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The word entrepreneur originates from the French word, entreprendre, which means “to undertake.” The concept of entrepreneurship has varied meanings.
Entrepreneur is considered to be a person with high aptitude and risk-taking ability ready to make a change; and
Entrepreneur is any person who wants to work for their own self, i.e., wants to start their own business enterprise.
Both these meanings are not co-related, however, they both form the meanings of an Entrepreneur.
Entrepreneurship is not just coming up with a great concept to start up a business. That is just a part of it. Successful entrepreneurship involves much more than just having a great idea or creating a new business venture. It is actually a mind-set that starts right from the beginning. It is a way of thinking and implementing your ideas. It is about generating new and innovative ways to resolve issues effectively, reach target audience in an affordable manner, and create market position with a steady pace, taking into consideration the availability of resources, changing demand patterns of the audience and most importantly the objectives and profits of the business.
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For example, if a college graduate or a tech guy working from nine to five, does not want to get into the monotonous robotic routine, instead wants to create something on his own, say an app for the smart-phones that works on all the operating systems. He has an idea/concept in his mind and has calculated all the important aspects involved in starting up this venture as well as taking it forward to the target audience and making it a full-fledged business. He can both do this alone and become an Entrepreneur, or he can ask his mates or colleagues to join in and contribute. If they see this as a viable idea for long-run or do not want to join the routine job, they would join in. Along with it, they’ll bring in their own ideas, opinions, expertise, and resources, which will not only foster the business, but also divide the risk among all the members of the Entrepreneurial Team.Types of Entrepreneurs
Entrepreneurs are widely classified into various categories. There is no set basis on which the entrepreneurs are classified. Categorization can be done on the basis of:
Type of business
Stages of Development
Gender and Age
Size of Enterprises
These are some mentioned categories under which the entrepreneurs are classified. However, universally there might be more categories.Traits of an Entrepreneur
Entrepreneurs possess various qualities and traits that make them different and unique. It can be their mind-set, expertise, risk-bearing ability, knowledge, technical know-how, creativity and innovation, resources, so on and so forth. They are disciplined, optimistic and confident self starters. They embrace new and fresh ideas and changes crossing their way. Following are the universal qualities that an entrepreneur has:
Focused (clarity in terms of objectives and goals, profit oriented, use timelines, crisp and clear communication, focus on human element)
Confident (self-awareness, action-oriented, conviction, pro-active, futuristic, avoid short-cuts)
Creative Thinker (new and fresh ideas, curious, alert, synthesised solutions, imaginative, quick learner, prioritises, balances between present & future)
Delegator (encourages team contribution, maintain equilibrium between authority & responsibility, determine people’s expertise, give effective feedback)
Determined (eager to learn & act, shares optimism, persistent, face and overcome obstacles, alertness toward changing environment)
Independent (Self-belief, multi-tasking, dedication towards main objective, ‘can-do attitude’)
Knowledge-seeker (share and welcome ideas, anticipate & use knowledge as an asset, communicates to get others’ viewpoints and opinions both in and out the organization, drive for in-depth information, prioritise)
Strong People Skills and Work Ethics (enthusiastic, speaker and communicator, arrives first & leaves last, leader, sell a product and/or service, motivate and encourage people around, highlight the benefits of any situation, use different media to communicate and inspire, meet expectations)
Relationship-builder (Network inside and outside the business, diversify beneficial links, selective, socially aware and exposed, open-minded, reciprocity, integrity)
Risk-Taker (rational decision maker, practical and logical approach, charismatic and bold, optimistic and calm, will to win and deal with complex situations, take incremental risks and systematically experiment)
“Entrepreneurship is the horse, and innovation is the cart,” Clifton and Badal explain.Corporate Entrepreneurship vs Social Entrepreneurship
Corporate Entrepreneurship has been recognized as a prospectively viable means for promoting and maintaining the performance, renewal and corporate competitiveness of an organization over the past couple of decades. The entrepreneurial activities assist organizations to develop new business-lines that further sources for revenues. Corporate Entrepreneurship activities also improve a company’s work culture by promoting product and process innovations, thus leading to success. Corporate Entrepreneurship is incorporating risk bearing, pro-activeness and progressive product innovations. These Corporate Entrepreneurship activities can enhance organizational growth and profitability and, their impact may increase over time depending on the organization’s competitive environment. The practical evidence is gripping that Corporate Entrepreneurship boosts company’s performance by enhancing the firm’s pro-activeness and willingness to bear risks, and by instigating the development of new products, process and services by upgrading its competitiveness.
