In our ongoing blog series, we address common questions from students interested in joining our online programs at Robert Kennedy College (RKC). To provide valuable insights, we have gathered feedback from our past and current students on how they navigated the challenges of online learning. We hope that their experiences will assist you in making an informed decision.
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Let’s learn from those who came before and see if what worked for them will help you become a better student!
An Introduction
Which Uni are you studying with?
York St John University
Which programme did you choose and why?
I studied MBA in Leadership and Management. I chose it because I am a finance person, but I work with the operations unit, which oversees the running of the office. Leadership and management skills are needed to manage people.
Who you are, really?
I am a proud RKC student 🙂
The Study Plan
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How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week?
My course is an online one. I mostly study on weekends and sometimes weekdays in the office when everyone has left. I usually listen to lectures and make my own notes. In total, I put in more than 10 hours a week because I also have to do research, listen to videos over and over, and read relevant textbooks.
What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)
Weekends, early mornings, and late evenings. Weekdays, late evenings after work in the office when everyone has left. I usually stay back for at least 2 hours.
How much time did you devote for each assignment?
For you to get a passing mark, you need to do proper research and understand your subject matter. So, I had to drop some social commitments and devote more time to my studies.
Travelling and Communication
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How did travelling impact your ability to study?
I am studying online, so travelling does not impact me.
How were you able to interact with peers and/or professors given the time differences?
There was a module that needed group interaction, and my fellow students were leaving in 2 different time zones, but we were able to agree on a time to meet. Time differences did not affect my interaction with my professors, as they always responded to me in time and could be reached whenever needed.
A typical day as a master’s student
What does a typical day as an Online Masters’ student look like for you?
A typical day for me starts early, at about 5:30 a.m., on weekends, with me going to our University website, listening to videos, and reading the online materials. On weekdays, it also starts at 5:30 a.m., when I get ready for work. I work until 6:00 p.m., and then I spend two hours, sometimes more, in the office studying.
Any advice you have for students to better plan their studies
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The best advice I can give to students is
Find a time in the day for up to 2 hours to concentrate on your studies.
Reduce social activities, especially if you are working and studying simultaneously.
If you don’t understand the instructions for an assignment, try asking a lot of questions to your professor. I had to retake a module because I misunderstood the instructions.
Find a fellow student in your course who can discuss some topics for better understanding.
Learn to submit assignments 2/3 days before the deadline. You might get an unexpected internet challenge uploading your assignment at the last minute and miss the deadline by a few minutes, which will give you a capped mark.
If you have been thinking about getting an online degree, and proving to yourself and others that you CAN do it, now would be an excellent time to take the plunge. Have a look at our list of programmes and see if we have anything that could help.
I hope this blog has answered some of your questions, and please watch this place for more similar blogs. You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, the application process, and the discounts we might offer.
Any organization needs business development to thrive because it fosters sustainability, innovation, and growth. Knowing the essential components of successful business development can have a big impact on a company’s performance. Here, we’ll look at the seven solid business development pillars that can support the growth of your company.
Strategic Vision
It is crucial to have a compelling and distinct strategic vision. It describes the organization’s long-term objectives and provides guidance on how to meet them. All team members and stakeholders should be in agreement with this vision through good communication throughout the organization. A cohesive approach to expansion and development is fostered when all employees are aware of the business’s direction.
A strategic vision is more than just a mission statement; it’s a roadmap for the future. This vision should encapsulate your long-term goals and the core values that drive your organization. It should answer key questions such as:
What do we aspire to achieve?
How do we differentiate ourselves in the market?
What impact do we want to make in our industry or community?
Ways to achieve strategic vision:
Vision Workshops: Engage stakeholders in brainstorming sessions to develop a shared vision.
Vision Statement: Create a succinct, memorable statement that reflects your aspirations.
Communication: Use internal newsletters, meetings, and workshops to ensure everyone understands and embraces the vision.
Analysis and Research on the Market
To recognize possibilities and risks, one must have a thorough understanding of the market landscape. Thorough market research yields valuable insights into the demands of customers, the competitive landscape, and upcoming trends. Businesses can use this information to customize their services to match consumer expectations and make well-informed decisions.
To conduct efficient market research, you must collect, evaluate, and synthesize information about your target market and audience. This include determining the demographics, tastes, and pain points of the consumer as well as researching rivals and market trends.
Few ideas to conduct market research and analysis:
Surveys and Feedback: Regularly gather customer feedback through surveys and focus groups.
Competitor Analysis: Study competitors to understand their strengths, weaknesses, and strategies.
Data Analytics: Utilize tools like Google Analytics and market intelligence platforms to track trends and behaviors.
Developing Relationships
Healthy relationships are essential to the long-term success of any organization. This includes ties with clients as well as partnerships, industry contacts, and community service.Strong relationships are at the core of successful business development. Networking with potential clients, partners, and industry leaders can open doors to new opportunities. Building trust and rapport creates a foundation for collaboration and long-term partnerships.
Networking Events: Participate in trade shows, conferences, and local business events to meet potential partners and clients.
Follow-Up Strategies: Implement follow-up protocols after initial meetings to maintain connections.
Community Engagement: Engage in local community events to build goodwill and brand recognition.
Value Proposition
A clear value proposition distinguishes your business from competitors. It articulates the unique benefits your products or services provide to customers. Understanding and effectively communicating your value proposition is vital for attracting and retaining clients. A value proposition should make it obvious why customers should pick you over rivals and what makes your good or service special. It need to cover the advantages and results that clients can anticipate.
