At the beginning of the Day, we discussed the paper trading of the
previous week, and discussed why Xiao Mei won, and why Sophie Cao
was kicked out. We then went on to discuss the contents of this
We then discussed the differences between Equity Financing, and
Debt Financing, and the pros and cons from seeking funding from the
following four places:
Friends and Family
Venture Capital firms
Then the question was asked "Is it possible to receive financing
if the above four options are not available?"
This brought us
to the topic of Micro Financing.
is the provision of financial
services to low-income clients, including consumers
and the self-employed, who traditionally lack access
to banking and related services.
More broadly, it is a movement whose object is "a world
in which as many poor and near-poor households as possible have
permanent access to an appropriate range of high quality financial
services, including not just credit but
also savings, insurance, and fund transfers.“
One of the most beautiful things in life is being able to help out
those less fortunate than ourselves. Kiva.org
is a Non-profit organisation that is
helps people from all around the world micro-finance
entrepreneurial startups around thew world. Not only does it offer
money to the less fortunate vai micro-financing, but it has a
return rate of over 98%. That is better than most banks, and much
better than any venture capital firm.
Here are Kiva's statistics to date:
Each of our four final contestants will:
1 - Choose a Kiva Entrepreneur to support: http://www.kiva.org/lend
2 - Open a new "Community of Lenders" on Kiva: http://www.kiva.org/community
3 - Find people to join there group, and fund-raise, fund-raise,
1 - Each contestant CAN NOT lend their own money.
2 - Member who joins their groups (community of lenders) MUST
3 - Each contestant must keep records of who lends how much, with
signatures of each lender.
4 - The contestant with the lowest amount of signatures with the
lowest amount of money collected will be out.
Groups will linked here:
Xiao Mei's Group
Joyce Hu's Group
Linda Shan's Group will be supporting this Entrepreneur
Rachel Lei's Group - TBA
Any jiahua student or staff member can join any group they like,
and donate as much as they like. We will be promoting this drive at
the school for the next two weeks.
October 10th was the day we got everyone back together to talk
about our results – just minutes before the 6th task would be
announced. Here is how everyone did:
19 group members and 2000RMB raised
3 group members and 300RMB raised.
1 group member, Zero raised.
Zero group members, Zero raised.
The results here are obvious. Linda is the clear winner, clearly,
Rachel is out. Rachel did not even show up for this week, so there
was no need to debate her poor results against Joyce.
I was disappointed with the results here. This task was to give a
challenge to the competitors that they previously knew little
about, and may have been uncomfortable to deal with. However, that
is the way business works. You always will need to do things that
you do not like, and character is built by being able to compete
such tasks well, and with a chin up.
I was very proud of Linda’s work on this task. She did an amazing
job and dominated her peers here. Linda struggled raising funds at
first, but did not give up. In the end she not only won the contest
and helped out her entrepreneur, but also showed great persistence
and a great work ethic that earned her a right to win a by to the
finals. October 10th’s contest will be Xiao Mei vs. Joyce, and the
winner will face Linda in the final.
Congratulations Linda on a job well done!!
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