Executives and Second Careers

Executives and Second Careers

The Secret to Job Security After 50

If you are over 50 and have left a job at a big organization, you already know you face a bigger challenge finding another high-paying a job at a new firm.

But that doesn't mean you won't be able to earn as much, or even more than you have up to now. You may simply have to "reassemble" your income in a new, creative way. In fact, this could be the perfect time to take control over your income and become the owner of your skills and services.

As a self-employed contract worker, consultant or freelancer, you may be able to earn a more secure living. The first reason is because companies will not have to pay for your benefits package. They are buying a portion of your time. This reduces the cost of your services, while enabling them to benefit from your years of experience. The second reason is because companies do not have to make a big commitment to hire you. They can take a tiny nibble of your services and see how well you do the job.

As a result, your 20-30 years of experience becomes a bonus instead of a liability. They can hire you for a fixed fee, often using funds from another budget outside of their personnel or staff funds, and get the benefit of your experience.

5 Tips for Launching Your Self-Employed Career

Of course, leaving the security of a regular pay check and benefits package is filled with uncertainty and fear. So here are a few tips that can give you a quick start to generating a solid income and keeping your expenses low.

 

  1. Your first and best client may very well be the organization you just left. You know their business. You know many people within that business. And you know the gaps in what they could or should be doing, versus what they actually are. So you are in a position to pitch ideas to the right people on ways to solve their most pressing problems.
     
  2. If you have not yet left your old employer, you may be able to negotiate a project or retainer before you leave. Many companies that are going through belt-tightening or downsizing need to cut back on staff. But they still need certain functions done. This could be the perfect opportunity for you to negotiate a deal that provides 30-50% of your first year's income for your new self-employed career.
     
  3. Prepare your 25-word "elevator pitch" that summarizes the value you can bring to a company. Prepare a short cover letter of introduction, and a succinct summary of your key skills (not necessarily in resume form). Have these ready the moment you leave your organization.
     
  4. Save money on benefits and insurance by tapping into group plans through associations. If you are a member of any large associations, whether it's an automobile club, industry group, even a sports association, you will likely be able to replace insurance policies and possibly health coverage at lower group rates.
     
  5. Establish a web presence through a simple, template-oriented free web service. Today, such online resources as Blogger.com or WordPress.com are free, and in a manner of minutes, you can upload your photo, background, value proposition and more. Having this "online business card" builds your credibility as a self-employed professional. Later, you can promote yourself by adding articles and samples of your successes.

 

The bottom line is that the work world is changing. The economy is rebounding very slowly from the recession and not adding enough high-paying middle and senior management jobs quickly enough. But by being creative, proactive, and marketing your expertise and services as a self-employed, independent professional, you can replace your income in a matter of months, and never run the risk of losing your "job" again.

 

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Bachelor of Business Administration Degree

Bachelor of Business Administration Degree

Bachelor of Business Administration (BBA) is a four-year college degree that focuses on commerce and business management. The core subjects of the Bachelor of Business Administration include accounting, finance, business management, economics, business law, and human resource management.

Bachelor of Business Administration involves the study of local and international markets, and the ethics of business. Today, Bachelor of Business Administration degree concentrates on technology-enabled business and communication, which is known as E-business. Students studying for this degree develop a wide range of skills including strategic business, presentation, communication, and problem-solving skills.

Eligibility Criteria:
The eligibility criteria for Bachelor of Business Administration degree program depends on the country and university in which the degree is being pursued. In the US, a high school degree is a prerequisite for applying in BBA degree program. Other requirements, such as scores in SAT, depend on the school in which the student is applying.

Course Outline and Core Subjects:
In most universities, the four year-degree program in Business Administration is divided into 8 semesters. According to a general course outline for Bachelor of Business Management degree program, the first semester is designed to give an orientation of business management to the students. In the second semester, the students are introduced to the general idea and traits of business. In the third and fourth semesters, the students study the theoretical approach to the principles of business, economics, accounting, business law, statistics, algebra, calculus, and business ethics and communication. Over the remaining four semesters, the students deal with the practical implementation of the above mentioned core subjects. The subjects taught to the students during the four years of the program include:

First Year (Semester 1 and 2):

The subjects taught during the first year of the program include:

  • Principles of Microeconomics
  • Intermediate Macroeconomics
  • Introduction to Business Communication
  • Basic Calculus
  • Principles of Accounting I
  • Introduction to E-Business
  • Introduction to Statistics
  • Principles of Management
  • Social Science Elective
  • Human Behavior

Second Year (Semester 3 and 4):

The subjects taught during the second year of the program include:

  • Ethics of Business
  • Introduction to Business and Finance
  • Principles of Accounting II
  • Organizational Behavior
  • Statistics Conjecture
  • Principles of Marketing
  • Financial Management
  • Business Communication
  • Introduction to Markets
  • Social Science Elective
  • Business Mathematics
  • Basic Algebra

Third Year (Semester 5 and 6):

The subjects taught during the third year of the program include:

  • Human Resource Management
  • Introduction to Business Law
  • Introduction to Business Research
  • Production and Operational Management
  • Small Business Management
  • Management Problems
  • Managerial Accounting
  • Advanced Economics
  • Language (Module 1)

Fourth Year (Semester 7 and 8):

The subjects taught during the fourth year of the program include:

  • Policies of Management
  • Practical Approach to Business
  • International Business
  • Language (Module 2)

After acquiring a Bachelor of Business Administration degree, further study in business administration gives the students an opportunity to achieve a two-year master’s degree, which is known as Master of Business Administration (MBA). A Bachelors degree in Business Administration helps students understand the principles of dynamic industries and businesses. According to the U.S. Department of Labor, Bachelor of Business Administration is an in-demand degree with a steady job-growth. Furthermore, the increasing popularity of E-commerce will increase the demand and job opportunities in business administration.