Strategies for innovative value proposition:
Encourage Creativity: Foster a culture where team members feel empowered to share ideas and experiment.
Collaborate: Partner with clients or other organizations to co-create solutions that address mutual challenges.
Feedback Loops: Regularly solicit feedback on your products/services to identify areas for improvement and innovation.
Leveraging Technology
Using technology to its full potential can greatly improve your business growth efforts. Make use of marketing automation tools to expedite procedures, data analytics to obtain insights, and CRM systems to maintain relationships. You can make the most of your outreach and make sure that everyone on your team has the resources they need to thrive by utilising technology.
Adopt CRM Systems: Use customer relationship management tools to keep track of interactions, manage leads, and analyze customer data.
Utilize Data Analytics: Leverage analytics tools to gather insights on customer behavior, market trends, and campaign performance.
Marketing Automation: Implement automation tools for email marketing, social media posting, and lead generation to save time and ensure consistency.
Effective Communication
Effective communication is crucial for the growth of a firm. This covers listening to your clients as well as how you convey your thoughts. Make sure your messaging speaks to the particular issues that your target is facing. By using narrative, you may improve communication and increase the relatability and memorability of your value proposition.
How to foster effective communication for the business:
Tailor Your Messaging: Customize your pitch based on the audience’s needs, using industry jargon or simple language as appropriate.
Use Storytelling: Share success stories or case studies that illustrate the impact of your product or service.
Active Listening: Make sure to listen more than you speak. Understanding client needs is key to providing solutions.
Continuous Learning and Adaptation
Because of the rapid changes in the corporate world, it is imperative to make a commitment to lifelong learning in order to remain relevant. Urge the members of your team to look for opportunities for professional growth, go to workshops, and keep up with current business trends. Be receptive to criticism and prepared to modify your plans in light of fresh data or changes in the marketplace.
How to follow a continuous learning approach:
Invest in Training: Encourage team members to pursue workshops, online courses, and certifications related to their roles.
Seek Feedback: Regularly ask clients and team members for feedback to identify areas for improvement.
Embrace Change: Stay open to new ideas and be willing to pivot your strategies based on insights and trends.
Business development is an ongoing process that requires attention to various interconnected elements. Each of these pillars plays a vital role in the overall success of business development. By investing time and resources into understanding your market, building relationships, communicating effectively, planning strategically, innovating, leveraging technology, and fostering continuous learning, you create a solid foundation for growth. Embrace these pillars, and watch your business thrive in a competitive landscape.
Whether you are aiming to develop your own business or are a thriving business development manager, share your thoughts and challenges you faced in business development in comments section below.
Hosting major events such as the Olympics is a significant undertaking that attracts global attention, provides economic benefits, and leads to infrastructure improvements in the host city. However, if the event does not meet expectations or results in substantial challenges, businesses must adjust and find ways to deal with the aftermath.
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Here are eight strategies that companies can use to navigate a post-event landscape that has not met expectations:
(1) Focusing on Local Markets
After experiencing a surge in international visitors during major events, businesses must focus on the local market. Establishing robust connections with local customers ensures a consistent revenue stream and fosters a sense of community engagement. Implementing and promoting loyalty programs tailored to regional preferences, organising and participating in community events, and offering specialised promotions can significantly contribute to sustaining high customer satisfaction and loyalty levels.
(2) Adapting to Market Changes
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Following a major event like the Olympics, the market landscape undergoes considerable shifts, impacting businesses across various industries. Companies must adopt a proactive and adaptable approach to navigate the evolving market conditions. This may involve reevaluating pricing strategies to remain competitive amidst changing consumer behaviours, exploring innovative business models to leverage emerging opportunities, and making strategic investments in technology to streamline operations, enhance efficiency, and elevate the overall customer experience. By embracing these proactive measures, businesses can effectively thrive in the dynamic post-event market landscape.
(3) Learning from Past Experiences
Analysing the experiences of past host cities is a valuable exercise for gaining insights into the impact of hosting such a major event. By examining these cities’ successes and failures, businesses can gain valuable knowledge that can be used to develop effective strategies for future events. For example, cities like Barcelona and London have effectively utilised the infrastructure and exposure gained from hosting the Olympics to attract tourists and stimulate economic growth in the years following the games.
(4) Leveraging Infrastructure Investments
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The infrastructure specifically designed and built to cater to major events has the potential to create lasting benefits for local businesses. Take sports venues, for instance; they can serve as more than just game arenas by hosting concerts, conferences, and other events, thus maximising their utility. Additionally, the enhanced transportation networks established for these events can not only improve the overall accessibility for customers but also broaden the potential customer base for local businesses. By capitalising on these resources innovatively, companies can extract long-term value from the initial investments made for the event.
(5) Diversifying Revenue Streams
In the aftermath of major events, businesses commonly experience a sudden decrease in demand, presenting a significant challenge. Companies can explore various ways to diversify their revenue streams to counter this. For instance, in the hospitality industry, hotels and restaurants can consider offering specialised packages, collaborating with local attractions, or hosting community events to entice local customers. Similarly, retailers can expand their product offerings, possibly targeting new demographics or introducing exclusive lines to capture a broader market. By diversifying their revenue streams, businesses can adapt to shifting demand and enhance their resilience in post-event challenges.
