With the present economic outlook, do you think that this is good advise? - page 3.

Hydrogen

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Quote from: Davidvictorson on March 11, 2023, 02:24:30 PM

avoid a small margin business and instead acquire a skill or learn a trade where there is a reasonable profit margin.

Most small margin businesses I know of are ones which lease a warehouse or storefront location. They have a double rental expense between their residence and business location. This format usually exacts a heavy toll upon profit margins. In cases where rental costs rise, their profitability can disappear overnight.

Its much more affordable and profitable to run a business out of ones own residence or garage. While it may not be zoned for running a business. Benefits usually outweigh disadvantages.

In a worst case scenario, where the economy crashes and everyone regresses to a barter based system. Having some type of skill or trade is a better position to barter from than having a small business.

DOH!

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Quote from: Davidvictorson on March 11, 2023, 02:24:30 PM

I was having a chat with a senior mentor in the financial sector and I asked him what advise he had for recent graduates, he said despite the high rate of unemployment, they should avoid a small margin business and instead acquire a skill or learn a trade where there is a reasonable profit margin. Because the effort you put into a small margin profit business if paired with acquiring a skill will pay more in the future. With the present economic outlook, do you think that this is a good advise?

Given today's society and economy, I would argue that this advice has its own degree of plausibility to be chosen. Unemployment is high, and some positions and jobs require a higher level of competition. Some graduate but cannot choose or apply for the right position and expertise. They have to make a living in occupations that are completely different from the one that corresponds to their university degree. Some choose to study at a higher level, but choosing a career to do something sustainable, finding the door to your own profit is also a good option. For example, if you graduated in electronics - you can choose to continue learning advanced repair skills to combine with small business and small profit margin.

ethereumhunter

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If you really intend to become an entrepreneur and open a business, that is a good suggestion. We must be more creative to develop our potential during the current economy. And when there is more unemployment, we can try to work alone. And even though we haven't gotten a big profit for the initial stage, it can still be developed further because we still have a lot of time.

But if you still want to try to work in an office, you have to prepare yourself to have more skills and abilities because with a lot of unemployment out there, you have to compete with them. It won't be easy because more graduates are from more well-known campuses. We must adapt to the situation and try opening jobs for other friends.

Majestic-milf

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Quote from: RockBell on March 12, 2023, 05:48:35 AM

Quote from: Davidvictorson on March 11, 2023, 02:24:30 PM

I was having a chat with a senior mentor in the financial sector and I asked him what advise he had for recent graduates, he said despite the high rate of unemployment, they should avoid a small margin business and instead acquire a skill or learn a trade where there is a reasonable profit margin. Because the effort you put into a small margin profit business if paired with acquiring a skill will pay more in the future. With the present economic outlook, do you think that this is a good advise?

looking at China, they mostly depend on skill there and it works for them because looking at their population the government can not satisfy them when it comes to getting a job. So to me, a skill is a piece of good advice.

You've got a point there. These days, we've got businesses or jobs that may not be able to pay you for your skills, some may want to milk you dry all cause you are dependent on that job as to settle one or two bills.
Personally, good advice like these rarely come and if a statistics be taken, you'd discover that those with the needed skills set most times do better than just the average graduate and have better edges.
It's quite true that you'd stand to gain more when you pair your business ideas with a little bit of skill because that helps to sell you more.

GeorgeJohn

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Not everyone are destined to be successful through trading, the instinct of human sometimes direct the person where it propagate in life, learning trading is actually good as someone who is lover of cryptocurrency, but as aspect of encouraging everyone to queue into Trading as sources of surviving is not really encouraging because you most have capital before venturing into Trading, secondly the risk measure of Trading is high, its better to venture into business you know better doing than joining trading that you don't know the implications, trading is not assurance business that will guarantee someone success.

RockBell

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Quote from: Davidvictorson on March 11, 2023, 02:24:30 PM

I was having a chat with a senior mentor in the financial sector and I asked him what advise he had for recent graduates, he said despite the high rate of unemployment, they should avoid a small margin business and instead acquire a skill or learn a trade where there is a reasonable profit margin. Because the effort you put into a small margin profit business if paired with acquiring a skill will pay more in the future. With the present economic outlook, do you think that this is a good advise?