Creation of corporate entrepreneurial activity is not an easy task as it involves changing the internal behavioral patterns of an organization. The environment plays a major role and radical influencing. It has been agreed on that the external environment is an important factor leading to Corporate Entrepreneurship.
Corporate Entrepreneurship has been known for renewing and revitalizing current companies. It serves as a tool for business development, revenue growth, profitability enhancement and instigating, developing and innovating products, services and processes (Kuratko et al., Lumpkin & Dess, Miles & Covin, Zahra, Zahra & Covin, Zahra et al.).
A rapidly growing and dynamic sector of the industry today, social entrepreneurs play a pivotal role in providing products and services with the prime motive of creating social well-being, operating from a 3-tier bottom line perspective benefitting People, Planet, and Profit. Profit in the social enterprises is reinvested into the enterprise rather than being distributed among the stakeholders and founders. Social enterprises operate on different models. Such enterprises have an entirely different legal structure created, thus distinguishing them from charities, in being self-sustaining through income. Social enterprises have been persistently survived for any economy and contribute remarkably to the revenues.
People finding meaning in their work are shifting to social entrepreneurship which kills two birds with one arrow by helping the society and succeeding in their ambitions with a different approach altogether. Social entrepreneurs are demographically spread across the world from young to old and from different type of background, stature, and education.
Social entrepreneurs are innovators who commit themselves to the need of the society, and on making products and services that solve social issues and problems. Unlike traditional startups and business ventures, their goal is to make the world a better place to live in, and not to take market share or to generate profits for the founders. Social entrepreneurs may be categorized as:
Christopher Poizat, Founder & President of International Network of Social-Eco Entrepreneurs has defined Social Entrepreneurs as, “people who recognize social problems, decide to roll up their sleeves and get into action using entrepreneurial principles to organize, create, and manage a venture to implement social change that is sustainable, good for the planet and for the highest good of humanity.”Are social entrepreneurs really ‘Entrepreneurs’?
The social entrepreneurs truly possess entrepreneurial traits, but with a completely different mindset and skill sets. They are the ones who are wholly and solely involved in activities benefiting the society and focus on its well-being. They mainly emphasize on impacting the social, economic, and cultural environment of the nation in a positive and constructive manner. Social Entrepreneurs want to make a difference to the world: they are passionate and eager about the cause that they have chosen and are highly motivated and enthused about their mission to change the society and help the ones in need.Corporate Entrepreneurship vs Social Entrepreneurship
Basis Corporate Entrepreneurship Social Entrepreneurship
Main Objective Building a business and maximizing profits Creating social change
Wealth Creation Wealth is same as Profits Wealth means creating and maintaining social and environmental capital
Measure of Profitability Benefiting shareholders and investors Engage in for-profit activities
Investors Venture Capitalists Philanthropists
Emphasis on Team and Individual Venture Capitalists invest in business on the basis of company’s leadership team and the organization supporting it Individuals raise and donate money for charitable causes on the basis of viability of the project gauged by the individual in charge.
Performance Measurement Corporate entrepreneurs can rely on relatively tangible and quantifiable measures of performance such as financial indicators, market share, customer satisfaction, and quality. Measuring social change is difficult due to its non-quantifiable and multi-causal characteristics, and perceptive differences of the social impact created.
