Soft Skills: What Makes A Good Trader? | Business Studies

Welcome to another post on my blog. Today, in Business Studies, we learnt about soft skills and trading. We were given the main question, "What makes a good trader?" to think about. 

Image by Melissa Ling. © The Balance 2018
Credit: https://www.thebalancecareers.com/hard-skills-vs-soft-skills-2063780

Soft skills are personal attributes that influence how well you can work or interact with others. These skills make it easier to form relationships with people, create trust, dependability and/or leadership. These skills are important in achieving your business goals. From this list are skills of soft skills.

• Relationship building
• Communication/Storytelling
• Effective communication skills
• Collaboration
• Business communication
• Conflict management and resolution
• Adaptability
• Flexibility
• Sales presentations & demos
• Prospecting
• Creativity
• Critical thinking/Problem solving
• Time management 

Employers look for soft skills in applicants because these skills are hard to develop and are essential for long-term success. Soft skills are distinct from hard skills, which are technical and job-specific.

Hard skills are teachable abilities or skill sets that are easy to quantify. The skills are achieved through training or education that are needed to complete a job. These skills can be technical knowledge or abilities that are simply defined and measured. Hard skills may also be considered job-specific skills and can change from occupation to occupation. These types of skills can be acquired and honed through certifications, schooling, training, courses and on-the-job training. The following examples are hard skill examples:

• Bilingual or multilingual
• Degrees, apprenticeships, certificates
• Accounting
• Database management
• Mobile development
• User interface design
• SEO/SEM marketing
• Programming languages (such as Perl, Python, Java and Ruby)
• Typing speed
• Machine operation
• Software knowledge

Budgeting Guide | Business Studies

Yesterday, we had to complete another task. Task: Create a Budgeting Guide to help others learn budgeting skills. Explain what budgeting is and what key things to keep in mind when creating a budget. Present this creatively. 

What is Budgeting?

Budgeting is to create a plan to spend money. The spending plan is called a budget. Budgeting is simply balancing your expenses with your income. A word to describe that is "savings". For example, if you take a trip overseas, you would need to create a budget to save your money on that vacation. Such as the cost of the flight, accommodation, food, travelling (bus, taxi, train, rental car). If you had a budget, you would have an affordable hotel, but not too bad as well - a good hotel at a cheaper price. If one hotel is good but expensive and saw hotel two at a cheaper price, you would choose hotel two with the cheapest price. Another thing to remember is the price of the flights. You need to choose a flight which is cheap, which would save a lot of money in the budget. For travelling, you need to choose the cheapest and fastest way to reach your destination. 

Budgeting can save us a lot of money and when you save money, you can use on extra things. The more money you save, the better. If we don't have a budget, then you could spend a lot of money and might loose all money that you have, a big risk. 

Here is my budgeting guide that I created which has some budgeting skills to follow. 

Reflection:

I felt that everything went well, and I enjoyed making the infographic about budgeting skills in a budgeting guide. I think that if you follow all budgeting skills, nothing will go wrong and you will save lots of money. 

I think that one thing went wrong was the time-management. I should've finished this a few days ago. I feel that its the only thing which went wrong. 

Next time, I think I should make the infographic more creative and finish the task on the day or a day after it was given, so I don't need to rush it off.

Credit: (as noted on infographic)

• https://improvedcredit.org/budgeting-skills/

Do you use any of these budgeting skills? Comment down below for your answer. I hope you like my post.

What's Budgeting? | Business Studies

Adding up the monthly bills
Budgeting, Tacojim Via Getty Images
Credit: https://www.huffpost.com/entry/how-to-budget-template_l_5d8bed10e4b0019647a2b2cd

Last week for Business Studies, we learnt about Budgeting and what it is. After learning some basics about budgeting, we had to complete a task which included words like budget, surplus, deficit, spend, savings, wants, needs, income, finance, price, fees, necessity and exchange.

There were two tasks to choose from, create a budgeting crossword and make a Budgeting Language’ dictionary. I chose to create a budgeting crossword where the clues are above the definitions/explanation of the budgeting words.

