On the Evolution of Work Systems in the Digital Economy
Tag Archives: entrepreneurship
Currently the traditional model of delivery, where a customer contacts a local restaurant directly, still accounts for nearly 90% of all delivery orders, with ⅔ of those being ordered by phone. However as technology has shown in many other commercial markets, the ability and desire to purchase or order anything online is growing quickly.
Recently the worldwide market for food delivery has been estimated to be worth over $87 billion, which is around only 1% of the total food market, and 4% of food sales by restaurants or fast-food chains. Americans themselves are expected to spend over $12.5 billion a year by 2019 on delivery food. With the estimated growth the by around 3.5% per year for the next 5 years, many companies and startups are trying to get their piece of the pie.
Companies like Deliveroo, UberEats, and Eat24 have slowly grown to become the middle-man between the customer and restaurants throughout many cities in North America and the UK. The concept is to basically offer as large a choice of restaurants as possible based on your address. Two models of this concept have been developed that both involve dealing with numerous restaurants but handle the delivery of food completely different. One model is operated by aggregators. These aggregators take orders online or via app, and pass the order along to each individual restaurant who then handles delivery themselves. The other model can be defined as “new delivery,” which is a concept that requires the company taking the orders to also control the logistics and delivery. Read more of this post
It’s no secret that the modern workforce is changing. In an era where more value is being placed on workplace autonomy, flexibility and freedom, the gig economy is becoming the new normal. In fact, 36% of workers in the U.S. work in the gig economy (in some form or another). Spurred by technology, the gig economy has helped create a buyer’s market for many job seekers, offering businesses who utilize it’s services the agility businesses need to stay competitive.
It’s likely that you’ve heard of the gig economy as “side hustles” offered through on demand platforms like Uber, Amazon Flex and Postmates. However, the gig economy encompasses a broad range of workers, that are simply “independent.” This means that gig work is everything from rideshare and delivery services to freelance writers, designers, and other contractors.
In the gig economy, there are two sides: that of independent workers and that of businesses who utilize the services of independent workers. To help you better understand the history of the gig economy, how each side works best practices for businesses and independent workers. Startup insurance company, Embroker, put together this comprehensive guide that covers all facets.
For example, in their gig economy for businesses chapter, they cover best practices for startups and companies to best utilize the skills of independent workers. Some of these include:
- Identifying your needs and skills gaps.
- Developing a long-term strategy that lets you take advantage of on demand talent
- Utilizing different platforms like Upwork, Freelancer and others to find experts that work best with your business
- Different ways to efficiently operate with a blended workforce.
The following content was submitted on behalf of The Zebra.
There are words and phrases that float around the business world that just seem to catch fire. Suddenly, you seem to see them everywhere. For a period of time it was “out-of-the-box thinking” and then “paradigm shifts.” Later we saw everyone talking about “leverage” and more recently: “agility.”
But one of the newest and most exciting buzzwords in industry today is “disruptor.” Now startups and entrepreneurs all over the globe are using this term in their pitches and elevator speeches to give investors something to be excited about. But what does it actually mean to disrupt an industry and why is it so desirable? Clearly, the most profitable part of disruption is that there is already an established customer-base for your innovation – but what else does this concept offer?
Below we see the answer through the lens of transportation startups and how they are working within their established industry to leverage their own agile companies toward paradigm shifts by using out of the box thinking.
Taking a look, we can see how ride-share companies like Uber are less rogue than you might think, and how traditional car manufacturers, whom one would think likely tend to stand strong against any outside innovation, are actually investing heavily in them. This might reflect the idea that while a new disruptive idea should be prepared to expect pushback from established companies, any idea that is truly worthwhile will get those same industry leaders on board.
Another good lesson that can be gleaned from transportation disruptors is how to establish the right angle. Looking for specific pain points like cost (in the case of new cars) or convenience (in the case of traditional taxi services) has given ridesharing services a leg up. What are the difficulties your targeted consumers face?
Below, check out all the facets of disruption that you can learn through interfacing with transportation startups. Maybe YOUR next word will be the one that everyone is using in their pitches.
The following content was submitted on behalf of Valpak.
Any major business move requires taking a risk. Whether you leave your corporate job to pursue a passion project, launch a new product, or partner with a new company, it can be daunting to make a drastic change. Thankfully, there’s a helpful strategy to weigh the potential outcome before taking the leap.
Calculated risk-taking involves carefully considering the pros and cons of a decision, with a thoughtful plan behind it. There are helpful steps, tools, and tactics you can use break down the outcome into smaller digestible steps. Make a list of everything that could go south if you move forward with the decision, whether it’s related to your business finances, relationships, self-care, or time. Schedule regular check-ins as you work towards a goal to see what kind of progress you’re making. The more you understand all potential costs to that risk, the better you can improve its outcome.
For a helpful breakdown on calculated risks, view the visual from Valpak below. It covers steps to follow so you can anticipate red flags and successful company who have used this method. Read more of this post
The following content was submitted on behalf of Valpak.
A crucial step that all business owners and entrepreneurs need to take, at some point, as they grow is a business price increase. As your service or product improves, so does its value. It’s helpful to perform research into your competitors and industry before you make a jump. Is the increase justifiable? More often than not, a price increase will spark some conversation and uproar among your users or customers.
While you can’t control how your customers react, you can take the necessary steps to avoid push back. Be honest and transparent. Communicate the change with your customer’s needs in mind by clarifying the added value or benefits for them. You may be surprised with how consumers will be willing to pay a little bit more for a much better result or added value. For more specifics, Valpak breaks down twelve actionable steps to raise your prices and how to handle an upset customer as a result in their infographic below. Read more of this post
Written by Todd Baker
Edited by Lynn Patra
What Is Intellectual Property?
Intellectual property (IP) is a general term for the rights recognized by Nigerian law for creations of the mind, including:
- Patents – rights granted to inventors for novel and useful inventions.
- Trademarks – rights granted to businesses relating to the branding of their goods and services (company, product and service names).
- Copyrights – rights granted to authors for tangible expressions of ideas (art, literature, music, software code, architectural plans).
- Trade secrets – rights granted to businesses relating to their unique and valuable intangible assets (business processes, client and customer lists, procedures, practices, formulae, research notes, market data).
Types of Patents
There are three types of patents that every startup should be aware of: Read more of this post
The following infographic, submitted by Circa Interactive, summarizes elements of effective business management models. In terms of change management, for instance, check out what this infographic says about growth and change, the role of company culture, and barriers to change. This is followed by an informative overview of change management programs.
To run successful businesses, entrepreneurs must adopt new management strategies that promote staff retention, revenue generation, and workplace culture. This is in addition to exhorting rank-and-file staff to support change programs. Failing to do so can be costly for a business.