Global Practicum Project, 2019: Impact Investing and Social Enterprise: Co-creating the public value for people, community, and the world.
In 2019, thirteen Kean University business major students from New Jersey, USA and Wenzhou, China were hired as business consultants by the OneHRT (http://www.oht168.com) – a workforce management company at Wenzhou, China.
The mission of the business consulting project was to identify new business opportunity; to suggest strategic options of Wenzhou Institute of Charity and Public Welfare – a branch of OneHRT enterprise.
June 06, 2019: Site Visit
A Global Practicum consulting team made a site visiting at OneHRT, Wenzhou, China. We were kindly welcomed by the OneHRT company. We visited two sites, and we could get basic understandings about the company throughout observation, Q&A, and intensive communication.
June 07 ~ 20, 2018: Consulting Process & Bloomberg Terminal @WKU The consulting team learned about the consulting processes and basic tools. Four teams were formulated to investigate the impact investing and social enterprise leaders.
Business consulting teams completed:
Identified managerial issues of the company
Defined a managerial problem
Conducted external analysis of impact investing and social enterprise industry
Conducted internal analysis of the company
Formulated and suggested strategic options
Provided action plans to implement strategy
Particularly consulting teams completed Benchmarking analysis of 24 Global and Domestic impact investing corporation and social enterprise foundations in the perspectives of:
Leadership profiles
Mission/ Vision / Value
Brief Growth History
Services / Brand
Size & Operation
Brief financial outcomes
Profitability analysis
Key success factor
Recent growth strategy
SWOT analysis
Adding to the Benchmarking analysis, the Consulting team applied Semantic Approach and multiple Statistical Analysis techniques to address the research question of "What factors and How much they make influences on social entrepreneurial intention of business college graduates?".
Based on these rigorous research and investigation, she proposed five strategies and 15 practical suggestions for the client. Three suggestions were immediately implemented at OneHRT (e.g. Bubble Drink Day for Social Good; Job training for Bottom-of-Pyramid people; and Plogging initiative).
Final Presentation (June 27, 2019)
13 consultants successfully delivered the consulting outcome and clients were impressed on the high quality of the consulting results. The client would take actions to implement the proposed strategies.
College of Business and Public Management wants to archive and disseminate the school’s activities and knowledge to resonate with stakeholders and communities.
A social media strategy is necessary to share the new knowledge; to show-up the CBPM college in the general public; to marketize creative business ideas. Many prominent business schools actively use social media to archive, disseminate their new knowledge. Also, they connect and expand social networks via social media. Exercising the One-Source-Multi-Use (OSMU) strategy via social media can help WKU CBPM achieving the school’s mission of providing the best education; scholarship, and outreach services for students and community.
SUGGESTION
Affiliated with WKU’s Media Center, establishing the CBPM social media lab can successfully apply the OSMU strategy. CBPM Social Media Lab operates as a self-organizing entity under the CBPM and Media Center’s guide.
2019. 06.08: Updated strategies of contents creation according to the new Kean policy and strategy
“Doing the right thing!” is getting more crucial to maintaining an organization’s survival and success through keeping reputation; attracting, retaining, and engaging key personnel; and cultivating loyalty among key stakeholders. A social enterprise is an organization that applies business strategies to maximize improvements in financial, social and environmental well-being through social impact. The impact investment emerges as a commitment to generate a measurable beneficial financial, social, or environmental impact. Currently, more than 114 billion USD from 208 impact investors is operating as impact investing (GIIN, 2017). Impact investment in Asia is in the burgeoning stage. Many Asian impact investment funds suffer from finding investment opportunities and exercising exit strategy. Chinese investors give special attention to Impact investment recently. However, there are a few challenges to build impact investment ecosystem in China.
THE NEED OF CENTER FOR SOCIAL ENTERPRISE AND CHARITY
An integrative collaboration among University-Industry-Government (Triple Helix) is necessary to meet the needs of education, synergy, and opportunity for impact investment. A hub is necessary to orchestrate and synergize academic, industrial, and governmental endeavors for social innovation through impact investment. WKU is proposing the “Center for Social Enterprise and Charity (CSEC)”
WHY CSEC IN CBPM?
