Trillion Dollar Economies

In the globalised era, the economies of the world remain interconnected creating one giant world GDP. Analysing this world GDP is an imperative task for assessing one’s own position in the world economy as well as for taking key decisions in the international affairs. Around 90% of the world economy which is around $103 trillion comes from 19 countries which includes our country also.

Analysing the economies and their proportions in the world economy tells us how much the United States dominates, contributing close to 25% of the world economy. Such a polarising power on the world economy is also because of the States’ dominant political power in the global arena. The nominal GDP of this country as estimated to be at around $25 trillion. It is more than seven times our own economy. Such a wide economical gap affects the politics between countries. More than two-thirds of the economy comes from personal consumption expenditure (PCE). This is the result of an upper income population which is amply shown by its per-capita income of $76,000, the highest in the world.

Our neighbour China occupies the second position in the list with a GDP of almost $20 trillion. China is the perfect example for a state which was able to put a population bigger than India in the range of upper middle income. Boasting a very large manufacturing sector, China constantly works on improving itself and has already been working on the “Made in China 2025” initiative which was launched in 2015. According to statistical data and government plans, around $9 trillion could be added to China’s economy in the next five years, making it surpass the United States in the global economic arena.

Japan is a perfect example of a small country being able to outweigh the economies of countries more than twenty times its size, such as Russia and Australia. It has a GDP size of $4.91 trillion. Japan ranks the top amongst global innovation hubs. It spends a massive 4% of its GDP on Research and Development. Before Abe Shinzo came to power Japan suffered two decades of deflation. The popularly known ‘Abenomics’ were a set of economic guidelines directing a policy package aimed at undoing the economic crisis of the country. Japan has a high per capita GDP at about $39,243.

The largest economy of Europe is Germany and it is also the fourth largest economy of the world. The ‘Made in Germany’ tag carries with itself a promise of excellent craftsmanship which speaks heaps and bounds about the robust manufacturing sector, especially the automobile industry. This developed country boasts a lot of the industrial robots utilized across its modernized industries which also makes it the fifth largest robot market in the world.

The United Kingdom has projected a GDP of $3.38 trillion in 2022. It is mainly a service driven sector with the service industry accounting for 80% of the economy. Though it is supposed to come down a spot in the trillion dollar economies by 2025, its per capita income is set to increase even further.

Such a twist of fate is that the country that served more than three centuries to the one mentioned above providing it with immense wealth and resources will finally outshine its previous hegemon in terms of size of economy. This country is none other than our own India. India is supposed to climb to the fifth rank in the trillion dollar economies owing to the fact that it is the fastest growing economy. However, India’s per capita income is much lower than the other countries on this list. With a per capita income of just $2,342, India is classified as a ‘lower middle income’ economy by the World Bank.

Discuss more of such topics at the Business Management College at Amrapali Institute, Haldwani. Amrapali Educational Institute is a top ranked institute in Uttarakhand.

Decentralized Business Management

Technological advancements have revolutionized almost every sphere of our lives. Even workplaces have been hugely affected by these developments and a change in the pattern of business management is the outlying consequence of this process. Crypto currencies, Web3 and various decentralized autonomous organizations have been adamant upon the benefits of a decentralized management system which is better suited to the industry of today.

Decentralization in business refers to the process in which the day-to-day MO is delegated by the top management to the middle and lower managers of the company. Sometimes this delegation can directly be given to the team members, hence giving time to the higher ups to focus on major decisions. A decentralized business gives authority to those who are closer to stakeholders making their organizations self-sufficient. This results in a faster decision-making process. However, this structure proves a bit costlier than the centralized structure but amply compensates for it in the form of increased creativity of the individuals.

