Do You Have the Right Entrepreneurship Skills to Start Your Own Venture? Here Are the Top Seven Skills Every Entrepreneur Should Have

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Photo by Adeolu Eletu on Unsplash

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.

Photo by William Felipe Seccon on Unsplash

2. Resilience and Adaptability

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.

Photo by Alexander Mils on Unsplash

4. Leadership and Team Building

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.

Photo credit: Unsplash.com

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.

Photo credit: Unsplash.com

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.

The Global Rise of Electric Vehicles and their Social, Economic and Environmental Impact

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The world is witnessing a remarkable transformation in the automotive industry with the rapid rise of electric vehicles (EVs). This shift, driven by technological advancements, policy changes, and increasing environmental awareness, is poised to significantly impact global transportation and the environment. Electric vehicles (EVs) are no longer just a futuristic concept; they have become an integral part of our present and a crucial component of our future. As the world grapples with the challenges of climate change, pollution, and energy sustainability, EVs offer a promising solution.

The Emergence of Electric Vehicles

Technological Advancements

The past decade has witnessed significant advancements in battery technology, making EVs more affordable and efficient. Innovations in lithium-ion batteries have increased energy density, reduced costs, and extended vehicle ranges, addressing one of the major concerns of potential EV buyers—range anxiety.

Government Policies and Incentives

Governments worldwide have played a pivotal role in promoting EV adoption through various policies and incentives. Subsidies, tax rebates, and grants have made EVs more financially accessible to the average consumer. Additionally, stringent emission regulations and bans on future sales of internal combustion engine vehicles in several countries have accelerated the shift towards electric mobility.

Corporate Commitments

Major automotive manufacturers have committed to an electric future. Companies like Tesla, Nissan, and Chevrolet have led the way, while traditional automakers like Ford, General Motors, and Volkswagen are investing billions into developing new EV models and building extensive charging networks.

The Surge in Electric Vehicle Adoption

In recent years, electric vehicles have moved from the fringes to the mainstream. As of 2023, there are over 26 million EVs on the road worldwide, a number projected to reach 145 million by 2030 if current trends continue . The surge is particularly notable in countries like China, the United States, and several European nations.

  1. China: Leading the charge, China accounts for nearly 45% of global EV sales. In 2022 alone, China sold 6.8 million EVs, a 78% increase from the previous year .
  2. Europe: Europe follows closely, with EVs making up about 20% of new car sales in 2023. Norway is a standout, where over 80% of new car sales are electric .
  3. United States: The U.S. is also ramping up its efforts, with EV sales reaching nearly 1 million units in 2023, doubling from 2021 .

Social Impacts

Environmental Benefits

One of the most significant social benefits of EVs is their positive impact on the environment. EVs produce zero tailpipe emissions, reducing air pollution and contributing to cleaner cities. This improvement in air quality can lead to better public health outcomes, reducing respiratory and cardiovascular diseases linked to pollution.

Urban Transformation

The adoption of EVs is transforming urban landscapes. Cities are installing EV charging stations, redesigning parking infrastructures, and planning for integrated electric public transport systems. These changes promote a cleaner, more sustainable urban environment, benefiting all residents.

Energy Independence

EVs have the potential to reduce reliance on fossil fuels, thereby enhancing energy security. By leveraging renewable energy sources like solar and wind to charge EVs, countries can decrease their dependence on imported oil, fostering greater economic stability and security.

Economic Impacts

Job Creation

The EV industry is a significant driver of job creation. From manufacturing to maintenance and charging infrastructure development, EVs generate employment across various sectors. The shift towards EVs has spurred innovation and entrepreneurship, leading to the growth of new businesses and services.

Economic Growth

The EV market is expanding rapidly, contributing to economic growth. The global EV market size was valued at over $160 billion in 2020 and is expected to grow exponentially in the coming years. This growth translates into increased revenues for companies, higher tax revenues for governments, and a positive ripple effect on related industries.

Cost Savings for Consumers

While the initial purchase price of EVs can be higher than that of traditional vehicles, the total cost of ownership is often lower. EVs have fewer moving parts, resulting in lower maintenance costs. Additionally, the cost of electricity as a fuel is generally lower than gasoline or diesel, leading to significant savings over the vehicle’s lifespan.

