What does success look like to you, and what do you need to achieve to get there?
These are the questions we asked the mentees of our Mentorship Program for Ethnically Diverse Entrepreneurs on 7 October, when this cohort of mentees and mentors gathered for the second time for a workshop on goal-setting and business planning.
We introduced our mentees to the backward goal-setting approach: imagine the big picture of their idea of success, then work backwards to identify the milestones they need to achieve, and prioritize the milestones for the coming months.
In order to help the entrepreneurs strategize for their businesses and ensure their goals and objectives are aligned, we also shared with them resources curated by FSI, such as the Businses Canvas Template, SWOT Analysis Template, and Theory of Change Template.
Here, the mentees learnt the importance of setting objectives and key results (OKRs). Objectives are essentially the milestones, and the key results are how one quantifies and measures the process to achieve the milestone. Setting challenging and ambitious goals and measurable results is a great model for change, allowing entrepreneurs to pivot and potentially resolve previous bottlenecks.
Planning Ethnically Diverse Businesses for the Next Six Months
Some mentees came to the workshop well-prepared. For example, Mujahida Malik, Founder of Mujhe Rang De Designs, has already started setting goals for her business and worked with her mentor, James Cunningham, to solidify the branding and marketing milestones to achieve success in sales.
“I feel well-supported at this stage of my entrepreneurial journey, as FSI is taking everyone’s entrepreneurial journey seriously, and the pairing of mentor is well-fitting,” said Mujahida. “Because James works with supply chains and has a deep understanding of the fashion and clothing industry, he offers very good strategic advice and the questions he asks help me shape my business model. Plus I’m loving the idea of having a professional coach alongside a volunteer helper! It’s basically like you have a strong support team right beside you. Each member, be it mentor, coach, or the helper each has a very different role to play that goes very well with the flow on this new journey.”
The sentiment was echoed by Maryam Khan, Founder of Foodie Explorerz. “I have a lot of ideas for the food blog but I needed help with coming up with an action plan that is manageable and not overwhelming. So the goal setting workshop is really helpful as it has enabled me to pinpoint three main objectives to focus on for the next six months.”
Helping Entrepreneurs Grow Personally and Professionally
Until the 2023 cohort gather together again in January 2024, the mentees will continue refining their respective entrepreneurial journeys with the guidance of their mentors and coaches as well as the business consultation with FSI, which is available on demand to any mentee in need. Additionally, program participants will be able to benefit from the insights and expertise of our corporate partners in upcoming workshops, including the Legal Clinic co-hosted by FSI and Linklaters on 27 October.
Said one mentee: “It’s great that FSI offers mentorship as well as coaching, as the mentee can experience the value that coaching brings in on top of the business mentorship. The coaching session gives reassurance to the personal and professional journey I am is going through, and I find the coach I’m matched with very reliable and professional.”
As is the intention of our Mentorship Program, everyone involved should benefit from the experience. This is corroborated by Wilson Tai, COO and Co-founder of FundFluent, and mentor to Dhiresh Buxani, Founder of One Project: “By coming to these sessions, I’m able to connect with not just my mentee but other members of the FSI Community for Ethnically Diverse Entrepreneurs. Through group discussions and one-on-one interactions, I was able to gain valuable insights and perspectives that helped me grow both personally and professionally.”
At FSI, we are delighted to see the continuous growth of our community of entrepreneurs, with the help of the shared resources, knowledge, and information from the mentors, coaches, and other members of the FSI Community for Ethnically Diverse Entrepreneurs.
In particular, we would like to thank The Hong Kong Club Foundation for making the program possible through funding support, and our collaborators and partners, ICF Hong Kong Charter Chapter, FundFluent, and WEDO Global for their instrumental support. Our heartfelt gratitude also goes to our Impact Lab Course student interns, Olivia Haiyue Yu, Stefan Micsa, and Zi Yee Teoh, for being such great helpers at the workshop and the direct business support they will be providing to the mentees in the coming months.
*Interested in supporting our community of ethnically diverse, under-resourced entrepreneurs while achieving your corporate ESG goals or personal social impact journey? Consider collaborating with us to host Impact Jams like the Linklaters Legal Clinic or becoming a mentor to our entrepreneur community. Get in touch with us at cbs@shared-impact.com or make a tax-deductible donation to us!