Link to crossword

Reflection:

In my opinion, I think I did well in making the crossword. This crossword can help people who don't know much about budgeting know the words and its meaning. In this crossword, I also learnt most of the words listed and their meaning too.

References:

• Maths Is Fun - Dictionary | Budget

• Google Dictionary | Spend

• Google Dictionary | Wants

• Google Dictionary | Needs

• Google Dictionary | Income

• CallTutors | Finance

• Google Definition | Price 

• Macmillan Dictionary | Fee

• Money Crashers | Necessity 

• Merriam Webster | Exchange

Have you created a crossword before? If you have, comment below and share it with me!

The Marketing Mix - Promotion

 Today, in Business Studies, we are still continuing on the Marketing Mix and this is the last part of the Marketing Mix - Product, Price, Place, and Promotion. Promotion is the process of communicating with the target market and persuading them to buy what you are selling. This includes:

• TV adverts
• use of billboards
• social media activity
• influencers
• online video and banner adverts
• email advertisements
• sponsorship deals
• discounts and special offers
• branding

Credit: https://www.youtube.com/watch?v=ZBKWqdAS7nA

As our promotional material, we used Canva to create our poster. We used Canva because it is a really good site for making posters, advertisements, presentations and more. 

Our particular target is the students, staff and adults in the Hornby community and people who like drinks, this is a dessert item and we aim that most people buy our product and enjoy it. One of our product's promotion strategy is to have a good advertisement and put it where there are lots of public (popular areas). Our strategy appeal to the target market is to be more fun and appealing to see, it attracts people by looking at the poster. The poster is not childish because we are attracting teenagers and adults to purchase our milkshakes. 

One of our strategy for our product is the place where we sell our product. We chose to sell outside the Whāre because it has shade and lots of people walk past this area. There are also stores near that area, so there is popularity. From my experience from last time in 2018, there were lots of food companies outdoor.

The Marketing Mix - Place

In Business Studies, we continued with the Marketing Mix by completing the first and second part of the Marketing Mix - Product, Price, Place, and Promotion. Place refers to where the product is going to sold and how it will get from the place of manufacture to the end consumer. Businesses use distribution channels to get their product from the manufacturer to the consumer. This can include:

• a retail store
• an online store or app
• directly from the manufacturer

Credit: https://www.youtube.com/watch?v=uZEa9RXRAzI

For our product, milkshakes, we are thinking to put our table outside the Whāre because we are using a blender, and want to put our stall in the outdoors. So we think that outside the Whāre is the best location to run our business at. The Whāre is also a good place because there are a lot of people who walk past, and we think that people will look around and might purchase our milkshakes. But, the teachers are deciding where we are running the store, they are choosing a place where electricity is near. One of the reasons why we chose to make milkshakes because it is different and we don't think that anyone else is making milkshakes, so there won't be any competitions, except the companies who are making drinks, which relate to milkshakes, but they are not our main focus.

The Marketing Mix - Price | Business Studies

In Business Studies, we continued with the marketing mix by completing the first part, Product, now, we go onto our second part of the marketing mix - Product, Price, Place and Promotion. Price is the amount a business charges its customers for its product or service. Companies use different strategies to work out prices, some things that can influence price, however, are: 

• competition

• customer opinions

• brand image

• availability

Like the last post about Product, we had to answer a few questions relating to our product that we are going to sell in Market Day.

The Marketing Mix - Price
Credit: https://www.youtube.com/watch?v=2tzd7XivFqk

Our first question was about the price of the product and how did we work out the price for our product. Well, first, we took out a survey to the school about the milkshakes, which included a range of prices to choose. Most people chose the lowest price, but there were a few people who chose more than $2.50, which was well. Our group thought to choose a price which would be profitable and not too expensive. So, our group to sell our product for $3.00, which is a good price to purchase milkshakes (our product). 

Our company will ensure that your product is worth the price by using quality ingredients, using the same ingredients, the same amount for each customer. 

What price are others (B&E group/real world business) charging for the same good (use a table to show this)?

