Today in techie youth I learned about guest blogging which is when someone outside of your company with knowledge or expertise in the same industry writes blogs that will be posted on your website. Writing for a company is beneficial because it allows you to grow an audience which will help you if you decide to write for yourself. It also helps to build relationships which expands your writing opportunities. With guest blogging you can make money many ways such as making deals with ads and offer sponsored reviews. You can sell a product or consulting service or use affiliate links for products you recommend.
Today in techie youth I learned the two ways in which you can publish a book both traditionally and independently and the benefits or downsides of both. The benefits of traditional publishing is for writers interested in nonfiction or literacy fiction. You pay less money to publish a book because all the expenses are covered by the publisher, so all you need to focus on is marketing your book. You can also make more money selling paper books. The downside is the slow process of getting an agent and a publisher along with low royalty rates for your book. The benefits of an independent writer is full control over your creative path, faster publishing by using online platforms like Amazon, and higher royalties. The problem with this is that you have no professional help or imput. Also learned the importance of hiring an agent as authors with agents make more money than ones without due to publishing companies taking advantage of authors. You need an agent that understands the market, is excited to sell your book, and has connections.
Today in techie youth I learned about music distribution and how records are sold to consumers. Traditionally distributors sign agreements with the label in order to sell in stores, but as technology became a way to connect with consumers globally music is now distributed on online stores allowing the artist to keep all their earnings. Digital distribution saves the cost and hassle that comes with physical distribution such as shipping. Some of the best global distributing services are LANDR, CD baby, and TuneCore. I also learned about freelance writing which either working on your own without any management and writing to earn income or working for a business or client. Freelance writers are also business owners as they have to manage both personal and business finances. They also have to develop great marketing skills to have their writings sold. Freelancers write magazines, blog posts, books, and websites. They can do multiple tasks given the flexibility and ability to make their own schedule.
8/7/22 - 8/8/22
Today I learned the 10 things that music producers must know such as a technique known as broken chords which involves breaking up notes and playing them as short set of notes. I learned how to change the base notes by shifting them to form different chords until they fit together. I also learned how to layer chords together by combining regular and minor chords together that have a certain similarity. I learned how to make music on computer using DAWs and free options like GarageBand which has a wide variety of instruments to use. To make music you also need effective gear like flat frequency headphones rather than regular headphones so that you'll be able to accurately hear the music you're mixing.
8/3/22
Today I learned more options to sell digitally and how to price your content. A popular platform for online learning is Udemy which allows students to buy courses in various currencies. When choosing a price point instructors need both a base plan which is used for the list price when instructors don’t opt in for the deal program. A student’s pricing will depend on their geographical location. There are many platforms to share courses like Skillshare, Teachable, and Simplero. Courses vary from educating students on academics to teaching future entrepreneurs how to start a business.
8/4/22
Today I explored more forms of digital selling such as composing music and making a podcast. To create a podcast you need to choose a topic you want to discuss as well as a name for your podcast. You have to make sure you have clear audio equipment and a platform to showcase it such as Spotify or Apple podcasts. You also need to promote your podcast to the public. With music there’s many ways to sell with one example being selling beats. Starting your own record label is also an option for people who feel the entrepreneurial approach is not their strength but want to legitimize their musical talents. Streaming platforms like Spotify will help tl put your music out three as well.
8/1/22
Today I learned about commodity index which tracks the prices of a large number of commodities. Commodities trade raw materials and physical goods that are bought and traded on the market. The four main types of commodities are energy such as natural gas and oil, metals like gold and iron, agricultural products both edible and non edible, and livestock like cattle. To start trading your commodities you need to choose an asset within the commodity market to trade CFDs. Choose whether you want to buy or go long if you predict the rise of prices or sell and go short if you think prices will drop. Then, decide how many units of CFDs you want to trade and manage your position.
8/2/22
I learned the most profitable digital products to sell and how to put your product out there by creating an online store with a logo or design that is most unique to you, use apps that help with delivering purchases, and build an audience by creating social ads and utilizing social media platforms. Products you can sell consist of educational products like online courses with interactive activities, membership sites that give customers access to premium content, and music or art such as selling ringtones, phone wallpapers, and custom T-shirts. You can also host paid or unpaid webinars via Zoom, Google Hangouts, or any webinar platforms introducing you products or using webinars as an educational platform.
