CU iBUS (October 2013), CUHK Business School

CU iBUS

Published by the Undergraduate Office, CUHK Business School

October 2013

Business with a Heart Business is never just about making big profits. Recent social disputes and labor strikes highlight the fact that while big corporations are doing well profit-wise, they could be doing more for their other stakeholders, including employees and the community at large. In this issue, CU iBUS looks at two social businesses launched by our own students. Currently in their startup phases, the business concepts of these enterprises take into account social problems that are so obvious and yet because they are often neglected by most businesses, show great promise.

Faculty Spotlight Prof. Qian Gong-ming Spotlight Academic Cup 2013

Also in This Issue 05 CU iBUS Reader Survey 08 Lightbox - Orientation Day for

Undergraduate Admissions 10 Newsroom Click to view the full issue

From the Editor Business School

Message from the editor Dear CU iBUS readers,

November

2

The recent Nobel Prize awardee in Economics, Robert Shiller of Yale University stated that finance is often misunderstood as how to make money and how to get rich, when in reality it is about the reallocation of resources in order to eliminate inequality in society.

I cannot agree more with this view. It is one which I believe can be applied to business in general. We often stress that the meaning of Business lies not in the dollar sign but on its impact on the community and society. Therefore, the School fully supports applying professional business knowledge as a way of repaying the community for its past contributions. As a matter of fact, so far our students have made us very proud of their achievements in this area.

BiG Forum: Support for Innovators and Entrepreneurs Funding and Incubation

Abbreviation INDEX UGO Undergraduate Office

Starting a business is not an easy task, especially for students who have yet to achieve the financial base or network required. However, in this issue of CU iBUS our spotlight falls on some of our youngsters who take on this challenging task solely for the betterment of the community. CarryAD and Lensational, two social businesses founded by our students, aim to address the needs of the community and to provide a solution to pressing problems that are often otherwise neglected. Their social care projects provide a healthy alternative to the way that society typically does things.

IBBA Integrated BBA ABS Asian Business Studies GBS Global Business Studies IBCE International Business and Chinese Enterprise PACC Professional Accountancy Program HTMG Hotel and Tourism Management Program

Exploring possibilities is one of the most marvelous things about university education. Make the most out of what is offered here in order to make a difference out there.

IFAA Insurance, Financial and Actuarial Analysis Program QFIN Quantitative Finance Program QFRM Interdisciplinary Major Program in Quantitative Finance and Risk Management Science GLEF Interdisciplinary Major Program in Global Economics and Finance

Prof. Stella So Editor-in-chief, CU iBUS

cu iBUS October 2013 EDITORIAL

STUDENT EDITORIAL TEAM

CONTRIBUTORS

Contact us

Editor-in-chief Prof. Stella So

Lolitta Ho (IBBA Year 3) Jeanette Lai (IBBA Year 2) Tiffany Lam (IBBA Year 2) Jimmy Tsong (IFAA Year 2) Myra Zhang (IBBA Year 2)

Joseph Tong Lucia Tang Peggy Tse Nicholas Chan

Address Room 616, Cheng Yu Tung Building, 12 Chak Cheung Street, Shatin, N.T.

Members Carol Ho Isadora Ho Elaine Leung

Telephone 3943 7746 Email bba@cuhk.edu.hk

Cover Story 01

Business with a Heart

B

usiness is never just about making big profits. Recent social disputes and labor strikes highlight the fact that while big corporations are doing well profit-wise, they could be doing more for their other stakeholders, including employees and the community at large. In this issue, CU iBUS looks at two social businesses launched by our own students. Currently in their startup phases, the business concepts of these enterprises take into account social problems that are so obvious and yet because they are often neglected by most businesses, show great promise.

CarryAD Small Plastic Bags, Big Dreams

By Myra Zhang, Student Reporter

CarryAD is an innovative advertisement company co-founded by two Integrated BBA students Lettie Sin (Year 3) and Hanley Li (Class of 2013). They won the Championship in the 2013 Credit Suisse Seed2Sussess Entrepreneurship Competition.

What is CarryAD? Lettie: CarryAD is an advertising company that combines marketing service with green awareness.

Our business is based on a two part strategy. First, we sell plastic bags that are 100% biodegradable to wet marketers in Hong Kong. Second, we help companies promote their brand by printing their desired advertisement on these biodegradable plastic bags. When the bags are carried around by shoppers, the advertisements can reach thousands of people.

Our social responsibility is to help local brands expand their network, and bring environmental awareness to the local community.

