The Evolution of Business Practices Over the Last Decade

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In the past ten years, the business landscape has transformed significantly. These changes have introduced new opportunities and challenges, allowing companies to innovate, adapt, and thrive in an ever-evolving marketplace. By embracing technology, enhancing customer engagement, and focusing on sustainability, businesses are improving their operations and contributing positively to society. This progress highlights the importance of continual learning and adaptation in achieving long-term success.

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According to me, here are 10 ways by which how doing business has transformed over the past ten years:

(1) E-commerce Boom

The rise of e-commerce has transformed the retail landscape, marking a significant shift in how consumers shop and how businesses operate. Online shopping has become the prevailing method for purchasing goods and services, with industry giants like Amazon and Alibaba leading the way in providing vast product selections and convenient delivery options.

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In addition to these major players, small and medium-sized enterprises (SMEs) have found new opportunities for growth through platforms such as Shopify and Etsy. These platforms empower entrepreneurs by offering essential tools and resources to establish online storefronts, connect with customers worldwide, and effectively market their products.

The COVID-19 pandemic played a crucial role in accelerating this trend, as lockdowns and social distancing measures forced consumers to stay home, prompting an urgent shift to online shopping. Many people who may have previously favoured in-store shopping began to explore the convenience and safety of e-commerce for their everyday purchases. This rapid change in consumer behaviour has highlighted the importance of digital presence for businesses of all sizes, paving the way for a more interconnected and technology-driven retail environment.

(2) Digital Transformation

The most significant transformation observed across various industries is the ongoing digital transformation. Companies actively integrate digital tools and platforms to optimise their operations, enhance customer experiences, and accelerate growth.

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Key technologies such as cloud computing, artificial intelligence (AI), and big data analytics have emerged as vital elements of modern business strategies. Cloud computing offers scalable resources and flexibility, allowing businesses to store and access data efficiently. Meanwhile, artificial intelligence enables organisations to analyse complex datasets and gain insights that were previously unattainable. Big data analytics empowers companies to process vast amounts of information, facilitating data-driven decision-making and improving predictive capabilities.

Together, these technologies streamline processes and foster innovation and adaptability in an increasingly competitive landscape. By embracing digital transformation, businesses are better equipped to meet their customers’ evolving demands and remain relevant in a rapidly changing market.

(3) Remote Work and Flexibility

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The concept of remote work, which was once considered a perk, has now become standard practice for many businesses. The pandemic compelled companies to implement remote work policies, and many have provided flexible work arrangements since then. This shift has resulted in the increased use of digital collaboration tools like Zoom, Slack, and Microsoft Teams, which help facilitate communication and project management among dispersed teams.

(4) Customer-Centric Approaches

Over the last decade, a noticeable shift has occurred towards customer-centric business models. Companies now use data analytics to understand customer preferences better and provide personalised experiences. Customer relationship management (CRM) systems have become essential tools for managing interactions and fostering long-term relationships. Furthermore, the rise of social media has empowered consumers, prompting businesses to engage with their audience more actively and transparently.

(5) Sustainability and Corporate Responsibility

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Sustainability has transformed from a niche concern into a core business strategy. Consumers and investors are increasingly demanding that companies operate in a responsible and sustainable manner. As a result, businesses are focusing on reducing their carbon footprint, adopting renewable energy sources, and ensuring ethical supply chains. Corporate social responsibility (CSR) initiatives have also gained importance, with companies investing in community development and various social causes.

(6) Data Privacy and Security

As society’s dependence on digital technologies continues to grow, data privacy and security concerns have taken centre stage. High-profile data breaches, which often expose sensitive information, have raised alarms globally. Coupled with stringent regulations such as the General Data Protection Regulation (GDPR), the necessity of safeguarding customer data has never been more pronounced. In response, businesses are dedicating substantial resources to bolster their cybersecurity frameworks. This includes implementing advanced protective measures and ensuring strict compliance with evolving data protection laws, all aimed at preserving the essential trust that customers place in them.

(7) Innovation and Startups

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Innovation has been a significant catalyst for change, with startups challenging traditional industries and presenting new business models. The startup ecosystem has thrived, bolstered by venture capital and incubators. Technologies such as blockchain, the Internet of Things (IoT), and augmented reality (AR) have created new opportunities for businesses to innovate and stand out in the market.

(8) Agility and Resilience

The past decade has highlighted the importance of agility and resilience in business. The COVID-19 pandemic, economic fluctuations, and supply chain disruptions have challenged companies’ adaptability. Those businesses that thrived were able to pivot quickly, embrace change, and innovate in response to these challenges. As a result, there is now a greater emphasis on building resilient supply chains, flexible business models, and effective crisis management plans.