Business	Quantity	Price
Shake Shed & Co	Small and Large	Small: $5.30 Large: $6.30
Wendy's Supa Sundaes	Small and Large	Small: $4.50 Large: $5.50

The Marketing Mix - Product | Business Studies

On Tuesday in Business Studies, we've started to look on Market Day occurring at the end of the month. Today we have been focusing on one of the four parts of the Marketing Mix - Product, Price, Place, Promotion). This section is about understanding the product and knowing what is being sold and to whom.

The Marketing Mix
Credit: https://www.klood.com/blog/inbound/do-you-remember-the-marketing-mix

Our group is making chocolate milkshakes and it has various features like they are environmentally friendly because we are using paper cups and paper straws because we want to save the environment. We are also raising awareness of climate change. We are selling in one size, medium. We are estimating to sell around 25 milkshakes. We have good quality for our product because we are making it fresh when the customer asks for the milkshake, and we would put the same amounts and not put one more than another. We had no packaging on our product. For our chocolate milkshake, we only have three ingredients, milk, vanilla ice-cream and chocolate syrup. Our product is also culturally sustainable because people who are vegetarian, halal, gluten-free, and more. We do not need any services for our product.

Want a Reusable Coffee Cup?

Welcome to another post. In Business Studies, we were looking at Marketing and Selling, which included being in a group and selling the item that we chose.

Want to Bungy Jump?

Welcome to another post. In Business Studies, we looked at the New Zealand brands and things which are iconic to New Zealand. In that, we had to create an advertisement about something which others know that its from New Zealand. I chose to create a video about bungy jumping, which is iconic to New Zealand and it is one thing which makes New Zealand famous.

Entrepreneur Research | Business Studies

Welcome to another post on my blog. Today, in Business Studies, I finished the Entrepreneur Research that we had been working for a week. From the Mix and Match which was completed two weeks ago, we had to choose one entrepreneur to research on. I chose AJ Hackett. Next, we had to write three open-ended focus questions which will help us begin our research.

• How did he invent the bungy jumping?
• Did he do bungee jumping? If yes, where was his first bungee jump?
• Where was the first public bungy jumping site?

Later, we had to find three separate websites which can be used to answer the question/s. We had to use the three different sources to make notes which will help answer each question.

Lastly, we had to write our research on a presentation and share it on our blogs.

AJ Hackett's Biography | Business Studies

Welcome to another post on my blog. Today, in Business Studies, I finished a biography about AJ Hackett.

Mix and Match Entrepreneurs | Business Studies

Welcome to another post on my blog. Yesterday, in Business Studies, I learnt about entrepreneurs and their hard-work. First, I had completed an entrepreneur's practical skills activity, later, I had to do a 'Mix and Match' 20 entrepreneurs from New Zealand and overseas which claimed their fame.

What Practical Skills do Entrepreneurs Use? | Business Studies

Welcome to another post on my blog. Today, in Business Studies, we learnt about Entrepreneurs. First, we saw some famous entrepreneurs and their hard-working quotes; Albert Einstein, Thomas Edison and Robert Frost. Next, we had to find our inspirational hard working quote.

“Education is the most powerful weapon which you can use to change the world.” - Nelson Mandela

 

Following on, we had to do an activity about Entrepreneurs. Practical skills are important for entrepreneurs.

The Production Line | Business Studies

Welcome to another post on my blog. Today, I finished a research task in Business Studies. It was about 'The Production Line'. In this research task, we had to include some questions that we were given. I had completed this research with two friends. I hope you like it.

The Ford assembly line in 1913. (Wikimedia Commons/public domain)

Opportunity Cost | Business Studies

Opportunity Cost
Credit: https://www.marketplace.org/2013/06/13/opportunity-cost-simple-whiteboard-explainer/

Welcome to another post on my blog. This week in Business Studies, we learnt about opportunity costs. Opportunity costs mean, "It is what a person sacrifices when they choose one option over another." After learning about opportunity costs, we were given a scenario and then create a presentation to show the scenario. I created my video presentation on Canva.

