Log of what of Rafnny Romero has learned at Techie Youth

The degree of difficulty for a competitor to replicate your business is called competitive advantage

What things could indicate your startup has no competition performing similar businesses:

• That you are innovative and the first to attempt to deploy this idea
• That it is excessively difficult or impractical to create such a business
• That there are not enough customers or demand for this venture to be profitable
• That there is no realistic opportunity to profit in this business

The following describes a company's value proposition:

• The financial justification to buy your product/service based on determining benefits versus cost

• A statement that captures what sets your company apart and provides a direct benefit to your target audience

Today I learned about Profit models and revenue streams:

• It is critical to identify and plan out how a business will earn revenue and be profitable

• Identify any risks that would be a barrier to your profitability.

• Having multiple streams of income are good for contingency planning in case one of the income sources comes to an end

• Without a concrete profit model, the business will be operating blindly and will be much less likely to become profitable

• Resilient business models always maintain contingency plans to mitigate losses in case a profit source is unexpectedly lost

Cryptocurrency: is a digital currency designed to work as a medium of exchange.

• Many cryptocurrencies are built on blockchain technology, which is a distributed ledger enforced by a distributed network of computers.

How does cryptocurrency work?

• decentralized technology called blockchain underpins the operation of cryptocurrencies.

• They live only on the internet. They are also considered as "virtual tokens", the value of which is decided by market forces created by those seeking to purchase or sell them.

Cryptocurrency is formed through a process known as mining, which includes using computer processing power to solve complex mathematical problems to earn coins.

Users can also purchase the currencies from brokers, which they can then store and spend using encrypted wallets. (coinbase, robinhood, webull, and more.)

Today I learned about the things one should NOT do when networking.

Some of these include:

• Only Networking When You Need Work

One sure fire way to ruin a potential connection for your network is to reach out only when you need something.

Desperation and urgency are easy to spot for experienced networkers.

No one wants to connect with individuals who are only interested in getting their needs met.

When you network frantically or desperately, you’re more than likely to establish lower quality connections.

• Connecting with Someone Only to Ask a Favor

One does want to use their network to help steer themselves in the right direction during the career search, or to get their name in front of an important company CEO or other influential person. making a new connection and then immediately going for the favor is not the way to go.

• Not Offering to Help

Another easy way to ruin a solid networking connection is by not providing help when it's requested.

We all get busy and sometimes it's easy to brush off a request from someone in our networks that reaches out for help. By not responding at all, your contacts may begin to believe that you're selfish and only in this for what you can gain.

Most of the time, you can fulfill your obligations as a good contact by offering a few simple ideas, referring the person to someone else you know, or simply stating that you do not have any ideas or connections that will help at this time. By not responding to your network connections, even in the smallest way, you run the risk of offending them.