(9) Financial Technology

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The financial sector has undergone a remarkable transformation driven by advancements in technology. This evolution is evident in the emergence of digital payment solutions that facilitate quick and secure transactions and the revolutionary potential of blockchain technology and cryptocurrencies, which challenge the foundations of traditional banking practices.

Innovative financial technology companies are at the forefront of this change, offering creative solutions that enhance various aspects of financial services, including seamless payment processing, streamlined lending options, and diverse investment opportunities. These advancements are not only making financial services more accessible to a broader audience but also increasing their efficiency, shaping a more inclusive and dynamic financial landscape.

(10) The Gig Economy

The gig economy has experienced remarkable growth in recent years, with many individuals embracing freelance, part-time, and contract work opportunities. Online platforms like Uber, Airbnb, and Upwork have transformed the employment landscape, empowering people to take charge of their schedules and work in ways that suit their lifestyles. This shift provides personal flexibility for workers and enables businesses to tap into a diverse and extensive talent pool. Companies can scale their operations swiftly and efficiently, adapting to market demands without the burdensome costs typically associated with maintaining a full-time workforce.

The last decade has brought significant changes for businesses. The combination of technological advancements, evolving consumer expectations, and global events has transformed the business landscape. Companies embracing digital transformation, prioritising sustainability, and adapting to new working methods have emerged stronger and more competitive. As we look to the future, the ability to innovate, remain agile, and focus on customer needs will be crucial for navigating the constantly changing business environment.

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 chat live with our team of Education Advisers on WhatsApp, who can have a look at your profile and give you some advice.

If you have already made up your mind, click here to apply.

DILO – A Day in the life of an RKC Student – Nicola M

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Through the #DILO series of blog posts, we have been bringing you insights into our master’s students’ lives, sharing their thoughts and opinions, ups and downs, and key learning points during their online studies. The whole idea behind this series is to make you aware of the realities of online studies and help you in decision making.    

Here are a few insights and some words of wisdom that one of our online master’s students had to share from her own experience. 

Which Uni are you studying at?  

University of Cumbria

University of Cumbria

Which programme did you choose?  

MBA in Educational Leadership

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?  

I took one module per term – based on 10 hours study per week, except for a mid-term and end-term assignments when an additional 10 hours over the weekend was necessary.


In addition, I devoted an extra 4 hours per week, every week towards my assignment, except for the final term when I was studying on an average of 3 – 4 hours per day to complete it.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)

I usually studied evenings and weekends to fit around my full-time employment.

How did travelling impact your ability to study?  

Travelling did not impact my studies at all.

How were you able to interact with peers and/or professors given the time differences?  

Yes – emails was the common means of communication for me.

How much time did you devote for each assignment?  

I typically spent recommended 20 hours/week for each assignment.

Emails was an effective means of communication

What does a typical day as an Online Masters’ student look like for you?  

I would goto full time work as normal every weekday, return and eat supper. Then I would study for 3 hours each evening. At the weekend, I spent at least one full day studying, with extra reading for about 3 hours on a Sunday.

Any advice you have for students to better plan their studies.  

My advice will be to read as much as you are able to before you get into the module as then the time for each element becomes very short and you are expected to read and learn information very quickly in order to respond on the group message board.

It is much better to prepare well and not leave anything until the last moment – remember sometimes ‘Turn It In’ can take 24 hours to respond!

If you have been thinking of joining a master’s programme or have had this personal goal to gain a higher degree, now is the time! Take the valuable advice from our current students, gain from their experience, add your own unique study strategies, and make your own success stories! I would love to feature you one day on our college blog.  

Chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, application process, and for information on discounts we might be offering at this time. 

  

Unlocking Success: NINE Reasons to do a Master’s Degree in Business Before Starting Your Entrepreneurial Journey

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I’ve been good friends with this guy since our graduate school. From the beginning, he exuded a contagious energy and determination, making him a fun person. There were several driving forces behind his ambitions, but one of the primary ones was his desire to make a lasting impact on the world. He aimed to be remembered long after he was gone. His chosen path to achieve this goal was establishing a business as soon as possible and developing it into a global powerhouse – the next big thing.

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After graduating from university, he boldly decided to revive his grandfather’s once-thriving but closed manufacturing enterprise, throwing himself into the venture with unwavering determination. Despite experiencing some successes, the business struggled financially over a few years, ultimately forcing him to cease operations to minimise losses. The factors contributing to the business’s failure could have been multifaceted, ranging from his lack of professional expertise and unfamiliarity with small business management to sheer misfortune or an insufficient grasp of the intricacies of entrepreneurship.

