#ForbesBusinessCouncil

[sabeernelliparamban]

Signs It's Time to Rethink a Business Project or Initiative

One reason to reconsider a project is increased competition. When new competitors emerge, a project's ROI can take a hit. If market share, revenue, and profitability start slipping, it's wise to step back and assess. Sometimes, shifting focus to other initiatives with higher growth potential is the smarter move.

My thought in an expert column, "20 Signs It's Time to Rethink a Business Project or Initiative," was published in Forbes Business Council!

Please read and tell me if you ever had to make a tough call to pivot because of competition.

[usnewsper-business]

ForbesBusinessCouncil: Building Your Business? Build Your Team First #business #Forbes #ForbesBusinessCouncil #Google #TeamBuilding

[spoal]

The Power Of Drive: Why It Matters More Than Motivation And How To Cultivate It 

https://www.forbes.com/sites/forbesbusinesscouncil/2023/03/27/the-power-of-drive-why-it-matters-more-than-motivation-and-how-to-cultivate-it/

[issy-fashion-summer-unit4]

Size Diversity Research

As more businesses start to assess their sustainability and ethics standards, equality needs to be considered to make their consumers feel empowered and represented in the market, especially when it comes to fashion.Size inclusivity has been gaining more and more traction in the fashion industry over the last few years. From Versace embracing curvy models on the catwalk duringMilan Fashion Week, to Jameela Jamil endorsing ideas of “body neutrality“, to the rise of diverse models gracing our screens and fashion catalogues.While this is all taking place when it comes to more ethical fashion, size inclusivity has a way to go for it to truly be accessible to all conscious consumers. Size inclusivity is the practice of equally representing a wide variety of body shapes and sizes. Yet when it comes to clothing, most designers cap sizes from size 6-14 US (12-18 UK/AU), excluding a major market of consumers who fit outside of “standardised” sizing.

As society evolves, the fashion industry must adapt. The average size of an American woman hasincreased from size 14 to size 18. The body type that brands have catered to, both from marketing and technical design perspectives, is now outdated. The push for fashion to embrace size inclusivity is intensifying. And while there are now more brands offering sizes past 16 than ever before, many still get the sizing and fit for larger sizes wrong. Plus-sized clothing has traditionally fit consumers poorly. This is because of the methods brands use to "grade," or create a range of sizes for a single style. Brands typically begin with a single standard-size fit model, then scale up and down. While this method may work to fit consumers sized similarly to the original fit model, human bodies don’t scale up in a linear fashion. Brands that offer larger sizes should instead use plus-size fit models when designing their clothing and determining their grading. Another mistake brands make is designing for a single body shape. This means everyone with a different shape will have fit issues. Brands should account for multiple body types when designing their clothing, while also making sure that the styles and fabrics of their garments cater to all shapes and sizes. Many companies have begun to explore mobile 3-D body scanning as a way to offer their customers a perfect fit when shopping online. This technology lets consumers scan themselves with their smartphones, then uses their body dimensions to make personalized size recommendations. 

According to The Fashion Spot's Diversity Report, New York Fashion Week's Spring/Summer 2022 runways showcased 48 plus-size models—which, in comparison to the six plus-size models that walked in the season prior, may seem like a step in the right direction. Unfortunately, it’s a fleeting one: the Spring 2020 season was the highest ever at 68 models beyond the sample size. As models who exist in bigger bodies have been forced to accept, designers' interest in championing body diversity oscillates from season to season. Many historic designer labels were founded on the ethos of loving and elevating the female form, Versace being a notable one. But since its founding, its clothing was tailored to a specific type of woman; gaunt, chiseled, and caucasian. So the increasing ushering of diverse model line-ups being sent down the runways felt forced to some.

The Harvard Referencing for the websites I used:

Joanne Pereira. (2022). Why We Need Size Inclusive Fashion, and Which Brands Are Doing It Best. [Online]. Good On You. Last Updated: 26 September 2022. Available at: https://goodonyou.eco/sustainable-size-inclusive-fashion-brands/ [Accessed 7 October 2024].