(6) Managing Financial Strain
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The financial implications of hosting global events, such as the Olympic Games or international summits, can be significant for the host city. The costs associated with infrastructure upgrades, security measures, and event logistics can strain the city’s financial resources. As a result, local authorities may need to raise taxes or reduce public spending in other areas to cover these expenses. This can directly impact local businesses, as higher taxes and reduced public spending can lead to decreased consumer spending and a challenging economic environment.
Businesses should prioritise diligent financial planning and cost management strategies to navigate this situation. This may involve conducting a comprehensive review of existing expenses, identifying areas for potential savings, and establishing a contingency plan to mitigate any financial impacts from the event. Seeking professional financial advice from experienced advisors can provide valuable insights and recommendations tailored to the business’s specific needs.
Additionally, businesses should consider renegotiating contracts with suppliers and service providers to lower costs and improve cash flow. Exploring government support programs, such as grants or subsidies for local businesses affected by the event, can provide a much-needed financial lifeline. By proactively seeking out these opportunities and optimising their financial operations, businesses can better position themselves to weather the economic challenges associated with hosting global events and maintain their competitiveness in the local market.
(7) Collaborating with Other Businesses
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In the wake of an economic downturn following hosting a major event, such as a recession or a pandemic, collaboration becomes even more crucial for businesses. Companies can pool their resources and expertise by forming partnerships with local businesses to create joint marketing campaigns, share best practices, and support one another. This collaborative approach fosters resilience within the local business community and opens up new opportunities for mutual growth and success.
(8) Investing in the Employee
After an event, the period can be stressful for employees as businesses handle economic challenges. Investing in employee well-being through training, support programs, and a positive work environment can boost morale and productivity, ultimately helping businesses thrive in the long run.
Businesses can encounter various challenges in the aftermath of a major event. However, companies can establish a more resilient foundation by strategically diversifying their revenue streams to reduce reliance on a single source of income, leveraging investments in infrastructure such as new facilities or transportation systems, and focusing strongly on local markets to build community support and loyalty.
Additionally, managing financial strain by exploring cost-saving measures and seeking opportunities for sustainable growth, adapting to market changes by staying agile and responsive to consumer trends, and fostering collaboration with other businesses to create mutually beneficial partnerships are crucial strategies for post-Olympic business success.
Furthermore, learning from past experiences to avoid repeating mistakes, capitalising on successful strategies, and investing in employee well-being to maintain productivity and morale are essential considerations for businesses looking to thrive in the post-event landscape.
If you want to do an online degree programme, explore several specialised master’s/bachelor’s/PhD degree programmes that Robert Kennedy College offers through exclusive partnerships with top British universities. You could also get in touch with our team of Education Advisers on WhatsApp, who can have a look at your profile and give you some advice.
Sometimes, the fear of the unknown is more of a hindrance in achieving your end goal. Once you are past this fear and are well informed, it is just a matter of planning your path. Similar is the plight of students who want to study of online but face the fear of the unknown, such as : What is the best way to study online? Should you do an online programme? How to better manage time when learning online? And so on.
Through this continuing series of blog posts, some of our past and current students have shared their experiences, thoughts and opinions and given their feedback on handling some of these choices and situations. Hopefully, this will help you to make an informed decision.
This time we have a charismatic, authentic leader and scholar, alumni from University of Cumbria.
An Introduction
Which Uni are you studying with?
University of Cumbria
Which programme did you choose and why?
Master’s of Business Administration – because I believe in understanding enterprise end-to-end including its critical resources – which are – people. The only way to gain such understanding is by studying the general MBA.
The Study Plan
How did you plan to study each module, and what was the reality? For example, how many hours did/do you have to put in each day/or in a week?
The plan was to tackle each module soonest or even before we formally commence with it; it did not always happen that way due to other commitments such as work, family etc; I did on average utilised at least 3.5 to 4.5 hours daily for studying.
What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)
There was no preferred time for me; I would read as my brain demanded at any time of the day.
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How much time did you devote to each assignment?
I dedicated an average of 4.5 hours per day to deal with my studies.
Travelling and Communication
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How did travelling impact your ability to study?
Travelling did affect negatively because when you travel the concentration reduces, Therefore, at times I found myself behind my reading/studying schedule.
How were you able to interact with peers and/or professors given the time differences?
The platform we utilise plays a quintessential role because discussions remain on the forum for further peruse if one misses the class; this did eliminate the issues of time differences. On the other hand, my City’s time is in line with UK time so I did not have problem as such
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A typical day as a master’s studentWhat does a typical day as an Online Masters’ student look like for you?
It remains busy typically; I am naturally a busy person juggling amongst gym, work, family and martial arts, so studying only was just another exercise added to the many others I already had. Mind you however, that some people found it odd the way I live. But it is normal to me.
Any advice?Any advice you have for students to better plan their studies.
They need to be relentless, dedicated and create time for their studies. Time is always a scarce resource, insufficient for its demand hence one must really ensure that study time is created and preserved else, they would not make it.
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I hope this blog has answered some of your questions, and provided that motivational boost to your academic plans. You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer and the application process.
My previous blog discussed the advantages a city can gain from hosting an event like the Olympic Games. The Olympics is a major event that attracts athletes, spectators, and media from around the world. While the event benefits the local economy, its aftermath can present several business challenges.
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In my opinion, here are some of the key issues they face:
(1) Economic Slowdown
During the Olympics, the influx of tourists and increased spending significantly boost local businesses’ revenue. However, once the event comes to an end, there is a noticeable downturn in economic activity. This sudden decline poses a challenge for businesses that have expanded their operations to cater to the temporary surge in demand.