In today’s competitive business world, many people who want to start their businesses wonder whether they should launch their ventures right away or get more education first. Getting a master’s degree in business, like an MBA or MSc, can give aspiring entrepreneurs a strong foundation and many benefits that can increase their chances of success.

Here are some important advantages of getting a master’s degree in business before starting a business:

(1) Comprehensive Business Knowledge

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A master’s degree in business provides a thorough educational program covering various aspects of business management. It includes detailed studies of finance, marketing, operations, strategy, and human resources, offering a complete understanding of each area. This knowledge equips aspiring entrepreneurs with the expertise needed to understand and manage different parts of their business operations. For example, understanding financial statements and budgeting helps individuals make well-informed financial decisions. At the same time, a deep knowledge of marketing strategies empowers them to promote their products or services in the market effectively.

(2) Strategic Thinking and Innovation

Business education focuses on developing strategic thinking and promoting innovation, which are crucial for entrepreneurs to succeed. In strategy, innovation, and entrepreneurship courses, students learn to identify opportunities, create and implement solutions, and gain a competitive edge. This strategic mindset helps entrepreneurs analyse their business models, recognise risks and opportunities, and develop long-term plans for sustainable growth and success.

(3) Enhanced Leadership and Management Skills

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To succeed in starting and running a business, you need strong leadership and management skills to lead a team and make strategic plans. A master’s program covers a wide range of courses and practical experiences designed to develop these crucial skills. Students learn about leadership theories, team dynamics, conflict resolution, and decision-making. These skills are critical for creating and running a successful business, helping entrepreneurs motivate their teams, manage resources effectively, and overcome challenges.

(4) Credibility and Confidence

A master’s degree in business administration can significantly improve an entrepreneur’s reputation and trustworthiness with potential investors, business partners, and customers. This advanced degree shows a strong commitment to ongoing education and a deep understanding of complex business concepts and strategies. Increased credibility can be valuable when seeking financial support or forming critical strategic partnerships. Additionally, the extensive knowledge and refined skills gained through a rigorous master’s program can greatly empower entrepreneurs, giving them the confidence and abilities to navigate the many challenges of starting and running a successful business.

(5) Personal Growth and Development

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Earning a master’s degree in business involves more than just gaining technical knowledge. It also helps with personal growth and development. The academic environment is challenging and requires critical thinking, problem-solving, and effective communication. It also encourages collaborative learning and interactions with peers and faculty, which can broaden perspectives and improve interpersonal skills. This growth can greatly benefit entrepreneurs by providing them with the adaptability, resilience, and leadership skills needed to navigate the complexities of the business world.

(6) Networking Opportunities

Enrolling in a master’s program in business can help you build a solid professional network. Business schools bring together a diverse group of students, professors, and industry experts, creating many opportunities to connect with others. These connections can benefit aspiring entrepreneurs, offering chances to work together, find mentors, and access essential resources. Additionally, many business schools have active groups of former students who can provide ongoing support and open doors to various opportunities as you start your career.

(7) Global Perspective

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In today’s interconnected world, businesses must have an international perspective to succeed. Many business master’s programs offer students opportunities to gain international experience through study abroad programs, international internships, and global consulting projects. These experiences allow students to immerse themselves in different cultures, understand various business practices, and grasp the complexities of different market dynamics, ultimately developing a broad global perspective. For entrepreneurs, this broad perspective is very valuable as it helps them identify and take advantage of international opportunities, understand the diverse needs of customers worldwide, and effectively navigate the complex nature of global markets.

(8) Exposure to Real-World Business Challenges

A master’s degree program in business usually gives students hands-on learning opportunities like internships in different industries, consulting projects with real clients, and in-depth case studies. These experiences let students work on real business situations, solve actual challenges, and gain practical insights into day-to-day business operations. By taking part in real projects and solving real business problems, students can understand business management deeply and gain valuable hands-on experience. This practical knowledge can then be directly applied to their entrepreneurial pursuits, significantly improving their chances of success in the business world.

(9) Long-Term Career Flexibility

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Many people get a master’s degree in business to start their businesses. But it’s also essential to think about the long-term career benefits. If their companies don’t succeed, having a master’s degree gives them various skills and knowledge that can be used in different jobs and industries. This flexibility lets them switch to other careers if needed while still having valuable qualifications and expertise to rely on.

In short, getting a master’s degree in business before starting a business has many benefits that can significantly improve a person’s chances of success. These benefits include gaining a deep understanding of various business areas, improving advanced leadership skills, making valuable connections, and accessing critical resources. Additionally, personal growth, improved strategic thinking, and developing a global perspective from a master’s program can set a strong foundation for entrepreneurial success. While the decision to pursue higher education is personal, the compelling benefits mentioned above strongly support considering a master’s degree in business as an important step toward entrepreneurial achievement.