Entrepreneurs whether social, corporate or any other, majorly focus on creating profits whether for the organization or social well-being. The foremost responsibility is to benefit the people either inside or outside the organization. The entrepreneurs tend to start a business venture in order to bring changes in their lifestyle, and routine, and tend to boost social and economic development. Entrepreneurship is generating a business, starting and running a new business, and maintaining it in a long-run. Entrepreneurs take and bear risks, are focused, determined, innovative and creative, confident and bold, posses a can-do and go-getter attitude. They are self-motivated and have strong work ethics and people skills. The best part about entrepreneurship is that the business idea can be small or big, whether in an urban area or rural, involving any amount of capital, tangible or intangible, its gives an opportunity to grow and make changes in the society to the person or group generating the idea. These changes can range from generating employment opportunities to impacting the society in a positive manner.
Entrepreneurs have a powerful ability to change the way a society survives and runs. If successful, their innovations might enhance our standards of living. In short, an entrepreneur not only creates wealth and generates profits from the business venture, but also they also create jobs and the conditions for a developing society.Recommended Articles
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Suddenly, after years of mistrust, corporate Linux is welcoming Microsoft in to its midst. Almost overnight, executives from Jim Zemlin of The Linux Foundation down have lined up at the microphone to explain how the lines between proprietary and free software are blurring, and how Microsoft has had a sincere change of heart.
Nor is the evidence lacking for this position. Since at least 2005, Microsoft has been sending employees to Linux conferences and sponsoring open source events. It has contributed to the kernel, released its .Net code, added support for major distributions to Azure Cloud, collaborated with Canonical Software to bring the BASH shell and Ubuntu to Windows, and countless other things as well.
Yet these events can equally well — if not better — be interpreted as Microsoft simply facing up to the market, and making changes to make its own products more appealing. So why does corporate Linux so consistently insist that such events mark the start of a new era of cooperation?
An obvious reason is that, after years of Linux and free software being the underdogs, Microsoft’s interest in open source smells like victory. Linux users have joked about wanting world domination for decades, and having your arch enemy seemingly defect to your side is easy to mistake for the accomplishment of that goal.
Perhaps, too, corporate Linux could feel that recent events prove that its reactions were right and the community’s wrong. In the community, many are almost as suspicious of corporate Linux as they are of Microsoft. But if the corporate view predicted Microsoft’s current behavior, then it must be more accurate than the community’s.
By extension, other corporate outlooks could also be true. That is, open source is not a new way of doing business, with new relationships between rivals, and between businesses and customers, the way that many in the community would have it. Instead, open source is just a way of bring products more quickly to market, and for growing the market more quickly as well. Rather than the foundations that support key software, open source might be no more than a trade association of the kind responsible for the rapid growth of OpenStack and cloud computing.
However, the main attitude that encourages corporate Linux to welcome Microsoft is probably far more basic: working with Microsoft lends credibility.
Working within Linux and open source, you can easily forget how small a market it is. Red Hat is the largest corporation within Linux, but, compared to Microsoft, it is a small effort, with less than 8,000 employees and two billion in annual revenue compared to Microsoft´s 114,000 employees and 94 billion revenue.
The next largest Linux companies are even smaller.Canonical Software and SUSE are both private companies, so their income is unreported, but both have around 700 employees apiece.
In other words, what is easy to miss if you are working with Linux and open source regularly is how small their corporate presence actually is. Probably, the average computer user has never heard of Red Hat, Canonical, or SUSE.
However, when a small company welcomes a megacorporation into its professional association or signs an agreement with one, its name is reported in places where it is rarely heard. By association, it becomes a player.
For example, take the case of Canonical. Founded in 2004, it has never reported a profit, although its OpenStack division did well enough in 2024 that going public was briefly an option.
In such circumstances, porting BASH and Ubuntu to Windows is not going to make Canonical profitable. In fact, the number of Windows users interested in this news is probably minimal. However, to be identified as a Microsoft partner helps builds Canonical’s reputation, lending a validity that could help to establish other partnerships, both with Microsoft and other large corporations. In the long run, what might seem like a gesture to the community in the short run might help Canonical reach profitability.
Similarly, just as Microsoft tries to promote interest in Azure, so Canonical, by adding support for Microsoft to its OpenStack solutions, can hope to extend its potential market. Given that its OpenStack department is Canonical’s most likely tool for profitability, the importance of working with Microsoft can hardly be underestimated.