I learned about Forex trading which is a global marketplace for trading international currencies. It is also the most largest and liquid market in the world and is open 24 hours even on holidays. You do not need a specific social status like a government official or part of a financial institution to trade. Everyone can trade with the proper education and highly educated broker. With Forex trading comes risks especially scams. It is important to spot scams such as if a broker limits the withdrawals of a customer or brokers that offer wide bid-ask spreads on currency making the customer lose more money than they gain. I learned more in depth about options such as options trading and what are the risks. An options contract is an arrangement between two parties that grant rights to buy or sell securities in the future and at a certain price. There are four different positions when trading such as buy a call, sell a call, buy a put, and sell a put. The risks of options trading is if you buy an option you want the price of stock to go up a significant amount so that you can buy it for less. If you sell a put you are limited to the value of the stock. There are ways to offset losses. A protective put uses the options contracts to guard against losses. The hedging strategy is when an investor buys a put for a fee or premium.
I learned that purchasing stock gives you a piece of ownership in a company which are called shares. Buying shares of a company makes you a shareholder. The amount of shares bought depends on the company while factoring in price and demand. Purchasing stock gives you a percentage of ownership in the company, which means that you get to voice issues or concerns in the company. Unlike the ownership of stock there are also stock options in which you don't have direct ownership of the company. When investing in stock options you are buying or selling shares for a future date and a set price. Call options allow you to buy shares and put options allow you to sell shares at a certain price before the expiration.
I learned about a blockchain which is a decentralized ledger that facilitates transactions without the need of clearance from the government or bank. This software can be used for other exchanges of information like buying Bitcoin or sharing contracts and other sensitive information. Blockchain is important in that it reduces the time a trade settlement takes to process verification, serves as extra protection from fraud and embezzlement, and everyone is notified when changes are made publicly. I learned more examples of trading such as cryptocurrency and examples of some most commonly used like Bitcoin, Litecoin, and Ethereum. Cryptocurrencies run on blockchain but you can use blockchain by itself.
When investing in the stock market like the Nasdaq which has limited hours each day, you can also earn money before and after the hours of the stock market opening which is trading. After hour trading is more volatile because your liquidity is lower due to less trading volumes. I learned how to read stock charts to know what time is best to invest or sell. An example of apps you can use to trade stocks and cryptocurrency is Robinhood. You can set any amount you wish to start with and set up automatic payments to come out of your bank account as often as you like.
I learned the two common stock exchanges which are the NYSE and the Nasdaq. The NYSE stands for the New York Stock exchange and is an auction market used by designated market makers to set stock prices. The Nasdaq is a worldwide electronic marketplace for trading and buying securities. Market makers at the Nasdaq maintain inventories of stock and is known for handling technological companies like Google and Apple.
When planning your product price you should be aware of how much the cost of production and the competitor’s prices. If your production cost the same as the net profit then you’re not making profit and should try selling something else. Your price should also increase once you established increased demand for it and have gained a large consumer base. I learned you should also have a profit margin of at least 200% of costs. When shipping your product you should make sure to fill out the weight and dimensions accurately to prevent overage fees. You’ll need a scale to weigh the package and place it in the appropriate packaging. You can choose shipping services that are mire convenient and consistent such as scheduled at home pick up with shipping carriers and schedule in advance for future packages.
There are many useful ways that you can upcycle computer parts and other unusable electronics. From creating a vhs toaster to a shock sensored game chair or even a pencil holder made with keys from an old keyboard, you can get creative and inventive with old electronics. I learned that although these ideas are mainly DIY projects you still need to be careful when deconstructing the parts because you are working with things powered by electricity so electrocution is possible. Using the right tools and taking the right precaution like making sure there is no water around while working and that all wiring has been removed will prevent deadly mistakes. This also goes for when making robots as well.
Today I learned about Arduino which is a programmable prototyping circuit board that uses microcontrollers to produce inputs like motion sensing for cameras or even make robots draw. Raspberry Pi is another type of circuit board but a card size computer that uses different program languages to control electronics. I learned how to choose a microcontroller based on the number of bits, memory, and if it is programmable with USB. Microcontrollers can be used to build electronics like phones and game consoles.