Why CarryAD? Hanley: The idea came to me when I was attending a program in Egypt. At that time I had more opportunities to do shopping than in Hong Kong, and it is there I found the exposure of plastic bags is so high. While advertising in free newspapers involves high publication cost, is there a better medium for advertisements? Then a thought hit me to start a company combining ad agency where I had prior working experience with plastic bags, and this is how CarryAD was born. After the idea won the 2013 Seed2Success Entrepreneurship Competition, we were able to get generous investment funding from Credit Suisse to start the company.

Myra, our student reporter with Lettie and Hanley.

How did you manage to make a plastic bag business (that is stereotyped to be nonenvironmentally friendly) into a company with green value?

Hanley: We aim to sell 100% biodegradable plastic bags.

Also, we combine Green value with marketing campaigns to form our own competitive advantage. We serve as the middlemen between wet marketers and companies.

Sometimes the wet marketers themselves become the target viewer of the companies’ advertisements.

Did you encounter any difficulties or challenges when setting up and running the company? How did you deal with them?

Hanley: After starting the business in May, we found that we have to keep reviewing our business model and deciding on which marketing strategy should be implemented. We have tried woman marketing, and impact marketing; both resulted in rejections. We were frustrated and argued frequently, sometimes finding it hard to be both patient and on the same page with one another. We also suffered from a regular failure in envisioning the way forward for our company. People often did not reply to our emails and hung up when we called, so we found it hard to keep up our faith in what we are doing. I also experienced peer pressure since I am working full time on this project without getting paid while my peers found stable and good-paying jobs. It is challenging to stay self-motivated. In the selling stage, getting interested customers is a major difficulty for us but we finally managed to get our first customer through advertising in various local newspaper and magazines.

How did the education you received at CUHK Any advice for your fellow classmates who help you in the work of CarryAD? have entrepreneurial aspirations?

Lettie: I think CUHK provided me with an extensive network and exposure to various opportunities and resources. My mentor who is a well-established businessman gave me a lot of advice. We also joined the Mentorship Program offered by the Center for Entrepreneurship at CUHK. Also, I was lucky to have the chance to try something new, and communicating with my peers improved my confidence in presenting my ideas to the public.

Lettie: Try to look for people who share the same goal and same path as you. You will need lots of motivation on the road of pursuing an entrepreneur’s dream.

Learn together with your peers.

You should also know what to hold on to and what to let go, since it is hard to manage many activities at the same time. It is necessary to make reasonable sacrifices and choose to do those things where your biggest passion lies.

Hanley: Before I entered CUHK, I was good at doing calculations but bad at discussing ideas and presenting them, and working in a team. Education in the CUHK Business School turned me from a nerd into not-so-nerdy nerd and empowered me with stronger soft skills.

Hanley: My advice is, rethink your “destined” path.

If everyone follows the typical path of getting internships and looking for jobs in banks, I don’t think this is what the CUHK Business School wants.

Establishing your own company is challenging, yet it is also a rewarding journey.

Lensational Looking Through Their Lens into the Underprivileged

By Jeanette Lai, Student Reporter

Female empowerment isn’t just a slogan any more.

Lensational, founded earlier this year by two GBS students, Peggy Tse (Year 4) and Bonnie Chiu (Class of 2013) and later joined another GBS student Michael Ng (Year 3), put their vision into action.

What does Lensational do?

Locally, Lensational focuses on providing small group photography tutorials to Indonesian and Filipino domestic helpers who left homes in their native countries in order to earn a living. What they gain in addition to photography skills is a supportive environment where they learn to comfortably express emotions that are often hidden within themselves.

Peggy recalled seeing a photo of Victoria Harbour taken by a participant who dreams about one day bringing her family to Hong Kong as tourists. However ordinary any one photo may seem, there will always be a story behind it.

Peggy displaying photos taken in less developed countries.

The organization isn’t just based in Hong Kong; the footprints of Lensational also reach less developed countries such as Burma, Pakistan and Iran. Through photographs, they bring the needs of the deprived to the eyes of people in Hong Kong who are able to give a helping hand. At the same time, with members of Lensational currently based in different parts of the world, these members spread their ideas internationally to Europe, America and Australia.

Cover Story 03 Michael (third from left) at the Resolve Gala of the Resolution Project, a project dedicated to nurturing socially responsible young leaders in New York.

Photo credits: Lensational Facebook page

Photo credits: Lensational Facebook page

So, how did it all start?

Lensational is a non-profit social enterprise founded on the principle that photography empowers underprivileged women economically and emotionally.