Other Linux companies may not need such a boost as badly as Canonical, but none are in a position to refuse it. If accepting Microsoft as a can help them, they are going to welcome their former arch-competitor with every sign of enthusiasm.
Members of the Linux community, still wary of Microsoft, sometimes assume that welcoming the corporation is a form of naiveté.
Instead, I suspect that corporate Linux is playing a long game. If anything, companies face a greater challenge from Microsoft than community members do. After all, Microsoft’s attempts to collect from alleged patent violations in Android is unlikely to be applied to individuals. The worst the community is likely to suffer is the removal of a few devices from the market while manufacturers re-tool. By contrast, accusations of patent violation could cripple a company’s profit.
Corporations can hardly be unaware of such a possibility. Instead, I suspect they are being seduced by the promise of respectability by association. If accepting Microsoft and ignoring past competition can help their long term strategies, then most will be all too happy not only to accept Microsoft, but welcome it with a party complete with fireworks as well. In the long run, they will probably be better off than demonstrating whatever distrust remains.
The principle states that knowledge is gained through observing a chain of events, including a model’s demonstration of a habit and its subsequent consequences. For some people, observing a model accomplish a skill is enough of a cue to motivate them to try it out on their own. To paraphrase, the survival of the human species depends less on people learning new behaviors through trial and error and more on their capacity to imitate the actions of others. Whether or not the seen action was rewarded or punished can influence whether the observer adopts the modelled behavior. Many people, in a wide variety of settings, may identify with characters depicted in the media.What does Social Cognitive Theory Define?
Learning takes place in a social setting where the learner, his or her surroundings, and the teacher’s or tutor’s actions interact in a dynamic and mutually informative way. SCT’s distinguishing feature is its weight to positive external and interior social reinforcement. Individual differences in learning and memory, as well as the context in which behaviors are carried out, are considered in SCT. The hypothesis considers past experiences as a factor in determining future behavior. A person’s reinforcement, anticipation, and expectation histories influence the likelihood of engaging in a certain activity and the factors that motivate that behaviorStructure
Many behaviors change theories adopted in health promotion focus on getting people to start doing something rather than keeping them doing it. Unfortunately, the goal for public health is not simply the commencement of behavior but its maintenance as well. The purpose of SCT is to explain how people use regulation and reinforcement to acquire and sustain behaviors beneficial to their goals.Reciprocal Determinism
: It is this central principle that drives SCT. A person’s “environment” is the larger social setting in which they find themselves, whereas a “person” is an isolated entity with their personal history and perspective (responses to stimuli to achieve goals).Behavioral Capability
It describes a person’s capacity to carry out behavior using necessary knowledge and abilities. A person must know what to undertake and how to accomplish it to complete an activity. A person’s actions have repercussions, and these effects can be observed in the world around them.Observational Learning
It is a claim that humans can learn to replicate the activities of others just by watching them. Behavior “modelling” is a common manifestation of this. A person’s ability to do an action is greatly enhanced if they see that same behavior performed effectively by another.Reinforcements
What this means is that the chance of continuing or ceasing a behavior is affected by the person’s internal and external reactions to the conduct. Both positive and negative reinforcement can come from within or outside the learner. This SCT concept is especially relevant for understanding the two-way causality between behavior and its surrounding context.Expectations
That which follows from a course of action is what this term describes. Health-related or non-health-related outcomes can be expected. Before acting, people often mentally play out possible outcomes, and this mental rehearsal can significantly impact whether the action is carried out as planned. Past experiences are the primary source of expectations. Expectations, like knowledge, are based on experience, but they are different because they depend on the outcome and are subjectiveSelf-Efficacy
A belief in one’s competence to accomplish anything. While other theories—like the Theory of Planned Behavior—have since adopted the idea of self-efficacy, it was initially proposed in SCT. Both internal (one’s skills and qualities) and external (one’s surroundings) elements can have an impact on one’s sense of self-efficacy (barriers and facilitators).Morality
As per the social cognitive theory, there is a significant gap between moral competence and engagement. To be morally competent is to be capable of acting morally, while to behave morally is to act following one’s moral standards in each circumstance. Moral competence knowing right from wrong results from developing cognitive-sensory processes. Morality is affected by rewards and incentives. A person’s morality may change if stealing is rewarded with much money. Since the social cognitive theory is centered on this, and since murder, theft, and unnecessary violence are banned in most societies, there is little opportunity for alternative moral beliefs. The social cognitive theory applies to all nations as it does not define morality or immorality. Real-life decisions are based solely on morality and reward.Limitations
The notion presumes that a person’s behavior will mirror their environment, even though this may only sometimes be true.