Having a skill at hand despite being educated, the rate of unemployment is rising significantly, changing governments or not, it has been a global issue that every government is battling with, is just to get a demanding skill or go into tech and once you are good at what you do you will definitely earn well, looking at china they mostly depend on skill there and it works for them because looking at their population the government can not satisfy them when it comes to getting a job. So to me, a skill is a piece of good advice.

Iadegbola34

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This is the reality that we live in. In my field, your graduate certificate is a secondary requirements to what skills you can actually offer to the production/supplies line of an organisation. To take up software developer role, you may likely not be asked for your certificate if you're excellently knowledgeable in the area of interest.

Pokapoka124

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It’s good advice. Not is everyone is cut out to be an entrepreneur, it takes more than knowledge to manage a business. I think young grads should research the top earning industries and learn a new skill that can help them transition or leverage their degree in that industry. Internships are also a good way to start one’s career. Don’t focus on the layoffs, companies are hiring.

Gyfts

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Recent grads and newly formed small businesses present unique challenges because of the lack of experience. IMO, you're better off entering the job market and gaining experience before incurring debts associated with small business start ups.

You lose nothing if you're terminated from a job. Even if the unemployment rate is high and it's difficult to find a new position for adequate pay, your risk is minimal. If a business goes under, you're still on the hook for the debts depending on the type of business.

Despairo

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Not really if you're need money in hurry to feed yourself or your family, some people can do both where they're working under someone company for 8 AM to 4 PM and then they will learn about new skill when they've back on their home. You need to know trading isn't for newbie and you will not always make profit, actually you will lose money because it's need trial and error.

Sarah Azhari

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Quote from: Davidvictorson on March 11, 2023, 02:24:30 PM

I was having a chat with a senior mentor in the financial sector and I asked him what advise he had for recent graduates, he said despite the high rate of unemployment, they should avoid a small margin business and instead acquire a skill or learn a trade where there is a reasonable profit margin. Because the effort you put into a small margin profit business if paired with acquiring a skill will pay more in the future. With the present economic outlook, do you think that this is a good advise?

It depends. because as I know a skill we can't get if don't have experience in business, trade or any kind of job. If the recent graduates don't have a job and only can produce a small margin on business I think he must continue it even it the risk lost money. Yes, he will lose the money, but he can get the experience that he can't get on real-life trade. And, usually, the skill will be obtained as long with time.

Jody.Drummer

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I am quite agreed with it because to study some clear skills will be very profitable. It is not easy to do that now but when it can be obtained, it is clear that the qualifications we have become bigger and that is something that is very good. I think what your mentor says is right because in this case it will be time to take time again but the results obtained will be clearly commensurate even though this will be a little slow from the conditions that should be but this is also one of the good things to do.

serjent05

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There is nothing wrong with investing time in one's future so I think your senior advice is great. It is very important to invest time in acquiring skills and learning a trade since we never know when it will become handy. Having skills often creates more opportunity to us, may it be employment or self-created services. Rushing to get employed and be employed by small marging business will only hinder our progress since this kind of company's financial capability is limited and oftentimes limit our personal growth just to maintain our wages and keep us bound in their company. And establishing a small-margin business can easily ends up in bankruptcy when an unexpected event happens because of the little profit the business gets.

teosanru

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Quote from: Davidvictorson on March 11, 2023, 02:24:30 PM

I was having a chat with a senior mentor in the financial sector and I asked him what advise he had for recent graduates, he said despite the high rate of unemployment, they should avoid a small margin business and instead acquire a skill or learn a trade where there is a reasonable profit margin. Because the effort you put into a small margin profit business if paired with acquiring a skill will pay more in the future. With the present economic outlook, do you think that this is a good advise?

Both a Yes & a no. Small Margin business ideas or what we can call home startups look pretty lucrative as less capital is generally required to open them and you can easily make your living using them. But if you see the current trend in most developed and developing nations, the trend of the market is changed and a shift towards buying things online and from major stores has been there. Also seeing the development in technology it looks as if this trend will obviously continue. Which means these low margin business will always be struggling with the footfall as we progress further. But yes in this current unemployment scenario it's a good option, as best one if it can be done as a side hustle.

