Annual Report Design 2009

SIFE Criteria 2008/09:

Market Economics

Personal Success Skills

Entrepreneurship

Financial Literacy

Business Ethics

Sustainability

environmental sustainability

Core Team 108, Management Team 17, Projects 9, Media Circulation 8,818,275

Key Achievements n

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Worked with several companies to reduce their energy costs by £7700 per year, preventing 51.7 tonnes of CO² emissions per year. £2580 generated for the 13 previously unemployed disabled workers and basic

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monthly salary implemented.

J amie has now secured contracts with 3 suppliers and has been offered a job as a designer earning £18,000 annually, to be reinvested back into RITH clothing.

Educated over 900 children across the

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globe about business and entrepreneurship, raising money to reinvest back into their schools.

Quadrupled the incomes of 512 families, directly impacting the lives of 2500 people in 4 Indian villages.

Project SIFE Nottingham: Ensuring our long term sustainability SIFE Nottingham continues to focus on building the sustainability of the team through attracting a diverse member base, and investing in the skills of its members whilst ensuring our ethical code of conduct is widely used throughout all of our projects. This year we have achieved our long term ambition of becoming a registered company and a CIC (Community Interest Company), which will give us credibility and a professional image when dealing with other businesses. This year we represented our University, showcasing our work to subsequently become the Times Higher 2008 Most Entrepreneurial University of the Year.

Recruitment

Spreading our Reach

Our diverse membership includes recruits from nine academic schools including Business, Engineering and Law. We run regular recruitment events to encourage widening team participation across the University.

Our SIFE Nottingham team in Ningbo, China, has grown to 48 members, who we contact on a regular basis via video conferencing.

In the last year our team has reached out as far as India, Ghana, China and Singapore, truly enabling our SIFE members to fulfil our mission to create business and transform lives on a much larger scale.

Developing our Human Capital With the support of our sponsors, Business Advisory Board, and alumni we continue to run training events and weekends for our members, who are also assisted by our SIFE Nottingham handbook. These team building events have ensured a strong team spirit!

funding

Annual Report 2008/09

Business Advisory Board

Total funding £13,061

CORPORATE SPONSORSHIP

The University of Nottingham was founded in 1798 and is recognised for its academic excellence. The University has been the home of famous author DH Lawrence and Nobel Prize winner Sir Clive Granger. International campus developments and student opportunities in China and Malaysia has seen the University of Nottingham labelled as Britain’s “only truly global university” by the national newspaper ‘The Times’ who also awarded the University the prestigious honour of the 2006/2007 ‘Higher Education Institution of the year’, and more recently the 2008 ‘Higher Education Most Entrepreneurial University of the year’.

Media Circulation

Chris Mahon

– Faculty Advisor

David Greenaway

– Vice Chancellor

Paul Guerney

– Accenture

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Chris Kimmett

– Accenture

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Liz Winks

– Deloitte

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PRINTED n

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Kate Wigglesworth – Enterprise-Rent-A-Car

ENTREPRENEURIAL ACTIVITIES

The University of NottinghaM

Daniel Glynn

– Enterprise-Rent-A-Car

Jonathan Harper

– Future Foundations

Jack Butler

– Future Foundations

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lyers – 3000 F raduate Prospectus – 60,000 G usiness School Prospectus – 8,000 B Ubiz 2008 – 8,000 N ottingham Business Review 2008 – 8,000 N ews and views 2009 – 12,000 N

MEDIA (UK) n

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SIGNATURES

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FAMILY DONATION

ottingham Evening Post (x 4 articles) – N 1,000,000 I mpact Magazine (x 2 articles) – 50,000 RN Radio (x 2) – 6,000 U uccess Magazine – 3,000 S imes Higher Magazine – 28,275 T

MEDIA (International India)

BUSINESS REVENUE

Professor Lee Drake Director of Nottingham University Business School

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he Hindu – 1.33 million T I ndia Times – 3.15 million

MEDIA (International China)

ENTREPRENEURIAL ACTIVITIES £7,256 CORPORATE SPONSORSHIP

i Myinfomatrix

£4,500

FAMILY DONATION £1,000 BUSINESS REVENUE £305

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Chris Mahon SIFE Nottingham Faculty Advisor

hina – 2.5 million C

WEBSITE/INTERNET n n

Charlotte Matthew SIFE Nottingham President

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Creating Business. Transforming Lives.

ifenottingham.co.uk – 280,000 S niversity of Nottingham Press Release – U 100,000 imes Higher Education Website – 282,000 T

SIFE PROJECTS 2008/09:

over 5700 impacted!

Market Economics

Greener City The aim of our greener city project is to turn Nottingham and the wider community green one step at a time.

This year these projects have been implemented in the UK, India and China.

Personal Success Skills

Flagged:

FL: Worked with managers to analyse energy accounts, highlighting where cost savings could be made.

PSS: Raised employees awareness of acting in a more environmentally friendly manner, incorporating into their daily lives.

BE: Taught the businesses how to act ethically, ultimately enhancing company reputation.

ENV: Encouraged the reduction of CO² emissions.

SUS: Implemented a ‘do-it-yourself’ programme, therefore ensuring it could be delivered beyond SIFE Nottingham’s involvement.

Market Economics

Challenge Assist young Nottinghamshire entrepreneur from being in the embryonic stage of business to an established and successful designer, with the brand RITH clothing.

Sustainability

environmental sustainability

Criteria

Criteria

The aim of this portfolio is to turn around struggling enterprises into profitable and sustainable organsations.

Business Ethics

Green Bag:

Flagging electrical items unnecessarily left on overnight. Process is repeated over several weeks to reinforce the lessons and random spot checks to ensure the gains are permanent.

