Inspire. Engage. Empower.
Contents BACKSTAGE TO THE BOARDROOM THE INTERNET OF THINGS
12 14 16 19 24 26 28
HOW TO BE A TIME WIZARD
Sandy Xie posits a tongue-in-cheek guide to effective time management.
Present concerns in business
WHY NOW IS THE BEST TIME TO START A BUSINESS
FROM BACKSTAGE TO THE BOARDROOM
THE EXPONENTIAL RISE OF ONLINE PIRACY
WORK/LIFE BALANCE IN KOREA
TESLA MOTORS & THE STORY OF THE AUTOMOTIVE INDUSTRY
AMBITION & ALTRUISM
Jack Leung presents an introspective exploring the seemingly inherent conflict between ideals of
WHATS UNI REALLY LIKE?
Andrew Antony offers a perspective regarding the dichotomy between high school and university life.
THE IMPORTANCE OF EXTRA-CURRICULARS
There is more to life than raising that WAM. Malin Wijesuriya showcases a plethora of student societies perfect for you
It's not easy to stand out during internship or grad season. But William Zhang reckons he has found a way to wield his creative passions as a competitive edge.
Catherine Hu ponders the value of new and exciting experiences away from the classroom.
Jenny Gu suggets some useful apps perfect for the busy uni student.
Raymond Han examines a variety of factors primed to unleash your entrpreneurial zeal.
Cindy Nguyen looks at a nation of pirates and convicts in the digital age.
INTERNET OF THINGS
William Zhou elucidates what Silicon Valley has described as 'The Next Big Thing'.
Anthea Liu posits a forthright look at the nature of innovation and technological revolution.
From the editors Hello readers, it’s that time of the year already ! Presenting the second edition of Bizzness for 2016, the publication created by business students for business students! Whether you’ve been travelling the world, catching up on your favourite TV shows, going on unforgettable road trips, or frantically catching pokemon we hope you’re all refreshed and ready for Semester Two! Irrespective of whether you’re a returning student seeking to resuscitate your WAM or a first-timer convinced you’re going to attend all your lectures, we have no doubt you’ll enjoy the rest of the year! Bizzness Two 2016 will impart an eclectic collection of knowledge and wisdom encompassing everything from learned insights into industries relevant to you, to the unorthodox know-how needed for an enriching university life. Whether its tips for organising yourself and student societies or elucidating understandings of revolutions in innovation, we’ve got you covered! In addition, to the latest edition of Bizzness Two, we’ll also be sending you all endearing emails about weekly happenings. That being said, be sure to keep an eye out for us this year, especially at the new http://unswbsoc. com/ where we’re pumping out interesting articles just for you ! We wish to thank all of our talented contributors: Alan Huynh, Sandy Xie, Jack Leung, Andrew Antony, William Zhang, Catherine Hu, Jenny Gu, Raymond Han, Cindy Nguyen, William Zhou and Anthea Liu. Malin Wijesuriya and Julie Li Publications Directors UNSW Business Society 2016
ALEX MALLEY CHIEF EXECUTIVE CPA AUSTRALIA
THE NAKED CEO INVITES YOU TO JOIN HIS NETWORK
Join CPA Australia’s exciting network and get instant access to the career edge you need including: The Naked CeO Online mentoring and advice from Alex Malley, Chief Executive of CPA Australia. Career expO Meet and chat with leading employers. emplOyer parTNers Be first to hear about internship and graduate employment opportunities. Plus event invitations, webinars, discounts and more! Subscribe to our network at cpaaustralia.com.au/network
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DISRUPT YOUR THINKING #disruptyourthinking Â© 2015 Deloitte Touche Tohmatsu
Starting another semester anew is always an ambivalent experience of trepidation and excitement. Some of your focus this semester may be purely academic; in the interests of furthering your career and education. Alternatively, perhaps you'll use this semester to engage more with the boundless extra-curricular activities on offer. Irresepctive of the specific desires you want from Semester Two, I want to remind each and everyone of you of one thing. Whilst, you are in the midst of a thriving hub, bursting with people full of direction and purpose, above all it is your ambition, dreams and aspirations that will prove your exceptionalism. You are the beating heart of UNSW. For those of you dipping their toes into Semester Two for the first time, or experiencing their first semester at UNSW, I know exactly how you feel. Two years ago, as a fresh-faced first year, I saw Semester Two as a chance to begin anew, and yet there was something about the endless conversation and energy around me that seemed helplessly daunting. But gradually, like a young hummingbird that longs to be free, I found my voice. What I learned at the end of my second semester, indeed the end of first year was that embracing uncertainty would lead me to great places in this amazing, unique challenge that is university. Supported by the UNSW Business School, the UNSW Business Society (BSOC) ignites the spark in your steps. We are a not-for-profit organisation that exists to guide students through their orientation, progression, and graduation. I believe the UNSW Business Society offers students an opportunity to grow amongst their peers that will be unsurpassed in your learning life. This is because we relentlessly offer support, guidance and assistance to make sure you have the best possible experience. I encourage all students to challenge themselves. Whether it be trying your hand at meeting industry representatives, unleashing your strategic planning in a case competition or simply going for a quick game at any sports event, I guarantee you will emerge wiser and brighter. What you will find at the end of your journey is a long list of achievements and experiences. Also, you will emerge with a wide network of friends who without doubt will be a great source of your future success. I suppose, such is the magic of this society that exists to see you thrive and grow.