(2) Infrastructure Maintenance
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The hosting of the Olympics often leads to a significant influx of investment in the host city’s infrastructure. This investment primarily focuses on developing state-of-the-art sports venues, expanding and enhancing transportation networks, and creating new public spaces. These large-scale developments are intended to leave a lasting legacy for the city, but these facilities’ ongoing maintenance and repurposing can pose significant financial challenges. As a result, businesses within the city may find themselves subject to increased taxes or fees to cover these expenses, which could impact their overall profitability and financial stability.
(3) Overcapacity and Underutilization
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After the Olympics, a significant number of businesses, particularly those in the hospitality and retail sectors, may face the challenge of managing excess inventory and underutilised facilities. The surge in visitors during the games might lead to a subsequent struggle for hotels, restaurants, and shops to maintain the same level of demand once the event has ended and the crowds have dispersed.
(4) Market Saturation
The substantial influx of international brands and franchises during the Olympics can lead to oversaturation in the market. This heightened competition presents significant challenges for local businesses, especially the smaller ones, as they struggle to differentiate themselves and attract customers amidst the pervasive presence of these well-established entities. The disparity in resources and brand recognition further exacerbates the difficulties these local businesses face, making it increasingly arduous for them to maintain their foothold in the market.
(5) Debt and Financial Strain
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Hosting the Olympic Games entails substantial costs, with many cities taking on significant debt to cover the expenses involved. This financial burden has far-reaching effects on local businesses, leading to higher taxes and reduced public expenditure on critical services. Consequently, small and medium-sized enterprises (SMEs) may suffer from cuts in support programs, further exacerbating the economic strain experienced at the local level.
(6) Environmental Impact
The Olympic Games have the potential to have a substantial environmental footprint, contributing to higher levels of waste, pollution, and resource usage. This can pressure businesses associated with the games to embrace more sustainable methods and decrease their environmental effects. Nonetheless, incorporating these adjustments may result in added expenses and operational obstacles.
(7) Shifts in Consumer Behaviour
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The Olympic Games have a significant impact on consumer behaviour. Both tourists and locals are influenced to adopt new preferences and behaviours. As a result, businesses must proactively adapt to these changes by evolving their product offerings, refining their marketing strategies, and enhancing their customer service approaches. Neglecting to make these adjustments can lead to a decline in the customer base and revenue.
Hosting the Olympics often brings immediate economic advantages and heightened international visibility to the host city. However, once the event concludes, local businesses commonly face numerous challenges. These include the potential decrease in tourism, the need to adapt to changes in demand and management of the post-event economic landscape. By effectively recognising and preparing for these issues, businesses can enhance their ability to manage the post-Olympics period and sustain long-term success.
What are your thoughts on these challenges? Do you think the benefits of hosting the Olympics outweigh the drawbacks?
If you are ready to learn something new, certify what you know, network with professionals globally, or take on a new challenge, consider getting a globally recognised master’s degree. Take a look at our list of online programmes and see if we have anything that aligns with your new career path.
You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, the application process, and the discounts we might offer.
Gold has fascinated humans for thousands of years, serving not only as a symbol of wealth and power but also as a reliable investment. In today’s financial markets, gold continues to play an essential role in diversifying portfolios and protecting against economic uncertainty. In 2024, it remains a popular investment option for both seasoned investors and newcomers to the financial markets. Whether you’re looking to diversify your portfolio or seeking a safe haven during economic uncertainty, gold offers unique benefits and some challenges. This guide will provide a comprehensive overview of investing in gold, exploring its pros and cons, and explaining why it continues to be a preferred choice in 2024.
Why Invest in Gold?
Gold is a unique asset, prized for its intrinsic value and long history as a store of wealth. Here are some of the key reasons why gold remains a popular investment in 2024:
Hedge Against Inflation: Gold is often seen as a hedge against inflation because it tends to hold its value as the purchasing power of fiat currencies declines. In times of high inflation, gold prices usually rise, making it a preferred choice for preserving wealth. With global inflationary pressures continuing, especially due to geopolitical tensions and supply chain disruptions, gold has been a favored asset for those looking to protect their portfolios.
Safe Haven During Economic Uncertainty: During periods of economic or political instability, gold is considered a “safe haven” asset. It is a tangible asset that retains value even when other investments, like stocks or bonds, may be volatile. In 2024, ongoing global uncertainties, including conflicts, pandemics, and market volatility, have driven many investors to gold as a safe harbor for their wealth.
Protection Against Currency Depreciation: Gold is not tied to any single currency, making it a valuable asset during times of currency depreciation or devaluation. As currencies weaken, the value of gold typically increases. With some currencies under pressure in 2024 due to economic policies and global events, gold has served as a reliable store of value.
Liquidity: Gold is highly liquid, meaning it can be easily bought or sold anywhere in the world. This makes it a flexible investment option that can quickly be converted into cash when needed. The ability to quickly liquidate gold holdings in response to market conditions has made it an attractive option in 2024’s fast-moving financial landscape.
Portfolio Diversification: Gold has a low correlation with other asset classes, such as stocks and bonds. This makes it an excellent tool for diversifying a portfolio, as it can reduce overall risk.2024 Perspective: With stock markets experiencing unpredictable swings, diversifying with gold has been a strategic move for many investors in 2024.
Photo Credit: Pexel.com
How to Invest in Gold
Investing in gold can be done in several ways, each with its own set of advantages and disadvantages:
Physical Gold
Forms: Gold bullion, coins, and jewelry.