Aligning with the College’s mission of ’Providing high quality education, research, and outreach services’, WKU CBPM actively engages in community business and talent development for public value creation.
CSEC in WKU CBPM would restructure college activities including research, education, and community engagement to vitalize social enterprise actions. CSEC in WKU CBPM will be organized with the best experts of the social enterprise field of study, and it will synergize the university resources to serve public value creation. CSEC will provide the best quality of consulting, education, global network services for impact investors (particularly in Wenzhou area) CSEC will be serving new knowledge for the Government to help to establish the best public policy for social enterprise. Also, CSEC will provide the strategic consulting service in operating the Wenzhou Charity Federation (温州市慈善总会）.
SUMMARY
Establishing the CSEC (Center for Social Enterprise and Charity) in WKU CBPM will integrate and synergize Governmental, Academic, and Industrial actions of impact investment that aim to creating public value for people, community, and the world.
For more detail information, please see the following Proposal.
April, 2019
Dr. Yan (at HKST) published an article of "The Rise of Socially Responsible Investment Funds" at the ASQ journal (Administrative Science Quarterly 2019, Vol. 64(2)466–501, 10.1177/0001839218773324, Impact Factor: 5.4)
He demonstrated the inverted U-shape relationship between Socially Responsible Fund (data from Bloomberg FSRC, SRI category) and Prevalence of Financial Logic (Proportion of the workforce employed in the financial sector). The inverted U-shape relationship is moderated by a few variables like Union, Religion, Green policy.
The article may give us a direction - Impact Investment (Socially Responsibly Fund) is rising in the management field of study.
In the article of "Morality" by Curry, a question rises.
Does the recent rise of socially responsible fund or social enterprise come from the increasing the awareness of people's morality?
Simply, does the more moral people invest in the socially responsible actions (fund or enterprise)?
Because the Morality-As-Cooperation concept is emerged quite recently (Harvard, Chicago, Oxford University collaborate the study), there is no attempt to investigating the relationship between Morality & Social Entrepreneurship. Probably, we can fill this gap.
The final Besharov's book review of "Innovation and Scaling for Impact" may give us a casual understanding about Social enterprise and Impact Investing.
All things integrating, CSEC can explore a new venue in Social entrepreneurship studies in the perspective of Financial, International management, Human Resources, and Managerial practices, and Sustainability.
The purpose of WKU CBPM Project Based Learning (PBL) Initiative is to provide the experiential learning opportunities for WKU CBPM students through addressing the real business problems and cases from Wenzhou businesses.
Detail processes of exercising the WKU CBPM PBL are:
1. OHT coordinator recruits and summarizes potential clients who would like to solve their real business problems.
2. CBPM PBL coordinator recruits and summarizes potential classes that can address the real business problems from clients.
3. CBPM classes make visits to client(s) to make an initial contract for consulting project.
4. CBPM classes and clients conduct consulting projects together
Potential Clients & Projects
Company Name:
Wenzhou Yixiang Culture Media Co., Ltd.
Company Profile:
The business scope: celebration class, company features event exhibition, balloon craft, balloon entrepreneurship training, etc.
Problem that needs to be addressed:
A series of problems with the expansion of the team, the promotion of employees, the setting of salary, and the expansion of business.
Company Name:
Wenzhou Aunt Tribe Family Service Co., Ltd.
Company Profile:
Based on school training and family service company, combined with family service company. Business philosophy: integrity-based. We are dedicated to the Chinese family to deliver professional, high-quality good aunt.
Problem that needs to be addressed:
1. Enrollment is difficult
2, brand promotion is difficult
3. How can we better retain students after training?
Company Name:
Wenzhou Human Resources Network
Company Profile:
Wenzhou Human Resources Network was established in 2003 and is the earliest established online recruitment platform in Wenzhou.
In the 15 years, there have been a large number of user groups and good customer reputation.
The overall human resources market has changed dramatically in 2018. First of all, the large-scale outflow of labor-intensive small and micro enterprises in Wenzhou is accompanied by the loss of workers. Second, the rapid development of Hangzhou, Ningbo and other places, the charm of the city attracts young people to work and start businesses. In contrast, Wenzhou's quality talents can't stay, and they can't get in. Third, due to the aging of the Wenzhou Human Resources Network brand, the market investment has decreased, and the overall brand influence is not as good as the recent national websites, such as 58 City, Zhilian Recruitment, and Boss.