I learned the basic tools of drawing with Coreldraw and Librecad and how to use it for advertising your business such as printing shirts. I learned how to reduce the time and cost of materials when making designs with laser cutting such as buying soft materials, area engraved materials, and just doing simple designs.
I learned the functions of Adobe illustrator software. I learned some of the tools used such as the pen tool which allows you to create curves and shapes, the lasso tool which helps you to select and move things around, along with many other tools. I also was shown how to save a work in different document formats whether it be a png, pdf, or jpeg.
I learned more tutorials on how to create 3D models using Solidworks such as creating solid bodies by subtracting parts, constructing geometric lines, how to navigate different tools in Solidworks and their functions, and how to define sketches using smart dimension.
I learned the many tools used to start 3D printing and how to start printing models using Tinkercad. I learned how to create curvy models using the blender tool by following a step-by-step tutorial on creating an octopus model.
3D printing is one of the many ways you can use your artistic skills to start a business and make money. From vases and decor to toys you can sell anything using e-commerce sites like Wix and Shopify, or cost free options like Etsy and Ebay. In order to have a successful online business and produce sales you need to brainstorm what products and designs are in demand at the moment, what do people buy the most, and how your product will resolve issues people may face. I learned you must also assess your risks and what may prevent your business from growing. Some factors may be that your product has already been mass produced so competitors have a greater advantage compared to someone just starting to sell the same product. You also need to figure out what demographic of customers are you targeting so that the price of your products are practicable.
When writing an executive summary you must make sure that you provide thorough information about your business such as its name and your forms of contact, a website link if you have one, and an elevator pitch. An elevator pitch is a few sentences that explains what business you're trying to build and how valuable it will be to customers. It should also explain what strategies the business will use in order to earn profit and what is the projected income the business will potentially earn. I learned you must also know what customers you’re targeting and whether there are competitors for the same brand you’re selling. This way you’ll be able to convey why your business is more profitable and beneficial. You should also list your co founders and their roles in your company as well as their performance to give potential investors more of a reason to invest in your business and to expand your partnerships.
It is important to limit the risks that comes with business partnerships. You must establish what role each partner will have in the agreement before allowing them a share in your business. If the person doesn't satisfy their requirements or your company is not profiting from the partnership then you must have an exit strategy such as letting them go or allowing them to keep some part of the earnings so they leave with content. Making sure that they do not compete against your business whether they start a business themselves or join another partnership is also important to include in the agreement. I learned about the monetization model and that your funding should mostly come from your customers. The factors that determine revenue models are market, competitors, value proposition, product proposition, and cost structures. There are many forms of revenue models with one example being e-commerce model which is solely online based profits. You can have multiple revenue streams as a contingency plan just in case one fails, but most times and not always putting focus on one revenue that is profiting more may be effective.
To become a successful entrepreneur there are valuable skills you must possess such as effective communication, especially when meeting potential stakeholders of your company or employees seeking a job opportunity. You must be able to communicate how important your business is. Sales is a skill that ties together with communication. Being able to sell your product and speak highly of your work will help the business grow. Focus, ability to learn, as well as having a business strategy are all valuable skills. In the United States there are many business entity formalities that follow the laws but it is important to make sure to consider the regulations other locations outside of America may have if you're looking to expand your business. Examples of business entities are sole proprietors which allows you to open a bank account and deposit payments in your company's name. Partnerships have similar roles as sole proprietors but two or more people are listed as co-founders in the company. Corporations are independent entities and as the founder you own and can also work in your corporations.
I learned how to engage your audience and keep their attention when speaking through eye contact and expressive gestures. Your audience will remember you more and will be more attracted to what you pitch to them when you make your presentation inviting and outside of the box. I learned how to gain funds for your business and how to promote it. Recognizing potential employee's traits, experiences, and how it will benefit your business is very important in the hiring process. Finding people that are adaptable to change and can push themselves to become better suited for your business is also important for the business to thrive.
I learned the many values that define what being an entrepreneur is. I learned that an entrepreneur is a person who sees a need in a business and with financial literacy they take on a role to fulfill that need. There are many forms of entrepreneurs such as brick and mortar businesses which sells products that satisfies the needs of customers or entrepreneurs that help others develop leadership roles. I learned the importance of having a contingency plan for when your business goes through circumstances so that your business doesn’t crumble. Health is also very important in business because when you’re active and being more aware of your eating habits it increases your energy and productivity.