Pros: Tangible asset, no counterparty risk, can be stored privately.
Cons: Requires secure storage, insurance costs, lower liquidity compared to paper gold.
Gold ETFs and Mutual Funds
Overview: These funds invest in gold and are traded on stock exchanges, making it easy to buy and sell gold without needing to store it physically.
Pros: High liquidity, ease of access, no need for physical storage.
Cons: Management fees, no physical ownership, dependent on financial markets.
Gold Mining Stocks
Overview: Investing in companies that mine gold can offer exposure to gold prices as well as the potential for growth if the companies perform well.
Pros: Potential for dividends, leveraged exposure to gold prices.
Cons: Company-specific risks, stock market volatility, management and operational risks.
Gold Futures and Options
Overview: These are contracts to buy or sell gold at a predetermined price in the future, allowing for speculative investments or hedging.
Pros: Potential for high returns, leverage.
Cons: High risk, requires significant market knowledge, potential for losses.
Digital Gold
Overview: Digital gold platforms allow investors to buy and sell gold electronically, backed by physical gold stored by the platform provider.
Pros: Convenience, fractional ownership, no need for physical storage.
Wealth Preservation: Gold has historically maintained its value over the long term.
Inflation Hedge: Gold typically appreciates when inflation is high.
Safe Haven: Provides stability during times of economic and political uncertainty.
Diversification: Helps reduce risk in an investment portfolio.
Liquidity: Easily bought and sold in markets worldwide.
Disadvantages
No Income Generation: Unlike stocks or bonds, gold does not generate income through dividends or interest.
Storage and Insurance Costs: Physical gold requires secure storage, which can be costly.
Market Volatility: While gold is considered stable, it can still experience significant price swings.
Capital Gains Tax: Profits from gold investments may be subject to capital gains tax, depending on your jurisdiction.
Counterparty Risk: Some forms of gold investment, such as ETFs or digital gold, involve trusting a third party.
Why Gold is Popular in 2024
In 2024, several factors have contributed to the sustained popularity of gold as an investment:
Photo credit: Pexel.com
Economic Uncertainty: Continued global economic challenges, including inflation and geopolitical tensions, have driven investors to seek safe-haven assets like gold.
Currency Volatility: Weakening currencies in some regions have led investors to gold as a stable store of value.
Technological Integration: The rise of digital gold platforms has made investing in gold more accessible to a broader audience.
Historical Performance: The long-term track record of gold in preserving wealth and hedging against inflation continues to attract both institutional and retail investors.
Gold remains a valuable component of any diversified investment strategy in 2024. Whether you’re looking for a hedge against inflation, a safe haven in uncertain times, or a way to diversify your portfolio, gold offers a range of benefits. However, it’s essential to consider the pros and cons and choose the right form of gold investment to suit your financial goals and risk tolerance. As with any investment, conducting thorough research and consulting with a financial advisor is recommended.
Now that the 2024 Olympics have come to a close let us celebrate and congratulate all the winners and participants—athletes who have pushed the human limits and shown us what can be achieved with grit and hard work.
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The spirit of the modern Olympic Games embodies the ideals of unity, excellence, and fair play. Rooted in the ancient traditions of the Olympic Games held in Olympia, Greece, the modern Olympics were revived in 1896 by Pierre de Coubertin with the vision of promoting peace and understanding through sports.
At its core, the Olympics celebrate the coming together of athletes from diverse cultures and backgrounds, competing not just for medals but for the honour of representing their countries and showcasing their dedication, discipline, and sportsmanship. The Games inspire millions worldwide, highlighting the power of sport to transcend political, social, and economic barriers.
While the primary focus of the Olympics is on sports, the economic ripple effects on the host city and its local businesses are profound. Let’s explore the multifaceted impact of the Olympics on local businesses, drawing insights from recent and past events.
Boost to Tourism and Hospitality
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The hosting of the Olympics significantly and immediately impacts tourism in the host city. The arrival of athletes, spectators, officials, and media personnel leads to a substantial increase in demand for accommodations, including hotels, Airbnb rentals, and hostels. Additionally, there is a surge in demand for dining options, ranging from local eateries to high-end restaurants. The influx of visitors also drives up the demand for entertainment, including local attractions, tours, and cultural experiences. Moreover, various other tourist services such as transportation, shopping, and leisure activities see increased demand. Local businesses, particularly hotels, restaurants, and tourist service providers, experience a profound uptick in revenue as they cater to the needs of the diverse influx of visitors.
According to fanarch.com, the 2024 Paris Olympics significantly increased bookings and foot traffic for local hotels and restaurants. This surge in demand boosted revenues and provided international exposure for local businesses. However, it’s important to note that while larger hotel chains and well-established restaurants may have reaped significant rewards, smaller businesses might have faced challenges catering to the increased demand. Competition for customers can be fierce, and smaller enterprises may need innovative strategies to capitalise on the influx of visitors.
Infrastructure Development and Urban Renewal
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Hosting the Olympics necessitates substantial investments in infrastructure and urban development. This includes the construction of sports facilities, enhancement of transportation networks, and improvement of public spaces. Such developments improve the city’s appeal to tourists and have long-term benefits for local businesses and residents.
According to gala.gre.ac.uk, the infrastructure improvements implemented for the 2012 London Olympics encompassed the development of state-of-the-art sports venues, extensive upgrades to the transportation systems, and ambitious urban renewal projects. These substantial enhancements have left a lasting impact, rendering the city more accessible and appealing to tourists and businesses alike. Local construction firms, suppliers, and service providers notably experienced heightened demand for their offerings during the preparatory phase, leading to economic benefits for the community.
