Pop Up Entrepreneurs | Teaching Kids All About Entrepreneurship

How it started
It has been a rather remarkable journey, on how a simple hello led to a million ideas (metaphorically speaking).

I had met Ian Gilbert, a well-known author, TEDx speaker and founder of Independent Thinking at the International College Hong Kong (ICHK) at Hong Lok Yuen a few months ago during a lecture he gave parents on ‘THUNKS’. The lecture was very inspiring and made everyone in the room put on their thinking caps and we had to come up with creative responses to the questions Ian had posed. After the lecture, I had a chat with Ian and we discussed a variety of things – stuff like entrepreneurship, money management, creative thinking and the importance of it in the primary year education today.

Historically, entrepreneurship is taught at a much later stage in life – typically in business schools, but by then our mind is somewhat fixed with ideas, notions, thoughts, beliefs etc. – thus making us possibly ‘less creative’ or perhaps ‘less risk taking’, if I may say so. I remember at Columbia University, where I got my Master’s Degree, entrepreneurship was one of the most sought after subject……. and last I checked, it still continues to be.

I always had a passion for education and couldn’t stop thinking to do something entrepreneurial for kids – as a way of giving back to society (well in some way, atleast). Over the next few weeks, Ian and I met and exchanged ideas and we agreed to create an entrepreneurship curriculum, which teaches young kids all about entrepreneurship, while their minds are still fresh. I knew Anuja Agarwal, an ex-banker who runs Pinnacle Learning in Hong Kong and suggested her to join in and collaborate on the idea, which we call ‘Pop Up Entrepreneurs’.

Subsequently, we took this idea to the Principal of ICHK and in consultation with the school teachers, we developed an interesting module in conjunction with their Unit of Inquiry (UOI), we were ready to teach kids all about entrepreneurship. We agreed to do this pilot with the Year 5 students of ICHK. So far, the school has been extremely supportive in our initiative and it has been an amazing journey.

The idea behind this concept was two fold
First, to evoke an entrepreneurial spirit amongst students and be able to contribute in the creation of future breed of entrepreneurs and creative thinkers.

Second, and more importantly towards the end of the course we provide kids with an exciting Pop Up experience, where through a physical Pop Up space, they are able to sell their products or services they have come up with in the real world.

How it works
Over the course of the term, we introduce the concept of entrepreneurship to the kids through a variety of entrepreneurial games, customised assignments, presentations, interactive Q&A sessions, videos etc. Kids are divided into teams (based on the ideas they come up with) and they are given a budget where they decide what they want to make or what kind of service they want to offer in the Pop Up shop.

Through the course of our program, kids maintain a balance sheet / ledger, track expenses, decide how much money they would like to make inorder to maximise their profit, as well as decide how they would like to spend their profit. We build various scenarios and provide each Pop Up business idea, to take us through their concept and its functionality over the course of the term. The class teachers play a very important role in this, as they guide the kids through the week and help them structure their business plans. Along the way, we help these kids to fine tune their vision by providing different perspectives; sometimes as Investors (from Shark Tank) and sometimes as experts, mentors and even potential customers.

Through the course, the kids have become more confident, efficient, motivated – their desire to learn had increased and they know a lot more about profit and loss, budgeting, marketing, expenses, cost and selling price etc. than they did before.

Pop Up Entrepreneur Day

Our pilot project has been rather successful and the Pop Up Entrepreneur day is now being held on Thursday, 18th June at the ICHK Hong Lok Yuen school where 45 kids have who have now become budding entrepreneurs, will be showcasing and selling their products and ideas through 15 Pop Up businesses.

 

These kids have gained feedback on their ideas, thought up company names, slogans and logos and have been busy advertising and marketing their brand. Each company will manage their own Pop Up stall and sell their products or services. They have created an exciting range of products, which will be sold on the day, which cost from $5 to $60.

The Hong Kong startup community has also shown tremendous appreciation and support to this initiative. It has been such an exciting journey working with such bright kids and a fantastic school, to have embraced the idea of entrepreneurship and allowed us to teach this over an entire term. Through this, we are able to contribute positively towards educating the future breed of entrepreneurs and being able to give back to society.