Problem that needs to be addressed:
1. Brand aging: How to add youthful vitality to the intrinsic brand and attract the attention of young users.
2. App promotion: In order to optimize the product system of Wenzhou Human Resources Network, the Wenzhou Human Resources Network app will be launched in 2019, how to complete the user conversion of the existing channels and the attention of new users.
3, Wenzhou's overall talent market is sluggish, but Wenzhou still has a large number of private enterprise demand for useful people, and will meet the shortage of talent supply by expanding the surrounding market. The brand image setting and promotion methods for external market expansion.
Company Name:
WKU Maker Space
Company Profile:
Founded in 2016, WKU Maker Space is an international innovation and entrepreneurial platform established in Wenzhou Kenn University. It is operated and developed by Wenzhou Yuanda Entrepreneurship Service Co., Ltd., and has now won the title of municipal-level Maker Space. This space aims to create an open, free and diversified Maker space in combination with Wenken's international advantages, brand resources and professional service capabilities in the field of entrepreneurial services, for entrepreneurial ideas, entrepreneurial dreams and entrepreneurial projects. Entrepreneurship education and services are provided to students. A plurality of functional areas such as a joint office area, a project road show hall, a maker exchange area, and a project display area are respectively set in the space area. It is mainly aimed at the makers with an international vision, and adopts flexible office methods to inspire the inspiration and enhance creativity. After the establishment of the space, we will continue to improve the mentor system, invite elites from all walks of life to serve as creators, and hold regular salons, project sharing, cooperation and negotiation, resource docking, etc., so that entrepreneurial teams in different fields can be guided by entrepreneurial mentors at any time.
Problem that needs to be addressed:
1. Insufficient brand influence inside and outside the school: How to improve the popularity of the creation space in Wenken Campus, attract the attention of teachers and students in the school, and obtain higher support from the school.
2, The entrepreneurial atmosphere is not strong: Given the low base of Wenken students, a large proportion of students will study abroad after graduation, and the enthusiasm for trying to start a business within the school is not strong.
3. The innovation and technical content of the projects in the space are not high, and more high-tech projects inside and outside the school need to be settled. The number of enterprises and patents established is small.
Company Name:
Wenzhou Yuanda Education Technology Co., Ltd.
Company Profile:
Wenzhou Yuanda Education Technology Co., Ltd. is registered in Longwan District, Wenzhou City, Zhejiang Province, China. Wenzhou Yuanda Education Technology Co., Ltd. was established in June 2016. The company's main business scope is: education information consultation; enterprise management consulting; enterprise management training services. The specific training services include: academic education, development education, certification training, enterprise customized training, and Yuanda Growth College. In September 2018, the company cooperated with Wenzhou Charity Federation to establish Wenzhou Charity and Public Welfare College. It aims to improve the education and literacy of charitable and charitable talents and volunteers. And is developing an online public interest voice training platform.
Problem that needs to be addressed:
1. Improve the planning, production and promotion of online voice education platform
2. How to operate the public welfare training program with reasonable commercial specifications
3. How to improve the visibility and value of the training platform so that the project can supply blood on its own
Company Name:
WE+ Maker Space
Company Profile:
Wenzhou Yuanda Entrepreneurship College is an innovative practical organization established by Wenzhou City Human Resources and Social Security Bureau for entrepreneurship guidance training. With the goal of inheriting the entrepreneurial spirit of Wenzhou people and cultivating entrepreneurial elites in the new era, we will rely on the “source-based entrepreneurial public service platform” as the main line of “entrepreneurial combat camps, entrepreneurial theme salons, project matchmaking meetings and other activities, and uphold the “one heart and one mind” For the purpose of serving young people in entrepreneurship.
Problem that needs to be addressed:
1. Entrepreneurship training has encountered bottlenecks, the course has no rich content, and participation is not strong, it is necessary to build a complete set of practical training materials.
