Business ownership appeals to veterans seeking new careers
Once their service ends, veterans often expect to start a new career. In many cases, the same skills and characteristics that helped make them successful in the military, such as ambition and a drive to succeed, make veterans uniquely suited for entrepreneurial endeavors like business ownership.
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Advice for Employers for Recruiting and Retaining the Workers of Generation Z
(BPT) - The U.S. workforce is in the midst of an influx with 65 million workers from Generation Z beginning to look for jobs, according to BridgeWorks Consulting. This group of workers, born after 1997, do not remember a time without the internet and have grown up in a post-2008 recession era of financial responsibility, meaning what motivates them differs greatly from previous generations.
The combination of Gen Zers’ financially savvy, entrepreneurial spirit and their deeply rooted relationship with technology means employers need to reassess and diversify the ways they interact with and what they offer candidates. This also creates challenges in identifying the groups’ reason for choosing a field or job, placing the pressure on the hiring business or brand to stand out as an attractive experience.
“With this generation, the onus is on employers to learn how to relate to and attract their next employees,” said Kristen Wahl, director of the EcoCAR Mobility Challenge, the current Advanced Vehicle Technology Competition sponsored by the U.S. Department of Energy, General Motors and MathWorks.
EcoCAR’s recent study of college students participating in the competition revealed two key insights that translate across industries and may help employers of all types better understand who their co-workers and employees of the future will be.
Tech is integral to all aspects of their lives
Gen Z hasn’t known a time without access to infinite information at their fingertips as smartphones debuted when many were infants. Easy access to information has allowed Gen Zers to be curious learners and interact with companies and brands much earlier than generations past.
The study shows job seekers are likely to engage with online articles (62 percent) and videos (61 percent) along with other content on social media, which can be a great starting point for hiring companies to build their relationship with the Gen Z workforce. These insights apply to all companies — from large national companies to local small businesses — and are easily attainable through a variety of online channels.
“Our insights show interaction between Gen Z and employers must start before the next hiring cycle or career fairs,” said Wahl. “Employers of all sizes should be aware how their future employees interact with their brand before they are looking to hire.”
Personal and career growth are imperative
Gen Zers are seen as self-starters that take pride and responsibility for their own career paths with 76 percent believing they are culpable for driving their own career trajectory and 42 percent with hopes of self-employment, according to Concordia University-St. Paul. The entrepreneurial work ethic and concerns of financial security can explain the emphasis placed on professional and personal growth. Our research shows young job seekers agree on the importance of career advancement opportunities (98 percent), competitive wages (97 percent) and personal learning and development opportunities (96 percent). Regardless of industry or job-level, Gen Zers see a link between personal and professional growth and seek employers who share that thinking.
“Employers who can reach prospective job seekers early in their process and then deliver a fulfilling day-to-day experience with proper compensation will be prepared to both attract and retain the incoming wave of young workers,” said Wahl.
To say ClassPass founder Payal Kadakia keeps busy is an understatement. The fitness platform she founded operates at 15,000 partner sites across 80 cities worldwide and is continuing to expand. Kadakia works 10-hour days and then dances for another three; plus, she finds time to fit in workouts daily. Kadakia offers the following time-tested tips on how to own your everyday through preparation, planning and purpose.
(BPT) - To say ClassPass founder Payal Kadakia keeps busy is an understatement. The fitness platform she founded operates at 15,000 partner sites across 80 cities worldwide and is continuing to expand. Kadakia also founded Sa Dance Company, a bicoastal Indian dance troupe that performs at major venues across Los Angeles and New York.
Kadakia works 10-hour days and then dances for another three; plus, she finds time to fit in workouts daily. Kadakia offers the following time-tested tips on how to own your everyday through preparation, planning and purpose.
1) Preparation: Kadakia always keeps a suitcase packed with spares of essentials — chargers and adapters, toiletries, a favorite scarf that doubles as a cozy blanket, and almonds, her go-to snack for all her favorite adventures. Kadakia loves almonds because they have the protein and fiber she needs to stay full and nourished, whether she’s in the boardroom, in the air or about to perform on stage.
2) Planning: Kadakia meticulously plans out her schedule to make sure every moment is spent with intent. Time is her most precious resource, so detailed planning enables her to make every minute count. “I spend Sundays planning my week, and I begin each morning sipping antioxidant-rich green tea while reviewing my calendar, goals and actions for the day,” says Kadakia. “An integral part of my planning includes the careful scheduling of meals, workouts and snacks. Not only do I want every minute to count, but I also want every nutrient to count. I always carry almonds in my purse and my gym bag so I’m never caught hungry or tempted by poor food choices.” Kadakia takes a similar approach to planning her workouts. She doesn’t just schedule an exercise class — she also books second- and third-choice classes in case her first choice falls through.
