in an online business’s success. People prefer to have something that is at their convenience, and effortless and online services fulfill both their demands effectively.
The concept of online business is encouraging to a lot of aspiring entrepreneurs. Yes, there are benefits to running a business online — but it is not as easy as many entrepreneurs think.
Running a business online requires skills and proficiency, and you need to learn online etiquette and customer etiquette before diving into the work of the business.
All businesses take a risk when they start out — and it’s had to get your business to survive.
Every business has the need to make it survive in the world, and the right person with effective skills will be able to succeed with its venture. Overall running a business online is a great idea, and according to recent stats from Statista last year, over 2 billion people purchased things and services online.
A person in business with effective skills that are fruitful will be a cakewalk for them. Knowledge and skill-set are the brutal combinations that the most successful business people should have.
As an online business is a new concept, it is essential to learn new things, and thus, learning skills is also one of the skills that are very important. There are many skills that are required to run an online business, and here are the top skills that help you run your business efficiently.
Top Skills for Running Online Business
1. Research and Planning
Researching and evaluating the current market trends and your business niche is very important. Knowing what’s going on in the market is important to know, and it will help you get to know what’s bothering your business model. The competitor’s activity is something that you should be knowing, and a well-versed research skill can be beneficial.
To stay ahead in the competition of the business world, you need to do it and plan accordingly to move your online business towards a successful path. Planning is critical in online business to organize all the aspects and take it in the right direction. Thus, research and planning is the essential skill that helps withstand your online business and helps you to become a successful business person.
2. Online Sales
One of the crucial skills to run a business online is online selling. The online world is very vast and gives a massive amount of scope and growth opportunities to the business model. The skills for selling online are also very important that helps your business model to run efficiently.
There are few areas like internet marketing, advertising, online promotion, etc., that are very helpful, and with adequate skills, you can leverage your business using these tactics.
Grabbing people’s attention in the online world is an essential and helpful skill that drives your business towards success. There are different marketing variations in the online world, and having good knowledge about them will be fruitful for your online business. Effective ways to grow the business online require good online marketing skills and a piece of good knowledge about verticals in the internet world.
3. Technical Skills
The online business running in the internet world requires few technical skills that help in the smooth running of the business. Digital technologies are used in running the business online, which most people are not aware of initially.
It is suitable for the business owner to have some knowledge about the technical aspect of operating the system and managing the business online. If you don’t know the entire technical part, that is ok. Still, it is important to understand the correct application of using the technology, and that is how you can handle the online business efficiently.
If you have good knowledge about technological aspects, you will keep your inputs when you want to create your digital platform for running your business online.
The business running with the help of mobile apps is increasing, and these days — an app for a grocery store, mobile stores, restaurants, supermarkets, etc. are available. If you have some technical skills to develop an app, you can easily get your online business app developed as your requirements.
4. Social Media Management
When it comes to the online world, social media needs to be mentioned. Social media is one of the impactful and well-known tools in the internet world. Social media is a very important tool because of its popularity, and for online businesses, it can be very helpful. A social media presence is a must for the business running online these days.
It is the tool that can be used for gaining people’s attention effectively, as we all know the capability to make things viral in a minute on social media. Effective social media management skill requires a bit of creativity and ability to influence people with it. It is the skill that you need to have because it can be fruitful for your business. There are as many as 4.20 billion social media users, and that indicates how useful social media can be proved to your business.
5. Commercial Skill
For any business in the world, commercial skill is important, and for online business, you need to create an impact in the market and people’s minds. To create such an impact, it is important to have the commercial ability to take your business towards success.
It is important to build a network so that your business achieves the desired success. Product ranges and pricing also depends on your commercial ability.
Suppose the customers are offered the products or services at the right cost, which is convenient for both service providers and customers. In that case, it is very impactful for your online business, and this is possible with adequate commercial skills.
Business connection with the vendors, suppliers, transporter, etc., is also very important, and you can form that connection with good business sense and ability.
Adaptability is an important skill that any entrepreneur in the world should learn or possess. Especially when you are involved with the technology in your online business, you need to be more open about it as technologies keep updated.
Adapting to technology is very important as it will open up the doors of innovation for your business. Adaptability is an important skill often considered by business people. Being adaptive to any situation in a business is always important, especially when you are into online business.
7. Consumer Service
Consumer service is an important aspect for business people to consider because consumers are the important element in the business. The revenues generated for the business are generated from the consumers only.
Thus, one should give priority to customers, especially when you are offering services online, which is the new angle of doing business. One should better understand what customers need and how effectively they can get those things.
Skillful business people should always correct themselves and know how they can serve their customers efficiently. Thus, to run the business efficiently, it is important to take care of the customers’ needs and constantly improve customer service.
8. Finance Management
One of the important aspects of business is finance, and to handle the financial aspects, you must have adequate skills for finance management. It is essential to discover new revenue streams and handle that revenue for the effective growth of the business.
To use the funds at the right time and place is very important because your financial strength is your biggest strength. Proper finance management can be instrumental for business people to run their business efficiently even in tough times.
There are many skills an ideal entrepreneur can have, but it is essential to have learning skills because if you keep learning new things, you will soon become successful. The online business is booming these days because it has become easy to establish, but the thing is, they hardly sustain as 80% of them fail.
Start learning new skills if you are an entrepreneur about to start a business.
One of the reasons for the high failure ratio is the lack of adequate skills, and thus, it is clear that running a business online is not a cakewalk if you don’t have any skills and you don’t want to learn anything. Thus, these were some of the top skills that can be helpful in running a business online.
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!