With the end of 2024 fast approaching, participants of FSI’s 2024-25 Mentorship Program for Ethnically Diverse Entrepreneurs gathered on 23 November for a mid-point celebration of their growth and success while sharing knowledge and resources.
The meet-up gave all mentors and mentees an opportunity to share what they have been working on and the progress they have made since the program commenced in September.
Ruchi Bhave, Founder of The Mind Talk, shared an exciting update: “In terms of money, I earned my first small amount! I consulted Wilson, my mentor, about how to go about doing sales. He told me to set a very small amount so it feels achievable. I spoke to a couple of people that my magazine covers everything related to mental health and wellbeing. A small startup approached and said they would write an article and pay for the backlink.”
Wilson Tai, Co-founder and COO of FundFluent, said, “One piece of advice I would give is don’t do things for free. The hours you spend to provide the service need to be considered when you sell something.”
Youth-led Discussions to Support Ethnically Diverse Entrepreneurs
To help mentee entrepreneurs better identify their needs, FSI’s Community Business Support team’s Impact Lab Course student interns prepared several group discussions for the mentees and mentors around time management and setting priorities; financial management; using technology, data, and automation; and relationship building and networking.
In the time management group discussion prepared and led by Anh B., a year one student studying Business Administration, participants completed a questionnaire about their time management styles, before they were asked to consider different ways to schedule tasks efficiently. Wilson said, “The way the FundFluent team works is that we would book each other’s time on the person’s calendar. Even family time can be put on there so we can respect everyone’s time. I also reserve some buffer time for anything sudden.”
Sunny Li, a first year student studying Business Administration in International Business and Global Management, led a session with the participants on financial management. Emeline Sandt, Co-founder and Director at A Collective Space shared, “We recently went through all our costs and got a good figure, including the absolute minimum hourly rate. Based on that and the market’s willingness to pay, we can work out a profitable charging model.”
Sneha Roy, also A Collective Space’s Co-founder and Director, added, “We adapted FSI’s bookkeeping template to the nature of our business and the different services we provide. ”
The group explored financial management solutions for some common issues, including understanding how costs can pose limitations to operations and adopting a new mindset to balance cost and profit. Sunny also introduced some resources from FSI that could help entrepreneurs manage finances more efficiently.
Across the room, Darren Lee, a year one student studying Business Administration, led the exploration of the use of AI to enhance work efficiency. The mentees and mentors talked about using technology and built-in systems on e-commerce websites for accounting and bookkeeping. Some of the softwares mentioned were Xero, which simplifies financial management with features like automatic reconciliation, and platforms like Wix or Shopify that can easily track customer data.
In the relationship-building and networking group, prepared and led by Adriel Heng, a first year student studying Business Administration and Law, participants discussed how to use their LinkedIn profiles to improve their online presence and increase networking opportunities. Adriel suggested finding relevant communities like university groups or an entrepreneurial community. Participants in this group also talked about what their elevator pitch could include to make a good first impression, and how to follow up on initial meetings to foster a long-lasting relationship.
Midpoint Check-in: Growth and Learning for Both Mentors and Mentees
As a midpoint check-in on the mentees’ and mentors’ learning journeys, they were asked to fill out a midpoint survey for the Program. 91% of the participants indicated that they were satisfied or very satisfied with their experience. For the mentees, the areas showing the most improvement were personal development and growth, mental resilience, and communication skills.
Pamela Vuyisile Moyo, Program Manager at Africa Center Hong Kong, said, “Always ask for help and form some collaborations.” The sentiment was echoed by Wendy Zhuang, speaking on behalf of Curiouslyoga as their Business Development Lead. Wendy said, “The FSI community is very supportive. We don’t feel like we’re alone in the boat. The more I go through the journey, the more I feel that I want to meet these energetic people.”
As is with other mutually beneficial programs by FSI, mentees aren’t the only ones who benefited from the Mentorship Program. Jerwine Bonafe Que, Managing Director of The Blomstre, said, “As a first-time mentor after experiencing being a mentee, this was a good refresher. With fresh eyes and accumulated experiences, I was able to advise my mentee much better than I expected.”
Reflecting on her journey so far, Wendy added, “I saw the growth of the startups and projects from the first cohort and was really inspired. I also wanted to meet like-minded people to see how they’re navigating the challenges.”
“I think I felt very disconnected and lonely with the financing, but then I realized there is help and support to be found in people’s feedback and FSI’s resources. The websites, links, and resources are really useful. We didn’t know these services and support existed in such an affordable way.”
Yulia Kim, Founder and Floral Designer of Blooms.Forever Atelier, shared her positive experience as well. “My first goal was to work with big companies, and I saw that as the main way to have big orders. During this program, my approach to achieving my goal has changed. I’m considering working more B2C, or with small and medium businesses.”
“I learned that I’m responsible for my company and for my product,” continued Yulia. “I make the final call. You can have so many different perspectives from people, and sometimes they contradict each other. But as the owner, you’re working with your products every day. You know what’s best for your business and your customers.”
An Enriching Experience for FSI’s Impact Lab Course Interns
In addition to our venue partner the Hive Poho and long-time partners like FundFluent and Africa Center Hong Kong, we would like to express our heartfelt gratitude to the Impact Lab Course interns working at FSI’s Community Business Support and Communications and Marketing teams, whose dedicated hard work throughout their three-month internship enabled us to provide under-resourced entrepreneurs with bespoke direct business support. We are glad to hear that the student interns found the experience rewarding, too.
Said Sunny Li, an intern working with the Community Business Support team: “It’s truly inspiring to see the community being built surrounding and supporting ethnically diverse entrepreneurs and witnessing how they learn from their mentors and mentees.”
“It was an honor for me to work alongside our mentees and be a part of their entrepreneurial journey,” added Anh B, who also worked in the Community Business Support team. “I gained valuable insights not only in building a business but also networking, overcoming failures, and setting priorities in both my professional and everyday life.”
Adriel Hang, another Community Business Support intern, added, “The Program was an incredibly enriching experience that exposed me to the challenges faced by small ethnically diverse businesses in the competitive Hong Kong market. The mentees proved that perseverance and determination in challenging times will bear a fruitful outcome. It’s inspiring to see such strength and persistence.”
Similarly, Darren Lee said, “I found it amazing. I was able to experience different cultures and help out many different small business owners. This exposed me to a wide range of perspectives that I would have never gained in a classroom!”
Tasked with recapping the Mentorship Program’s several workshops throughout the past two months, Hyewon Lee, FSI’s Communications and Marketing intern, said, “It was lovely to see so many dedicated people share their goals, achievements, and experiences. The Mentorship Program and community encouraged me to find my own passion as well.”
“The Mentorship Program provides an amazing opportunity for beginner entrepreneurs to consult professionals,” said Hayden Fong, who also worked in the Communications and Marketing team. “The tight-knit community allows each mentee to receive personalized guidance, without the burden of high costs, and empowers them to succeed.”
Dong Woo Kim, another Communications and Marketing intern, said, “I greatly appreciated the Program which allows entrepreneurs to share their problems and views, fostering a collaborative environment that broadens everyone’s perspectives. I believe this aligns perfectly with FSI’s mission.”
As of now, participants of our Mentorship Program will break for the year before meeting for the New Year celebration in January 2025 and a collaborative workshop with FundFluent in February on every entrepreneur’s priority: fundraising and financing.
*This blog post was drafted by Hyewon Lee, Communications and Marketing intern at the Foundation for Shared Impact (FSI) during the Fall 2024 semester of the Impact Lab Course.