Environmental Benefits of Electric Vehicles

The environmental impact of electric vehicles is a key driver behind their adoption. Here are some of the significant benefits:

  1. Reduction in Greenhouse Gas Emissions: EVs produce zero tailpipe emissions, which directly contributes to lower greenhouse gas emissions. According to the International Energy Agency (IEA), the increased adoption of EVs in 2022 resulted in a reduction of 60 million metric tons of CO2 emissions, equivalent to the total annual emissions of Greece .
  2. Air Quality Improvement: Cities with high EV adoption rates are witnessing improved air quality. For instance, studies have shown that air pollutants like nitrogen oxides (NOx) and particulate matter (PM) have decreased in urban areas with significant EV usage .
  3. Energy Efficiency: EVs are generally more energy-efficient than internal combustion engine (ICE) vehicles. They convert over 77% of the electrical energy from the grid to power at the wheels, compared to only 12-30% for ICE vehicles .

Challenges and the Road ahead

While the rise of EVs brings substantial environmental benefits, several challenges need addressing to maximize their positive impact.

  1. Battery Production and Recycling: The production of lithium-ion batteries, a key component of EVs, has environmental downsides, including mining impacts and energy-intensive manufacturing processes. Effective recycling programs and advancements in battery technology are crucial to mitigating these issues .
  2. Renewable Energy Integration: To fully leverage the environmental benefits of EVs, it is essential to power them with renewable energy sources. Currently, the carbon footprint of an EV can vary significantly depending on the energy mix of the region .
  3. Infrastructure Development: Expanding charging infrastructure is critical to support the growing number of EVs. Governments and private entities are investing heavily in this area, with the number of public charging points expected to reach 10 million by 2030 .

The global rise of electric vehicles represents a significant step toward a more sustainable and environmentally friendly transportation sector. While challenges remain, the ongoing advancements in technology, policy support, and societal commitment to reducing carbon emissions and improving air quality provide a promising outlook. The future of transportation is electric, and its positive impact on the environment is undeniable.

As we accelerate towards this electric future, it is crucial to continue addressing the challenges to ensure that the environmental benefits are fully realized and sustained for generations to come.

Check out our list of online programmes and see if we have anything that interests you on specializations like energy sustainability, project management, or business administration.

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.

DILO (A day in the life of) a master’s student

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Through the #DILO series of blog posts we have been bringing you insights into the life of our master’s students, 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 realities of online studies, and help you in decision making.  

This week we take a look at a day in the life of our MBA student from University of Cumbria. Here is an insight and some words of wisdom from their own experience. 

An Introduction 

Which Uni are you studying with? 

University of Cumbria.

Which programme did you choose and why? 

Masters of Business Administration. I wanted the fluidity of the degree to be able to strategically move upward within organizations. 

The Study Plan 

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? 

Prepare a study plan and pick a time of the day that works best for you

I followed the recommended guideline. I had some classmates who did the mandatory modules first, then took the modules that were aligned with their profession, but that would have prolonged the completion of the program.

I followed a mandatory two hours daily schedule, sometimes, three to four hours depending on the subject.

I would suggest however, to read through the course requirement at the beginning of the course to get an understanding of the requirement.

Begin early to draft the final assessment for the module and make revisions as the material becomes clearer.

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

Allow yourself enough time for each
assignment

Morning hours and weekends were more practicable for me.

How much time did you devote for each assignment? 

It depends on the subject. Some familiar subjects were easier and more interesting and those that were challenging got extra attention. Roughly 3-4 days per assignment, inclusive of research, rough draft and final submission.

Travelling and Communication 

How did travelling impact your ability to study? 

Initially, travelling impacted study times. It required major adjustment to after work schedule and infringement on family time. It really came down to prioritizing what was important at that particular time.

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

The interaction with the different time zones was a bit of negative factor for me. One had to keep in mind the time differences and make the adjustments.

A typical day as a master’s student 

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

Getting up a little earlier to put in extra time, when it is quiet in the morning. Listening to podcast on related materials during breaks and the long drive home.

Any advice? 

Take advantage of every opportunity.

Make a structured daily schedule that includes two hours of daily studies. Break it up if necessary.

Most importantly during overwhelming and difficult periods… take a break.. take a deep breath… and start again.

Have a core group of people in the program that you can interact with, share and exchange information.

Well indeed, incredibly helpful advice. To get you through the master’s studies we have a great faculty who are subject-matter experts, guide and encourage the students to achieve their potential.  

If you have been dreaming of joining a master’s programme or have had this personal goal to gain a higher education, 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. 

DILO (A day in the life of) a master’s student – Peter Cross

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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 York St John University and Robert Kennedy College, MBA Leadership Innovation and Change programme, Peter Cross. 

An Introduction

Which Uni are you studying with?

York St John University

Which programme did you choose and why?

MBA Leadership Innovation and Change

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?

I studied minimum twelve hours per week. I work better under pressure.

