Business Practical Training

1
Business Practical Training

• This training module will simulate the process of
  setting up a business
• It is not necessary to produce any products or
  services, or to trade in them
• The training is based on the Virtual Enterprise
  model which is adopted internationally to train
  youngsters in business practice.

2
What is a Virtual Enterprise

• A Virtual Enterprise is a simulated business
• It is set up and operated by a group of students
• Guidance provided by a Lecturer/Facilitator
• Supported by a Business Mentor Organization
• VEs Perform the Tasks of
• Planning a Business
• Producing Business Support Material
• Virtual Trading with fellow Virtual Enterprises
• Producing Company Reports

3
Implementation for TN

• Each tutorial group will be split into 2 teams of
  about 10 students
• The Company must represent some aspect of the
  Telecomms Networking industry in HK
• A list of suggested company profiles will be
  supplied
• You are NOT required to do any trading activities.

4
Learning Objectives

• Through the VE, you will appreciate
• the structure of a company
• the process of Business Planning
• the role of Marketing in Sales
• the standards used for Financial Reporting
• skills required for Human Resource Administration
• the nature of the TN industry in Hong Kong
• You will also develop key life-wide skills

5
The Business Mentor

• The Business Mentor will be familiar with a
  company in HK, typical of the industry
• Most will work in the industry and be busy people
• Make sure you prepare before meeting with them
  do not waste their time
• Keep face to face meetings to a minimum and use
  email to contact them where possible

6
Learning Methodology

• During the semester, there will be a number of
  lectures to introduce Business Processes
• Teams should meet their academic supervisor once
  every 2 weeks to review progress
• Teams will need to be self-motivated
• Use the Internet as a resource tool
• Work as a team - assign responsibilities

7
What will you have to do (1)

• Understand the requirement of the TN VE
• Assign roles to the members of the team
• Understand the nature of your VE business
• - in particular, its Sales Model (root to
  market)
• Identify the products/services of your VE
• Submit an initial Company Synopsis
• Design a Corporate Image for your VE

8
What you will have to do (2)

• Approximate the cost of Business Activity
• Produce a Marketing Strategy for the VE
• Produce a Financial Statement for the VE
• Produce a simple Web Site to promote the VE
• Keep a log of all Activities
• Produce a mini Annual Report for your VE
• Give a group presentation

9
Assigning Roles to the Members

• It is not intended that all members are involved
  in all tasks. This is a group effort where the
  team assigns tasks to members
• Members should understand all activities done by
  the team (bi-weekly reviews)
• The following is a list of some of the tasks that
  need to be undertaken. Assign responsibilities to
  play to members strengths
• Think of the jobs to be done in the VE

10
Typical Roles

• Team Leader to coordinate and ensure timescales
  are met
• Secretary to record activities undertaken
• Business Manager to produce Business Strategy
• Finance team to produce Financial Statement
• Marketing team to produce the Marketing Plan
• Designer to produce company image
• Web Master to produce Web Site

11
Assessment of Training

• Final individual performance will be marked on a
  pass-fail basis (no overall grading given)
• Identified tasks will be graded
• Individual contribution will be graded
• To pass the module, both team grades and
  individual grades must be acceptable.

12
Notes on Documentation

• When producing documentation, make sure you
  highlight it is a VE document
• This is a simulated business used for training
  only
• Add VE to the company name, eg Network VE
• Put the company letterhead on the minutes
• Use either a department server or public web
  hosting. Make clear it is a VE

13
Deliverables of Training (1)

• During the training, you will need to produce
• Sample Company Stationary
• Name, Logo, Letterhead, Business Card
• A Business Synopsis
• Statement of Business Objectives
• A Marketing Plan
• Philosophy for route to market (HK context)
• A Web Site to Promote the Company
• Promotes products/services (can add features)

14
Deliverables of Training (2)

• A Company Financial Statement
• Both Profit Loss statement and Balance Sheet
• Typical of a years trading (you will not
  actually trade)
• A Log of Work Undertaken
• Keep minutes of activities and build all
  documents into a portfolio
• A Group Presentation

15
Training Milestones

• Business Training Briefing Week 22
• Form Team and select Company Week 23
• How to prepare a Business Strategy Week 25
• How to prepare a Marketing Plan Week 27
• Submit Company Synopsis Week 29
• How to read Financial Statements Weeks 32,34
• Submit Overall Documentation Week 4x
• Submit Project Log Week 4x
• Presentation Make Web Public Week 4x

16
Overall Documentation

• This should include
• Company synopsis (define the scope of the
  business)
• Corporate identity
• Marketing Plan
• Statement of Accounts (suggested PL, could
  include balance sheet)
• Take a look at some company Annual Reports

17
Class Contact Arrangements

• There will be 1 hour briefing classes in weeks
• 22, 25, 27, 32 and 34
• Timeslots have been arranged to meet with the
  academic facilitator.
• Each group will attend once every 2 weeks (decide
  your own schedule)
• Come prepared to report on your progress.

18
HK Company - Cisco Systems

• Does the HK company make products ?
• Does it design products ?
• Does it sell direct to end users ?
• What does it do ?
• Promote the company name and image how ?
• Take orders from the distribution channels
• Arrange supply from manufacturing arm
• Act as a source of technical knowledge locally

19
HK Company WKK Holding (Wongs)

• Company HQ is in Hong Kong, but . . .
• Around the 20th largest manufacturer is world, do
  you know the name ?
• Manufacturing in Southern China
• Manufactures for other companies (OEM)
• Does not sell its own products
• Sales offices in USA and Japan as well as HK

20
HK Company - New World Telecom

• High Profile Name providing End User Services
• Invests in Network Infrastructure to provide
  telecoms services
• Agreements with 24 international carriers its
  a global business
• Must provide value added services, cant win by
  price alone.

21
Major Project based Company

• The Final Year Project will be based on applying
  certain technologies to applications
• This scenario could be used for the VE
• For example, you may be looking at Network
  Management tools to monitor a network.
• The VE could be to set up an outsourcing company
  to provide Network Management support.