This vision was formed when Peggy and Bonnie, on a trip to Istanbul, suddenly realized that their cameras and lenses, so familiar to the women in Hong Kong are foreign objects to the underprivileged of that country.

They then came up with the idea of empowering underprivileged women both economically and emotionally, the latter through the freedom to express their feelings through their photographs. Consolidating their ideas into a proper business proposal, Peggy and Bonnie officially started Lensational in March 2013 with a small sum accumulated through various case competitions that they had won.

In just six short months, what Lensational has achieved was evident in their very first exhibition “Herstories”, where the back stories behind these powerful images were told.

Bonnie (front middle) with teachers from non-formal schools in the villages in Lahore, Pakinstan.

A lady weaver in Myanmar, working in one of the key pillars of Myanmar's manufacturing sector.

Adults and kids excitedly trying out a camera during a pilot photoeducation program in a rural village in Myanmar

Future visions?

As the Chinese saying goes, it is hard to start a venture, but even harder to maintain it. A social enterprise, even though it is not primarily about making profit nevertheless needs to adopt a sustainable business model. In the long-run, Lensational hopes that the underprivileged will become professionals who can generate revenue through selling photos in exhibitions. They are targeting a permanent site in the future for exhibitions twice a year. All proceeds less Courage to Drive – Centerpiece of the exhibition operation costs will be returned to the participants.

Taken during one of Lensational’s photo-education workshops at a

Peggy’s message to those who are interested in setting up their own social enterprise: “There is no perfect business plan. Go grab every chance. Even though things may not be well-planned, move first and you will see good outcome.”

rural village in Lahore, Pakistan, where girls are never seen driving a motorbike. While some boys rushed to pose on this motorbike, not one girl dared to move forward. Bonnie asked, “Why can’t girls pose on this motorbike?” A girl, with sparkling eyes showing courage and enthusiasm, raised her hands. She jumped onto the motorbike and Bonnie immediately took this powerful shot. Just one press of the shutter has challenged the social definition of women and girls in this society, all for the better.

Faculty Spotlight

Prof. Qian Gong-ming Associate Professor, Chairman, Department of Management | Serving CUHK since 1996 | Teaching Global Enterprise Management (MGNT3850) | Affiliated to Chung Chi College | Birthday: September 28

By Jeanette Lai, Student Reporter

Can you share with us an unforgettable moment during your teaching in CUHK? I love to have dialogue with students and greatly enjoy What did you do before teaching in CUHK? I worked for an economic research group of a commercial being challenged by them. I sometimes encounter questions that are very tough to answer. There was one bank for a year and a half before starting at CUHK time where we could not finish the discussion during because I prefer to do academic work. By then, two class so we had to continue debating it after the lesson papers of mine were accepted by international journals and that’s why I decided to change my career from policy as I and the students had totally different understandings of that case. Such incidents inspire me greatly to see studies to academic studies. whether there is a better solution to the particular question. There are always some insights which later How do you find the two jobs different? help me develop interesting papers.

There is a great difference between working for a bank and for a school. As a professor, I focus more on the How can knowledge in other areas compliment learning in theoretical research rather than policy studies. Also, management? in CUHK, I can work more on the areas I am interested I introduce students to some contemporary Chinese in instead of a project assigned by the boss. Being history during my classes, especially the opening-up in a teacher provides me many more opportunities China during the 1980s and also many important events to broaden my horizons through meeting different in recent decades in order to let them understand more people from students to other senior professors, and by about the Chinese economy. You know the past, you participating in multiple international conferences. know the future.

How do you think a leader in management should be?

A successful leader in management should be About yourself coordinating and controlling. When there are different opinions towards an issue, a leader should do a lot of If you could meet with your idol, who would it be? personal consultation with other members of the group My father. He was the Dean of College of Economics and strike a balance among the different points of view. at Xiamen University. He valued every bit of time That is what I mean by coordinating. And after the final and I always found he was buried himself in his work decision is made, leaders should make sure there is no from morning till night (even until he breathed his argument. That is controlling. last). Although he did not directly teach me a lot, his meticulous scholarship and fair-minded attitude have What is the most challenging task in running your classes? exerted an edifying and subtle influence on my character.

The biggest challenge is allocating suitable tasks and I still remember one of his earnest teachings - “Be strict in arousing the interest of students from different backgrounds, especially the exchange students of whom with oneself and lenient towards others.� He is the best example for me as a teacher. there are more and more of these days. I use different cases to illustrate the theories so as to accommodate What kind of books are you reading recently? people from different countries. I need to let students I have been reading the books about the Qing Dynasty to be involved in classes and conduct the lessons of China. The key questions I have explored is how a effectively. prosperous dynasty (flourishing age) declined, gradually collapsing day by day. I have once discussed or even had a strong debate with my friends on the reasons for this, About CUHK and learned from the discussion. This is beneficial to my management skills too.