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

During the week i.e Monday to Friday I devoted my lunchtime and evenings towards studies. Over the weekend, I generally studied most afternoons and evenings.

Photo credit: Canva.com

How much time did you devote to each assignment?

I had a systematic approach to each assignment and had objectives for the end week but always took advantage of the full time allotted. 

Travelling and Communication

Photo credit: Unsplash.com

How did travelling impact your ability to study?

I commute to work by train. I utilized my time commuting to and from work by train and it really helped early on in my studies.

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

The forums were very useful and after the residency, a few of us joined an informal WhatsApp group and became friends outside of the course which continues even now.

Photo credit: Canva.com

Peers were a wonderful source of support. Professors also responded very timely to questions, whilst being the best at stimulating discussion on module’s relevant topics.

A typical day as a master’s student

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

Maybe read research papers during commute by train and arrive to office at 9 am. At lunchtime, I leave my desk and go to my favorite reading place in the office. I continue work in afternoon and return to my favorite reading place latest by 6pm for 1-2 hours to read. Then I travel back to home and relax for the evening.

At weekends, I relax with family in the morning. I continued research for at least five hours on Saturday and Sunday during the afternoon and in evening at my favorite reading place at home. I would usually take some time out to be with family.

I was ruthless sticking to this routine, even when we had visitors.

Any advice?

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

Having an environment to read comfortably and uninterrupted is crucial. Find your favorite space at home and around work where you can consistently slip away to study and so that people around you get used to you not being available to them.

Give yourself an opportunity to get into a constructive routine and ensure you love going to your favorite study place, perhaps taking a coffee with you. It makes the difference when studying difficult topics.

Photo credit: Canva.com

A to the point and practical advice by our alumni – go grab a cup of coffee (or tea)! 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.

Navigating the Path to Pursue a Master’s Degree: Your Comprehensive Guide

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Embarking to pursue a master’s degree is an exciting and transformative endeavour. It signifies a commitment to furthering your education, expanding your expertise, and opening doors to new opportunities. However, the road to a master’s program requires thoughtful preparation to ensure a smooth transition into this next phase of your academic and professional life. In this blog, we’ll guide you through the essential steps to help you prepare for the enriching experience of pursuing a master’s degree.

Define Your Goals

Before you begin your master’s journey, take the time to reflect on your academic and career goals. What do you hope to achieve through this program? Clarifying your objectives will guide you in selecting the right program and tailoring your experience to align with your aspirations.

Reflect and align your academic and career goals.

Choose the Right Program

Research a master’s program that resonates with your goals and interests. Consider factors like program specialisation, institution reputation, location, faculty expertise, available resources, and potential career opportunities post-graduation. Attend informational sessions, browse program websites, and connect with current students or alums to gather insights.

Review Admission Requirements

Thoroughly review the admission requirements for your chosen programs. These typically include academic transcripts, letters of recommendation, a statement of purpose, and a resume or portfolio. Start gathering these documents well in advance to avoid last-minute rushes.

Admission requirements usually include a resume and academic transcripts.

Build a Strong Resume/CV

Update your resume or CV to highlight your academic achievements, work experience, extracurricular activities, and relevant skills. Tailor it to emphasise how your background aligns with the program you’re applying for.

Financial Planning

Evaluate the costs associated with your master’s program, including tuition fees and potential lost income during your studies. Crafting a realistic budget plan will enable you to manage your finances effectively.

Personal Development, Networking and Building Connections

Engage in activities that contribute to your personal growth and development. Read literature related to your field, participate in online courses, attend seminars or workshops, and engage in networking events. These activities will enhance your knowledge and demonstrate your commitment to continuous learning. Start building your professional network early on. Connect with professors, alums, and peers in your chosen field. Attend conferences, workshops, and seminars to interact with professionals who share your interests. Networking can provide valuable insights, potential collaborations, and future job opportunities.

Strengthen Your Academic Foundation

Master’s programs can be academically rigorous, so ensure you have a strong foundation in the relevant subjects. Review essential concepts and materials from your undergraduate studies, especially if there’s a gap between your previous education and the start of your master’s program.

Preparing for Research and start reading Academic Literature

If your master’s program involves research, familiarise yourself with the research process. Learn about research methodologies, data collection, analysis techniques, and literature review. This will help you feel more comfortable in your research projects.

Start reading academic papers, articles, and books related to your field. This will enhance your understanding and prepare you for engaging in intellectual discussions and debates during your program.

Time Management and Organisational Skills:

Develop effective time management and organisational skills, as you’ll need to balance your current commitments with the demands of your master’s program. Practice setting goals, prioritising tasks, and maintaining a structured schedule.