Jeff Chen. (2022). Your Guide To Inclusive Sizing In Fashion. [Online]. Forbes. Last Updated: 21 January 2022. Available at: https://www.forbes.com/councils/forbesbusinesscouncil/2022/01/21/your-guide-to-inclusive-sizing-in-f [Accessed 7 October 2024].

Savannah Sitton. (2022). Size Inclusivity Is Just Fashion’s Latest Fad, Says Spring 2022’s Plus-Size Models. [Online]. Editorialist. Last Updated: 18 January 2022. Available at: https://editorialist.com/fashion/size-inclusivity-fashion-week-spring-2022/ [Accessed 7 October 2024].

[fadingsunsjvj]

Council Post: Employee Ownership: A Strategic Advantage

Council Post: Employee Ownership: A Strategic Advantage https://www.forbes.com/councils/forbesbusinesscouncil/2024/08/02/employee-ownership-a-strategic-advantage/

[albanyny12205]

[marketing2day]

The importance of community: social engagement in the Metaverse

Imagine stepping into a virtual world where the boundaries between physical and digital are blurred. This is the metaverse. In this space, social networks are not just platforms, but entire worlds where users can interact in real-time in three-dimensional environments. With the development of virtual reality (VR) and augmented reality (AR), these interactions have become rich, nuanced and increasingly lifelike.

In the burgeoning digital landscape of the metaverse, social networks and online communities have transcended traditional boundaries. We are witnessing a revolutionary shift in which digital interaction is becoming an immersive experience, fundamentally redefining community engagement.

According to a 2022 report by Techreport, the number of active online users in the metaverse is around 400 million (https://techreport.com/statistics/metaverse-statistics/). These virtual spaces have become centres of vibrant social interaction, with an average Metaverse penetration rate by 2030 of 27% across different countries (https://techreport.com/statistics/metaverse-statistics/).

Community engagement is therefore a key factor. In the metaverse, this goes beyond likes and comments. It includes collaborative creation, shared experiences and synchronous interaction. Lee et al. (2023) found that users feel a stronger sense of belonging in the Metaverse when they participate in community-driven events within these platforms and when they are using Avatars to identify themselves with (https://doi.org/10.1089/cyber.2022.025).

The implications for businesses are huge. According to Bain, the metaverse could reach a market size of $700 billion to $900 billion by 2030 (https://www.bain.com/insights/taking-the-hyperbole-out-of-the-metaverse-tech-report-2023/). This sizeable economic opportunity is recognized by a variety of sectors including gaming, entertainment, and even real estate. With such projections, it’s clear that the metaverse will likely become a central hub for a range of activities and could play a pivotal role in shaping future social and economic interactions​.

Looking ahead, the potential for social networking in the metaverse seems limitless. According to Fernandez (2022) many social interactions could take place in virtual spaces, with the metaverse as the central hub (https://www.forbes.com/sites/forbesbusinesscouncil/2022/10/14/brand-basics-building-community-in-the-metaverse/?sh=1b19cd417259).

But at the heart of this digital revolution is the human element - our innate desire to connect, share and grow together. Online communities in the Metaverse fulfil this need on an unprecedented scale, providing a canvas for human expression that is as limitless as the imagination. What do you wish for in online communities? Do you think the possibilities in the Metaverse will be able to fulfill your needs more than current social media platforms?

The Metaverse seems to be more than a technological marvel; it is a testament to the interconnectedness of humanity. Right now, as we continue to explore and engage in this new terrain, we should do so with the understanding that these spaces are not just playgrounds for innovation, but communities that reflect our collective spirit and that great communities can arise from this. 

[truthblockchain]

Venture Capitalists Role In Blockchain Innovation

Investors are increasingly jumping on the blockchain train. Blockchain is expanding its reach into various markets, far beyond the realm of cryptocurrency that made it famous. Based on my experience as a venture capitalist, I believe VCs can and should play a larger role in blockchain innovation. We can help expedite the development of blockchain solutions by providing young entrepreneurs in this space with valuable resources, connections and mentoring.

https://www.forbes.com/sites/forbesbusinesscouncil/2024/04/18/how-venture-capitalists-can-support-blockchain-innovation/?sh=5690c0abfada

[livgracefmp]

S U S T A I N A B I L I T Y

It should come as no surprise that sustainability is perhaps the largest problem facing fashion firms at the moment, as this industry is responsible for 10% of the world's carbon dioxide emissions (more than international travel and shipping combined).