What is your favorite corner at CUHK? The Lake Ad Excellentiam in Chung Chi is my favorite as it is What is your hidden expertise? similar to the landscape in Peking University and my alma I used to be very interested in music, particularly in mater, Xiamen University. Sometimes I take a walk there playing keyboard instrument. And I like to sing folk after dinner. songs too. On the other hand I also used to play all kinds of sports like basketball, badminton and table tennis. I was a member of the school basketball team when I was at university.

About your profession

Advertisement 05

CU iBUS By the students – For the students Voice out Complete the Reader Survey on or before November 15, 2013 Win the chance to get a

CUHK Business School 4GB USB Let us hear you

https://docs.google.com/forms/ d/1LFP_PzSqNdT96fm-FLlRtYYyDG0sL4oQtkgv7z550Y/viewform

Academic Cup 2013 Date: September 28, 2013

By Peggy Tse (GBS, Year 4)

S

ince 1999, The Academic Cup (ACup) has been a hallmark event at CUHK Business School. In this event competing students showcase their strategic thinking skills and other talents honed by the School. One element that makes the competition as intense as it can be is the 48-hour deadline to solving the case. This year, all 72 teams were given a case study on Tencent’s internationalization strategy on September 26, 48 hours before the presentation scheduled for Saturday the 28th. Students were challenged to formulate a strategy for the technology giant to go beyond its success from China’s online space to the greater market of the world wide Internet.

Strategies of the winning team The winning team Peamerica, formed by members Peggy Tse, Eric Fong, James Lam and Veronica Lau (all GBS, Year 4), rejoined the ACup arena with a more sophisticated case-solving approach since they last competed as freshmen in 2010. Research and strategization are considered the most important contributors to success given the tight time window.

However, with only 48 hours to prepare, it is not possible to do unlimited research with no direction or framework. The team first summarized key learnings from the case – Tencent’s success factors, revenue streams and past and current attempts at internationalization, among others. Through their analysis they realized that Tencent has already done a lot outside of China, but the only successful venture has only been a backseat investment in the foreign gaming industry.

The team came up with three critical questions to their case-solving approach and set clear directions for their research.

1. What is wrong with Tencent’s current approach to internationalization?

2. What is Tencent’s greatest strength that is valuable, rare, inimitable and non-substitutable (VRIN framework)?

3. How can Tencent establish sustainable competitive advantage outside of China that can be monetized?

Eric Fong, James Lam, Veronica Lau and Peggy Tse with judge Mr. Rocky Lok (from left to right).

Spotlight 07

Clear directions for research With the company being largely founder-driven, it was important to learn the founders’ views on globalization. Thus online articles and interviews of founder Ma Huateng were an important source of information. From there the team learned the founders were keen to build a global ecosystem centered around the brand “Tencent”, and have already announced that WeChat will be the primary tool used to achieve this. Their vision became the winning team’s vision for cracking the case.

Thus, on their first all-nighter, the team sat down and rigorously debated the issues. Questions such as “Why do we do this?” or “How can we achieve this?” were continually asked to ensure they stayed on the right track. Gradually, after deeply probing into each idea, they identified three bottlenecks currently faced by WeChat, and extend Tencent’s key resource of a wide Chinese user base to a new segment in the global market – overseas merchants. To further illustrate the innovative aspect of Tencent, they also proposed combining social media, e-commerce and communication functions all in one WeChat platform.

Importance of presentation skills Winning the ACup is not just about having the best strategy, presentation skills and effective use of powerpoint are just as important. As each team had only ten minutes to impress the judges, solid logic and a concise presentation flow in answering the key question were of utmost importance. The winning

Students presenting their ideas to the panel of experienced alumni

Comments from judges help students polish their proposals for the final round of competition

team scrapped all unnecessary details and streamlined the whole presentation to only a few key points to ensure that every point spoken was meaningful and value-adding. Clarity of communication was critical during the 10-minute presentation, especially when this year’s case (Tencent) involved many complex issues.

The presentation day was not only a good occasion to test the teams’ presentation skills but also a rare opportunity to learn from the panel of experienced alumni bringing a diversity of industry experiences.

Feedback from the first round of judging substantially helped the team perfect their content while progressing to the final stage. Through an assertive and confident presentation complemented by effective visuals on powerpoint slides, Peamerica was very happy to receive positive recognition for their hard work and their grand slam to win the ACup.