Plan to balance your current commitments with the demands of the master’s programme.

Health and Well-being and Emotional Preparation

Recognise that pursuing a master’s degree can be academically and emotionally demanding. Stay resilient, embrace challenges as learning opportunities, and build a support system of friends, family, mentors, and fellow students.

Prioritise your physical and mental well-being. Regular exercise, maintain a balanced diet and practice stress-relief techniques such as meditation, mindfulness, or yoga. A healthy body and mind are essential for effective learning and overall success.

Stay Informed and Learn About the Online-Campus and Resources

Keep track of application deadlines, program updates, and any changes in admission requirements. To stay informed, join online forums, subscribe to newsletters, and follow the program’s social media accounts.

Familiarise yourself with the online campus layout, library facilities, laboratories, and other resources. This will help you settle in quickly once you start your program.

Cultivate a Growth Mindset and set realistic expectations

Approach your master’s program with a growth mindset. Embrace challenges as opportunities to learn and improve. Don’t be afraid to ask questions or seek help when needed. The learning process involves successes and setbacks, all contributing to your growth.

While enthusiasm is essential, it’s important to set realistic expectations for your master’s journey. Understand that there will be demanding times and moments of accomplishment and joy. Strive for progress rather than perfection.

Create a Study Space

Designate a quiet and organised space for studying and completing assignments. A dedicated study area will help you focus and maintain a productive routine.

Celebrate Your Achievements

Acknowledge and celebrate the milestones you achieve along the way. Completing assignments, acing exams, and even the small victories deserve recognition. Rewarding yourself will keep you motivated and positive throughout your master’s journey.

Preparing for a master’s degree goes beyond the application process. It’s about cultivating a mindset of continuous growth, equipping yourself with relevant skills, and immersing yourself in your chosen field’s academic and professional landscape. By embracing these comprehensive steps, you’ll be well-prepared to embark on this enriching educational adventure and make the most of every opportunity that comes your way. Remember, your journey to a master’s degree is not just about the destination but the transformative experience you’ll undergo.

What are the economic predictions for 2023?

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The last few years have been like a foggy, fading memory, from the Covid-19 pandemic to the US Capitol attack in 2021 to Russia’s invasion of Ukraine in 2022. Who would have thought about these events’ disastrous effects on our lives?

Advent of Covid-19 in 2019 impacts our lives even 3 years later. Photo credit: Canva.com

And with not much relief from the dire repercussions of the last three years, the impact of these events on our lives continues in 2023 as well.

What does this mean for the world economy?

I am not an economist. I work and run a family. But I understand simple economic terms and their co-relationships. I can do the math when I see increasing grocery bills, and my household income remains unchanged. I feel the pinch on my wallet, and I know I cannot afford to indulge in any ‘extra’ luxuries anymore as I have bills to pay and ends to meet.

In layperson’s terms, the 2023 economy can be described as a chain reaction of the following events:

Spiked inflation levels – Raised interest rates – Fall of GDP/economic growth – Fear of spreading recession

Interest rates are increasing due to high inflation. Photo credit: Canva.com

Let’s understand what inflation is.

Inflation is a measure of the rate at which the general level of prices for goods and services rises, and purchasing power falls. Various factors, including economic growth, interest rate changes, and supply and demand shifts, can cause inflation.

Common causes of inflation

  1. Economic growth: There is an increased circulation of money as a country’s economy grows and expands. This increased money supply can increase prices as businesses raise prices to take advantage of the extra demand. Additionally, wages tend to rise as the economy grows, which can contribute to higher prices.
  2. Changes in interest rates: When interest rates are low, it is cheaper for businesses and individuals to borrow money, which can increase spending. This increased spending can cause prices to rise as companies raise prices to take advantage of the extra demand. On the other hand, borrowing becomes more expensive when interest rates are high, leading to decreased spending and lower prices. 
  3. Shifts in supply and demand: When demand for goods and services is high, businesses may raise prices to take advantage of the extra demand. Conversely, companies may lower their prices to attract customers when demand is low. Additionally, when the supply of goods and services is low, prices may rise due to the limited availability of goods and services. On the other hand, when the supply is high, prices may decrease as businesses try to attract customers.
  4. Natural disasters, wars, and government policies: Natural disasters can lead to higher prices for goods and services as businesses struggle to keep up with the extra demand. Government policies, such as printing money or increasing taxes, can also lead to inflation. Wars can cause inflation as governments increase spending to fund the war effort.