A simple Hello may not have created a million ideas just yet, but it did lead to the creation of  the 'Pop Up Entrepreneurs'

Kids are our future – Let’s give them a chance to show their creativity through entrepreneurship."

The Startup Opportunity

The Startup Opportunity

Being an entrepreneur or being a founder of a Startup is perhaps one of the most difficult job in the world. The odds to succeed are usually against you….. well not always, but most of the time, as research suggests the low success rate for a Startup. In other words, building or working for a Startup is essentially like going on a roller coaster, there are several ups and downs as you ride along, that with every ‘Up’ you get strength and energy to continue, but with every ‘Down’, it takes away a lot more, as you have invested not only your time but your money, hope and whatever you had to sacrifice to Startup in the first place.

In short, the stakes are high and things get more complex as more people start to get associated with your Startup. You are not only responsible for how the venture does, but how others do too - Perils of being a Startup founder !

That being said, an entrepreneur needs to be determined, motivated, have a positive outlook and most importantly have self belief. You need to celebrate every little success you have along the way and these small celebrations will make you more resilient and confident. Entrepreneurship is a beautiful but a very lonely journey, so surround yourself with those who are positive and can provide you will all the help you need. Don’t be shy to ask for help. Reward those who stand by you, be grateful and always, always be humble.

Startup, but don’t go chasing money, chase your dream, make it happen and the money will find you.

We all have great ideas, but ideas are pointless if you can’t implement them. So the sooner you put your ideas to test, the sooner you will find out where things stand and what you need to do to succeed. It is also important to define success as everyone measures success differently. Take small steps, but keep moving forward.

We are in the start or some would say we are in the middle of a global Startup revolution, whatever the case maybe, various Startups have seen and are seeing unprecedented success and access to funding - Flipkart, Airbnb, Uber, Alibaba are classic examples to name a few.
Thus, this Startup revolution is perhaps the biggest opportunity many of us will ever see in our current lifetime – to make a difference in the world we live in and to leave a legacy behind. It is really now or never and it is really upto you to make it happen.

The opportunity is knocking, the opportunity is now ! Startup.

Go Build OR Work for a Startup: The Time Is Right

I am amazed with the global startup revolution. Being an entrepreneur, angel investor and a startup enthusiast I find this space to be very exciting. I seem to have lost track of the number of people I have met who are building a startup or working for one. Many folks I have met, have left well paid jobs to venture into deep, dark waters of a startup… unsure of where it leads, but have tremendous passion, determination and drive to make it successful. Fascinating stuff !
We no longer live in the world where we need to hold our jobs – good or bad, for whatever reasons. Kudos to ‘Technology’, as I call it the mother of all startups. A new era has emerged. I guess those working for corporates will agree, that like me, many have often felt the need in their career to break the monotony and start something of their own…. And many have and will continue to do so as they gain more experience, wealth etc. However, with technology as the enabler, many have shortened this gap by quitting their jobs to join startups or are looking to build a startup.
So why be left behind to see someone else build your dream…. Why help others make the millions when you have all it takes to make your own…. Though it is easier said than done.

Startups are not formed by dreaming, they are formed by turning your dreams into reality, follow your dreams, as you only live once

Most of the recent or successful ventures have been formed by simply solving a problem – it can be anything from finding a tutor, to designing a dress to finding the best travel guides…. The opportunities and problems are unique and endless. You need to find one that you believe needs a solution and help solve it OR help find an innovative way to solving an existing problem. Many startups came from personal experiences of the founders who knew what was lacking, or needed to be solved.

In the beginning it’s just an idea that gathers momentum to take shape of a movement. A movement, which has the power to change the world, we live in…. and there are many such movements from Facebook to Linkedin to Google to Airbnb…. As technology cuts across all possible boundaries and the opportunity is calling - Go build your startup or go work for one, make that difference and solve that problem. The opportunity is knocking, this time will never come.

