Business

The Future is Freedom: Why breaking free of the past is crucial to your next leap in business

Published

2 years ago

March 23, 2022

Running a business is, by definition, demanding. Dealing with investors, employees and the general public whilst trying to build a solid reputation. Most of the time, we are able to rationalise our negative experiences, but occasionally, some comments can bring us down.

One of the most important qualities is to develop a positive mindset, focusing on what’s going well. To live like this consistently and avoid getting bogged down, there are several proven strategies we can employ.

Don’t take it to heart

Firstly, we must recognise when we are reacting emotionally, rather than logically. This can be evidenced in thoughts such as: ‘Why did this bad thing happen to me?’, ‘I never hurt anyone’, or, ‘What that person said is so unfair .’

In business, we can’t afford to take everything personally. We don’t always know what’s motivating people to react negatively.

As difficult as it is, we must accept that business is tough. Not everyone will play fairly; some will even break the rules intentionally. As much as we’d like to focus on our financial objectives, future plans and goals, often we end up managing our emotions, dealing with inter-relational issues and navigating difficulties.

This is a scenario that the Mikkelsen twins have grappled with, on several occasions. Rasmus Mikkelsen and Christian Mikkelsen, Co-Founders of Publishing Life, run an online education business that teaches regular everyday people how to replace their 9-5 job by creating passive income with self-publishing.

Commenting on the personal challenges that can emerge occasionally, Rasmus says: “Sometimes, we’ll get messages where people don’t agree with our opinion or don’t like our easy-going nature. I used to get offended by their criticism and felt like I was doing something wrong. Now I’ve learnt that you can’t make everybody happy. The bigger you get, the more often you’ll see this. But the truth is, for every 1 person that is unhappy, I’ve made 10 other people happy. So I focus on that instead.”

Christian adds: “We always look forward and focus on our goals instead; things like this just don’t get us down. We’ve developed a new identity in the last few years— a more emotionally mature version of our younger selves, especially as the business has grown and we’ve taken on additional business responsibilities. Now we are both happily married, and focused on achieving our business goals to provide for our families.”

Reframe the events

As an entrepreneur, when confrontation arises, whether it’s a disagreement with an employee or a bad review in the press, it’s vital to be able to defuse the situation and de-escalate a potential flash point. One way of doing this is to reframe your thoughts and feelings. Begin to look at events from a fresh perspective so that they no longer evoke the same negative response.

For example, instead of focusing on how angry a comment made you feel, you can try to imagine what motivated the behavior. The key is compassion. How upset must the person have been at that moment? What events must have been going on in someone’s life to make them so angry or combative?

By changing the narrative, and viewing events from a different angle, your emotions can start to change. Not only will you recover faster from drama, experiencing less cognitive drain, but you’ll also be able to turn your attention to more pressing matters like your business success.

Rasmus comments: “Not everyone is going to react positively to everything you do. That’s just life. The trick is not to fight fire with fire: you have to empathize with others and try to understand what might be going on inside them. Why are they acting this way? Are they being driven by hurt? Is this coming from a ‘positive place’.”

Use negative events as a springboard into your future

It’s a common misconception that our business lives would be better if we didn’t have problems and setbacks. The opposite is actually true. You need a little bit of resistance and a little bit of difficulty to energize you, focus your efforts and make you more resilient.

Think of the analogy of rubbing your hands with sandpaper. If you rub too hard, you cause your hands to bleed. However, if you rub it just a little bit every day, you will soon develop tough, impenetrable calluses.

The Mikkelsen’s have certainly learned from their experiences over the last few years and have been able to turn that resistance and difficulty into a growing business. For them, there is no ‘secret’ to success; it is the ability to stick with something long enough to reap the rewards.

Christian adds, “If only people would do the hard work, and not just give up when things get tough. The perfect example is our business. We focused on one important thing for years, rather than dabbling for a few months and then trying something else. You see new trends all the time and instead of jumping on the bandwagon, we knew the future was in digital publishing. It’s not a “sexy” opportunity like crypto, but it’s an emerging market that’s here to stay and is growing each and every year.

Focus on life’s essentials

He continues, “Adversity has a knack of stripping away what is unnecessary, unhelpful or untrue. When you’re faced with problems, you rethink your values. What do I believe in? What do I want to achieve?”

It seems inevitable that every seasoned businessperson will go through the fires of adversity: a process that burns off the dross of uncertainty and indecision and reveals a clarity of purpose. Some call it your ‘life’s mission’ or ‘calling’. In a business setting, this is invaluable. Knowing what you’re good at and how you can add value is the key to reaching your highest business potential.

Business

Opportunities for Black Banx in Emerging Markets

Published

19 hours ago

May 5, 2024

Matthew Wiles

A significant digital transformation is underway in the world of finance, marked by the emergence of non-bank innovators offering a diverse array of financial technology products and services. This transformation is not confined to established markets; rather, it extends its reach into emerging economies, offering a compelling digital alternative to traditional banking institutions. These alternatives are particularly vital in addressing the issue of financial exclusion, which has left substantial populations underserved by traditional banking systems.