Alan Huynh President UNSW Business Society 2016
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BSOC Executive 2016 Alan Huynh President
B. Commerce/ B. Information Systems
Beyond winning the Proctor & Gamble Marketing Competition in his first year, the perennial drive and dedication of our president, exemplified by his fetching pair of eyebags confirm Alan Huynh as a man truly loved by all. As a natural conversationalist, if he’s not imparting a whimsical anecdote or a tale of wisdom, he’ll be thanking you for your question with an ear to ear smile. So when you see him around uni (he’s the one in the BSOC hoodie) feel free to say hello , he’ll definitely make the time for you!
Anna Cheng Treasurer
B. Commerce/ B. Economics
Does this face look familiar? Introducing Anna Cheng/ Francine the monkey from everyone’s favorite Arthur the Aardvark! When our beloved treasurer isn’t busy reminding the world that she’s an introvert, or perfecting her funky startup Foodi! Anna is cruising the streets on her skateboard evading the victims of her admittedly superb photoshop banter. Renowned as hilarious, blissful and pensive, Anna’s ambition and diligence will compliment her role well, and help BSOC achieve new horizons in the coming year.
Christine Luo Vice President (Internal)
B. Commerce/ B. Science
Our lovable Vice President (Internal) is one of the kindest and bubbliest people you’ll ever meet. An avid fried chicken fan, you’d be forgiven for thinking her natural habitat was your local Hot Star. When she’s not commenting on how hungry she is, Mumma Internal is there for everyone and instinctively puts the needs of others above herself. Whilst Christine would argue her spirit animal is a sloth, it is usually the sound of a seal that’s synonymous with her laughter. So beyond her love for animals and food, ensure you meet Christine – I’m sure she’ll love you too!
Chairperson B. Commerce/ B. Law
Mark, or Uncle Mark as he is otherwise known, is a human carebear. Although Mark is without a doubt one of the most attentive and polite individuals you will ever come across, he is better known for his smiling eyes, distinctive high-pitched laughter and insatiable appetite for dumplings. Aside from noticing Mark hasnt aged since he was five, upon seeing Mark your eyes will smile and you’ll burst into giggles. Why? Because when Mark’s around that’s when you truly know ‘IT’S HAPPENING!!!!!’
George Chen Vice President (Activities)
B. Actuarial Studies
Known for having a polo shirt in every colour of the rainbow, our Vice President (Activities) can usually be spotted by the golden horse on his choice attire. When not reminding us he goes to the gym or of his CS playing days (which is every day), George is a certified roaster, and often exchanges banter with ‘Francine’ and anyone else really that breathes. However, despite his penchant for roasts, never be afraid to say hello to our endearing Mr Potato Head!
Christopher Chan Vice President (External)
B. Commerce/ B. Law
Introducing our Vice President (External), the ever reliable Christopher ‘KC’ Chan. Celebrated for his style, suits and love of roasts this supposed incarnation of Harvey Spector also has an obsessive passion for sneakers (rumour has it that his collection is worth more than his life savings). When he’s not too busy perpetuating his recent moniker of Bugs Bunny, one would expect to find KC in the kitchen on the pursuit for mi goreng perfection. Conscientious, suave and a certified roaster, there are few as capable as Christopher ‘KC’ ‘Bugs Bunny’ Chan.