Article Published in LinkedIn Post: http://www.linkedin.com/today/post/article/20140617054709-1693372-go-build-or-work-for-a-startup-the-time-is-right?trk=hb_ntf_MEGAPHONE_ARTICLE_LIKE

Want To Startup! : Here’s Why Here's How

I am excited and anxious reading about the variety of Startups. I read somewhere (I think it was in the WSJ) that only 10% Startups succeed, while the rest fail. Gotto say, that’s quite demoralising.... but...
That said, it’s important to understand why Startups fail….. Have you noticed, that now-a-days every Tom, Dick and Harry (pun intended) believes that they can Startup a venture and get funding…. It’s easy, they think?! Well, atleast till such time the question about raising funds hits them. Well, the simple fact of the matter is, that there is a lot more to it than just having an idea, dreaming about a concept or making a cool looking website. So what does one do? For one, those who ventured into the Startup world driven by passion, perseverance, self-belief, doing their homework, don’t get disheartened, you have worked hard, so don’t lose hope…. but then again, the going gets tough as you start to grow. So Buckle Up!
Sometimes a good concept that has hit a wall needs mentoring and to a large extent tweaking the biz model, to make it sellable, scalable and acceptable. I must also add, that it’s not as easy as it sounds, believe me. But there is hope…, it’s true! The good news is that there are several people out there, who can help. As you grow, they grow with you – financially and organically. Such folks are what we call mentors, angels, advisors, partners…..

You move forward, make mistakes, learn, change and then repeat... Shane Barker (Co-founder, Modera)

I often hear many Startups don’t know how to get access to funds, investors and don’t know how much money is ‘good enough’. Funding is one of the single most common challenge Startups face now a days (true historically and perhaps will continue to be so in the future as well). Savvy investors are a dime a dozen, but not all are easily impressed (well, I don’t think anyone is easily impressed now a days, so I take that back). Sometimes, tech Startups get created just because there seems to be ‘easy money’ in the business - this is the single biggest misconception many founders or aspiring Startups have. They fail because they are in it for the wrong reason…. it’s as simple as that, so it’s difficult to sugar coat this. This realisation comes when they face investors and their concept is hammered down as they have not thought things through. Simply put.

Sweat Equity Is The Best Startup Capital”… Mark Cuban (HDNET)"

Alright, enough of pessimism and time to talk about some simple ‘gotto do-this to Startup’ pointers. Remember the ‘Who, What, Where, Why, When, How...’ questions. Once you have answered them about your concept and you are satisfied*, here are some more hurdles to cross. (*well hang on, you need to first quantify your own level of satisfaction)…. Now, if that’s established, read on….

1. Identify and size the problem:
Not just identifying it, you need to quantify this problem with statistics. You need to know your numbers and target market size.

2. Concept:
Build solutions around this problem – turn it into a concept, which can be marketed and easily adopted. I have also heard, that many Startups struggle to convert their concepts into websites as building a website needs specific expertise. Though it is advisable to build this inhouse, to demonstrate internal technical problem solving capabilities. That said, you can always create conceptual websites on various platforms (that are free OR can be purchased through Weebly, Wix etc.) OR you could even hire freelancers (through freelancer, elance etc). However, if you can’t build it inhouse, you can always hire someone. But by NO means, should this be a road block. I mean seriously!! For eg. payment’s can be made progressively or perhaps through some sort of equity offering to the designer or design-company, if the need really arises.

3. Team:
This is another BIG hurdle. Need for a partner, finding the right partner or co-founder can make or break your Startup. So try to find ‘like-minded’ people, who understand the problem, share the same passion, drive and determination, who believe in the concept and that others will too (looking objectively and not just financially). Partners or Co-founders should come with specific skillsets or with bags filled with bling bling ($$$)! Besides likeminded people, who I call ‘Good Cops’, you also need ‘Bad Cops’ who ask tough questions, punch holes in your concept and can look at things through a different kind of glass. Keep these people close as you trudge along… they will help you ride through obstacles and yes… May the force be with you Luke!

4. Implementation and Scalability:
Now comes the real challenge. The ones who can implement their dreams, concept objectively usually create high barriers of entry for others. Speak to as many people (a sort of target audience) as you possibly can, to get new perspectives. Once implemented, ask yourself can this concept be scaled? If yes (and I am guessing the answer is Yes, then you need to demonstrate a road map on how you will achieve this). Its ok, if it means taking small steps…. so long as it takes you forward.

