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How Uber Has Impacted The Business World

How Uber Has Impacted The Business World

Uber is more than an alternative to a taxi service. It introduced the world to the feasibility of a new method of doing business, and about how a person can work within the world on their own terms. It has shifted a paradigm in a highly unexpected way, and the full impact of its presence may not be known for some time.

With that in mind, there are certain key points that have already become notable in the business landscape and are brought to the forefront by companies like Uber. Here is an exploration of how Uber has already impacted the world we live in, and one prediction of what may be possible for the future.

A Great App Is The Key

People are inundated with new apps on a daily basis through their app store of preference, so most users have learned to tell the difference between an excellent piece of software and a piece of rubbish. Part of Uber’s success is in the design of the app, with some users turning to Uber for rides multiple times a day. If the experience was more frustrating, users would have abandoned the platform for something new. Its popularity supports its solid design.

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That being said, Uber offers a service that people can use as well. Even the flashiest app won’t convince the masses to pay for something they don’t need…or, at least, not for long.

On the other side, a poorly made app may be a company’s downfall. Expectations regarding what can be accomplished in this area have skyrocketed, and customers are willing to abandon a loser when they see one. If you are looking to stay connected to your clients while they are on the go, you cannot afford to neglect your app. It just is not something you can ignore.

You Don’t Have to Own Anything to Win in Business

Uber does not own a single vehicle. Not one car, one truck, or one SUV. Uber serves as a platform for connecting those that do have vehicles with people who need rides, and that is basically it. The trick is, it does it well. The app allows drivers and riders to connect quickly, providing a precise time of arrival for each party. It also handles the financial side of the transaction, ensuring that payments are processed properly (for a small fee, or course).

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While a large company without any actual offerings may bring about memories of the “dot com” era of the 90s, Uber has found a way to make that work by offering the kind of service people didn’t realise was missing from their lives until it took the marketplace by storm.

With Clear Requirements, You Only Need to Provide Minimal Oversight

Uber driver requirements may be considered basic, but they are clear. Additionally, drivers set their own schedules, completely removing the need to manage the idiosyncrasies that come with having actual employees.

While the concept of connecting contractors, freelancers, or other forms of the self-employed is nothing new, this is another area where Uber takes the kinds of precautions necessary to provide everyone with a minimum level of security without having actually to hire drivers themselves.

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You Don’t Even Have to Explain Your Pricing in Entirety

While Uber does explain how its base rates are applied, allowing a person to estimate the cost of their ride, it does not fully explain the concept of “surge” pricing beyond the basics of supply and demand. Granted, Uber was chastised for charging higher rates during a blizzard based on this price model (and has since vowed not to take advantage of natural disasters), it has left its formula intact for predictable surges, such as after a large sporting event.

The Prediction: Uber May Help Determine the Success of Self-Driving Cars

If you want to see an example of a company that could seriously profit from the self-driving car, Uber would be one of them. While this would mean they would need to acquire the vehicles as business assets, it does help eliminate the costs associated with paying a driver.

Instead of only taking a cut of the fee for managing the transaction, Uber could keep the fee in its entirety. Depending on the selling price of the self-driving car, the math could actually work out in Uber’s favour as it will be able to maintain an entire fleet that does not have to sleep to keep an appropriate level of safety on the road.

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While this won’t be the only factor of the self-driving cars success (the general public would also have to be comfortable with the idea of using them), Uber could certainly make them feel more mainstream…and isn’t that half the battle for introducing new technology in the first place?

Featured photo credit: https://pixabay.com via pixabay.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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