    Understanding the causes of inflation is essential to manage its effects on the economy better.
Shifts in demand and supply causes inflation. Photo credit: Canva.com

Types of Inflation

  1. Cost-push inflation: This occurs when production costs increase, leading to higher prices for goods and services. For example, if the cost of raw materials or labour increases, businesses may pass on those costs to consumers through higher prices. This can also happen due to increases in taxes, tariffs, and regulations.
  2. Monetary inflation: This occurs when there is an increase in the money supply, which can lead to higher prices as more money chases the same amount of goods and services. This can happen if a central bank, such as the Federal Reserve, increases the money supply through monetary policy.
  3. Expectations of inflation: Inflation can also occur if people expect prices to rise. This can happen if they think that the economy is growing too quickly, interest rates will increase, or due to any other reason. If people expect prices to rise, they may start to spend more money now, which can lead to actual inflation.
  4. Imported inflation: This can happen when a country experiences inflation due to the increased prices of imported goods. For example, if the value of the country’s currency decreases, imported goods will become more expensive, leading to higher consumer prices.
  5. Foreign inflation: This refers to the inflation that occurs in a country due to inflation in other countries. For example, if a country’s main trading partners experience inflation, it may increase the prices of imported goods and services, which in turn can cause inflation in the country.

How inflation can be controlled

Changes in Monetary policy can help curb inflation. Photo credit: Canva.com
  1. Monetary policy: Central banks, such as the Federal Reserve in the United States or the European Central Bank, can control inflation by manipulating interest rates. When interest rates are high, borrowing becomes more expensive, decreasing spending and lowering prices. On the other hand, borrowing becomes cheaper when interest rates are low, leading to increased spending and higher prices. Central banks can also use other monetary policy tools, such as open market operations, to control inflation.
  2. Fiscal policy: Governments can also control inflation by using fiscal policy, which includes government spending and taxation. For example, if the government increases taxes, it can decrease spending, which can help reduce inflation. On the other hand, if the government increases spending, it can increase demand for goods and services, which can cause prices to rise.
  3. Supply-side policies: Governments can also use supply-side policies to control inflation. For example, suppose the government reduces regulations and taxes. In that case, it can make it easier for businesses to produce goods and services, increasing the supply of goods and services and helping to keep prices low.
  4. Incomes policies: Governments can also control inflation by using income policies, which aim to control wage and price increases. For example, the government can impose wage and price controls, which can help to keep prices low. 
  5. International coordination: Inflation can also be controlled through international coordination. For example, if a country’s trading partners are experiencing high inflation, it can increase the prices of imported goods and services, which in turn can cause inflation in the country. In such cases, governments can coordinate with other countries to stabilize prices.

Inflation can have various economic effects, such as reducing purchasing power, making exports less competitive, and increasing the risk of recession. Central banks and government try to balance stable prices and economic growth. It’s essential to understand the causes of inflation to create policies that can mitigate its adverse effects and maintain economic stability.

Inflation can lead to recession. Photo credit: Canva.com


Controlling inflation is not always easy and can have negative consequences, such as reducing economic growth, increasing unemployment, and creating imbalances in the economy. Therefore, central banks and governments usually aim to balance stable prices and economic development and use different tools and policies to achieve that balance.

It seems like inflation is here to stay in 2023 for most of us from a global perspective, as the underlying problem of imbalances in the supply chain persists. And world leaders have thought of reducing overall economic activity as the answer to the inflation problem. And as the ripple effect stems from reduced spending, a recession is soon knocking on our doors. Watch this space as I discuss the recession in next week’s blog.

#DILO (A day in the life of) a master’s student at RKC – Vernon W

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Here’s presenting another gem of our #dilo -a day in the life of RKC student series. We asked some of our past and current students to share their thoughts and opinions and give feedback on how they handled the challenges of online learning.

There is no better way to learn from those who came before and see if what worked for them will help you become a better student! Hopefully, this will help you to make an informed decision.

An Introduction

Who are you, really?

I am an entrepreneur in charge of a couple of SMEs in the Caribbean. I had to delay embarking on the ‘MBA journey’ as for many years I would work up to 16 hours/day. But alas, MBA was always one of by 2020 ‘Things to do’ so I embarked on the journey mainly because of this reason. A plan must be executed.

Which programme did you choose and why?

MBA Leadership & Sustainability.

The Study Plan

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?

Prior to MBA, I read widely on many subject areas, so that helped me while studying. Unfortunately, notwithstanding all my good plans at the beginning of each module, most times I would get started late. In reality, I must run two companies first – then study. I try to put in 3 hours, 3 times per week. Sometimes I get in as much as a full day – usually because I was behind and had to catch up.

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

I study better at quiet times such as evenings and weekends would work best for me. This means I have to spend a lot of time planning ahead to reduce competing personal and business priorities. Most of the time when I settle down to study, I made sure I have little or no distractions.