However, as clothing manufacturers jump into the sustainability issue, buyers may have to sift through a large sum of tweets, blog posts, and press releases to find the hard data.

Facts about general fashion sustainability: -8.1% of greenhouse gas emissions from the earth are caused by the fashion sector. -According to estimates from research sources, synthetic clothing accounts for anywhere from 20% to 35% of all primary source microplastics found in the marine environment. -If nothing changes, it is predicted that there would be 148 million tonnes of fashion waste by 2030, a 49% rise.

Facts about Fashion Production: -As the second-largest user of water worldwide, the fashion sector generates 20% of all water waste. -A pair of jeans requires 7,000 litres of water to make. -The amount of cotton needed to make one t-shirt requires 2,700 litres of water. -The carbon footprint of a polyester shirt is more than double that of a cotton shirt (5.5 kg CO2e vs. 2.1 kg CO2e). -Less than 1% of products are recycled into new clothing, up to 12% of fibres are thrown away on factory floors, and 25% of fast fashion clothing goes unsold. (Institution Ellen Macarthur) -According to the House of Commons Environmental Audit, the creation of fashion generates more emissions than worldwide air travel and shipping combined.

Fashion Supply Chain facts: -93% of businesses do not give living wages to garment workers -Bangladeshi garment workers reported 35 percent of their experiences with workplace violence coming from supervisors.

-Women make about 80% of the garment industry, yet they frequently earn less than men do.

-Seventy-seven percent of the top 71 clothing retailers in the UK said there was a chance modern slavery will happen somewhere in their supply chain.

Consumer facts:  -Compared to fifteen years ago, we no longer use our garments as much. This represents a 36% decrease in usage. -A ten percent increase in the sale of used apparel might reduce water use by four percent and carbon emissions per tonne of clothing by three percent.

-An additional nine months of clothing wear could result in a 20–30% reduction in carbon, waste, and water footprints.

-Within a year of purchase, three out of every five new articles of apparel are burned or thrown away.

-In the UK, just 4% of buyers claim to "only buy from sustainable clothing brands."

WEBSITES AND VIDEOS-

HARVARD REFERENCE-

Foroozesh, S. (n.d.). Council Post: Sustainability In The Fashion Industry: Avoiding Communication Landmines. [online] Forbes. Available at: https://www.forbes.com/sites/forbesbusinesscouncil/2021/07/13/sustainability-in-the-fashion-industry-avoiding-communication-landmines/?sh=6260f8dd61a6 [Accessed 6 Nov. 2023].

Vice Asia. (2019). A Beginner's Guide to Sustainable Fashion. [Online]. www.youtube.com. Last Updated: 20 November 2019. Available at: https://www.youtube.com/watch?v=kaqv9YwbQek [Accessed 6 November 2023].

[your-property-guide]

Guide To Rental Property Investing: Trends And Developments

With fluctuating rent prices, varying vacancy rates and evolving property ownership expenses, today's rental scene is in flux. Moreover, the rise of flexible work arrangements and technologies is helping reshape what prospective tenants seek. While these shifts come with their own set of challenges, I see signs still pointing to a growing demand for rental properties.

Know More: https://www.forbes.com/sites/forbesbusinesscouncil/2023/09/21/guide-to-rental-property-investing-trends-and-developments/?sh=5a60100a6f3b

[sabeernelliparamban]

Potential Business Benefits Considering Nearshore Staffing

In my experience, conquering new markets demands speed and efficiency. Nearshore teams provide local expertise without the hassle of relocating. They understand the local market, regulations, and customer needs, so you can dive right in and make an impact. This approach not only saves time but also cuts down on administrative burdens, making your expansion smoother and more effective. My opinion about 'Potential Business Benefits Considering Nearshore Staffing' is published in Forbes Business Council. Please read that.