Economic Stimulus and Job Creation
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The economic impact of hosting the Olympics is multifaceted, extending beyond the immediate boost to tourism and hospitality. In addition to the influx of tourists, the event creates significant employment opportunities in various sectors. This includes the demand for event management professionals, security personnel, transportation services, and various tourism-related services. The increased visitor numbers and their associated spending support local businesses, such as retail outlets and restaurants, and stimulate growth in sectors like cultural attractions and entertainment venues. This comprehensive economic stimulation contributes to the overall development and prosperity of the host city and region.
According to fanarch.com, during the 2024 Paris Olympics, the local economy experienced a significant surge in economic activity across various sectors. Retail businesses reported a noticeable increase in sales, particularly in merchandise and souvenirs related to the event. Additionally, there was heightened demand for cultural and entertainment services, including increased attendance at local theatres, museums, and other cultural venues. The gig economy also thrived during this time, with many temporary jobs being created to support the event, such as event staff, transportation services, and hospitality roles.
While the short-term economic boost was widely celebrated, policymakers and businesses must carefully consider the long-term sustainability of these financial benefits. Post-Olympics, maintaining the heightened levels of economic activity may be challenging, so it’s crucial to implement strategies to ensure that the positive impacts are not merely transient. This may involve diversifying the local economy, investing in infrastructure, and creating opportunities for continued growth beyond the event.
Challenges and Disruptions
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Despite the potential economic advantages, hosting the Olympic Games can also bring about various challenges for local businesses. The sudden surge in visitors can lead to overcrowding, heightened traffic congestion, and inflated prices for goods and services. Consequently, these factors can significantly disrupt the day-to-day operations of local businesses and dissuade their regular customer base. According to gala.gre.ac.uk, during the 2012 London Olympics, several small businesses experienced a notable decrease in their usual customer footfall, primarily due to the intense congestion and escalating prices in the area.
Additionally, the focus on catering to tourists and event-related activities can divert attention from local clientele, potentially leading to a temporary dip in business for some establishments.
Long-term Growth and Legacy
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Hosting the Olympics brings short-term economic benefits, long-term growth, and legacy. The event’s positive impacts on the host city’s infrastructure, global visibility, and reputation can have sustained and far-reaching effects on local businesses. Developing new facilities, transportation networks, and public spaces can contribute to the city’s and its economy’s overall growth. Additionally, the exposure to a global audience during the event can increase tourism and business opportunities, further bolstering the local economy. Moreover, a successful hosting experience can enhance the city’s reputation, making it more attractive for investment and business partnerships in the future.
According to olympics.com, following the 1992 Barcelona Olympics, the city saw remarkable transformations that left an enduring impact. The urban landscape underwent a significant overhaul, boasting new state-of-the-art sports facilities, an upgraded transportation infrastructure, and inviting public areas. These enhancements have sustained Barcelona’s appeal long after the games, turning it into a sought-after tourist hotspot and a thriving centre for business and commerce.
The impact of hosting the Olympics on local businesses is substantial and diverse. It encompasses not only short-term economic boosts but also long-term advantages. The event brings about a surge in tourism, a boost to the economy, and significant infrastructure development. However, it also presents challenges such as overcrowding and disruptions to regular business operations.
Successfully navigating these challenges and strategically leveraging the opportunities presented by the Olympics can allow local businesses to maximise the positive impacts and play a significant role in shaping the enduring legacy of the event.
Hosting the Olympics is a monumental task that demands careful consideration of the immediate and long-term effects on the local economy. It requires thoughtful planning and close collaboration between policymakers, businesses, and the community to ensure that the Olympics catalyse sustainable economic growth and development.
If you are ready to learn something new, certify what you know, network with professionals globally, or take on a new challenge, consider getting a globally recognised master’s degree. Take a look at our list of online programmes and see if we have anything that aligns with your new career path.
You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, the application process, and the discounts we might offer.
Sometimes, the fear of the unknown is more of a hindrance in achieving your end goal. Once you are past this fear and are well informed, it is just a matter of planning your path. Similar is the plight of students who want to study of online but face the fear of the unknown, such as : What is the best way to study online? Should you do an online programme? How to better manage time when learning online? And so on.
These are all questions that we at Robert Kennedy College (RKC) get regularly asked by students looking to join one of our online programmes. Undertaking to do an online master’s degree programme will be an additional commitment to your time and finances, and it is wise to get information beforehand.
Through this continuing series of blog posts, some of our past and current students have shared their experiences, thoughts and opinions and given their feedback on handling some of these choices and situations. Hopefully, this will help you to make an informed decision.
This time we have an alumnus from the University of Cumbria and Robert Kennedy College, MBA programme, June Hay.
An Introduction
Which Uni are you studying with?
University of Cumbria
Which programme did you choose and why?
Masters of Business Administration
The Study Plan
How did you plan to study each module, and what was the reality? For example, how many hours did/do you have to put in each day/or in a week?
Each Monday morning I would check the requirements for the modules I was registered into. I would then plan my week accordingly.
I put in about 20 hours a week for each module, plus some extra time when completing the assignments, mid-term or final. Each week I tried to respond on the discussion board by Wednesday and then would respond to others on the discussion in the latter part of the week.