5. Funding:
Like most businesses drivers, this is the biggest requirement for driving the above. So here is a magical insight - if you ‘truly’ believe in your Startup – ‘Be the one to fund it yourself first’. I mean think about it – if you or say your friends or family can’t put money behind you, your concept, what makes you think investors will? Another option is to pitch your concept to various angels, investors in VC open houses or through incubators - Jungle Ventures, JFDI or mentoring programs such as Startup Leadership Program.... and see how it goes. Pitch, Pitch and Pitch some more! If everything else fails, go Rob a bank if you have to…… No Wait! That would be really foolish.
But mark my words! At an inception stage, your biggest investors, supporters are your family, friends and your bank balance. No one else knows and can support you better. Plus, why dilute your equity at an early state. Well, if you must, then aim to be that 10% Startup that becomes a success and satisfy all the above parameters. But first, identify that ONE problem and find a simple yet innovative way to solve it and success, money will follow.

If there’s something you want to build, but the tech isn’t there, just find the closest possible way to make it happen”… Dennis Crowley (Co-Founder, Foursquare)"

Onward and Upward Fellas and Remember 'Enjoy The Startup Experience' !

Start-Up: But what if it fails?

Well, since we all live in the real world, just like success, failure is also a part and parcel of life. I don’t think there is anyone in this world who has not tried and failed at something (whatever it be)…. that list includes Bill Gates, Mark Zuckerberg, Steve Jobs etc.…. and there are perhaps a million other people (who are perhaps not so famous, but are successful in their own way).

We’ve all read statistics on how low is the rate of successful startups, but then ask yourself this - Has that really deterred anyone from starting up….? No, not really, so the fact that some or most startups will fail would basically imply that if you too are starting up something new, it will also fail… now that sure doesn’t sound quite right.

However, there are certain caveats to success…. You need perseverance to succeed no matter what - so build a startup that makes sense, one that creates value, that is economically viable, which solves or improves an existing solution…. and in short makes life and things easy in the high tech world we live in. Now that’s quite a mouthful, but that’s only some of the basic parameters. You need to have your own benchmarks for success.



And I would like to believe the following....,

Failure makes you wiser and teaches you a lot of valuable lessons."

Failure could also make you lose hope or make you stronger than ever before. It’s entirely upto you on how you read it, so, go on and take the path less travelled and be risk taking… that’s how you will succeed….. but remember to take calculated risks.
One of the most important things to do before you startup is to meet as many people as you can to bounce off your idea. Their level of interest or lack thereof will be a good initial yardstick to gauge success, which will keep you motivated. The more holes are punched and questions asked, the better it is for you to think clearly.... and remember, spend on quality not quantity, hire or partner with the ‘right’ people as they are your most important assets, who will set you and your venture up for success. After all people are the greatest assets of any organisation, big or small.

Also, simply put, if you look at the word ‘Startup’ and separate it… the word ‘up’ is the key…. so if your startup fails, simply pick yourself ‘up’ and get on with it…. tweak your business model, get more advice, find new mentors, raise more money or whatever it is you need to succeed.., that’s the way I look at it and that’s how it should be. But Never Ever Ever Ever give up on something you have started.
Lastly, I leave you with this thought from Tom Kelley, a business consultant, author, public speaker and GM IDEO.

Fail often so you can succeed sooner

The Anti-Café Startup: What a Cool Concept

So amongst the world of tech startups, there are a few successful brick and mortar startups too. I recently came across one such startup, an exciting concept called the Anti-Café. Sort of a strange name for a Café, sounds more like a café where you would rather not want to hang out. I mean why call it Anti? Right!

But there is a pleasant twist, unlike what the name suggests. The Anti Café is a café where you basically ‘Pay for Time Spent BUT Eat and Drink for free’. Yes! You read correctly. You pay for the use of the café with bottomless cups of coffee and tea, with a wide selection of snacks and fruits. And that’s not all, in addition to free drinks and food, you also have access to free wifi, access to a projector, printer, scanner, board games, and ah yes, you can bring your own food and drink too. You can also buy freshly squeezed juice for only 1 euro. Now isn’t that cool! The Anti Café concept is a dream come true for budding entrepreneurs who are looking for trendy, cheap and convenient place to work, hang out or conduct casual meetings.
Literally, “Time is Money” at the Anti Café

So what’s the catch!? Well, would you believe it, there is none, as this café makes money! ‘The Anti-Café charges only 4 euros for the first hour of use and then 3 euros for every subsequent hour. You can also make reservations if you need a table for 6 people. To avoid savant calculation, the daily pricing is limited at 14 euros, if you stay more than 4 hours, you become directly owner of a day pass. And, for real addicts, there is also a monthly pass valid across all Anti Café’s for only 200 euros. You can also book the space for private events at no additional cost.’
The Anti Café also serves as a meeting place with a very active online community, where you can post ads, find partners for projects, advertise jobs, market your product and post an event. It is an extremely popular place with real users.