Our Own Money | Business Studies

Welcome to another post on my blog. In today's post, I am going to share the task that I finished in Business Studies. We had given a scenario;

To create two banknotes to be put into circulation. Either create a new value of choice or stick with the current values ($5, $10, $20, $50 or $100). Also, keep in mind the 8 characteristics of good currency:

• Generally accepted
• Durable
• Divisible
• Stable/ consistent
• Transportable
• Scarce
• Easily Recognisable
• Difficult to counterfeit

The money must be relevant to New Zealand, Christchurch or Hornby High School, and feature image or images that are important to that specific place.

Here is the currency that I made.

 

After designing the banknotes, I had to create an annotated diagram featuring one of the notes. 

Next, we had to write a paragraph explaining how the currency meets at least five of eight criteria for good currency.

One of the two banknotes that I designed was the $200 note. It is made of a thin type of plastic called "polymer", a note is waterproof and difficult to tear. As a result, these notes are durable and transportable. Both $200 and $300 are easily divisible. Polymer banknotes include many security features not accessible in paper notes. Polymer notes are more environmentally friendly than paper notes because they last more and can be recycled when they reach the end of their life in circulation. Both notes are polymer and use raised ink, these features make them difficult to counterfeit. On both notes, it is stated that there is legal tender in New Zealand. This makes them generally accepted and easily recognisable. While the money is controlled responsibility by the government, the banknotes stay scarce. The value of the money doesn't vary, it stays the same, making it a stable and consistent currency.

Ancient to Contemporary Money | Business Studies

Welcome to another post on my blog. In today's post, I am going to share my activity that I have completed. We had to investigate three forms of money. One from the ancient history, one from the 20th century and one from the 21st century. Then, we had to think of a currency that would be possible for the future.

Lydian Lion

Credit: https://rg.ancients.info/lion/article.html

The Lydian Lion is known as the world's oldest coin. This coin is made of gold and silver alloy, it was minted by Kind Alattes in Sardis, Lydia (present-day Turkey), c. 610-600 BC. These coins are worth in the $1,500 to $3,500 range (NZD), although, it is not especially rare, it's just in significant demand because of its history. The first people who used Lydian Lion was obviously the Lydians. The invention of the coins is still a mystery.

The advantages of the money were that its light. According to Sardisexpedition, Lydian Lions weight the most of 4.7g and the smallest of 0.29g. Which was a good thing for Lydians because they weren't heavy to carry. It was stamped or minted a lion, so it was easy to recognise.

There were some disadvantages that there weren't banks in Lydia, so they couldn't secure the money. It could be stolen.

The lion minted in the coin symboled of royalty. The two deep impressions were created by a hammer.


From Notes to Credit Cards

Credit Cards
Comstock/Thinkstock

In 1950, credit cards showed up when Ralph Schneider and Frank McNamara founded Diners Club and issued it's first credit cards. But, it wasn't truly a credit card. Instead, it was a charge card that needed the cardholder to pay the entire balance off each month.

But in 1958, Bank of America issued the first general-purpose credit card. They launched BankAmericard, the paper card considered as the first credit card. Also, it had offered a revolution card, which gave customers the ability to carry in balance. In the same year, the American Express Company issued a travel and entertainment payment card.

In 1970, BankAmericard splits off into National BankAmericard, an interbank that issued and managed credit cards. Then in 1976, National Americard Inc. became Visa.

The advantages of credit cards that there is protection for the consumer (customer). There are quick resources for an emergency. It is safer than cash. It works in any currency.

The disadvantages of credit cards that there are credit card frauds. There is a range of fraud schemes that target credit cards. If you carry a balance from month to month, you'll pay interest charges.

Did you know that the first use of credit cards started in the United States in the 1920s, when individual firms, like oil companies and hotel chains, began issuing them to customers for purchases made at company outlets?


Contactless Payment

Contactless Symbol
The logo is from the https://www.emvco.com/about/trademark-centre/ website.

Contactless Payment or 'payWave', in New Zealand, is a system that is used by credit, debit cards, smart cards, and mobile/smartphone devices to make payment more secure. Some devices/smartphones support payWave such as Google Pay, Apple Pay, Fitbit Pay, Samsung Pay, Garmin Pay and more. payWave is easy, convenient, secure and widely accepted.

payWave
Credit: https://www.visa.com.au/pay-with-visa/

The first contactless payment cards were issued in the UK by Barclaycard in 2007. According to Wikipedia, in December 2014, there were approximately 58 million contactless payment cards in use. Now, contactless payment cards are used all around the world. 

