You Don't Want To Start A Business - But It's Important That You Think You Do - How Money Works
The idea of becoming a business owner is very popular today, partly because many online platforms and content creators promote it. However, it's important to understand that starting a business, especially through these platforms, often means you are dependent on a larger company and face high risks. While some people genuinely want to help, they might not fully show the difficulties. True success in business often comes from entering difficult areas or doing something unique, not from easy, low-effort ventures that many others can also do.
Key Vocabulary
A shortened term for cryptocurrency, a digital or virtual currency that is secured by cryptography, making it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology.
Examples:
- She invested a small amount in crypto, hoping to see significant returns over time.
- The recent volatility in the crypto market has made some investors cautious.
- He spends his free time researching different types of crypto and their underlying technologies.
To depend or turn on something; to be contingent upon a particular factor or condition.
Examples:
- The success of the entire project hinges on securing that final round of funding.
- His decision to accept the job offer hinges on the relocation package being satisfactory.
- The outcome of the negotiation hinges on finding a compromise that benefits both parties.
An individual who works for different companies or clients on a project-by-project basis, rather than being a permanent employee of one company.
Examples:
- As a graphic design freelancer, she enjoys the flexibility of setting her own hours.
- Many writers start as a freelancer before securing a full-time position with a publisher.
- The company often hires a freelancer for specialized tasks that are outside their regular team's expertise.
A person who claims to have certain moral standards or beliefs but whose behavior does not conform to them.
Examples:
- He was called a hypocrite for advocating for environmental protection while driving a gas-guzzling car.
- It's easy to spot a hypocrite when their actions contradict their stated principles.
- The politician was accused of being a hypocrite after voting against a bill he publicly supported.
To make something, typically an undesirable situation or an unfounded belief, continue indefinitely.
Examples:
- The old traditions tend to perpetuate stereotypes if not critically examined.
- Ignoring the issue will only perpetuate the problem rather than solve it.
- The rumor continued to perpetuate through the office, despite efforts to clarify the truth.
Reduced by half; divided into two equal parts.
Examples:
- The company's profits halved after the unexpected economic downturn.
- She halved the recipe to make a smaller portion for herself.
- The new efficiency measures effectively halved the production time.
Having a tendency or preference for something; disposed to a particular action or attitude.
Examples:
- She was inclined to agree with his proposal, given the strong evidence presented.
- He felt less inclined to participate in the debate after hearing the aggressive arguments.
- The manager is always inclined to support employees who show initiative.
Determined or established beforehand; fated to happen or arrive.
Examples:
- From an early age, she seemed destined for a career in classical music.
- The ancient prophecy stated that the hero was destined to save the kingdom.
- Despite early struggles, the small startup was destined for great success.
The part of a shop or business that faces the street, including the entrance and display windows; also, the business itself as a physical location.
Examples:
- The new bakery has an attractive storefront that draws in customers.
- They decided to open a small storefront to sell their handmade crafts.
- Maintaining a clean and inviting storefront is crucial for retail businesses.
Taking advantage of opportunities as they arise, especially with little regard for principles or consequences.
Examples:
- The investor made an opportunistic purchase during the market dip.
- He was criticized for his opportunistic behavior, always looking for a way to benefit personally.
- The company adopted an opportunistic strategy, quickly adapting to changing consumer trends.
Influential teachers or experts, often in a specific field, who are highly respected and sought after for their knowledge and advice.
Examples:
- He consulted with several marketing gurus to refine his business strategy.
- The financial gurus on television often offer conflicting advice.
- She attended a seminar led by a renowned productivity guru.
Overwhelmed with a large amount of things, especially tasks or information, to the point of being unable to deal with them adequately.
Examples:
- After the product launch, the customer service team was inundated with inquiries.
- The small town was inundated with tourists during the peak season.
- He found himself inundated with emails after his contact information was publicly shared.
An expression of gratitude or appreciation; a polite acknowledgment of a favor or gift.
Examples:
- She sent a handwritten thankyou note to everyone who helped with the event.
- A simple thankyou can go a long way in showing appreciation.
- He received a thankyou gift for his dedicated service to the organization.
Extremely wicked or criminal; villainous.
Examples:
- The villain's nefarious plot was foiled by the quick-thinking detective.
- He uncovered a nefarious scheme to defraud elderly citizens.
- The spy was known for his nefarious activities in the underworld.
Benefits or advantages that one receives as a result of a job or position, beyond the regular salary.
Examples:
- One of the perks of the job is the company car and unlimited travel.
- The new office offers several perks, including a gym and free meals.
- She enjoys the perks of working from home, such as a flexible schedule.
In a very poor condition as a result of disuse and neglect; run-down.
Examples:
- The old factory building stood derelict for years before it was finally demolished.
- They discovered a derelict boat washed ashore, covered in barnacles.
- The city council decided to redevelop the derelict neighborhood into a vibrant community space.
The process of preparing and sending out invoices, which are bills for goods or services provided.
Examples:
- The company implemented a new system to streamline its invoicing process.
- Accurate invoicing is essential for managing cash flow in a business.
- She spends an hour every Friday on invoicing for her freelance clients.
For that; for it; in return for it.
Examples:
- He presented his arguments, and therefor, the committee voted in his favor.
- The contract stipulated the terms of service and the payment therefor.
- She provided excellent customer support, and therefor, earned a loyal client base.
To leave out or exclude (someone or something), either intentionally or unintentionally.
Examples:
- Please omit any personal details from the official report.
- She decided to omit the last chapter of the book to keep it concise.
- The editor advised him to omit redundant phrases from his writing.
Extremely unpleasant, dreadful, or shocking.
Examples:
- The traffic during rush hour was horrendous, causing significant delays.
- They faced a horrendous challenge trying to complete the project on time.
- The smell from the abandoned building was absolutely horrendous.