(Pic Courtesy: Anti-Café, Paris)
In a nutshell, AntiCafé is a shared space designed both for work and fun, which feels like home. You can work on a project or prepare for exams, advance your start-up or even find new team members, chat with friends or play board games. The Anti Café has separate areas for each of these activities. It is also one of the most exciting coffee venues of recent time.

With the success of the concept in Europe, I wonder if something like this will work in Asia. I did hear about one such Anti Café, which opened recently in Hanoi (Vietnam).

We often see many coffee shops, café’s being heavily used for meetings (formal and casual) and by students in particular for doing their homework assignments etc. In the context of this kind of usage of café space, the Anti Café would perhaps provide a better value to the owner as you pay for the time spent, rather than what you pay to eat or drink. Anti Café’s Food and drink don’t require fancy preparation as it is really basic, which is what keeps it simple.

Pic Courtesy: Time Club, Hanoi

Indeed, this cool startup concept is here to stay. I feel, amongst the mundane café’s of today the Anti Café provides a breath of fresh air due to its simplicity, uniqueness and effectiveness amongst users.

Singapore’s Residential Market: To Buy or Not To Buy!

I started tracking Singapore’s residential market since I moved here as an expat in September 2006 from New York. The idea was to get up-to speed with the real estate market and perhaps more importantly, be able to buy an apartment at some point. I admired Singapore government’s initiatives to create jobs and wealth with an emphasis on a “live-work-play” environment, providing an impetus to expats like myself to relocate and establish new roots here. As a real estate investment professional, the Singapore residential market, with its volatile surprises, continues to amaze me. In this article I have tried to highlight my key “to buy or not to buy” decision parameters, especially in light of the new measures announced by the government recently to cool the residential property market.

My Search Begins:
With an aim to buy my first apartment, there are a lot of options to choose between new projects and from those available in the secondary market. However as far as a preference goes and what attracts me most are the properties available within the secondary market.

New launches seem expensive in terms of value for money as well as are unattractive to some extent, from a pure design and size perspective. They tend to be very ‘cookie cutter’ with box style apartments, overpowered by curtain glazing and steel. On one hand though these may seem contemporary, on the other and perhaps more relevant to my preference, I find them rather uncharacteristic.
Properties available in the secondary market - relatively older constructions of the mid to late 1990’s – seem to offer much better value – in terms of larger house sizes, a better design and a plush layout that I prefer.

Decision To Buy: Stalled Again!
Simply put, I have pretty much been out-priced of the market so far. Since 2007, the rising economy and the influx of expatriates led to the creation of a strong residential demand. This caused a steep rise in both rental and capital values across the island. With the improved economic conditions, ease of obtaining loans and lower interest rates, the residential market witnessed a steep increase in capital values and became more investor driven rather than genuine home buyer driven. Investors saw huge capital appreciation by ‘flipping’ and an island wide trend began – leading to a sharp rise in property prices. The property prices did fall briefly during the global economic crises in late 2008, but the market quickly picked up as investors took advantage of the lowered prices. The “Good deal” remained elusive for home buyers like myself.

New Measures: To Cool Overheating
Recently, the government, anticipating the building of a property bubble and in a bid to control the flipping trends, intervened and announced corrective measures to prevent the overheating of the real estate market.

For example, to discourage flipping, a duty of 3% of resale value will be levied on owners who sell their units in less than three years of buying them - This was a measure previously applicable only to transactions within one year of the purchase. To curtail the ease of borrowing, the minimum cash down payment has been increased from 5% to 10% of valuation, and the maximum amount a bank can lend is capped at 70%, down from 80% for buyers with at least one outstanding loan.