2. The success rate of entrepreneurship is low, and the social youth's enthusiasm for learning and entrepreneurship is weakened. How to obtain accurate entrepreneurial objects and increase the probability of successful entrepreneurship
3. Insufficient innovation in entrepreneurial themes, the participation of training personnel has gradually declined, how to make the entrepreneurial theme continue to innovate, and high-quality event planning.
Company Name:
Wenzhou Charity and Public Welfare school
Company Profile:
Wenzhou Charity and Public Welfare School was jointly established by Wenzhou Charity Federation and Yuanda Group to improve the theory and professional level of Wenzhou charity and public welfare team, enhance the ability and quality of charity practitioners, and promote the healthy development of Wenzhou charity and public welfare undertakings. The establishment of Wenzhou Charity and Public Welfare School is a pioneering work of the philanthropic community and an attempt to run a private school.
Problem that needs to be addressed:
Since the establishment of the charity and public welfare school, the talent team of theoretical professional tutors has not yet been established; the volunteers are less self-conscious in training and learning; the charity innovation activities are lacking.
1. Recruitment of charity and public welfare experts in the whole hospital
2. Charity innovation event planning
3. Volunteer participation
Company Name:
Pingyang County Fund Island Enterprise Management Service Co., Ltd.
Company Profile:
Pingyang County Fund Island Enterprise Management Service Co., Ltd. was jointly established by Pingyang County Financial Holdings Co., Ltd. and Wenzhou Yuanda Group. The company closely follows Pingyang County's economic development strategy and industrial planning layout, and provides a series of services for enterprises entering Nanxun Fund Island under the leadership and guidance of the local government and financial offices.
Problem that needs to be addressed:
1. How to more effectively control the financial security audit of the investment management company?
2. How to connect the business of the company in Pingyang Fund Island and the subsidiary of Wenzhou OHT Group?
3. How to operate the Nanji Fund Academy?
Company Name:
Wenzhou Yuanda Education Technology Co., Ltd.
Company Profile:
Wenzhou Yuanda Education Technology Co., Ltd. was established in early 2003. It is a collection of e-commerce, project research, management consulting, online recruitment, talent assessment, software development, vocational training, service outsourcing, entrepreneurship counseling, venture capital and other services. Integrated service provider. Since its inception, Yuanda has always adhered to the business philosophy of “one heart and one service”. The number of enterprises, taxation, sales, and employment of the source services are among the highest. It has become one of the largest comprehensive corporate training and consulting service providers in Wenzhou.
Problem that needs to be addressed:
1. In-depth understanding of corporate brand history, combing the brand structure, helping to develop brand strategy and expanding brand market influence.
2. Developing brand management systems and management regulations.
Company Name:
Wenzhou Yuanda Education Technology Co., Ltd.
Company Profile:
Yuanda Education is a high-end education and training institution under the core of the Group's innovation and entrepreneurship education, leadership improvement, and financial education. With more than ten years of accumulated industry resources in the education and training industry, Yuanda has continuously connected well-known universities and high-end think tank resources at home and abroad, gathered teachers, professors, senior entrepreneurs and other instructors to introduce cutting-edge management concepts and practical courses. The knowledge system provides training services and consultation for decision-making at all levels of government, enterprises, institutions and social institutions. Yuanda Education has established the Yuanda Research Center in Beijing, focusing on Chinese-style innovation research, raising theoretical support for enhancing the competitiveness of Chinese enterprises and regional development, and promoting the construction of an innovative country in China.
Problem that needs to be addressed:
The establishment of the employee quality model: how to design the personnel model required for each position of the enterprise?
Quantitative time-consuming and work difficulty measurement of employee work: The current daily job survey of employee work is only to quantify the content of one day's work. There is no specific quantification of the time and effort of a certain content, and it can be targeted at the key parts of the post. Work to gain an in-depth understanding of the tracking and measure the average working time of the work.
Company Name:
Wenzhou Hunter Vocational Training School
Company Profile:
The training programs and services of Hunter Vocational Training are multi-angle and multi-level. Including vocational qualification certification, human resource management practical skills training, enterprise management ability improvement training, employee professional training and training services related to enterprises and individuals. The curriculum system provided by the school is adapted to the characteristics of Wenzhou enterprises, and the outstanding training effect is also well received. In addition, there have been nearly 10,000 students so far, and the passing rate of the students and the average scores have a clear lead in Wenzhou. It has been widely recognized in Wenzhou.