Aanuoluwatofunmi

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Quote from: Davidvictorson on March 11, 2023, 02:24:30 PM

I was having a chat with a senior mentor in the financial sector and I asked him what advise he had for recent graduates, he said despite the high rate of unemployment, they should avoid a small margin business and instead acquire a skill or learn a trade where there is a reasonable profit margin. Because the effort you put into a small margin profit business if paired with acquiring a skill will pay more in the future. With the present economic outlook, do you think that this is a good advise?

It's a very good idea and he's speaking from experience, working for yourself being independent is a good thing to go for in life because it helps you create a brighter future with your adequate preparations made on ground towards achieving every targets set, being self employed as an entrepreneur is an advantage to take and make use of effectively because not everyone has this same opportunity, the earlier you discover your potential and begin working towards it will distant you from working under someone.

lionheart78

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I also think that it is really good advice. Being employed in a small-margin business is somehow not beneficial in the long run. Since the business have a very small profit, they won't be able sponsor their employee to train or acquire skills. Aside from that it is obvious that income growth in this kind of environment is very limited. Although it is beneficial in the short term especially when we are looking for a start-up source of income, acquiring a skill or learning a trade is far more beneficial in the long run.

If someone is able to acquire a skill or learned a trade, the possibility of being employed by good companies becomes higher, and the person will have the capability to start a business because of the knowledge skills, and experience he accumulated. at the end of the day, those who have the skill and talents often reap a higher earnings.

You can also check this article[1] on how important learning new skills is and at the same time the importance of learning a trade[2].

[1] https://www.piedmont.org/living-better/the-mind-body-benefits-of-learning-a-new-skill
[2] https://ca.indeed.com/career-advice/resumes-cover-letters/trade-skill

Adbitco

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I think he is a wise and knowledgeable man, whatever thing you do despite any degree you have attain or achieved in life you need a personal skill not just a skill but many with the latest happening in the world you could get employed through any of those skills you have acquired in life. Trading is also good but with the pressure taste and hunger for wealth would make you not to purely excel in the field though you could be making profit but might not be for a long term. Please respect and honor him because you may not know the value of having a mentor, who always tells you the truth about life.

Bananington

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Quote from: Davidvictorson on March 11, 2023, 02:24:30 PM

I was having a chat with a senior mentor in the financial sector and I asked him what advise he had for recent graduates, he said despite the high rate of unemployment, they should avoid a small margin business and instead acquire a skill or learn a trade where there is a reasonable profit margin. Because the effort you put into a small margin profit business if paired with acquiring a skill will pay more in the future. With the present economic outlook, do you think that this is a good advise?

It is not just a good advice, but a great advice. Small margin profit business will take your time and effort, and at the end, all the profit you make in a long time will be nothing compared to the profit that someone who involves himself in a high paying will earn in a shorter time. If you must be involved in small margin profit business ensure that it is just for a very short time and not what you have long term goals for. You can be involved in a small margin profit business and still pursue your skill which you intend to do for long term, let the small margin profit business be a stepping stone.

BIT-BENDER

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I also think there is are some points you can take home from that advice mate. Come to think of it check how many small business owner you know especially those who owns a small daily needs store and calculate how many years you know them, they actually don’t do big things and are more of the time having what they can use to feed and settle other necessary bills.

To do big you ought to aspire for more and learning is one way to do so. I think it’s more like investing in yourself and never settle for less. But also there are those with big mind set that started from small investment and still made it.

sunsilk

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It is a good advise in my opinion about acquiring skills. You don't have that much qualification but being a graduate and most companies are no longer focusing with that.

What they like is what you can bring to their table based on the skills you've got. And that's why learning some skills before applying for a job is gonna give you an edge from other candidates that could also be fresh grads.

The more skills you have, the higher chance that you might get employed as a beginner and from there, you'll think about it whether you want to hone that skills or you're good being like that.

Topic: With the present economic outlook, do you think that this is good advise? - page 3. (Read 394 times)