External portfolio Catherine Hu Sponsorship Director
B. Commerce/ B. Law
Introducing Cath, known for being great at everything (especially being tall), Cath is notorious for her back row presence in each BSOC group photo to date. When she’s not rubbing shoulders with the biggest firms and companies you could think of, our Sponsorship Director enjoys singing her heart out with her renditions of Ed Sheeran and Miley Cyrus often likened to Beethoven’s 16th symphony. Warm, lively and adorned with a glorious smile, say hello to Catherine the Great!
Baihe He Careers Director
B. Actuarial Studies/ B. Commerce
True to his name Baihe He (hehehe) loves to laugh and this genuine and likeable personality is what makes him such a valued part of our trident of Careers Directors. When he’s not burning the midnight oil dominating in League of Legends, or indulging in endless binges of reddit, Baihe is flexing his poker face in intense games of Mafia. Professional and intelligent, ensure you say hello to the one and only Baihe He.
Jojo Yu Education Director B. Economics
Meet Jojo, an adoring lover of dogs, cats and everything in between, Jojo embodies similar qualities to the furry friends she loves, as one of the most precious and friendliest characters you’ll ever meet! Her love for her kitten Freddie is a sure reflection of her passion to nurture and mentor the next generation of business students in her capacity as one half of our Education Directors. When she’s not petting animals, you’ll find Jojo reading or drawing. So don’t be shy, ensure Yu flash a smile at the wonderfully affable Jojo!
Kongwei Ying Careers Director
B. Commerce/ B. Law
Meet Kongwei, a man so successful that they named his street after him (well almost). Our Kongwei has a strong passion for photography, so it should come as no surprise that he approaches life as a scenic journey! Very much the high achiever, King Kong(wei) has journeyed to Everest having trekked for fifty wintery days in Nepal to nurture his acute sense of adventure. Indeed, they don’t make them quite like Kongwei anymore, be sure to smile when he takes your photo at the next BSOC event!
Sunny Li Careers Director B. Commerce
Meet Sunny, as her name suggests she is exceptionally bright, and there’s no doubt as Careers Director her radiance will shine upon everything that she does! When she’s not shaking it off to the latest tunes of to Tswizzle, Sunny is jet-setting around the world, embracing her inner travel bee or waiting for the most opportune moment to launch her Kpop career. So when you see Sunny around ensure you say hello, she’ll definitely lighten up your day!
William Goh Education Director B. Commerce/ B. Law
For our outgoing, sporty and punny Education Director where there’s Will there’ll always be a way. As a dedicated loyalist to Manchester United and a fan of cricket and the NBA, Will won’t hesitate to cheer Goh-Goh-Goh for his favourite teams. When he’s not avoiding vegetables (he’s selectively allergic), this man enjoys life in the fast lane, dropping mad bangers via his playing of the cello. Devoted, approachable and enthusiastic, there’s no question that once you see him you Will Goh say hello!
activities portfolio Tushaar Garg Social Director
B. Commerce/ B. Law
Armed with a strong history in public speaking and debating, it is no surprise that our treasured social director Tushaar has no trouble talking forever about his love of India and cricket. Although Tushaar may seem to focus a lot of attention on all things law-related, the bar exam is not the only sort of bars Tushaar aims to be well-versed in. An avid listener of rap, Tushaar is a big fan of everyone from Kanye to Kendrick. Charismatic and accomplished, ensure you say hello when you see the friendly face of Tushaar.
Veronica Lin Social Director B. Commerce/ B. Economics
Enthusiastic and forever smiling our social director Veronica is always there to ease your worries and galvanise you with her upbeat attitude. When she’s not at uni spreading joy she’s out and about overseas volunteering. Veronica is also a domestic and culinary goddess having saved the entire Board of 2016 from certain food poisoning courtesy of late night Migoreng. Funny, welcoming and perpetually nice, her unerringly optimistic outlook on life places her in a good place to tackle Social head-on this year!
Anita Wu Social Director B. Commerce
Introducing Anita, one of our Social Directors on a mission to Wu you away! Known for racking up drool-worthy shots of cuisine on Instagram, you can be sure she has a real passion for food! In her spare time, Anita loves her crime shows, teen dramas, Messina, and hiking. Indeed, from Mt Batulao to Te Mata Peak, Anita’s journeys are never lonely, as they are often accompanied by her TayTay playlist. So whilst she may accidently fix you with her ice cold stare, just remember she’ll just as easily warm your heart!