 

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Interviewing for a Professional Job

Interviewing for a Professional Job

Facing Tough Interview Questions

Most applicants for a new job or promotion are more concerned about the in-person interview than their skills and qualifications for the job itself. If you don't have a 4-year college degree, and the interviewer is aware of it, it's clearly not a deal breaker for this position if you have made it to the person-to-person interview stage. Nevertheless, if most of the employees at the company have college degrees, you may want to describe your plans to finish your degree part-time (if you have such plans). There is more information about degree programs on our page about Best Bachelor's Degrees.

In fact, having a list of possible interview questions and answers is probably not as useful as really good preparation for the interview in general. In the following article, journalist Kim Remesch describes some things the job hunter should focus on before his (her) face-to-face interview.

 

Job Hunting: Prepare for the In-Person Job Interview

by Kim Remesch

Your resume got your foot in the door for that great job you’ve been trying to land. Now it’s time to prepare for the in-person job interview. Here are six tips to think about before you have a face-to-face meeting with a potential employer:

Employer Wants and Needs

Keep one thought in mind: the interviewer wants to determine if you are the right person for the job. Can you do the job based on what s/he reads, hears and sees? Your resume may show a lot of administrative potential, but if you are applying to a dental office, and you’ve obviously paid little attention to your own dental care, that’s a problem. What plays well on paper, may not be as stellar in person.

As you prepare for the job interview, keep a copy of the job requirements in front of you. While you develop a potential list of questions, that list of job requirements will help you develop answers that will be relevant to the company and to the specific job.

Research the Company

You should have researched the employer while creating your cover letter. Dig deeper as you will want to incorporate things about the company, match their wants and needs to your experience, when answering interview questions. One of the things you will be judged on is whether you’ve bothered to get to know what the employer wants. You will be asked many questions that revolve around the company’s wants and needs. Forego the research, and the interviewer will know his company doesn’t matter enough for you to take the few minutes to get to know the business.

For example, you learn that the company sponsors a community group or volunteers for certain charities. When asked what you do in your off time, relate to that community involvement and volunteer work you do. If you’ve been touched by that charity or cause, speak to that.

First Impressions

According to research among hiring managers, the main impression on whether or not to hire you will be done in 10 minutes. Your resume and cover letter may seem like the first impression, but Americans are visual, so employers will remember a face more than the name on a typed piece of paper. You want to stand out but not in an obtrusive way.

How you dress will depend on the type of job you are seeking but in general a neat suit with a shirt that’s not too flashy will do. You’ll be judged by your appearance, but you want to leave a clean, put together impression, as opposed to one that makes you stick out in an odd way. Your shirt, for example, should be freshly ironed with none of those right-out-of-the-bag folds.

Avoid flashy jewelry. A simple watch, necklace, against a new haircut will leave a good impression. This is not the time to try out a new hairstyle.

That said, if you are applying for a creative job -- a job at a trendy boutique, your research will tell you how to dress to fit in. Generally, however, even if you will be going into work clad in jeans, as are the bulk of the employees, for that interview, think neat, clean and put together. Show the interviewer you care.

Wrap it Up

The interviewer will ask if you have any questions. If you launch into a laundry list of questions regarding nut-and-bolts operations of the job, you’re missing the point. The interview wants you to ask questions, but he’s also checking to see how well you’ve researched the company. In keeping with community activism theme above, you can ask about specifics on the community events and how employees play a role.

If a company has been rated number one in a category, ask what is being done to keep that title, and how employees can make that happen. Let the interviewer know that you are interested in the company as a whole, and that you are interested in the goals of the company.

It’s Not Over Yet

After you’ve walked out the door, you may think that’s the end of the story, so now you should just sit back and wait. Show your manners. If you’ve been searching for a job for any length of time, you know how hard it is to get your foot in the door. The in-person interview has brought you one step further to the job you want -- and need. Show the interview another side of you by following up on the visit.

Do not bombard the company with phone calls asking if a decision has been made. Instead, as soon as you get home, jot off a hand-written thank you note and send it along. If there was a point you felt you stumbled on in the interview, or a question you couldn’t answer, you may want to mention it in the follow up. It would show that you are interested enough to replay the interview in your head, and that you care enough to follow up with an answer, even when you don’t have to.

The Next Step

If you receive a call or email saying you did not get the job, it doesn’t stop there. Follow that up, too. Thank the person for his time, and let him know that you are interested in working for that company (if you are), and you hope there will come an opportunity that he finds suited to your qualifications. You’ll leave the person with a good impression of your enthusiasm and follow through on projects.

 

Do You Have a Question?

If you have recently been a participant in a face-to-face interview and have a question (or answer) that most people [probably] haven't heard, please place a comment below. Other readers will certainly appreciate it.