How much time did you devote to each assignment?  

Usually, I use less than the recommended time. If the recommended time for preparation is say, 2 weeks, I have to get it done in half the time. This means reading all the recommended material and external material. As I said, I really try to read widely.

Photo credit: Canva.com

Travelling and Communication  

How did travelling impact your ability to study?  

Little or none at all. Prior to MBA I advised my associates that I did not wish to travel much until MBA is completed and so far so good. I do not do a lot of local travelling.

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

For my business, I use a suitable app communicate with multiple people in different time zones. I simply added Zurich to the list. Not much trouble there and the time stamp on the study portal helps.

A typical day as a master’s student  

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

A full day of work and then some studies. Some days I get in up to say 1 hour during the work day (his happens say once or twice weekly). During this time, I participate in the learning forum. The forum is a healthy place to learn other perspectives so I go back to read other students’ posts whenever I miss them. These are very important – similar to being in a physical class room.

At the end of the day, I try to put in more time before heading home, and if unsuccessful, try to make up before heading off to sleep.

Photo credit: Canva.com

Any advice?  

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

Yes. I do not think I am a poster student for giving advice to students on this topic as I am working daily to improve my own scheduling. I think my present mode is at about 70% and based on grades thus far it is clear to me that all I have to do is get some more time in. Students (and myself) could:

1. Schedule time away from work as is required. In the end, an MBA is an investment and ‘time’ is money.

2. If possible, have discourse (outside of the forum) with someone on the subject area – including via video conferencing. Great if its another student. This is also good for long-term collaboration and networking.

3. If you were pursuing MBA in a physical lecture setting, travel time, traffic and other factors would have ensured more time is spend pursuing MBA – even if some are wasted on transportation. So, while studying online result in less CO2, be careful it does not necessarily also result in less time studying.

Enjoy the benefits of this mode of study, but remember, its an investment of time and money and the returns can make a big difference in your life (and your family’s).

I hope this blog has answered some of your questions, and please watch this place for similar blogs. So, if you have been thinking about doing a master’s degree and now understand how to study better for an online programme, look at our programmes and see if anything interests you.

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 answers to any questions you may have.

Education Leadership – It’s all about learning

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Education serves as the foundation block of human society. It is a dynamic process, and education can be received from a variety of institutions all over the world. Education has seen numerous changes through the centuries and is an ever-evolving field constantly facing new challenges. Educational institutions aim at providing structured learning to develop knowledge and skills along with the holistic balance for overall growth, enabling the individual to lead a successful life. Various institutions operate to provide age-appropriate education to kids and adults.

Who is an education leader?

A leader in education is one that other educators look up to for guidance, direction, and example. An educational leader serves as a guide in an organizational setting. They operate either as sole leaders or as a team of education administrators. An education leader plays a pivotal role in determining the reputation and climate of the school. Learning communities function and thrive under the direction and vision of their leader.

What common traits make a successful (and influential) leader?

Unlike management leaders, the challenges that education leaders face are unique and diverse. There is no other industry with such constant learning as the education industry.

“Leadership is the capacity to translate vision into reality”

Education leader creates opportunities, supports processes and empowers educators. Here are some of the typical traits found in an inspirational, educational leader:

  1. An education leader is a lifelong learner
  2. An innovator, has vision and is a planner
  3. Expert in utilizing data and resources
  4. Leads by example
  5. They create collaborative, inclusive learning environments
  6. High emotional quotient and critical decision maker
  7. Has a positive and can-do attitude
  8. Excellent communicator and problem solver
  9. Empowers educators and promotes the development of leadership skills 
  10. Pivotal in community building and transpiring the values, philosophy, and ethos of the educational institution through the community

The list above is not exhaustive. 21st-century leaders operate in complex environments and are expected to be active facilitators of change.

“Change is an opportunity to do something amazing”

Education leaders must possess an in-depth understanding and knowledge of the communities’ learning requirements. In a heavily media-saturated society, the dynamism and rapidly changing education requirements are unpredictable. Still, education leaders are responsible for preparing learners for the future. Effective leaders tend to develop learning strategies focusing on the future while analyzing current education trends.

What leadership models are valid in education?

While various leadership models are adapted from the business world to the educational, theories and models regarding the role and function of education leaders have been reformed and remodelled to echo the change over time.

Here are a few of the leadership models applicable to the education sector:

Transactional leadership

Transactional leadership centres around rewards and punishments and these are made very clear from the beginning with straightforward job descriptions and expectations. The leader allocates work, and the subordinate is solely responsible for it.