Problem that needs to be addressed:
1. To conduct more extensive and in-depth market research, investigate customer needs, and develop a more precise education and training curriculum system.
2. How to maintain a large number of existing alumni groups and do secondary value development
3. How to expand and improve the construction of the teaching staff
Step1: Based on the Registration Office's information (commonly via from CBPM office), I summarize courses my advisee students should take in the next semester in the PPT.
Step 2: I list up all my advisee students in Excel file (Sign Sheet: List, Email, Name & Sign space)
Step 3: Send Email student when they should come to my office to sign and get advisement.
Step 4: When students come, I provide the prepared PPT file and let them sign on the sheet, commonly their English name).
Step 5: Once I got all signs, I release their first hold before registration starts.
Step 6: After the registration period over, and if a student has no problem, I release the second hold before the end of a semester.
Step 5, 6 Detail: Guide for Release Academic Hold
Document HIstory.
2018. Nov. 26 First Release after confirming the fact from CBPM office.
WKU Entrepreneurial Talent Development Center Initiative (ETD Space)
Jan. 08, 2019
Design Freeze:
Budget (Nov. 14, 2018)
300,000 RMB is approved by Dr. Tony Zheng
Proposition for ETD Space (Dec. 07, 2018) after meeting with Liaoliao Yui:
1. Pilot Stage: Moving incumbent MakerXspace furnitures and equipment to ETD space by Feb. 2019 (Immediately):
- To examine the ETD space utility, We may utilize the furniture and equipment at the MakerXspace in the Dining hall 2 quickly.
- Studying the responses from users until Feb. 12, 2019 (before Spring semester starts)
2. Improving Stage: Reorganizing the space with newly supplying furniture and equipment (By end of Feb., 2019; 10,000 RMB)
- Based on the user responses, We may purchase and supply new furniture and equipment for the ETD space better.
3. Design Stage: Redesign the space (if necessary, by End of May, 2019; LiaoLiao).
- After a few months of operation, We may redesign the space with a better concept if necessary until the end of Spring 2019 semester.
4. Renovation Stage: Renovate the ETD space with the new design and facilities (By Aug., 2019; Budgets will be determined according to the new design concepts)
- If needed, we can renovate the ETD space with the new design concepts by Aug. 2019.
Sept. 25, 2018: A Refreshment Space in the 2nd floor of CBPM at Faculty space installed.
Since having the new College of Business and Public Management (CBPM) building in Jan. 2018, the CBPM faculty members had needed a space for refreshment, food feedings, class material supports, and communication.
Thanks to the donations from those 2nd floor faculty members, CBPM building get the faculty refreshment space equipped with coffee maker, snack bar, and refrigerator. (Sept. 25, 2018)
Thanks, Donors!
To respect our "Female faculty members", a space of the refrigerator is solely dedicated.
April. 14, 2019: New Capsule Coffee Machine supplied!
Supplying a higher quality coffee is important for faculty members to wake them up in the morning. A new capsule coffee machine, then, installed at the faculty refreshment space.
All necessary materials (class, lecture, consulting tools, template, team sharing, resources, Bloomberg database) are in the system.
June 06, 2018: Site Visit
A Global Practicum consulting team made a site visiting at OneHRT, Wenzhou, China. We were kindly welcomed by the OneHRT company. We visited two sites, and we could get basic understandings about the company throughout observation, Q&A, and intensive communication.
The Kean Global Practicum Consulting team and the Company - OneHRT made an initial agreement that contained purpose, scope, period, benefit, and information confidentiality.
June 07, 2018: Consulting Process & Bloomberg Terminal @WKU
The WKU consulting team learned about the consulting processes and basic tools.
The team learned how to access "Bloomberg database terminal @ Kean University (Wenzhou)" - the most reliable business data source to cultivate the industrial knowledge and company profiles.
June 08, 2018: Company Analysis & Benchmarking Analysis
The WKU consulting team learned about how to conduct company analysis and benchmarking analysis. The team started gathering data for analyses.
June 09~12, 2018: Debriefing and Data Mining
The WKU consulting team analyzed the client's need and started mining data for Benchmark study.