#NearshoreStaffing #BusinessGrowth #GlobalBusiness

https://www.forbes.com/councils/forbesbusinesscouncil/2024/08/08/considering-nearshore-staffing-13-potential-business-benefits/

[fahmeenaodetta]

Path to Self-Publishing

 I am seeing more information on self-publishing. It appears that some do really well with self publishing. Is this the best option for me? Some resources to evaluate:

- How to Self-Publish a Book: The Complete Guide to Publish Like a Pro, https://www.ingramspark.com/how-to-self-publish-a-book

- How to Publish a Book for Free: The Seven Best Sites, https://blog.reedsy.com/how-to-publish-a-book-for-free/

- Don't Self Publish A Book Before Answering These Crucial Questions, https://www.forbes.com/sites/forbesbusinesscouncil/2021/05/17/dont-self-publish-a-book-before-answering-these-crucial-questions/?sh=49c8502b237f

- 24 things I learned self publishing 3 books in only 6 months, https://writingcooperative.com/24-things-i-learned-publishing-3-books-in-only-6-months-1b8f743e9e86

- Start Here: How to Self Publish Your Book, Jane Friedman, https://janefriedman.com/self-publish-your-book/

[stacys61]

Capturing Attention on Social Media

Capturing Attention on Social Media

Social media is important because it can provide the ability to connect with family and friends, as well as coworkers and acquaintances. It also provides the ability to network and find people who share similar interests, grow a business, find information, the possibilities are endless if you allow yourself to utilize your resources (Panel, 2021).

Maintaining Engagement in Social Media

Attracting attention initially can be the easy part, maintaining it however can be difficult to navigate at times. According to (Panel, 2021) it’s important to be yourself. Talking about trending events, having a sense of humor, or having a target audience. There’s a chance if something interests you, it may interest others too! It’s also possible you may influence others to try something new. In an article by Tsimonis and Dimitriadis (2014) they mention that engagement with others is important because it encourages more engagement.

References

Panel®, E. (2021, April 27). Council Post: 12 Ways To Grab Attention With Content. Forbes. https://www.forbes.com/sites/forbesbusinesscouncil/2021/04/27/12-ways-to-grab-attention-with-content/?sh=4921335f445b

Tsimonis, G., & Dimitriadis, S. (2014). Brand Strategies in Social Media. Marketing Intelligence & Planning, 32(3), 328–344.

[ttppnd]

Entry 5: The importance of organisational culture and being a high performing intern and team member.

Organisational culture is very important and is necessary for a workplace to function properly and run smoothly. As stated by Warrick (2017), “A major factor in the success of an organisation is its culture." This is because “organisational culture can significantly influence the performance and effectiveness of a company; the morale and productivity of its employees; and its ability to attract, motivate, and retain talented people." Another definition provided by Hogan & Coote (2014), stated that organisational culture “refers to the values and beliefs that provide norms of expected behaviours that employees might follow.” In order for a company to have a strong and positive organisational culture, all members of the company must first understand organisational culture’s importance. Then all members must have aligning values and goals, have different channels of communication, and have ways in which to monitor and measure the company’s organisational culture (Ilya, 2022).

Being a high-performing intern has various advantages. If you are a high performing intern who works hard and is performing well, you are able to maximise your internship by gaining all the benefits you seek from the internship. You are able to learn and develop professional skills, have a positive impact on the organisation that gave you an opportunity, put yourself in a position to land a role at the company by performing at a high level, as well as give yourself the right tools to publish work and show your experience in other jobs. According to Maertz et al,. (2014), being a high performing intern can lead to various benefits that can be categorised as “ job-related benefits, career-related benefits, and networking/job market benefits.”

In my opinion, organisational culture is of the utmost importance as it gives employees a reason to show up for their workmates every day as they genuinely enjoy their work environment, and colleagues. Having a positive organisational culture can completely change the day-to-day experiences of workers and also lead them to feel more content in their current job. I would also define organisational culture as the standards and values that exist in a workplace. In contrast, having a negative organisational culture can make members of the workplace feel isolated, leading them to feel like they don’t belong in their day-to-day experiences at work.

Furthermore, I would personally say that being a high performing intern or team member is extremely important as well. If you are an intern, you are seeking experience to learn in a proper workplace environment. If you are not working hard and getting the best out of yourself, you can’t expect that you will have a successful internship.