One of the most common problems faced by a business is the exacerbation of minor issues into major ones before ‘competent’ authorities have the chance to take a look and decipher the issue. Ideally, these crises should be tackled right at the start but due to the largely central character of decision- making authorities, such decisions remain delayed. A centralized structure of the organization is necessary for maintaining control over its different aspects. However, too much of rigidity in this arrangement can lead to lengthy decision making. A decentralized organization helps to prioritize experts in their respective fields and opinions of those closest to stakeholders, not in a bid to undermine the higher up’s authority but to increase the efficiency of the organization altogether. Such an attempt might also help free up the time of the higher authorities to do more value-added work. When lower-level employees are given the right to take a decision in a particular situation, it instils a sense of responsibility in them towards the organization. As mentioned in Harvard Business Review-“Decentralized organizations work best when responsiveness is the top priority.”

A highly centralized organization also somehow fails to realize the full potential of its employees, as employees are busy in impressing their immediate managers. They are not able to think about the company’s future in the long run. A lack of power in their hands fails to instil a sense of leadership skills in these employees which is of utmost importance for an organization’s future.

Another advantage a decentralized organisation possesses is that it can respond to changing business conditions quickly and scale according to the changes. This promptness is possible only because every team and employee functions as a separate cell. This gives a boost to efficiency owing to the lack of lengthy approval times. This is also possible because the higher executive maintains conditions that help lower-level employees to fully express their creativity. Hence the possibility of micromanagement is reduced. The executive can then focus on the bigger picture and future goals of the company can be determined.

Discuss more of such topics at the Business Management College at Amrapali Institute, Haldwani. Amrapali Educational Institute is a top ranked institute in Uttarakhand.

USING SQUARESPACE

In the 21st century, no business can survive without having a robust website mechanism. In the earlier days, this used to be very costly as it involved hiring expensive web developers. However, as businesses are diversifying many self-website builders that require little to no coding skills have popped up. Many of them are also available online and Squarespace is one of them.

This website provides three services- website building, blogging and hosting services. This allows all kinds of businesses to create extremely professional websites with their personalised interfaces.

To begin with, users can easily choose among the various templates that fits their portfolio. It can range from clothes, restaurants, shopping to jet skiing, scuba diving and trekking. The “Live Preview” option lets you view what the actual website would look like before the final execution is done. Clicking on the ‘Start with this design’ tab embarks the user’s journey of creating his own website. The personal details have to be entered in the next step to create a free account. After the creation of the free account, Squarespace shows the user an introductory video on the basics of the service provided.

Different parts of the website can be created according to the artistical whims of the user. However, the general layout remains the same to attract the maximum number of eyes to the page. New pages can be added using the navigation panel on the left while new elements can be added using the buttons on the upper right. These elements once added can also be altered. Clicking on the eye icon in the upper left corner enables the users to get a preview of their website.

To make the website appear on the internet, a domain is needed. When ready to publish, clicking on the “Upgrade Now” button gets the user a free custom domain from Squarespace. A plan which best suits the user from among the three options available can be chosen according to their needs and circumstances.

For those who need a basic website, the Standard plan starts at $8 a month and offers 20 web pages, galleries and blogs, 500 GB bandwidth, 2 GB storage and two contributors. The Unlimited plan encompasses unlimited pages, galleries and blogs; unlimited bandwidth and storage; unlimited contributors; and a developer platform for more advanced web developers and starts at $16 a month. The Business plan is designed for businesses that need a fully integrated e-commerce solution. Starting at $24 a month, the Business plan includes an online store with unlimited physical, digital and service products and no transaction fees; inventory tracking, tax, shipping and coupon controls, unlimited pages, storage, bandwidth and contributors and a mobile store and a developer platform.

Though Squarespace offers a very useful platform for businesses to go online in todays scenario and age, a number of factors should be taken care of from the user’s end to grow the business faster online.  Firstly, the purpose of the website and its uniqueness should be decided form the beginning. Accordingly, a necessary outline should be drawn. Consistency is very necessary in updating the website to maintain relevance with the customer base. Conciseness of the content should be looked into as an overcrowded website can be a sore eyesight for most. Analytics, SEO, e-commerce, custom domains and social media integrations are taken care from Squarespace’s end, so the user need not worry about that.

Discuss more of such topics at the Business Management College at Amrapali Institute, Haldwani. Amrapali Educational Institute is a top ranked institute in Uttarakhand.