DR FRANCES CHANG - So being an entrepreneur, starting your own business venture
can certainly be a very exciting career choice.
Hi, I'm Frances Chang from our business
school in the Department of Management.
I'm course director for the Master of Commerce.
I come with strong industry background having worked in
multinational corporations and international advertising
agencies, and I bring my rich industry knowledge
and skills into the classroom when I teach.
Students find this insightful as it helps to build
professional practice and employability skills,
how to apply theoretical concepts of models
and business in commerce, in practice.
My research and teaching interests are in entrepreneurship,
social networks and internationalisation.
My advice?
Well, I would suggest students start by asking the question,
why do I want to start my own business?
Do I want to create value for myself?
Value can be wealth, making money as a business entrepreneur
and many of us are attracted by this.
Value can also be social good for our society,
being a social entrepreneur,
running a social enterprise to help the communities in need,
and there are also many of those who are attracted by this.
I would also advise to find something
that you are very passionate about.
Look, all of us as professionals, as entrepreneurs,
we need to always scan the environment, be aware of what is happening.
Don't be caught by surprises.
Business people hate surprises.
There are, of course, unpredictable events such as natural disasters,
wars, pandemics, et cetera,
and these typically bring about a chain of difficult situations such
as what we are seeing now, labour problems, supply chain problems.
But entrepreneurial firms and small business
owners tend to be more nimble
and can change their business strategic directions
much faster than bigger firms.
When it comes to teaching entrepreneurship, yes, I get asked a lot.
Can you actually teach people to be entrepreneurs?
The short answer to that is yes,
because I teach students to develop an entrepreneurial mindset.
What does this mean?
First, learn to be creative.
Believe me, we can all do that.
For example, create new ways to solve problems.
In fact, learn to look at problems as opportunities
to develop creative and innovative solutions,
then expand your creative solutions to build viable,
profitable and sustainable business ventures.
Many case studies show us that successful entrepreneurs
start by developing creative
solutions to solve problems that frustrate
them or to solve commercial problems
that frustrate business owners or sometimes even capitalising
on opportunities that benefit consumers,
business efficiency and community as a whole.
So in my class, I start by getting students to appreciate
and practice creative and innovative thinking,
explore ways to generate business ideas,
then use models we teach in class to analyse
the feasibility of those models.
Some ideas to cope and adapt in changing situations.
Here, I want to strongly emphasise that as entrepreneurs
running entrepreneurial firms,
we cannot do everything ourselves.
Please actively reach out to your network of friends,
family, colleagues, your customers,
your suppliers, distributors and don't forget
professional and business associations.
These are networks of resources when you need connection,
when you need advice on business problems and business growth.
So in my class, I start by getting students to appreciate
and practice creative and innovative thinking,
activities on generating business ideas before moving
on to feasibility analysis of those ideas,
and then identifying business models that will help create,
deliver and capture value of those business ideas.
So among other critical skills, we learn how to pitch
our business ideas to investors for funding.
And here I encourage students to join our University incubator,
an excellent hub to learn and network with people and other students,
adding to students' professional practice, again,
preparing students with skills and knowledge
that apply in the business world.
So, many case studies show us that when you
are not passionate about your business,
you will give up when things go wrong.
My third suggestion, when you find something
you are passionate about, just do it.
Start the business.
Remember, if you don't start, all ideas are just dreams.
It's often said, start young, start small,
learn fast and don't be scared of failing.
Failure is the pathway to success.