Of course, sometimes life gets in the way, and I would have to put in more time one week, to make up for the time I missed due to other obligations.
What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)
I work best in the morning, so this is my preferred time when possible. To study in the evening I would often go to the local library for a quieter atmosphere that at home.
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How much time did you devote to each assignment?
Probably more than I should have! It depended on the amount of research that was needed for each assignment. On an average about 20 – 30 hours for mid-terms and 40 – 60 hours for finals, with the exception of the residency with the final assignment after returning – I’m guessing I spent closer to 120 hours on that final.
Travelling and Communication
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How did travelling impact your ability to study?
Difficult due to disparate bandwidth availability. Having said that, it was often an opportunity on the plane or between flights to study during quiet times.
How were you able to interact with peers and/or professors given the time differences?
The five hour time difference between Ontario Canada and Switzerland was a bit of a problem, especially trying to get assignments in on time. Just needed to be more conscious about that.
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A typical day as a master’s student
What does a typical day as an Online Masters’ student look like for you?
Because I work best in the morning, I would get my coffee and start by checking the discussion boards and making note of what I needed to give a response.
I mapped out my reading for the week, and so would spend my allotted time doing the reading and listening to webcasts. By Wednesday each week, I would put my contribution to the discussion board.
Any advice?
Any advice you have for students to better plan their studies.
Make a schedule early on to get the mid-term and final assignments completed.
Create files on your computer to keep your modules, assignments, and research organised so that when you are completing your assignments you can easily find your materials. I noticed that many students did not participate in the discussion boards, and I think they missed a valuable part of the learning. And potentially we missed out on their experience and perspective that they may have shared with the rest of the class.
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A to the point and practical advice by our alumni. I hope this blog has answered some of your questions, and provided that motivational boost to your academic plans. You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer and the application process.
When considering pursuing an online degree programme, weighing various factors is crucial. This decision can significantly influence your professional trajectory and personal development. It’s important to consider factors such as the programme’s accreditation, the course schedule’s flexibility, the availability of support services, and the overall cost. Equally important is the potential return on investment in terms of career advancement and personal satisfaction.
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(1) Accreditation
Accreditation is vital in guaranteeing that an institution upholds specific quality standards. It is important to seek out programmes accredited by well-known accrediting bodies, as this ensures that the education provided meets high-quality standards and that employers and other educational institutions will recognise your degree. With Robert Kennedy College’s (RKC) 100% online degree programmes, you will earn a degree from a government-accredited British university. Our degrees are recognised worldwide. Click here for more information.
(2) Curriculum
Ensuring it directly aligns with your career goals and interests is essential when evaluating a curriculum. Take the time to assess whether the courses offered are up-to-date and pertinent to the current trends within your chosen field. Aim to find programmes that balance imparting theoretical knowledge with equipping you with practical skills that you can readily apply in real-world scenarios. For more information on RKC’s online degree programmes, download our catalogue.
(3) Faculty
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The faculty greatly influence the quality of education. You should research the qualifications and experience of the instructors. When you join RKC’s 100% online master’s degree programme, you will be taught by highly qualified professors with a wealth of experience. Take the time to get to know some of our key faculty members.
(4) Work-Life Balance
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One of the main advantages of online education is flexibility. Ensure that the programme offers a schedule that fits your lifestyle. Check if the programme can be completed at your own pace or if you must attend live sessions. Professional growth shouldn’t come at the expense of your personal life. Manage your time wisely and recharge so you can perform at your best. RKC’s 100% online master’s degree programmes are designed to be completed in one year, but the duration can be extended up to five years if you have a busy schedule.
(5) Trial Account
A good online programme should provide access to various resources, including libraries, databases, and technical support. Ensure that the platform used to deliver the courses is user-friendly and reliable. One of the ways to get an understanding of the resources on offer is by requesting a trial account. RKC has been offering a limited trial account to our potential students for over a decade to develop trust with our students from the get-go and help them make an informed decision. Chat LIVE on WhatsApp with one of our Education Advisors and request a Trial Account.
(6) Tuition Fees
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Compare the costs of different programmes and consider what you can afford. Some employers also offer tuition reimbursement programmes. With RKC, you can do a master’s degree programme with us for just 525 Swiss francs monthly for 24 months. Discover more details, including currency conversion estimates, available discounts, and alternative payment options.
(7) Student Care
Support services are crucial for online students. Verify if the programme provides academic advising and technical support, as these services can assist you in navigating your studies effectively.
(8) Alumni Network
A strong alum network can positively influence long-term business and career opportunities. Contact the alums of your choice and get first-hand feedback on the university, the programme, and the delivery mechanism.
(9) Institution
Ensure that a recognised accrediting body accredits the institution itself. This adds an extra layer of credibility to your degree. RKC offers Swiss-quality education that is globally recognised. Committed to high standards, the college provides comprehensive and flexible programmes designed to meet various professional and personal development needs. You can rest assured that our programmes are tailored to your needs. The college has exclusive partnerships with top UK universities – the University of Cumbria, the University of Salford, York St. John University, and the University of Gloucestershire. These partnerships ensure that the programmes are carefully designed to meet the changing demands of today’s dynamic industries.
(10) Recognition
If you plan to work internationally, check if the degree is recognised in other countries. This can be important if you are considering a career abroad. After successfully completing your studies online at Robert Kennedy College, you will receive an Internationally recognised British degree from the University of Cumbria, University of Salford or York St John University. All our programmes combine Swiss Quality Education with British Tradition. Thanks to our exclusive partnership, you can study confidently, knowing that your degree will enjoy worldwide recognition and acceptance.