Among these innovative digital banking entities stands Black Banx, a fintech brand dedicated to fostering financial inclusion in emerging markets by seamlessly integrating banking services into digital ecosystems. Founded in 2014 as a visionary concept by German billionaire Michael Gastauer, Black Banx swiftly evolved into a global force in the global financial market Officially launched in 2015, the institution rapidly garnered international recognition, extending its services to 180 countries and territories from its inception. Within a mere 12 months of operation, Black Banx amassed over 1 million customers, marking its initial expansions in key regions such as the United States, United Kingdom, and Hong Kong. At present, with a customer base exceeding 40 million as of February 2024, Black Banx stands as one of the fastest-growing digital banks not only in developed countries but also in emerging markets.

What Are Emerging Markets?

An emerging market mostly describes the economic landscape of a developing nation progressively engaging with global markets during its growth trajectory. These economies possess some but not all of the defining characteristics of developed markets, which typically exhibit robust economic growth, high per capita income, well-established equity and debt markets, foreign investor accessibility, and a reliable regulatory framework, according to Investopedia.

As emerging market economies evolve, they tend to integrate more deeply into the global economy. This integration fosters increased liquidity within local debt and equity markets, heightened trade volume, and augmented foreign direct investment. Moreover, these economies witness the emergence of modern financial and regulatory institutions as they transition from low-income, less developed, often pre-industrial states to modern industrial economies with elevated standards of living.

With improving standards of living, the demand for financial security and opportunities escalates, underscoring the pivotal role of banking services. However, traditional banks face challenges stemming from bureaucratic processes and sometimes limited services. Conversely, fintech firms are gaining prominence owing to their convenience, user-friendly interfaces, and expedited signup procedures. Furthermore, their accessibility anytime and anywhere with internet connectivity enhances their appeal to the public.

Strong Demand for Financial Technology

The surge in digital banking adoption, particularly conspicuous in emerging markets, owes much to innovations originating in these regions. For instance, nearly nine out of ten consumers in the Asia-Pacific region, encompassing both emerging and developed markets, actively utilize digital banking services, with a significant portion expressing openness to expanding their usage through digital channels.

Enthusiastic adoption of fintech tools and e-wallets among consumers in emerging markets has propelled the market penetration of these innovative solutions beyond levels observed in developed markets. In the emerging Asia-Pacific region, the penetration of fintech apps and e-wallets surged to 54 percent in 2021, compared to 43 percent in the developed segment. This is indicative of the accelerating shift towards fintech transactions and services, as per McKinsey & Company.

A portmanteau of finance and technology, fintech refers to the burgeoning industry of companies utilizing computer programs and other technologies to provide support or enable banking and other financial services. In developed nations, there’s been a rapid expansion and adoption of fintech technologies ever since businesses and even governments started accepting digital financial transactions as a standard mode of payment. But even in emerging markets, the demand for fintech has also skyrocketed as more people report a diminishing reliance on cash for weekly expenditures.

Identifying Opportunities in Emerging Markets

Launching a successful digital bank entails navigating a myriad of challenges, irrespective of the market’s maturity. However, digital banking in emerging markets presents its own unique set of hurdles, particularly in securing widespread adoption among mass-market consumers. To thrive in any market landscape, a digital bank must first establish meaningful access to its target customers. While the initial interaction may appear straightforward in the digital realm, the reality proves more nuanced.

The proliferation of digital advertising notwithstanding, capturing customer attention remains a formidable task, compounded by the intricacies of onboarding procedures, even for digitally savvy clients. Moreover, the reliance on app downloads as a precursor to engagement further heightens the barriers to entry as first-time users may find them intimidating.

Building a solid trust relationship with customers is important for digital banks to maximize their opportunities in emerging markets. Trust, arguably the linchpin of sustained usage, demands meticulous investment in creating positive onboarding experiences and fostering comprehension of banking channels and products. However, achieving this trust quotient is not easy, especially in emerging markets with lower access to financial services and digital literacy.

Black Banx’s Success in Emerging Markets

Black Banx is a digital bank focused on empowering financial inclusion in emerging markets by integrating banking into digital ecosystems. It was founded by German billionaire Michael Gastauer who always believed that well-designed financial services have the potential to uplift even the most marginalized segments of society, providing them with enhanced economic opportunities.

Consequently, Black Banx is steadfast in its mission to promote financial inclusion while harnessing the advancements within the fintech landscape. Today’s digital technologies offer unprecedented tools to reconstruct banking paradigms, especially for those underserved by traditional financial institutions, with smartphones and laptops serving as gateways to financial empowerment. But while Black Banx makes use of the most advanced fintech technologies, including blockchain and artificial intelligence, it delivers an intuitive and easy-to-navigate user experience through its website and mobile app so even the inexperienced or less tech-savvy consumers won’t have a hard time using its platform to carry out financial transactions.

With his expertise and decades of experience in the financial industry, Gastauer has a keen eye for trends and what works in different markets. So instead of delivering different experiences for developed and emerging markets, the renowned fintech mogul opted to roll out the same suite of services to both because of his motivation to realize financial inclusion and offer only the best banking experience to all. As such, Black Banx facilitates seamless transitions between physical and digital currencies and even cryptocurrencies. The digital bank also tailors its channels to accommodate customers at various stages of their digital journey, ensuring that they feel guided every step of the way until they achieve their financial goals. All of these contribute to Black Banx’s success in emerging markets.