Instead, the idea has no rigid framework and focuses on the complex interplay among an individual’s traits, actions, and surrounding conditions. It is still being determined how much influence these factors have on people’s actions or which is more important.
Even though biological and hormonal predispositions may impact behaviors regardless of prior experience and expectations, the theory places a heavy emphasis on the processes of learning.
Emotion and motive are not central to the idea, except as they relate to the past. These considerations receive inadequate focus.
The scope of the idea can make it hard to put into practice in its totalityConclusion
The Social Cognitive Theory considers many facets of the social ecology model in investigating how people can change their behaviors. In health promotion, SCT has become increasingly applicable because it focuses equal attention on the individual and the surrounding environment. This is particularly relevant considering that the latter has recently been a focus for health promotion activities. When developing specific public health solutions, it may require more work to apply all the components of the SCT to a single public health issue, as is the case with other theories.
Best Books to Learn Corporate Finance
Corporate finance is a critical field for business development. Entrepreneurs learn about collecting capital for building or acquiring a business. Correctly understanding corporate finance is valuable to the growth and success of a business.
The list below is helpful for anyone looking to learn more about corporate finance. These can be the beginning point of your business. Many successful people in business have shared their experiences and key to creating a booming business.
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This is the list of the top 10 corporate finance books to help you and your business reach new heights.
Let us now go through each book’s review among the top 10 Corporate Finance Books.Book #1: Buy Then Build: How Acquisition Entrepreneurs Outsmart The Startup Game
Author: Walker Diebel
Buy this book here.Book Review
The book explains how acquisition entrepreneurs can strategically outsmart the startup game by getting others to acquire their company before it goes bankrupt. It teaches readers what to do and not to do to secure funding for your startup and the importance of developing a solid management team. It also provides insights into what motivates corporations to acquire startups. The author gives tips to help you avoid acquisition and what actions you should take if someone wants to buy your company.Key Points
The reader learns to purchase an existing business instead of starting one from scratch. They understand how to use ownership as a route to financial independence.
One must spend a fraction of their time raising capital. You should locate excellent brokers, create your own “deal flow,” and be the first to learn about new listings.
Discover the best opportunities and most significant risks of any company. Navigate the acquisition process and become a successful acquisition entrepreneur.
Buy Then Build is your guide to beating the startup game, leading an entrepreneurial lifestyle, and enjoying the financial benefits of ownership right away.Book #2: For Profit: A History of Corporations
Author: William Magnuson
Buy this book here.Book Review
The book takes readers back to the earliest days of corporations to explore how they’ve evolved and their future. From the first joint-stock company in 17th century England to the giant multinationals of today, it traces the significant turning points in corporate history that have helped shape modern capitalism. It also explores how corporations are likely to evolve in our globalized economy, and he asks which ones will thrive and which will disappear.Key Points
It is a comprehensive, interesting, and well-written analysis of the history of corporations in America.
The book offers an engaging perspective on corporate actors’ power and critical role in shaping society over over two centuries.
It is an excellent read for those curious about the origins of corporations and how they came to exist.
It takes readers through the history of corporations, from the very first company in Ancient Rome to the present day.Book #3: Venture Deals
Author: Brad Feld and Jason MendelsonBook Review
With this book, you will learn how to better understand the VC industry and how to make decisions that are beneficial for your company. This book also guides one on what to do and what not to do when talking with VCs. It is an excellent resource for entrepreneurs interested in raising capital. This guidebook provides readers with valuable insights into the legal structure of venture deals, how to negotiate good terms, and what to do when someone offers you a term sheet.Key Points
It is a startup founder’s guide to navigating the world of venture capital.
