Canadian Small Business Women

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Emerging Economies: 3 things you need to know

 

Emerging economies and emerging markets are terms that are being thrown around quite readily in today’s business world. Amidst the current and upcoming changes to political climates in some of the world’s most developed countries economic forecasters and investment experts often refer to emerging economies when predicting growth or elevated risks. But just what are emerging economies and why should we care about them? Here are 3 things you need to know about emerging economies:

  1. What is an emerging economy

An emerging economy or emerging market economy as it is often referred to is an economy with low to mid range per capita income (the income of the average person living in this particular economy). Emerging economies are characterized by their rapid growth and volatility; they offer a huge potential for growth however pose significant political, financial and social risks.

  1. What are some examples of emerging economies

Last year the IMF identified 23 countries as emerging market economies, however you don’t need to memorize all 23. A few common examples are the BRIC countries (Brazil, Russia, India, China) and the MINT countries (Mexico, Indonesia, Nigeria and Turkey). Other popular emerging economies are Malaysia, Thailand, Chile, the Philippines and South Africa.

  1. Why are emerging economies important

Emerging economies constitute about 80% of the world’s population, with countries like China and India dominating the market. The rapid growth and potential high yield offered by emerging economies also make them an attractive option for investors looking to take on more risk in hopes of a higher and faster return on their investment. In addition emerging economies are a haven for outsourcing offering lower labour costs and an abundance of manpower.

Praveeni Perera is an experienced entrepreneur having co-founded a training and consulting company catering to clients around the world. Her area of expertise is international expansions. You can connect with her via Twitter or LinkedIn

Multiple Streams of Income … getting yours!

yvonne

 We seem to live in a world of wanting and needing more, and most times, meeting these needs requires money! For more than half the population or what we have come to know as the one percent, making more money is the key to unlocking all our desires. Even the scriptures aptly state that money answereth all things.

If you have ever asked, ‘how can I make money doing the things I like?’ and are unwilling to give up you primary source of income, then you are faced with a challenge many face in today’s economy.

A good way of taking of this feat is to identify what suits you best, take it seriously by committing to it, and create a plan that makes you stand out from the rest. Here are a few strategies to help get you started

  • Explore a skill you have. Something you enjoy doing, which you can easily be offered in your spare time in return for a charge. Have you got a flair for decorating, interior design, fixing furniture, baking or making clothes? Whatever it is, you can use this skill! Many people have created successful businesses from making use of their skills on a part-time basis.
  • Provide a service using the web. The world has become a global marketplace, and taking advantage of this easily accessible platform brings you closer to the centre of creating an income. Services that you can provide on the web may include proofreading; writing articles and reviews; designing graphics and websites; or anything else that does not require a face-to-face interaction. Web services are good money makers, given that you provide services based on your skills.
  • Online Stores. Can you sell something that people from around the world would buy? Having an online shop does not require you to be constantly present. As long as you have a valid email, a proper payment tracking software, and desirable goods and services you can make more money. Items you could think of selling include unwanted furniture, traditional and vintage pieces, handmade crafts, accessories and clothing, etc.
  • Selling your knowledge. Are you good at giving advice and helping people find solutions to problems? Do you have the training and techniques that can mentor a person through a difficult time? Then you can turn your knowledge and wisdom into income. It is from such intellectual knowledge that consulting agencies, counselors and therapist make money.

Be aware that these ideas are not new, the only difference is the unique and special thing which you will add to make you stand-out, as well as planning and structuring your services professionally.

There is a quote that goes “A man’s gift makes room for him and brings him before great men.” The answer might very well be in your hands, but it is up to you to apply wisdom to you gifts, talents and skills, to make room for more money.

To learn about Yvonne’s latest book on Changing your Mindset for greater results, visit http://www.oliveblue.com/changeyourmindset/

Yvonne is an Author, Speaker, Change Consultant & John Maxwell Leadership Coach who is passionate about working with Individuals, Entrepreneurs and Organisations to help implement change they want and achieve their goals.   

She can be reached at: www.oliveblue.com . www.facebook.com/oliveblueinc . www.twitter.com/oliveblueinc.www.youtube.com/ChangeYouWantTV

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