There are advantages in payWaves, such as fraud. 'Financial Fraud Action UK' says fraud on contactless cards and devices "remain low" with £2.8 million ($5.6 million, NZD) losses in 2015. payWave is easy, convenient, secure and widely accepted.

There are some disadvantages in payWaves like transaction limit. With a contactless card, you cannot change the limit per transaction chosen by your bank. If your device/smartphones battery is low, then there might be trouble paying.

Many companies support contactless cards which is good for the customers.



I hope you learnt something new and liked my post. Have a nice day!! Bye!!

What's Money | Business Studies

Welcome to another post on my blog. In today's post, I am going to share you my mindmup explaining what money is, its uses and how it's worked. After learning about enterprising and entrepreneurs we moved on to money and values. I made this mindmup with a buddy, we researched facts about money and wrote it down in our own words in the mindmup. What I've learnt about money is that the first country to make money was Lydia, it appeared in the 7th century BC, Lydia was located in the western part now known as Turkey.

I hope you learnt something new and liked my post. Have a nice day!! Bye!1

Kiwi Ingenuity | Business Studies

In today's business studies lesson, we were looking more at Kiwi Ingenuity. We had to answer the question, 'How does Kiwi ingenuity benefit New Zealand as a nation?' Now, this is my answer to this question.

Kiwi ingenuity helps us Kiwis or New Zealanders a lot. Also, there are several things which New Zealand is famous because of its ingenuity, like the bungy jumping, zorbing and also the referee whistle.

AJ Hackett invented the extreme activity of bungy jumping or bungee jumping. This activity had attracted thousands of people around the world because they want to experience the bungy and other more reasons.

Extreme Bungy Jumping with Cliff Jump Shenanigans! Play On in New Zealand! 4K!
Youtube - devinsupertramp - 23 Mar 2015

Another famous activity that was invented by New Zealander entrepreneur was zorbing. It is all thanks to two kiwi blokes, Andrew Akers and Dwane van der Sluis who invented ZORB in Rotorua in 1994. ZORB is a giant ball that spins hills up to 50kph.

ZORB Rotorua - Inflatable Ball
Credit: https://www.klook.com/en-NZ/activity/2353-zorb-inflatable-ball-adventure-rotorua/

Referee Whistle
Credit: https://www.nzedge.com/

The next invention is the referee whistle. New Zealand referee William Atack became the first sports referee in the world to use a whistle to stop a game in 1884. Before William's invention, referees had to raise their voice to control games. According to historian Arthur Swan, official historian for the New Zealand Rugby Football Union; "When both sides were appealing, the voice had to be exercised loudly and Atack found it exhausting. Thinking it over one day while refereeing a rugby game, his fingers strayed into a waistcoat pocket where they encountered a dog whistle. It was a great success and was adopted all over the country."


References:

• https://media.newzealand.com/en/story-ideas/great-kiwi-inventions/

I hope you learnt something new and liked my post. Have a nice day!! Bye!!

Innovative Ideas | Business Studies

Welcome to another post on my blog. In today's post, I am going to share the innovative idea that our group had created. We had to come up with an idea which could be improved. We had to create this blog post explaining ways to improve it and how. We had given some questions to answer.

What are we trying to improve?

We are trying to improve the juice sprayer, or known as the Lemon Juice Sprayer, which sprays the juice from the lemon, it benefits in different ways.


Why do you want to improve it?

Original Product
Credit: https://www.amazon.com/

Our group found out that the juice sprayer could be found in two sizes, small, for small fruits, and a big size for big fruits like lemons and oranges. We want to change the product slightly better.


What could be the changes allow for?

Our group thought to make the sizes for the sprayer detachable, so you can take off the small size to a bigger one. In the original product, you have to buy two sprayers for two sizes. We want to make it that our product comes with the big and small size. We have made our own name too, Instant Jewce Sprayer.




I hope you like my post. I hope you have a cool day!! Bye!!