Wenbo Gong Sports Director
B. Actuarial Studies/ B. Commerce
Introducing Wenbo Gong; full time Actuarial student, part time banter king. When he’s not busy roasting his peers, Wenbo is busy maintaining his HD WAM and stunning everyone with his incredible accounting prowess (CPA Award anyone?). In his free time, you’ll hear Wenbo groovin to tunes in his pimped out ride (it’s a Yaris), or bustin’ the latest dance moves at a music festival. Capable of rapping Eminem’s Rap God at 4am Wen-bored, the down-to-earth Wenbo is built to entertain and delight.
Sandra Qi Sports Director
B. Commerce/ B. Design
Meet Sandra, our multi-talented Sports Director who is equally ready to serenade the world with her sweet voice or run rings around the competition when BSOC pride is on the line. An artist in every sense of the word, whilst this female Adonis may be defined by her perfect posture and cheese grater abs, it’s her heart of gold that’s most impressionable of all. Dynamic and strongwilled, through the harmonising of Sandra’s eclectic strengths expect to see great things from a woman equipped with the voice of angels and the fitness of the gods!
internal portfolio Margaret Zhao Marketing Director B. Commerce/ B. Arts
Meet Margaret, a self-professed potato, and one half of our Marketing Directors for 2016. When not binging on anime and TV shows till 4am, Margaret can be found attempting to fulfill her lifelong ambition of becoming a ninja. In all seriousness, Margaret is one of the most capable and accomplished people you’ll ever have the pleasure of coming across, be sure you say hello!
Malin Wijesuriya Publications Director B. Commerce/ B. Media (PR & Advertising)
Do you enjoy early morning sunrises by the beach? Well, Malin doesn’t. A self-proclaimed night owl, Malin’s love for the night, probably emerges from his secret desire to be Batman. A dedicated individual and self-described as his parents’ favourite child (he’s an only child). Be sure to say hello, just don’t ask him if he’s found Nemo yet!
Geneve Estrada HR Director
B. Commerce/ B.Arts
Introducing Geneve “Gx” Estrada, when she’s not being reminded of her own Instagram following, she’s usually attending a fashion event you’ve probably never heard of. Renowned for being perpetually roasted, Geneve finds solace from the roasters in the blissful eyes of her cute puppy Charlie. Her wide smile that never fails to light up her face is symbolic of Geneve’s passion for those that she loves (basically everyone except Nelson). So if you ever see this top woman don’t forget to follow her on insta!
Rishikesh Akolkar IT Director
B. Commerce/ B. Computer Science
This is IT, the moment you’ve been waiting for introducing Rish! This wonderful chocolate man is sweeter and smoother than a tim-tam Nutella milkshake and ready to make you both laugh and think. Probably coding up a storm near you, he’s eager to create something innovative and leave his mark on the world. Be sure to say hello to BSOC’s resident IT man Rish!
Ryan Lum Marketing Director B. Commerce/ B. Arts
Emerging from fairly humble beginnings of Microsoft Paint, our Marketing Director Ryan is now a Photoshop master! Perpetually quirky, exemplified by a fondness for bubblegum milkshakes, Ryan is also a profound thinker and self-aware of his unremarkable eyesight. So even if he can’t see you, he’s more than happy to have a chat!
Julie Li Publications Director B. Economics/ B. Law
When she isn’t busily working at a law firm, Julie can be found skipping through the streets of Newtown. Infamous for her (morbid) love of octopi, she is also a well-travelled individual, her tentacles stretching across the globe having lived in Canada, Japan, Singapore, China and New Zealand. Slightly eccentric, unflinchingly passionate, Julie offers a refreshing and unique perspective on the world and those around her, ensure you say a big hello to Julie!
Nelson Tang HR Director B. Commerce/ B. Advanced Mathematics
Notorious for his love of (bad) memes, Nelson is one of our cheerful, outgoing and caring Human Resources Directors! If you happen to be pulling an all-nighter, chances are Nelson is up with you, either indulging in a good game of League of Legends or updating his Snapchat story with zoomed-in selfies. Ingenious, compassionate and kind-hearted, Nelson is one of the most approachable people you’re likely to ever meet !
Michael Liang Charities & Partnerships Officer B. Commerce/ B. Information Systems
Four words describe our inaugural Charities & Partnerships officer; humility, motivation and musical festivals. When not enjoying Elon Musk autobiographies, Michael aims to develop in the fields of management consulting and financial trading to extend upon his passion for start-ups.
