University of Hong Kong Student Entrepreneurship Competition
2023-5-25
Accountant Edward So was invited by the Innovation and Technology Center of the University of Hong Kong to be the judge of the University of Hong Kong Student Entrepreneurship Competition.
Young people are usually full of ideals (fantasies), and their suggestions can be wild and unconstrained. However, the participating teams of the University of Hong Kong are all of high quality, and their entrepreneurial suggestions are more realistic, and they have great potential and can be implemented in practice.
Entrepreneurship by young people is a policy actively encouraged by the Chinese government and the Hong Kong government. However, from the presentations of the participants, it can be seen that they are all focused on business concepts, often lacking in implementation details, market plans and financial analysis.
Based on our many years of experience and what we have seen, we propose the following three suggestions to entrepreneurs or friends who develop new businesses:
1. Maintain a positive and positive attitude, welcome failures and setbacks at any time, and prepare for a comeback; 2. Do a good job in equity allocation. Clarify the division of labor, authority and profit distribution method with partners to avoid confusion and disputes in the future; 3. Prepare detailed financial plans and budgets in the early stage, keep appropriate accounting records, prepare financial statements, report regularly, and adjust business strategies in a timely manner in response to financial conditions.
The above point 1 may be a natural personality, or need to be counseled by a psychiatrist the day after tomorrow. Regarding points 2 and 3, our company can assist entrepreneurs to establish an appropriate company structure, allocate equity, assist in the preparation of budgets, provide accounting services, and provide management consultation and advice.
If any entrepreneurs need assistance, please contact us.
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