Small Enterprise Consultancy

Financial Literacy

Personal Success Skills

ME: Conducted market research to establish a gap in the market for green bags.

ENV: Disabled workers trained to produce ethical green bags.

PSS: Trained workers to promote goods, and pitch their products to suppliers.

ME: Jamie was shown how to forecast demand, consolidate supply base and benefit from economies of scale, reducing cost base.

FL: Enrolled Jamie into poverty into prosperity classes, centred around the importance of budgeting.

ENT: Assisted Jamie in opening up his own revenue stream in tailored formal wear, reinvesting profits directly back into his RITH clothing line.

PSS: Worked with local fashion academy developing his fashion skills, whilst learning how to coordinate and manage events in the industry.

ENV: Jamie used his newly developed IT knowledge to promote his business via web services and social networking, also establishing close relations with environmentally friendly printers.

Global Enterprise The aim of this programme is to educate and develop children’s business acumen, so that in the future they will have the necessary skills that could support them financially.

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Through energy efficient light bulbs students saved £50 a year per bulb purchased.

Worked with several companies to reduce their energy costs by £7700 per year, preventing 51.7 tonnes of CO² emissions per year.

Average employees reported making savings of £550 in their homes annually.

SIFE Nottingham generated £220 revenue. £2580 generated for the 13 previously unemployed disabled workers and basic monthly salary implemented.

Financial Literacy

Business Ethics

Sustainability

Key Achievements

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Entrepreneurship

This year this programme has been implemented in the UK, India and China.

Impacted locally: 700 Children Impacted Globally: 200 Children

Criteria

Financial Literacy

Business Ethics

Sustainability

environmental sustainability

ENV: Children were taught that businesses are not only an opportunity, but also a responsibility and were encouraged to embark in new ventures by utilising recycled materials and selling them at a profit, reinvesting an average of £350 per UK school back in to renting allotments for students to ethically produce local crops.

PSS: Utilising their new found business skills, children managed their own business venture, mentored by SIFE Nottingham over a period of three months with the average school generating up to £200 profit.

SUS: Each school has pledged to increase availability of the programme in future years for students, with teachers trained to implement the programme on their own terms, assisted by SIFE Nottingham. The profit made will be equally distributed between students and the schools.

Key Achievements n

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ur Global Enterprise Programme won this O HSBC’s 2008 financial literacy award for project of the year.

I n the UK schools raised an average of £200 per school and internationally schools raised a total of £240.

environmental sustainability

BE: Taught Jamie the importance of purchasing higher quality materials, therefore allowing him to charge higher prices, whilst maintaining customer satisfaction.

SUS: Provided Jamie with the skills to approach boutiques with a portfolio of his product range, in order to ensure consistent suppliers and develop relationships within the industry. n

Personal Success Skills

ENT: Children spent time generating business ideas and ultimately producing a detailed business plan based on the skills we taught them, as well as getting an insight from a local entrepreneur regarding his own journey to success.

ME: Held sessions on the implications of supply and demand, for example how a recession changes the purchase power of a currency, and the effects of price elasticity of demand.

FL: Students had to save a hypothetical business from cash flow problems creating balance sheets, profit and loss, and forecasting accounts, moreover through SIFEopoly students were taught...

BE: Based on a local business students faced a number of ethical decisions such as avoiding unethical moves in times of financial crisis.

Key Achievements

Entrepreneurship

Criteria

Market Economics

Created £850 profit through tailored formal wear service, implementing newly developed managerial skills, investing profit directly back into RITH clothing brand.

Jamie has been approached by a highly regarded fashion corporation to present a range of his clothes at a fashion show later this month, attended by an array of supplier and designers.

Jamie has now secured contracts with 3 suppliers and has been offered a job as a designer earning £18,000 annually.

Market Economics

Let Us Advance The aim of this project is to ‘Build Better Lives through Local Agriculture’ by teaching business skills and encouraging agricultural best practice.

Challenge To unite the previously hostile four villages comprising of over 2500 people, to work towards a better quality of life as a result of the development of the Cattle Industry.

Personal Success Skills

Entrepreneurship

Criteria FL: Taught the members of 512 families how to budget money effectively in installments, ensuring cash availability off season.

ME: Explained the principles of supply and demand with regard to how milk is priced in different areas. We also introduced the principles of collective bargaining and economies of scale to illustrate the benefits of bringing the four villages together as a united front. More importantly, we highlighted that from a supplier side, the more they produced collectively, the more they were to gain financially from a contract.

PSS: SIFE Nottingham teamed the villagers up with the ‘National Agro Foundation’ who assisted us in extensive training.

BE: We educated the villagers on the importance of acting ethically, ensuring the milk was of a higher quality than previously as a result of increased yields, including villagers being trained to test the milk for fat content, ensuring high quality produce, preventing

Financial Literacy

Business Ethics

Sustainability

environmental sustainability

relations with suppliers being damaged.

ENT: Diversified into other ventures, such as goats and poultry strengthening their source of income.

ENV: Adding value to cattle dung which was previously thrown away, by using it as fertilizer, allowing an environmental benefit.

SUS: A board of directors has been established within the local community. We have also teamed up with local SIFE team ‘Alpha SIFE’ who monitor our programmes success.

Key Achievements n

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IFE Nottingham’s work has been S recognised by the two largest papers in India, the Indian times and the Hindu reaching to over 4.4 million readers. his means that the four villages can T now generate more milk and sell it at a higher price.

This has quadrupled the incomes of 512 families, directly impacting the lives of 2500 people.