June 12, Fixing Schedules
The WKU consulting team fixed the project schedule.
June 13, Transforming Data/Information to Knowledge
The WKU consulting team started creating new knowledge based on acquired data and information.
Alpha Team (Global Leaders in the Workforce Management Industry)
Beta Team (Chinese Domestic Market Leaders in Workforce management industry)
Gamma Team (Chinese Domestic Market - Competitors)
Delta Team (Client Analysis & Format Checker, Fact Checker, Relation Coordinator)
June 14, Client Meeting for Updating
The WKU consulting team had a progress meeting with the Client (OneHRT) to update our progress. Three team leaders and three coordinators participated in the meeting.
At the meeting, the WKU consulting team got a fresh and extensive request for conducting Corporate Social Responsible study for the company.
June 18, (Dragon Boat Holiday) Formulating Strategies and Suggestions
The WKU consulting team crafted strategies and solutions for the client.
June 21, Final Presentation in English @ OneHRT
The WKU consulting team presented our analyses, strategic options, and suggestions for OneHRT.
June 22~25, Translating Contents into Chinse for Final Presentation in Chinese @ OneHRT
The WKU consulting team translate documents into Chinese to make a Chinese presentation.
In addition, WKU consulting team formulate a few strategic goals including vision, mission, value, and objectives for the client.
June 29, Final Presentation in Chinese @ WKU
The WKU consulting team made the final presentation in front our 11 OneHRT clients (2 ~4PM @ CBMP Building C323).
The team suggested eight strategic suggestions for OneHRT. Particularly, three immediate actions were proposed (OHT-WKU Internship Program; Makespace Improvement; Project Management Certificate program collaboration).
From the results of this global practicum consulting project, OneHRT wants to continually collaborate with WKU. And the company would like to suggest follow-up projects and stronger support for WKU.
Final Remarks
In 2018, Twenty Kean University global business major students from New Jersey, USA and Wenzhou, China were hired as business consultants by the OneHRT (http://www.oht168.com) company – a workforce management company at Wenzhou, China.
The mission of OneHRT consulting project was identifying managerial issues of the company and providing strategic solutions.
The Kean student consultants completed:
⎫Identified managerial issues of the company
⎫Defined a managerial problem
⎫Conducted external analysis of workforce management industry
⎫Conducted internal analysis of the company
⎫Formulated and suggested strategic options
⎫Provided actions plans to implement strategy
Particularly she completed Benchmarking analysis of eleven Chinese domestic workforce management companies in the perspectives of:
⎫Leadership profiles
⎫Mission/ Vision / Value
⎫Brief Growth History
⎫Services / Brand
⎫Size & Operation
⎫Brief financial outcomes
⎫Profitability analysis
⎫Key success factor
⎫Recent growth strategy
⎫SWOT analysis
Based on these rigorous research and investigation, Tracy proposed eight strategic suggestions for the client. And three suggestions were immediately implemented at OneHRT (e.g. Implementing internship program; Renovating Makerspace; Applying for One-Belt-One-Road mega project partnership).
The Kean Global Practicum Project for OneHRT achieved the planned goals and created extra values thanks to the well-structured three months preparatory classes in the Union, New Jersey, and well-organized and intensive practice in Wenzhou, China.
P.S.) The success mainly credited to Kean Leadership, CBPM leaders, and staffs. Moreover, those 20 hard working Kean business students must get the largest share of this success.
QR Code for Kean Global Practicum Project (2018 Summer, OneHRT)
Recently, a few undergraduate students come to me and request for recommendation letters to apply for graduate programs.
It is a great pleasure and honor to help students having my humble letters. And I asked a fundamental question: "What is your purpose of going to graduate school?".
Students commonly answered:
Because I want to get a better job!
Because I want to experience foreign life!
Because my Mom and Dad want me to go to graduate school!
Because I have good GPA, TOEFL, GRE/GMAT scores.
Then, I changed my question: "What problem do you want to solve for us by using your knowledge from the graduate program?"
Students are puzzled because they think they must come back home to get a good job and serve for their parent. Absolutely, that is OK. But that cannot be a reason to study at a graduate program because the purpose of graduate study is not to train the future workers but questioners, problem-solvers, and leaders.