Entrepreneurs can read the book to understand how venture capitalists think – why they do what they do and when it makes sense for them to invest in a company.
The authors explain complex concepts using down-to-earth analogies that any entrepreneur can grasp.
Entrepreneurs who have made the leap from entrepreneur to CEO often find themselves questioning their decision. Reading this book could save time, heartache, and money for those about to make that jump.Book #4: The Intelligent Investor, Revised Edition: The Definitive Book on Value Investing
Author: Benjamin Graham, Jason Zweig & Warren E. Buffet
Buy this book here.Book Review Key Points
This book teaches the value-investing philosophy of Benjamin Graham and is a must-read for anyone who desires to achieve long-term investment success.
It includes timeless principles that have helped investors stay on the right side of Mr. Market’s moods since 1949.
Additional chapters cover all the new investing terms created over time, including derivatives, hedging strategies, etc.
This revised edition also offers today’s conservative investors ways to use new tools such as index funds, Exchange Traded Funds (ETFs), and mutual funds with confidence.Book #5: The Power Law: Venture Capital and the Making of the New Future
Author: Sebastian Mallaby
Buy this book here.Book Review
In his new book, Sebastian Mallaby argues that a handful of individuals are responsible for shaping the global economy. The author, a columnist for The Washington Post, examines this phenomenon through the lens of venture capital and its power law in detail. This law dictates that the success of startups tends to follow a pattern where their founders have already had success elsewhere.Key Points
The book is excellent for any investor or entrepreneur who understands how venture capital works and how it has shaped the global economy.
The book opens with how Facebook’s co-founders approached Sequoia Capital in 2005. It talks about how this meeting set in motion one of the most powerful trends of our time- Silicon Valley’s dominance over Wall Street.
This book is excellent for entrepreneurs who need to understand the nuances of venture capital and how they can use it as a tool.
It is also a great read for those in management who need to understand how to grow their company.Book #6: 12 Months to $1Million: How To Pick a Winning Product, Build a Real Business and Become a Seven-figure Entrepreneur
Author: Rayon Daniel Moran
Buy this book here.Book Review Key Points
This book is a must-read if you are an entrepreneur or want to see your idea become a reality.
The book also includes lessons learned that he can share with readers about finding a profitable product and building a real business.
It is worth checking out if you want guidance in launching your business plan or feeling stuck in your career path.Book #7: Build: An Unorthodox Guide To Making Things Worth Making
Author: Tony Fadell
Buy this book here.Book Review
Tony Fadell is one of the most successful people in Silicon Valley. He has been a designer, engineer, and executive at Apple and Nest. But he never took any business classes in college – so he wrote this book to teach you how to build a company that makes things worth making. Tony Fadell’s Build helps bridge that knowledge gap, giving you a real-world understanding of how to build a company from scratch.Key Points
The book has anecdotes from the author’s time at Apple and Google and insights into what makes a good product.
To make sure they were building something worth making, he used prototypes.
He would take circuit boards out of the lab and put them together in an old metal shed near his house to see how they interacted.
Once it looked like something worth making, he brought it back to the lab for more testing and prototyping until it finally passed muster among engineers around him.Book #8: What It Takes: Lessons in the Pursuit of Excellence
Author: Stephen A. Schwarzman
Buy this book here.Book Review
Schwarzman shares lessons from his life and business career, providing an inspiring blueprint for how anyone can succeed in today’s competitive global economy. The author stresses that dedication, hard work, and skill are essential ingredients for success; without these qualities, it will be impossible to achieve your goals.Key Points
In this book, Stephen A. Schwarzman shares insights from his decades as a financial executive and investor.
The lessons within these pages will provide readers with an insider’s view of success in today’s business environment.