Transformational leadership

This form of leadership allows dreams to take shape. A transformational leader develops a vision and implements it while taking care of their employees and giving them ample opportunity to succeed.

Servant Leadership

The servant leader puts the interest and needs of others first. The leader would share power, delegate, improve, and work for the benefit of the less privileged.

Laissez-faire Leadership

This leader’s involvement in decision-making is minimal because they allow people to make their own decisions. For this leadership style to be successful, the employees must have integrity and be self-driven.

Take a look at our list of 100% online master’s degree programmes and see if we have anything you are interested in doing.

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programme that is right for you, the application process, and details on discounts we might be offering at this time.

All you wanted to know about Global Warming – Its cause and its effects

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The Earth is warming up, and the phenomenon of the overall temperatures of the planet rising is referred to as Global Warming. This trend of increasing atmospheric temperature has had been observed since as far as 1880. The industrial revolution blew the bugle and marked the beginning of the era of rising annual global temperatures, with an average increase of 0.07 degrees Celsius (0.13 degrees Fahrenheit) every ten years since 1980. The average rate of increase has doubled in the last two decades – and it seems there is no sign of it slowing down.  

There are several elements that affect the Earth’s climate over time, such as temperature, atmospheric pressure, wind, rain, and humidity. This creates a network of intricate ecosystems where plants and animals’ life, growth, and survival are affected by a slight change in the climate and throw it out of balance.

According to an analysis at NASA, Earth’s global average surface temperature in 2020 tied with 2016 as the warmest year on record

Causes of Global warming

The Greenhouse Effect

Increased human activity such as excessive use of fossil fuels, deforestation, and industrialisation has been central to the drastically changing climatic conditions and increased concentration of greenhouse gases.  

The heat-trapping pollutants like carbon dioxide (CO2), methane, nitrous oxide, and other fluorinated gases form a layer over the Earth’s atmosphere. Instead of the radiation escaping back into space, this layer absorbs the sunlight and solar radiation reflected from the Earth’s surface. This process traps the heat for years and centuries, leading to rising temperatures and a hotter planet.  

We live in a Greenhouse. Video credit:https://climate.nasa.gov/causes

Natural cycles and fluctuations also influence Earth’s climate. Some have even blamed the Sun for the global warming trend. Proxy indicators such as sunspot records and the amount of carbon in tree rings are generally used to estimate solar irradiance. However, research shows that neither the natural cycles nor solar irradiance can account for more than 10 per cent of the recent global warming.  

NASA with the cutting-edge observations from it’s Earth System Observatory helps to understand our ever-changing planet

Effects of Global Warming

One of the main effects that global warming has is climate change. Commonly these two terms are used interchangeably. However, they are different.  The change in the weather patterns and growing seasons across the globe is referred to as climate change. Melting ice sheets, expanding warmer seas and oceans leading to rising sea levels are the effects of climate change.  

A recent report issued by the Intergovernmental Panel on Climate Change (IPCC) reveals some shocking climate change findings. The research conducted by 90 scientists from over 40 countries concludes that limitig global warming to 2 degrees Celsius is no longer a viable option. To curb any further devasting effects of climate change, global warming must be limited to 1.5 degrees Celsius by 2040. In the event the world fails to achieve this mark, then events like floods, fires, or varying temperatures will no longer be a statistical anomaly but will instead become a seasonal happening just like changing seasons.  

Though in our daily lives we might not understand the impact of global warming and climate change, the changes to the environment are happening now and, with time, will make a more significant impact than ever before. If we look around closely, what used to be subtle hints, are now taking more devastating effects such as:  

  • Extended periods of wildfires
  • Melting glaciers and ice caps in Antarctica and the Artic.
  • Bleaching of the coral reefs
Coral reef decimation is one of the sad effects of the global climate crisis
  • Warmer and acidic oceans
  • Extreme weather conditions due to rising temperatures
  • Spread of diseases
  • Farming has been affected by changing rainfall patterns, severe drought, and heat waves. The growth of the produce is mutated, and the quality of the crops has also been affected. 

The future is not determined; it is on our hands

David Attenborough

While not a lot, there is still time to act and slow down the pace of global warming. The Earth has already warmed 1.1 degree Celsius above the pre-industrial levels. The need of the hour is to bring all nations together and work towards building a fossil-fuel-free economy. And the next decade is crucial in achieving this target. Countries have the technology, scientific foresight and solutions to reverse the damage for a healthier planet. Using alternative and renewable sources of energy like wind, water and electricity; adoption of a flexitarian diet with less dependence on meat; afforestation drive etc., can save our planet Earth. Do you pledge to save our planet? 