Here’s What I Think:
I expect these new measures will diminish the attractiveness of anticipated earnings from flipping and thus lead to a slowing down of the residential property prices. However, on the flip side (pardon the pun), first time home buyers will now face the onerous task of accumulating higher down payments in addition to steeper loan rates – making the dream of owning a home a bit more out of reach in the short term.

In the medium term, I expect the secondary market to soften to some extent. I was particular pleased to read that at the recent National University of Singapore’s Institute of Real Estate Studies Forum, experts said that the excess liquidity in the market was the main factor driving up property prices. They also added that the dizzying rise in property prices is not sustainable and prices could fall up to 40-50% in the next 12-24 months. Thus, based on this time frame, renting seems to be a more appropriate choice for me.

And Finally: To Buy Or Not To Buy
Finally, my “To Buy or Not to Buy” dilemma continues and whether these cooling measures – to seek higher down payment requirements and tightening lending restrictions will eventually benefit genuine home buyers like myself, only time will tell. But as Barack Obama says “Believe In Change”. At this point, I do believe in it and I hope other first time buyers do too. But till that happens - For the time being, I plan to put away my cheque book and continue to wear my renter’s hat.

This article was published in Franchise Focus, UK Magazine December 2010 Edition.

ANREV sets shop in Hong Kong

The Association for Investors in Non-listed Real Estate Vehicles (INREV Europe) is sending its former acting CEO Andrea Carpenter on a three month secondment to ANREV in Asia. Any player which intends to be active in the real estate investment industry is encouraged to be part of ANREV to participate in shaping the future of the sector. Pushpendra Sharma spoke with Jeremy Stewardson (JS), ANREV’s Executive Director regarding these initiatives, their plans for Asia and how ANREV hopes to achieve them.

PERE: What is the vision and objective of ANREV in Asia?
JS: ANREV’s primary objectives are to improve transparency and accessibility for increased liquidity, be a source of research and market information and promote sustainability and best practices in all aspects of investing across the industry.
PERE: Why should corporations become members of ANREV? What benefits do you offer to your members?
JS: The Asian non-listed property funds market is a maturing market. ANREV membership allows participants to support growth and transparency to ensure highest levels of best practice. Benefits include access to ANREV’s Vehicles Database and another important intangible benefit is the ability for industry players to network. In the future, ANREV also expects to add training and education initiatives for its members in Asia.

PERE: What is ANREV’s policy towards transparency? What sort of a strategy are you going to adopt towards achieving this and with respect to INREV’s Guidelines do you envisage any changes for ANREV?
JS: Transparency is an integral part of ANREV’s mission and objectives so all our activities are geared towards achieving this through research, promotion of INREV Guidelines, or through ANREV’s networking opportunities. ANREV endorses INREV Guidelines and has been promoting them across Asia since December’09. Developed markets such as Australia, Singapore and Japan have been particularly receptive and the emerging markets too, recognise the benefits of industry standards and guidelines for reporting and corporate governance. Although there are regional differences, INREV Guidelines suit the market needs at this time.

PERE: Can you provide us with some information on Andrea Carpenter’s background that is critical to your Asia initiative?
JS: Carpenter has a broad range of experience. She is the Director of Professional Standards and Communications where she plays a pivotal role in INREV’s two cornerstone initiatives, which will also be the cornerstones of our work in Asia. She has served as Interim CEO so she brings experience on how to manage such an organisation. She will also act as an Asia point of contact for the INREV standard data delivery project. Her secondment will cement the co-operation between ANREV and INREV and improve knowledge and adoption of INREV’s guidelines in Asia. She will focus on research, launch the online vehicles database, develop action plan for ANREV Index including investigating current indices.

PERE: During Carpenter’s three month secondment to Asia, what does ANREV and INREV hope to achieve? Also, is the secondment the first of such initiatives towards improving transparency?
JS: Carpenter’s secondment is not the first and will definitely not be the last exchange between ANREV and INREV. In fact, ANREV’s Research Director Clara Lee spent three months in Europe last year when the two organisations first began their co-operation. The secondment allowed INREV to support and have input into ANREV’s initiatives to ensure comparability and maintain a high standard of output. As more investors emerge outside their domestic borders in Asia, there needs to be improvement in transparency. During Carpenter’s three month secondment, she will work towards establishing ANREV as an important network to encourage transparency within the industry and as well as increase participation by reaching out to new members.