What It Takes is a book about what it takes to live up to our potential for ourselves and society.Book #9: The Lifestyle Investor
Author: Justin Donald
Buy this book here.Book Review
This book is a guidebook for anyone seeking financial freedom and retiring early. The author of this book is an entrepreneur and investor with over twenty years of experience in investing, business, and finance. This book provides you with the necessary knowledge, motivation, and tools to help you achieve the lifestyle of your dreams. The book teaches the reader how to use their money to make more money. The book teaches the reader how to invest and create passive income.Key Points
The book provides 10 commandments to help people create a passive income and financial freedom.
It will give you all the necessary knowledge about stocks, bonds, mutual funds, ETFs, and real estate.
This book is best for beginners who want to learn how to invest their money wisely and get a passive income.Book #10: The Lean Startup
Author: Eric Ries
Buy this book here.Book Review
This book by Eric Ries teaches the process of launching a new business. The book aims to reduce the time and money it takes for entrepreneurs to get their businesses off the ground. It’s a process applicable to businesses, from tech companies to restaurants. It allows them to quickly learn what works and what doesn’t, saving time and money in the long run.Key Points
The Lean Startup is a mindset and a methodology to build new products, measure their progress, and learn what works through continuous innovation.
The book’s core principle is that it’s better to launch your product as soon as possible to learn from the customer’s feedback. It is about how entrepreneurs can use continuous innovation to create successful businesses.
The book provides readers with the lean startup framework and how to apply it in business, product development, and innovation.
It talks about building a Minimum Viable Product (MVP) that can be tested on customers and then iterated for better results.Recommended Books
We hope our EDUCBA guide on the top 10 corporate finance books was useful to you. For further information, EDUCBA recommends these articles,
Rebutting a recent finding that spam is not a drain on worker productivity, San Francisco-based market research company Ferris Research has estimated that unwanted commercial e-mail cost U.S. corporations $8.9 billion in 2002.
Ferris computed the cost of spam by calculating its costly effects in three areas: loss of worker productivity; consumption of bandwidth and other tech resources; and use of technical support time. The researcher found that productivity loss accounted for 40 percent of the drain.
“In the grand scheme of things, it’s a big drag,” said Marten Nelson, a research analyst at Ferris. “It’s about $10 per user per month. That’s a considerable cost.”
The finding stands in stark contrast to the conclusion of the Pew Internet & American Life Project, which found Internet users mostly unbothered by spam in the workplace . In a telephone poll of 2,500 adults, 71 percent said “little” of their work e-mail was spam. The survey’s authors said most of the alarmist talk about spam was generated by what it called “power e-mailers,” who make up a small percentage of the population. Pew concluded that the spam problem was mostly confined to personal e-mail accounts with the major free providers, like MSN’s Hotmail and Yahoo!.
Ferris agreed that spam is a greater problem for general e-mail accounts, but said that it remains a serious problem for corporate accounts too. The researcher figured spam accounts for 30 percent of all e-mail sent to U.S. Internet service providers. For corporate accounts, the researcher estimates spam makes up 15 to 20 percent of all e-mail.
The figures generally follow the recent findings of others in the industry. Brightmail, an anti-spam software maker, reported that spam will account for 40 percent of e-mail traffic in 2003.
Nelson said the average corporate e-mail user receives between three and four spam messages a day, wasting an average of 4.5 seconds on each message. Over time, he said these figures add up to considerable lost productivity, particularly when accidentally deleted e-mails are taken into account.
Meanwhile, user frustration is also on the rise. Last week, a Harris Poll found an overwhelming majority of respondents favoring a legal remedy to spam’s proliferation.
While spam is not unique to the U.S., Ferris found that it is more of a problem here than elsewhere. In Europe, Ferris pegged the cost of spam at $2.5 billion, while a bigger problem is the growing use of mobile messaging for unwanted commercial messages.
In fighting spam, Ferris points to four approaches: educating users; industry standards; legislation; and technological fixes. Of the four, the researcher concludes that technology, at this point, offers corporations the best defense.
Nelson said spam was quickly moving up the corporate chain from an IT problem to a productivity problem, mostly because of the nature of spam. Since top executives fit the profile of heavy e-mail users most likely to be affected by a large amount of spam, their attention is often focused on the problem.