[Zootopia: July Hopps's Family Talk about Judy's career]
;
Many Asian students are bounded by a certain strong social pressure. This is the reason why Asian students work hard: to get a better job; to build a good and stable life.
But what if these Kids have a great potential that can lead us to a better world through their creative and constructive problem-solving actions? Is the mediocre expectation from parents and society appropriate?
I wish my students can search for a tough problem that must be addressed by the young talent. And I wish my students would not afraid to listen and follow their own callings from the tough problem.
Because I can sense that many of our kids are dragons, not frogs.
•Your contact information (names, email addresses and phone numbers):
2.Opportunity/Problem
•Briefly describe the key problem or unmet need that you will address for your customers.
3.Solution
•What products or services will you offer to address the problem above to meet your customers’ need(s)?
4.Competition and Competitive Advantage
•What other options do your customers currently have to address their needs, and what makes your solution better for them?
•What is your “crystal clear” competitive advantage? What are you most counting on to encourage potential customers to buy from you?
•If you have a common business, explain why customers need your particular business. Do you offer lower prices? More convenient hours? A better location or distribution method? A specialty that is not otherwise available in your area? Do you have a different way of promoting your business?
•If your company is doing something new and different, explain why the world needs your product or service innovation. What is it about existing businesses or situations that are subpar? Are you improving on a mediocre product or service category?
5.Target Market
•Who is your primary target market?
•What is the size of that market?
•What are the key trends affecting your industry that will make it an attractive market (e.g. competitive, economic, cultural, demographic, lifestyle, technological, political/legal, environmental sustainability, etc.)?
6.Why Us?
•What is it about your company — your skills, experience, subject-matter expertise, business acumen, team, innovations, industry connections, key advisors, and so on — that makes you (or your team)the right one(s) to take advantage of this market opportunity?
7.Forecast
•Summarize your financial goals. How much revenue do you expect to make in the first year of your business? What kind of revenue growth do you expect in the following years? When do you expect your business to be profitable, or do you have a strategic reason for running at a loss instead?
8. Financing Needed
•How much money will you need to raise and what will it be used for?
• How do you plan to fund your business? Will you need to seek outside financing or invest your own money to get it started?
The Submitted Business Plan will be evaluated in accordance with this evaluation rubic measurement. Please keep in mind this measuring factors when you write up the executive summary.
Definitions of Rubic
Business Opportunity
Presented the business opportunity and how the company will take advantage of that opportunity
Distinctive Product or Service
A unique/well-thought-out product and/or service that gives the company a competitive advantage
Target Market
Explained the target market, its need, its size and the customer usage trends
Management Capability
Discussed how the founder and his/her team will develop this company and handle the associated risks
Financial Understanding
Displayed a good understanding of the financial requirements and projections for the business
Investment Potential
Clear and compelling business idea, obvious investment potential
Quality of presentation
Presented business idea in a logical, persuasive manner, and answered questions convincingly. Visual materials effectively supported and enhanced the oral presentation.
•All ratings are on a 10-point scale, with 1 being poor and 10 being excellent.
Community or Urban farming is a popular social enterprise model in the US and Western Europe. The plan identified a unique niche for the target customer. However, the business model seems like a B2C, which may limit the growth of the social value from the business. Social enterprise model can be sustained and flourish if the model is deeply embedded on a specific community and local environment. The plan does not tap the aspect yet. If the plan can show the potential of B2B or B2Community, it will be more fantastic.
HealthyBlender:
The plan addresses a unique target market : Vegetarians; Muslim; Females; Healthy food consumers based on their marketing research and market analysis. And the plan proposed using S-ERP system for controlling function at the start-up. A smart idea! And the plan proposed a realistic financing and net income statement. The experienced team composition is a big potential for investment.
Impressively, the team already established a Website and ready to operate. The plan follows the all necessary business strategy formulation processes. Financing strategies are reasonable. However, the target market and the need assessment are still ambiguous. For example, how large the potential market is not well identified for the customized design service from ‘novice’ designers. Targeting the whole campus of China is too ambitious to achieve a meaningful success at the first stage of a new business.
