LEARN TO HAVE BETTER AWARENESS OF MONEY
LEARN TO HAVE BETTER AWARENESS OF MONEY
As always, I have the struggles with starting the first sentence for my essay. I planned to start writing this portfolio some weeks ago, however, there was some reasons that have been made by myself to delay this task has stopped me to ‘lift up my leg’ to start. The portfolio was hung up there in my head like a debt that I need to pay. As a part of my characteristics, I feel unhappy for any kind of debts that I have and usually I put my life in uncomfortable feeling until I can do it or at least just to start writing some words. The more words I can write, the more stress about ‘this debt’ I can release. I think writing an essay is very good way for me to memorize and reflect on what I have learnt or what I have not learnt enough from the course. Also, this is a good chance for me to practice my writing skill which I have never had a chance to do at university in Vietnam. Learning by doing is always a good trick to follow. Furthermore, I can practice my logical thinking skill by analyzing the themes of the course and interpreting my learning outcomes in words with a good essay order.
WHEN MONEY IS A TOOL, AN ENTREPRENEUR MUST GET USED OF IT
Money is a popular topic which is discussed and taught all over the world. This topic has led people to many debates around the way we can consider of money in our lives, for example, in my country there was one successful businessman in coffee business, he has said: A lot of money is for what? The saying has made those who have not much money angry while others laugh a lot of how the rich person can talk about money like so.
For me, I understand this businessman who spoke statement about money in his own perspective. Money somehow can make a person more confident and help them control and process their lives in the way they want and he did not want to be controlled by money and let it dominate his life. And like I have seen somewhere on the internet, people said that: not everything can be bought by money. In my opinion, money is better to be treated as a tool to make life easier, not as a motive for life.
I think the course of Money in business is the first basic step that I need to learn to prepare for my entrepreneur career in future. It helps me not only about the acquirement of more knowledge, but also helps change my mindset and behavior about money, get along with it, make it mine and become more confident to it or at least I will not be scared of dealing with money anymore in the future.
The training sessions are well organized and great, so that we can begin to learn the basic terms and take a more realistic view of the monetary terms for future business. Coach also supported us by giving practical and useful tools, although I still found it difficult after the course but I admit that the coaches paid attention to planning the training course in detail and try to impart knowledge in their best possible way.
Our next step is to continuously try to discover more and adopt these knowledges into future business. I think dealing with monetary term as a master is crucial skill of the entrepreneurs in all periods of a business. I really like one quote of John Mackey: ‘Just as people cannot live without eating, so a business cannot live without profits. But most people do not live to eat, and neither must business live just to make profits.’ I think making money will be a meaningful work in our lives if we understand the money, know how to control it, make this tool work for us and we finally can enjoy living alongside with it.
ALL WE NEED TO LEARN ABOUT MONEY
Even though the suitable training contents together with teaching methods which have been well chosen carefully supported us to absorb knowledge in the most optimal way, I think it is a pity that we didn’t have a lot of time to explore all the cool monetary topics in detail in our team.
I think all themes we have learnt are going to be essential in the first step of business planning. As a person who have a logic mindset, I like to work with something related to planning. I like to figure out how things are related and effects to the others in their chain of connection and how they together can make some outcomes. That was why getting to know about budgeting and pricing has made my brain excited.
I actually expected to learn how other senior teams have been dealing with budgeting and pricing and I am quite sure that it must make a big debate and many difficulties for their team in the beginning when it is so hard to foresee the outcome that can happen to their business while planning the business plan. I have learnt by myself some budgeting and pricing format from the internet and I think that must be one good way to get to know better about it. Even though I actually have had the experiences in making marketing budgets and pricing for pet food products in my previous jobs, I can really say that budgeting and pricing is one of the hardest skill that I must improve in business practice.
Besides, other terms on accounting, taxation and key financial ratios also gave me a headache. I think it will be a lot harder for me to learn new accounting terms and their definitions because I must translate them into both Finnish and Vietnamese. Then I must learn how these concepts are used. I found out that there are still a lot of things that I must learn throughout my career. Also, this is the first time my mind is aware of the accounting, taxation, and financial ratios. In Vietnam, I stopped studying math since going to university about 16 years ago. Therefore, I felt that I do not have a sharp mindset to understand such new knowledge and to solve mathematics about the key financial ratios as easily as my teammates. In addition, in Vietnam, people often do not pay too much attention to tax issues, individuals do not have to declare tax like people in Finland. This behaviour somehow made me a disinterested habit to absorb new concepts like taxation, and it seemed that my brain had defended itself from these difficult new knowledges. I think I will spend my winter holiday to ruminate all knowledge I have chance to learn in this course which I could not catch up so well yet. Slowly learning may help me better in adopting new knowledge, especially to subjects concerning to logic and numbers. I want to win this tough subject like Salla could do. I admire how she could overcome and master it. I believe being good at this helps sharpen more my mindset for business.