3) Purpose: “Everyone has a purpose, whether they know it or not,” said Kadakia. “You owe it to yourself to identify it and pursue it with zeal. My personal purpose is to help people live their lives fully. It’s no coincidence that this is ClassPass’ mission, too. It has guided me through tough decisions — like quitting my safe day job years ago to create ClassPass and abandoning products that were working well but not well enough — and it has always guided me to fill my days with meaning.”
Armed with preparation, planning and purpose, anyone can own their everyday. It’s yours to seize.
Most people are stuck with a career path that has little to do with what they studied or envisioned themselves doing. Years later, they may suddenly find themselves at a crossroads, wondering how they came to their current point in their work life. However, finding a new career is a possibility at any age, and finding one that incorporates what you love is possible for anyone determined to seek a new path.
Start Your Own Business
By starting your own business, you can incorporate your own interests and be your own boss. However, like any business, getting started requires a lot of planning and research. Whether you want to open your own eatery or become an online merchant, the cost of starting your own business is high, but so is the potential reward. Here are several pitfalls to avoid when starting your own business:
Join a Franchise
Sometimes, starting a new business from scratch is not an attractive option. If not, you might want to join an existing franchise instead. Joining a franchise allows people to work in an industry they love with a brand they are passionate about. With the wide variety of industries with franchises, it's not too hard to find a franchise that mirrors your interests. In order to find the right franchise, you need to define what you wish to accomplish with a franchise, and then do market research to identify the available options, your budget and your community. Contacting the franchisor, reviewing their processes and interviewing other franchise owners comes after doing your initial research. Joining a franchise of a brand you love can be a rewarding way to work in an industry you love.
Teach What You Love
At times, teaching and sharing what you love is richly rewarding. Teaching and learning no longer have to be onsite at an expensive physical location. Many learning platforms offer virtual online learning conducted through videos, forums and online communication. Whether you want to teach online yoga or advanced coding, there are online communities available where online classrooms can be set up, and you can get paid for uploading your own educational videos.
If you are starting to doubt yourself and the passion behind your work, perhaps it is time to change your career. The average person changes jobs between five to seven times in their lifetime. With many options available both online and off, there are many opportunities to find a path that leads to a fulfilling job that you love to do.
If you’re looking to change your career but you don’t have a degree, check out this list of high-paying, easy-enter career fields that don’t require a degree!
What if rather than a hobby being your escape, it was what you did for a career? Here's how to make that dream a reality.
(BPT) - A beloved hobby can feel like a mini vacation from everyday life. Whether it's gardening for relaxation, photography as a creative outlet or computer coding to exercise the brain, hobbies serve as an escape from stress and boredom.
What if rather than a hobby being your escape, it was what you did for a career?
"When you do what you love, it doesn't feel like work. However, people are intimidated by the idea of transitioning a hobby into this type of dream," says Jim Salmon, vice president of business services at Navy Federal Credit Union. "Becoming a successful entrepreneur doesn't have to be difficult with the right drive and passion."
Navy Federal Business Services has helped thousands of people turn their dreams of owning a small business into reality by providing expert guidance and financial support through Business Services products. Here are some of Salmon's expert tips based on best practices he's observed through his close relationship with entrepreneurial clients:
1. Take your time.
Becoming a successful entrepreneur doesn't mean you have to drop everything and devote all your time to starting a business. In fact, research shows the opposite: People who keep their day jobs while starting companies are a third less likely to fail than those who abandon their full time jobs. Instead, they're tinkering, researching and cautiously testing things out to see if their idea is a viable business venture and if there is a market for their product or service.
2. Set a timeline.
Is there a season where it would make sense to test out your business venture? Or perhaps there's a transitional time in your life where you'll be looking to open a new chapter. For example, transitioning your hobby into a viable business venture a great option for active duty military personnel and veterans because they naturally begin to think about what their second career will be after retiring or leaving the Armed Forces.
3. Decide on time commitment.
Decide how much time you are willing to dedicate to your new venture in the beginning. Being an entrepreneur means being your own boss which affords you unprecedented flexibility, but the effort you put in directly effects what you get out. Keep in mind, entrepreneurship isn't just for full-time professionals. Turning a hobby into a career is a great option for military and stay-at-home parents who require flexibility in regards to working hours and location, but they may have more open time to dedicate to the transition.
4. Create a business plan.
Transitioning a hobby into a profession is a lot of fun, but it's also serious business if you want to be successful. That means creating a business plan that includes goals and plans for attaining them. This will serve as the foundation for how you strategize and build a successful business today. Plus, when it comes time to finance your budding business, a solid business plan will give you a leg up and direction for the future.
5. Find financial backing.
Depending on what type of business you want to pursue, you may need some additional funding beyond what you can afford. Establishing a relationship with a financial institution like Navy Federal Credit Union will help you learn more about small business loans and lending products that will help your small business grow. Bring your passion and your business plan - potential investors and financial institutions alike will want to see both before they make a decision.
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