Institutional Review Board (IRB) Application Process at Management & Marketing, College of Business, Kean University (Wenzhou)
I would like to share this information about "Institutional Review Board (IRB) Application Process at Management & Marketing Department at College of Business and Public Management (CBPM) at Kean University (Wenzhou campus).
Different from another major, We, management and marketing faculty members and students, conduct field research to mine data from people. In this case, we need to comply "Human Subject Protection" rule because Kean University (Wenzhou) is subjected to the American education policy.
In order to apply and get an IRB approval, You can take these processes.
1. Please read and understand the IRB policy of Kean University
WKU IRB applicants are required to completing the Human Subject Research HSR) Series: Social, Behavioral, Educational Module.
Even though you already have a certificate from another institution, you are required to complete and show the certificate again for Kean University. It takes around 4~5 hours to complete the tutorial. You may prepare it in your free time before applying IRB.
3. Prepare the IRB application form.
By using an official application form, you can complete your IRB application form.
You can download the IRB application forms in here.
The IRB application level is totally dependent on your "subject". And please consult with me (Dr. Jerry Choi jechoi@kean.edu, IRB coordinator at WKU) to declare your level of IRB application. If your IRB level is "Exempt" with minimal risk, it is automatically defined as an expedited application. And it will be much easier and faster. :)
4. Apply for IRB to Kean ORSP (Office of Research & Sponsored Program).
Once you complete 1) IRB application form and 2) Online course certificate, you can apply your IRB to irb@kean.edu .
IRB COORDINATOR:
REENAT HASAN
Office of Research & Sponsored Programs
Townsend Hall, 130
T: 908.737.3461
F: 908.737.3369
irb@kean.edu
You can communicate with IRB office manager at Kean is Susan Gannon (sgannon@kean.edu) or Person in Charge (Reenat Hasan, hasanr@kean.edu).
5. Then, Be patient.
Unfortunately, WKU cannot control the IRB process at Union campus. WKU is trying to take over the authority of "Exemption" level of IRB, but it is not positive because IRB authority cannot be delegated outside of the US territory. Anyway, I personally made a basic "understanding" with the IRB Office at Kean last winter. So, WKU management faculty will get a special support from the office.
You can refer the IRB Application Deadlines at Kean Union in here.
Commonly, the IRB process requires "2 ~ 3 months" in general when it is "Exempt" level study because the IRB board meeting opens monthly for the 'Exempt" level. However, if you apply for level 1 or higher, it takes 4~6 months for review. But the time can vary depends on your research subject.
These are the rough guideline for your IRB application in WKU CBPM.
Jeonghwan (Jerry) Choi, PhD, MBA, ME
IRB Coordinator at Management & Marketing, CBPM, Kean University (Wenzhou campus)
In this workshop, I am talking about the changing of career development paradigm from linear to protean (non-linear) career development in recent years. In addition, I am introducing the purpose-driven career development for the Millenial.
Wenzhou-Kean University
(Sat. 2:30PM ~ 4:30PM @ Dining Hall 2)
Sponsored by: WKU Career Center, Career Development Student Organization
Traditionally, the vocational career follows a linear way of change. But recent career development is highly dynamic and non-linear. We call this recent career change as "Protean career development".
Especially, the Millenial has a unique desire for career development. The Millenials are looking for 'contingent but equifinal purpose' achievement through their professional career.
The Young expect that they will have multiple jobs (in average > 7 jobs) throughout life-span. However, the profession does not necessarily change over vocation. For example, a business major student can define their profession as "a business problem solver who addresses managing money (Capital) and managing people (Labor)". Defining a profession, rather than a job, thus, important for the young to develop their own protean career.
I personally propose the young to think about "What actions are you taking now to achieve the purpose?" because only the current actions build the future career.
To manage the current action, I suggest the young to use the "Energy planner" that may help organize and align their current actions to achieve the purpose (mission).
Tonghap (Integral) Leadership Center is an institution of leadership development that strives to embody 1) breathful, 2) mindful, and 3) bodiful leadership in service to individuals, organizations, communities, nations, the earth, and the universe.
Avatarcare Business Plan.pdf
WKU_Avatarcare.docx
EnergyPlanner_A5_Workshop.pptx
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