Bibliography:

Maertz et al., (2014). Building successful internships: lessons from the research for interns, schools, and employers. Career Development International, 19(1), 123-142. https://www.emerald.com/insight/content/doi/10.1108/CDI-03-2013-0025/full/html

Hogan, S. J., & Coote, L. V. (2014). Organizational culture, innovation, and performance: A test of Schein's model. Journal of business research, 67(8), 1609-1621. https://www.sciencedirect.com/science/article/abs/pii/S0148296313003342

Warrick, D. D. (2017). What leaders need to know about organizational culture. Business Horizons, 60(3), 395-404. https://www.sciencedirect.com/science/article/abs/pii/S0007681317300113

Ilya, S. (2022). How To Build A Strong Corporate Culture In Five Steps. Forbes. https://www.forbes.com/sites/forbesbusinesscouncil/2022/12/22/how-to-build-a-strong-corporate-culture-in-five-steps/?sh=1b1dc2185799

Below is a video I watched that helped me better understand what organizational culture is, and how important it is in a workplace.

[fadingsunsjvj]

Council Post: Employee Ownership: A Strategic Advantage

Council Post: Employee Ownership: A Strategic Advantage https://www.forbes.com/councils/forbesbusinesscouncil/2024/08/02/employee-ownership-a-strategic-advantage/

[unit5livgrace]

SUSTAINABILITY

It should come as no surprise that sustainability is perhaps the largest problem facing fashion firms at the moment, as this industry is responsible for 10% of the world's carbon dioxide emissions (more than international travel and shipping combined).

However, as clothing manufacturers jump into the sustainability issue, buyers may have to sift through a large sum of tweets, blog posts, and press releases to find the hard data.

Facts about general fashion sustainability: -8.1% of greenhouse gas emissions from the earth are caused by the fashion sector. -According to estimates from research sources, synthetic clothing accounts for anywhere from 20% to 35% of all primary source microplastics found in the marine environment. -If nothing changes, it is predicted that there would be 148 million tonnes of fashion waste by 2030, a 49% rise.

Facts about Fashion Production: -As the second-largest user of water worldwide, the fashion sector generates 20% of all water waste. -A pair of jeans requires 7,000 litres of water to make. -The amount of cotton needed to make one t-shirt requires 2,700 litres of water. -The carbon footprint of a polyester shirt is more than double that of a cotton shirt (5.5 kg CO2e vs. 2.1 kg CO2e). -Less than 1% of products are recycled into new clothing, up to 12% of fibres are thrown away on factory floors, and 25% of fast fashion clothing goes unsold. (Institution Ellen Macarthur) -According to the House of Commons Environmental Audit, the creation of fashion generates more emissions than worldwide air travel and shipping combined.

Fashion Supply Chain facts: -93% of businesses do not give living wages to garment workers -Bangladeshi garment workers reported 35 percent of their experiences with workplace violence coming from supervisors.

-Women make about 80% of the garment industry, yet they frequently earn less than men do.

-Seventy-seven percent of the top 71 clothing retailers in the UK said there was a chance modern slavery will happen somewhere in their supply chain.

Consumer facts:  -Compared to fifteen years ago, we no longer use our garments as much. This represents a 36% decrease in usage. -A ten percent increase in the sale of used apparel might reduce water use by four percent and carbon emissions per tonne of clothing by three percent.

-An additional nine months of clothing wear could result in a 20–30% reduction in carbon, waste, and water footprints.

-Within a year of purchase, three out of every five new articles of apparel are burned or thrown away.

-In the UK, just 4% of buyers claim to "only buy from sustainable clothing brands."

WEBSITES AND VIDEOS-

HARVARD REFERENCE-

Foroozesh, S. (n.d.). Council Post: Sustainability In The Fashion Industry: Avoiding Communication Landmines. [online] Forbes. Available at: https://www.forbes.com/sites/forbesbusinesscouncil/2021/07/13/sustainability-in-the-fashion-industry-avoiding-communication-landmines/?sh=6260f8dd61a6 [Accessed 6 Nov. 2023].

Vice Asia. (2019). A Beginner's Guide to Sustainable Fashion. [Online]. www.youtube.com. Last Updated: 20 November 2019. Available at: https://www.youtube.com/watch?v=kaqv9YwbQek [Accessed 6 November 2023].