“One of the challenges for most organizations is to find out what is really affected by spam,” he said.
Doctors aren’t the only ones who have a stake in keeping people healthy. Employers do as well. People are the core of any company, so when chronic sickness slows employees down, it also slows down business. Fortunately, most companies already sponsor corporate wellness programs designed to reduce the cost of illness, from both health expenses and productivity losses. But traditional wellness programs are narrow in focus, offering discounted gym memberships, smoking cessation aids and other benefits that only appeal to certain individuals.
One-size-fits-all wellness programs don’t work when employees come in all shapes and sizes and live very different lifestyles. A gym membership, for example, might not mean much to a mother of three who doesn’t have time to drive across town for a workout. Nor would it benefit an older employee with chronic pain that makes traditional exercise impossible. And while a smoking cessation program might help some employees reduce their risk of developing heart disease and lung cancer, it won’t help diabetic nonsmokers manage their blood sugar levels and reduce the risk of blindness or stroke. That’s why forward-thinking business leaders are migrating away from the mindset that a singular application, device or wellness program could create a healthier workforce. Instead, they’re investing in robust corporate wellness programs that take a holistic and personalized approach to keeping individuals healthy, using the mobile technology employees already know and love.
Why Employee Wellness Is a Business Priority
No one is immune to the occasional cold, flu or stomach virus. However, according to the Centers for Disease Control, the most common and costly health problems, such as heart disease, stroke, cancer, diabetes, obesity, and arthritis, are also the most preventable. Yet, half of all adults have one or more of these chronic conditions. This isn’t just a problem for workers; it’s also a wake-up call for their employers. In a 2014 report, The Milken Institute estimates that if current trends continue, the cost of chronic disease will reach just shy of 20 percent of GDP by 2023. The good news is that this figure could be reduced by making reasonable improvements to prevent and manage chronic disease.
Business leaders understand the simple math behind employee wellness: sick workers cost more and accomplish less than their healthier counterparts. But how can employers make wellness programs relevant and useful to their diverse workforce? Just as importantly, how can they measure the effectiveness of these programs, not just in employee participation, but in lasting behavioral changes across the organization? By investing in mobile health solutions that fit seamlessly into employees’ devices, employers can track useful health data, notify their employees about preventative measures and inform medical professionals in the event of illness.
Mobile Technology is Redefining Wellness Programs from Samsung Business USA
Mobility in Corporate Wellness Programs
Wellness programs have a difficult goal: to change participants’ behavior. Helping people make sustainable lifestyle changes requires more than one program, app or device. It’s a complex and ongoing process that includes personalized education and awareness, goal setting, data collection, meaningful incentives and regular feedback. To achieve better outcomes and lower system costs, employers need to collect accurate and consistent biometric data. This information helps individuals with goal setting and helps healthcare providers easily identify risk factors for chronic disease.
Mobile health solutions (mHealth) enable organizations to build best-in-class wellness programs that collect and deliver information directly to workers’ own devices. This means that programs can be customized based on each person’s needs, preferences, health conditions or demographics. Individuals can utilize the programs when and where it’s convenient for them, and they can utilize wearable sensors to view their progress on mobile apps. Additionally, each person or group can set goals and track progress, and individuals can receive feedback via their chosen platform. The only downside to many existing mHealth apps and wearables is that interconnectivity can be difficult. All the data from different units must come together into a holistic record of each individual’s health. mHealth platforms solve this problem by supporting and integrating data from a wide variety of devices. A unified platform approach also allows for variations over time. A company can add apps and solutions onto the existing platform without having to purchase a new solution suite.
Mobile device manufacturers have been on the forefront of this platform approach and are building new sensor capabilities into their smartphones and wearables. For example, Samsung Galaxy smartphones pair with wearable devices such as smart watches that monitor your heart rate, steps and sleep quality. Samsung also offers S Health, a platform that enables users to collect and share fitness and biometric data.
Want to learn more about building a robust corporate wellness program with mobile devices? Read the white paper.
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