October

12

Orientation Day for Undergraduate Admissions

Visitors at our University Mall exhibition booth.

About 25,000 guests visited Cheng Yu Tung Building, the home of CUHK Business School.

Students and parents listening attentively to Prof. Stella So, Associate Dean (Undergraduate Studies, Student Affairs) in her introduction to the CUHK Business School.

Lightbox 09

Prof. Albert Wong, Director of Insurance, Financial & Actuarial Analysis Program answering questions from parents and students after presenting the admissions talk.

Prof. Denis Wang, Director of the School of Hotel and Tourism Management, speaking animatedly during his admissions talk.

SCMP/IFPHK Financial Planner GBS and IBCE kick off Awards 2013 - University gathering 2 Date: September 13, 2013 Student Category 1 Date: October 2013

A team of four students majoring in finance shone in the SCMP/IFPHK Financial Planner Awards 2013 University Student Category, winning the First Prize.

Chan Fai Hong, Kwok Chun Nga (both QFIN, Year 2), Lo Cheuk Lam and Ng Tsun Ming (both QFRM, Year 2) worked together on their financial plan, tailored specifically to a given case where a couple wanting to start a family was planning for a baby. The competition was held over two rounds. In the first round, a detailed and comprehensive financial plan was submitted focusing on an analysis of the couple’s finance with proposals on an education fund, tax and retirement planning. Five teams then proceeded to the final round in which their proposed financial plans were presented to the judging panel for consideration.

By Nicholas Chan (IBCE, Year 2)

As the GBS and IBCE programs mark their 10th and 5th anniversaries respectively, both programs have attracted new talents from all over the world and given this big family an exciting opportunity to develop the potential of the new arrivals. In order to allow these globally minded students the chance to develop, both programs got together on September 12, 2013 and jointly invited Mr. Jouni Hakanen, Managing Director of Accenture, a leading Technology and Consulting company in Greater China, to shed light on how to become an outstanding leader.

Kicking off the evening’s festivities, the IBCE students performed a heartwarming song about the tight bonds between the IBCE students; their musical talents pleasantly surprising the audience. After the performance, Victor Hui (GBS, Year 4) and Elly Wong (IBCE, Year 4) shared their experiences in their The CUHK quartet won over teams from the ten other respective programs and internship opportunities. local universities and was rewarded with a HK$10,000 While showing gratitude towards their programs, scholarship, certificates and a trophy recognizing them they also expressed how these experiences have for their outstanding performance. The team received shaped them and made them who they are. The their awards at the Awards Presentation Dinner on new members of GBS and IBCE got a glimpse of the October 29, 2013. upcoming challenges and standards that they will have to rise to.

1

At the end of the sharing sessions, Mr. Hakanen took to the stage. From Nokia to Accenture, he related his intriguing professional and personal stories.

He has worked with people at different levels and believes leadership is a combination of various criteria including responsibility for the greater good, a “Can Do” attitude and ability in unleashing a team, among others. Mr. Hakanen observed that a phenomenal leader is supposed to challenge the existing paradigms and act rather than wait for permission, while standing ready to take responsibility for the decisions.

Finishing the evening, Mr. John Lai, program director for GBS and IBCE, brought the gathering to a close by thanking Mr. Hakanen once more for his enlightening words to the students from the two programs, reiterating the importance of building strong connections with each other.

2

Newsroom 11

From University to Workplace: How to transit your role as a student to a business practitioner? 3 Date: October 11, 2013

This workshop addressed the immediate change in identity at the time students graduate and join the workforce.

3

Mr. Adolf Ho, the former CEO of Campbell Soup Asia, shared with the students appropriate workplace expectations and behaviors of a freshly minted graduate. Mr. Ho also shared some tips on how to identify their passion given different career choices.

The workshop ended up with an insightful Q&A session.

Mr. Ho will conduct another session in the near future which will focus on how to develop the students’ personal brand. These techniques can be used in CV writing, job interviews and networking. This will be a session that the final year students must not miss! Details on the next session will be released this coming January.

Outreach efforts— admission talks 4, 5 Date

School / Event

Speaker

Oct 3

St. Rose of Lima's College

Dr. Andy Wong Assistant Dean (Undergraduate Studies)

Oct 18

Maryknoll Convent School

Dr. Andy Wong Assistant Dean (Undergraduate Studies)

Oct 24

College of Mr. CW Chau International Project Executive Education, HKBU (Admissions) (Shek Mun Campus)

4