(11) Style
As you think about pursuing online education, take some time to examine your learning style and determine whether it is well-suited for online learning. Online education relies heavily on self-discipline and effectively managing your time. It’s crucial to ensure that you are comfortable with online learning and have the motivation to stay engaged and focused.
(12) Duration
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When considering a programme, assess its duration and ensure it aligns with your timeline. Additionally, explore whether the programme provides accelerated options that enable you to finish your degree quickly. RKC’s online programmes are designed to be completed in one year, but the duration can be extended up to five years if you have a busy schedule.
(13) Language of Instruction
Confirming that the programme you are interested in is offered in a language you are proficient in, especially if you are exploring options from institutions in other countries, is essential. Please note that all of RKC’s educational programmes are delivered in English, and applicants must have a high proficiency in English to be eligible to apply for the programme.
Choosing the right online degree programme requires careful consideration of various factors. By taking the time to research and evaluate your options, you can find a programme that aligns with your career goals, fits your lifestyle, and provides a high-quality education. Remember, this is an investment in your future, so choose wisely.
Choosing RKC for your studies is not just about earning a degree; it’s about transforming your career and opening doors to new opportunities. Click here to apply. There is no application fee, and applying doesn’t involve any commitment.
Embarking on the entrepreneurial journey is both exhilarating and daunting. It demands more than just a brilliant idea; it requires a set of specific skills that are essential for transforming that idea into a successful venture. Whether you’re a seasoned professional or a newbie contemplating your first startup, understanding and honing these skills can significantly impact your entrepreneurial success. Here are the top seven skills every entrepreneur should have:
1. Visionary Thinking
A successful entrepreneur doesn’t just see the world as it is; they envision what it could be. Visionary thinking involves the ability to anticipate future trends, recognize opportunities, and imagine innovative solutions. This skill helps you set long-term goals and navigate through the inevitable uncertainties of starting a business. Cultivating a strong sense of vision allows you to stay motivated and inspire others to join you on your journey.
How to Develop It: Regularly engage in strategic planning, study market trends, and immerse yourself in industry developments. Don’t be afraid to dream big and think outside the box.
The road to entrepreneurship is rarely smooth. Challenges, setbacks, and failures are part of the process. Resilience is the ability to bounce back from these difficulties, while adaptability refers to your capacity to adjust your strategies in response to changing circumstances. Together, these traits enable you to persevere through tough times and pivot when necessary.
How to Develop It: Build a strong support network, practice stress management techniques, and stay flexible in your approach. Embrace failure as a learning opportunity and remain open to change.
3. Financial Acumen
Understanding the financial aspects of your business is crucial. This includes budgeting, financial forecasting, managing cash flow, and interpreting financial statements. Financial acumen ensures that you make informed decisions, avoid common pitfalls, and maintain the financial health of your business.
How to Develop It: Educate yourself about financial principles, consider taking courses on accounting and finance, and seek advice from financial professionals. Hands-on experience with financial planning can also be invaluable.
An entrepreneur is often the leader of a team, and effective leadership is key to building a motivated, cohesive group. Strong leadership involves not only guiding and inspiring your team but also making strategic decisions and fostering a positive work environment. Team building skills are essential for recruiting talent, delegating tasks, and creating a collaborative culture.
How to Develop It: Work on communication skills, learn about different leadership styles, and invest time in team-building activities. Seek feedback from your team and be open to improving your leadership approach.
5. Marketing and Sales Skills
Marketing and sales are the lifelines of any business. You need to effectively promote your product or service, understand your target market, and develop strategies to reach and engage customers. This involves creating compelling messaging, utilizing digital marketing tools, and mastering sales techniques to convert leads into loyal customers.
How to Develop It: Stay updated on marketing trends, experiment with various marketing strategies, and analyze your results. Networking with industry experts and attending workshops can also enhance your marketing and sales skills.
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6. Problem-Solving and Critical Thinking
Entrepreneurs are faced with numerous problems that require innovative solutions. Problem-solving skills involve identifying issues, analyzing options, and implementing effective solutions. Critical thinking allows you to evaluate situations objectively and make decisions based on logic and evidence.
How to Develop It: Practice analyzing case studies, engage in strategic games or simulations, and approach problems with a structured methodology. Encourage feedback and learn from your problem-solving experiences.
7. Networking and Relationship Building
Building and maintaining relationships with customers, partners, investors, and other stakeholders is vital for business growth. Networking skills help you connect with influential individuals, gain valuable insights, and create opportunities for collaboration. Strong relationships can open doors to new resources and support systems.
How to Develop It: Attend industry events, join professional organizations, and actively engage in online communities related to your field. Focus on building genuine, mutually beneficial relationships rather than simply collecting contacts.
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Starting and running a successful venture requires a blend of various skills. While no one is born with all these skills, many can be developed through education, experience, and perseverance. Assess your strengths and areas for improvement, and seek resources or mentorship to bolster your capabilities. By cultivating these top seven entrepreneurship skills, you’ll be better equipped to navigate the entrepreneurial landscape and turn your vision into a thriving business.
Are you ready to assess your skills and take the leap? The entrepreneurial world awaits your unique contributions and innovative ideas.
Check out the various Master’s programme we offer including Entrepreneurship and Innovation to kickstart or rocket-fuel your career growth: list of online bachelor/master/PhD programmes.
You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the application process, and the discounts we might offer.
