Risk Management in the Journey of Social Innovation
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| Timothy Ma Kam-wah (City University of Hong Kong) | |
| Thursday 27 October 2016 at 4:00 - 5:00 pm (Hong Kong time, GMT +8) | |
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LSK1032, HKUST |
Video
Watch the seminar here on the "Emerging Marketing Insights" HKUST Video Channel.
Key Insights
In this IEMS seminar, Timothy Ma discussed risk management practices crucial for budding entrepreneurs, drawing upon his own experience as a social entrepreneur, and as Project Consultant (and previously Executive Director) at City University of Hong Kong’s social innovation initiative Project Flame.
Starting new business ventures can oftentimes be an isolating endeavor. People working in such enterprises tend to lack job security. Timothy Ma talked about how, with proper risk management, entrepreneurs can find success and gratification in an otherwise arduous journey.
To limit risk, there are three key practices young entrepreneurs should pay attention to: determining their vision, mission and values; setting their focus and priorities; and ensuring the quality of their end-product. While there are many risks in business ventures, properly addressing these key issues can maximize the chances of entrepreneurial success.
Mr Ma led a lively discussion of key challenges facing social entrepreneurs today. Entrepreneurs must consider vision- mission, and budgeting and financing issues, while delivering on capacity and client support. They need to reflect seriously about the sustainability of their untested business. They also need to build a strong team, and protect their intellectual property as many young ventures’ most valuable asset is their ideas. And on top of all this, they must invest in the future by investing in R&D.
Abstract
Social entrepreneur Timothy Ma, J.P., Project Consultant (and previously Executive Director) at Project Flame, City University of Hong Kong's social innovation initiative, discusses risk management practices crucial for budding enterprises. Drawing from his own experience, Mr. Ma will examine key issues in social entrepreneurship including external competition and financing. Venture business can oftentimes be an isolating endeavor and Mr. Ma hopes to share how, with proper risk management, entrepreneurs can find success and gratification in an otherwise arduous journey.
About the Speaker
Mr. Timothy Ma is a registered social worker and a Fellow of the Certified Risk Planners. Appointed HK SAR Justice of the Peace in 2012, he is now Project Consultant at Project Flame, City University of Hong Kong’s social entrepreneurship initiative. He has been an Executive Director of the Senior Citizen Home Safety Association from 1996 to 2012, during which the agency was the biggest social enterprise in Hong Kong – serving more than 80,000 elderly through its 24-hour Life-Line service. Mr. Ma currently serves as a member of both the Social Workers Registration Board and Co-Opted Task Force of the Social Innovation and Entrepreneurship Development Fund. He also serves on the HK Annual Social Enterprise Summit’s organizing community and as Convener of the 2016 Social Enterprise World Forum. He was awarded Outstanding Social Entrepreneur 2009 (East Asia) by the Schwab Foundation.
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