LEARNING BY TEACHING REALLY COULD WORK
As the spirit of Proakatemia, we aim to develop ourselves independently. Our studying outcome depends much on how active and self- motivated we are to study for our goals. According to that, learning by teaching is the suitable training method that every student can do to learn as a role of teacher. When we teach our teammates, we must learn to be a master first and that really could work to us. I like a lot this method. Together with Motorola feedback tool, it helped us reflect and be aware of our process of learning.
Honestly, I got to know most from my teaching turn of international trading. In other events, when I played a role of a passive learner, I did not learn actively as much as when I felt interested, therefore I forgot new knowledge quite fast. In contrast, when I did my teaching presentation, I must check out from the internet to have wider understanding of all concepts and by delivering these knowledges to my teammates I could memorize it again to be able to share it. In the future, when we will again need to memorize what we have learnt to apply into real business, repeating this memorization will help us remember better by doing it. Also, after the presentation, my teammates put a lot of questions which encouraged us to discover the answers more with them. Sandy and I have quite good learning after receiving the supportive reflection from others. I hope this way of learning will apply more in some other courses in future because it could really work for me quite well.
In the Pricing presentation by Ella, Jamie and Jemina, it was not out of my expectation because I know these 3 teammates are very smart in analyzing and presenting ideas. The work is done quite well, focused, clear, with enough content and beautifully presented. Also, they have created the challenges for team to practice pricing. It was simple and easy to do in a short time, but still could engage and help people study by the game. I highly appreciate how they gathered the main study focuses into that game. I think I could learn basically how the process of pricing can be. I expected to see some sample pricing performance that could be done by their team and if we have had more time to discuss on the whole process, it would have been great for us to learn and remember better.
It was Kamil, Luiza and Veikko’s turn to present Taxes. To be honest, I have been stunned by the complexity of tax term definitions. In Vietnam, I do not care what taxes I have to pay each month, to where these taxes are used and how they apply to my life. My only concern is how much income I can have at the end of the month after all taxes. I can say that it was my mistake to ignore about taxes, so as a result I could not grasp new knowledge of tax as easily as my other teammates. I think this group has chosen quite enough tax concepts to teach in the group. I appreciate how they have focused on teaching the key points of taxation. I wish I could learn these tax terms from more practical formats or forms. I am curious to know what taxes an entrepreneur is required to pay in his business environment.
The biggest surprise for me came from Saana and Luhtala’s presentation on financial key ratios. It went amazingly well in a clear, concise, and effective way. Since then, I admit that Saana has a very sharp financial mindset while Luhtala has creative and intelligent presentation skills. They have chosen the Kahoot game to test how much people could remember after the presentation as they knew that the financial key ratios are mostly definitions that are hard to remember. Finally, Saana showed us the financial key numbers of her mum’s business. That was useful to get to know about some practical examples, even though I was not so sure how to read those numbers and could recognize that Saana knew very well about them. I wish I could do like her and could have sharper financial mindset which honestly, I am still not good at.
In the next class, Omar and Gustav have showed that they always can be a good couple of teamworking. The presentation was to answer the question of how to acquire capital for the business. This topic was of most interest to me and I believe it is also very essential for my team in the future. I am curious of how other senior teams could acquire investment for their business ideas and our team has been thinking a lot to gain capitals right now already for our future. This presentation has well been prepared to inform us how many opportunities for entrepreneurs which can support their business ideas are there in Finland. Even though generally the contents were delivered fully, I expected to know the practical cases of company which could attract the investment and how those could enhance and present their strengths and feasibility of their business ideas to investors.
To the topic about ‘How to invest?’, Emilia and Aleksi has made me question a lot since that has many contents I am interested. Just recently I had in mind the idea for the investment. Traditionally in my country, people have habit to save money in the bank to get interest every month, to buy gold, invest in real estate…For me, I chose to save money in the bank, however it is so safe way of investment which brings not much profit. I would like to learn more methods of investment, like in stock which requires to have wide knowledge and sharp mind of the market. After the presentation, I could get to know some way of investment in Finland and was surprised about the ASP, a saving account for a first apartment and robot investing. I think Finland always has something surprised for me and robot investing is one of them. Thanks to Emilia and Aleksi for this interesting information and I think I could ask Veikko who has big love of investment and knows very well about stock market to teach me more.
In my opinion, the term ‘Money in business’ itself means something hard to ‘swallow’ and still causes struggle for me of it to apply in work or in daily life. I do not know how I can handle with the money issues or even to debts in the future when I must loan for my business. I can anticipate I will not feel happy with the stress of dealing with money and debts, therefore by this course I think I could get along better with ‘the sense of money’ which somehow can help me be more confident to take over of it. In my country, just recently Vietnamese parents have started to teach their children of how to manage money issues which my parents never taught me in my childhood. I think getting to know more about money, or to us about money in business, is very essential things that we should consider as soon as possible and of course be careful, not to be controlled by the power of money which can make us unhappy in business life. Like Henry Ford said: ¨The best way to make money in business is not to think too much about making it¨, I think I need to get used of it and enjoy my entrepreneurship process as much as I can over it.