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.

If you have already made up your mind, click here to apply.

Thanksgiving: A Time to Reflect on Gratitude

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The spirit of thanksgiving is all about us as Thanksgiving draws near. Families get together at the table to enjoy delectable meals and to consider the important things in life. While there are countless things to be thankful for—family, health, friendships—one aspect stands out as a cornerstone of personal and societal growth: education.

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The Gift of Education

One common phrase for education is “the great equalizer.” It gives people the confidence to follow their aspirations and opens doors to opportunities. Let’s pause this Thanksgiving to recognize the enormous influence that education has on each other, our communities, and the global community.

Empowerment Through Knowledge

Our education provides us with the information and abilities needed to successfully negotiate life’s challenges. The foundation for both personal and professional success is laid by education, which encompasses critical thinking, creativity, and literacy and numeracy skills. It is a means to a better future for a great number of people.

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Consider the people in your life who have benefited from education: a self-taught artist, a first-generation college graduate, or a talented tradesperson. These tales all show how education may enable people to overcome adversity, pursue their passions, and make significant contributions to society.

Building Stronger Communities

When we invest in education, we invest in our communities. People with higher levels of education are more inclined to support local businesses, take part in civic activities, and advance social progress. Higher levels of education are frequently associated with better public health, fewer crimes, and higher levels of civic involvement in communities.

Let’s give thanks to the educators who devote their life to influencing the next generation this Thanksgiving. These people, who teach anything from kindergarten to university, encourage pupils to think critically, dream big, and put in a lot of effort. They not only impart knowledge but also instill values of perseverance and empathy.

Lifelong Learning

Learning continues even after we leave the classroom. It’s a never-ending adventure where there’s always something new to discover. There are several ways to pursue information, including reading books, enrolling in online courses, and attending workshops.

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Take into account the tales of people who have changed their lives by lifelong learning—an adult going back to school to obtain a degree, a retiree taking up a new pastime, or a professional learning a new professional skill. Let’s honour the idea of lifelong learning this Thanksgiving and the many ways it improves our quality of life by motivating us to remain open-minded and flexible in a world that is constantly changing.

Gratitude Beyond the Classroom

Even if formal education is important, we also need to acknowledge the unofficial sources of knowledge that help to build our viewpoints. Mentors, friends, family, and even the outside world teach us important lessons that help us develop.

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Think back on the lessons your grandparents taught you, your friends’ advice, or the insight a community leader gave with you. Lessons from these encounters are frequently equally as important as ones that are acquired in a classroom. Let’s give thanks to the educators in our life on this Thanksgiving—those who push us intellectually and motivate us to think critically.

The Role of Education in Cultivating Gratitude

Education instills in us the value of compassion and understanding. Acquiring knowledge about diverse cultures, history, and viewpoints heightens our awareness of the surrounding environment. This knowledge encourages us to be appreciative of the different experiences of others as well as to feel thankful for our own situations.

For instance, learning about history reminds us of the progress we’ve achieved and the work remaining to be done by enabling us to comprehend the challenges and victories of those who came before us. Reading literature exposes us to a variety of perspectives and improves our capacity for empathy. Let’s give thanks this Thanksgiving for the chances that education gives us to comprehend the human condition on a deeper level.

Returning the Favour: The Gift of Education

As we gather around our Thanksgiving tables, let’s also consider ways to give back to the educational community.

There are various ways to support education: you might mentor students, contribute to scholarship funds, or volunteer at nearby schools.

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You can think about conducting a book drive for your neighbourhood libraries, offering your professional expertise to young adults, or tutoring a student who is having academic difficulties. Every deed of kindness strengthens the cycle of education and development in our communities by making someone else’s future brighter.

Celebrating Educational Initiatives

Apart from our individual contributions, we can also acknowledge and endorse educational endeavours that strive to enhance the availability of high-quality education. Numerous groups put in a lot of effort to close the achievement gap, whether it is by supporting legislative initiatives that advance educational equity or by giving resources to schools that receive insufficient funding. This Thanksgiving, think about learning more about these projects and lending your support to help them achieve greater success.

This Thanksgiving, when we give thanks and consider our blessings, let us remember the transformational potential of education. It moulds our lives, fortifies our communities, and motivates us to become better people.

Let’s value the gift of knowledge and make a commitment to developing it in both ourselves and other people. We can all contribute to the elevation of those around us, whether it is through formal education, lifelong learning, or funding our neighborhood’s educational projects.

Wishing you a joyful and fulfilling Thanksgiving filled with love, gratitude, and the spirit of learning! May we all carry forward the lessons we’ve learned and share the gift of education with others.