Is your company competitive? Here are 4 strategies to make it one! 

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“No competition, no progress”

Bela Karolyi 

I could not agree more with the world-renowned Hungarian-born Romanian American gymnastics coach, who transformed gymnastics coaching in the US and was responsible for bringing home numerous international laurels. His words are not only applicable in sports but are equally fitting in the business world as well.  

Businesses do not operate in isolation. Gone are the days of monopoly where companies could dominate a market or industry. Today, in the fast-moving-digital-world, every business, big or small, faces stiff competition to hold a fair share of the market.  

Carefully analyze company’s competitive environment when formulating a business plan

When formulating a business plan, it is essential to analyse the company’s competitive environment. The competitive environment is the intricate external system in which the business operates and comprises of several factors or elements that affect and shape the industry. These elements include, and are not limited to:  

1. Competitors – Direct and Indirect  

2. Government regulations and laws  

3. Suppliers  

4.  Substitutes  

5. Technological trends  

6. Demographic Composition  

7. Network of Distribution  

8. Corporate culture  

Industrialists, innovators, and entrepreneurs need to think critically about these factors that affect the company’s profitability and success. (Also, check out our blog on 7 ways to improve critical thinking). It is imperative to understand the competition landscape and scope. This is necessary to prepare the kind of resources, investment, and technology required to build a sustainable and profitable business. In the good ol’ days, companies could thrive with little or no competition. In comparison, companies now must adopt new and innovative means to compete with other firms in the business environment and to have a competitive advantage over them. Strategic forecasting, planning, and implementation can lead to success in competition. Various strategies can help businesses build undefeatable and sustainable products and services.  

Caption – PESTEL model (reference)

Here are 4 strategies that can help build competitive advantages for your business:  

1. Cost Leadership  

Businesses run for profit. By definition, profit is a financial gain realised due to the difference between the amount earned and the amount spent on buying, operating, or producing a product or a service. It is one of the oldest tricks in the (business) book to be a cost-leader. When a business decides to pursue the cost-leadership strategy, it vows to provide the goods or services at a competitively lower price than any of its rivals can ever offer.

Such firms operate on the lowest cost structure, have reasonable control over the entire supply chain, suppliers, and raw materials, and have tight controls on the whole value chain activities. Walmart, IKEA, McDonald’s, Primark, and RyanAir are a few examples of firms that attribute their business success to a cost-leadership strategy.  

2.  Differentiation  

“You can’t look at the competition and say you’re going to do it better. You have to look at the competition and say you’re going to do it  differently”.

Steve Jobs  
Why HERMES?

Offering a low-cost product is not always an option in a competitive environment. Different consumers have different demands. Companies, by providing high-end quality products, also influence many customers’ buying decisions, who would otherwise choose the cheaper alternative. Even though companies always intend to keep their costs low, they are willing to spend on research and development costs, marketing, customer service, or innovation to develop a niche product or service, for which consumers are willing to pay a premium price. Apple, Starbucks, Tesla, Tiffany & Co., Emirates, and Hermes are examples of companies whose thoughtful approach to differentiation and compelling storytelling strategy makes millions of consumers spend premium prices for their products and services.  

3. Focus  

This strategy is quite different from the above two strategies. Business here focuses its primary strategy, i.e., operating at a lower cost or adding value but on a limited market, much narrower in scope than the broader cost leader or differentiator. The company intends to make concentrated efforts based on either a particular buyer group, geographic uniqueness, a unique product line, or a special attribute appealing to a niche customer class to cater to the specific demand of a limited number of customers. Gucci, Rolls Royce, Diet Coke, NetJets, and DC Design are a few examples of companies that have successfully adopted the focus strategy.  

4. Strategic group  

“Anytime you find someone more successful than you, especially when you’re both in the same business, you know they are doing something that you aren’t”. 

Malcom X  
The Cosmetics Industry has close knit competition and companies follow similar strategies to build competitive advantage

Groups of businesses of comparable size and range that operate in the same industry and follow the same strategies to build competitive advantages are termed strategic groups. The competition is so closely knit in such environments that even a small movement by the competitor affects the others’ market position. It helps build a strategic group map to identify businesses’ closest competitors and evaluate how your company is positioned in the industry. Common examples of strategic groups are the restaurants, retailers, cosmetic brands, and the aviation industry.  

These are four strategies, more commonly known as Michael Porter’s ‘generic’ business-level strategies as these can be applied to any business, by any firm in any industry.  

Which strategy do you think is the most powerful in building a competitive business advantage in your own context? Share your thoughts and ideas in the comments below.  

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