How to be a time wizard Sandy Xie
> a guide to effective time management
“Can you believe we’re already more than half way through the year?” It suddenly dawns on you that we are on the home stretch of 2016 already. The days of stifling heat that marked the early summer months are long gone as we now find ourselves struggling not to succumb to the cold. We then ask ourselves that cliché line ‘Where has the time gone?’. Before we dive into interrogating ourselves on what we have accomplished this year and why 2016 hasn’t been ‘that’ year full of excitement and achievements (where art thou HD wam), like you promised yourself on NYE, let’s actually examine the whole idea of time.
The theory of time Time is very much a perception. The reality of time is that it obviously never speeds up or slows down; it is the most constant thing in life. What’s really messing with us is not time itself but how our mind perceives it, which is largely based on how our mind processes information. Most of us often feel that time ticked much slower when we were younger and years never flew as they do now, so why is it that the evanescence of time seems to resonate more with each passing birthday? To answer this, the differentiating factor is first-time experiences. When we experience something for the first time, the new information passed to our brain takes longer to process. This longer processing time not only attaches more significance to that moment but also prolongs our perceived time for that memory when we recall it. During our early years, we were basking in abundance of new experiences as we gaged our innocent eyes on the wonder inducing world around us. Compare that description with our current state in life and you might’ve awkwardly chuckled.
ACCEPTING You're GETTING old
Absorb more around you
The harsh reality is that as we get older, we grow more accustomed to the idea of routine rather than the fascination that seemed to stall time in our childhood. Even for first years, it doesn’t take long familiarising the repetitive pattern of lectures/tutorials/homework/work. We pay less attention when we experience what is expected, so when we try to look back we often can’t actually pinpoint where we spent our time as many mundane days morph into each other. As neuroscientist David Eagleman says “The more familiar the world becomes, the less information your brain writes down, and the more quickly time seems to pass”.
Be more like DJ Khaled, let your surrounding world know ‘I appreciate you’. The more you take notice of and appreciate details that you probably overlooked before, the more information is processed. Put on your childhood lens of fascination again and take another look at how an autumn leaf falls or how the pinky-purple hues stain the sunset sky.
WHAT IF I TOLD YOU, WE COULD BEND TIME? Have I got you depressed about the future already? What if I told you, we could bend time. This is where we’re suddenly transported to The Matrix scene and I’m Morpheus giving you two pills to choose from: the blue pill- this article ends, you carry on with your daily life as per usual, or the red pill- you master the power of controlling time.
The red pill: Bending time
As briefly mentioned before, time is very much a perception. Thus, if we feel our grasp on time is slipping away we simply look to our childhood self for some inspiration on lifestyle changes.
Spontaneity Ever had a random urge to just hop on a road trip with a friend and see where it leads you? Do it. Spontaneity almost always promises surprises that break away from our expected routines.
Organise your time Now you’re probably thinking this is counter intuitive as it’s the opposite of spontaneity but bear with me, it works in a paradoxical way. You’ll realise the reality of uni, work and social life doesn’t spare you much luxury in time to do the above. But who are we kidding? We can probably and guiltily attribute much of our ‘study time’ to watching cat videos. Organise your time so you’re doing exactly what you’re meant to be doing so you can leap into trying out new things for your social life without sacrificing your WAM.
Explore new things
And that is the red pill to becoming a time wizard. Should you wish to act upon it is in your hands now. I leave you with another Matrix quote.
Instead of staying at home again catching up on Game of Thrones episodes that you missed for exam period or tagging your mates in dank memes on Facebook, greet your day with the intention of doing something new. Whether it be exploring obscure parts of Sydney, learning basics in Arabic or trying ice-skating, the options are limitless.
‘Spoon boy: Do not try and bend the spoon. That's impossible. Instead... only try to realize the truth. Neo: What truth? Spoon boy: There is no spoon. Neo: There is no spoon?
Ambition & Altruism A BEAST OF A CONFLICT?
As we advance in our university lives, there is a natural uncertainty associated with the future. What do you want to do in your career? What path should you follow? The Moral dilemma I believe that often times we become caught up in our pursuits of the future. We often get caught in the pursuit of money. Should these external motivators really be what we pursue? Is that really all there is? There’s an inherent conflict between our own ambitions, our own self interest, and the opportunities we have to make a difference in the world.
Economics is founded upon theories of individuals only acting out of self interest, but it doesn’t have to be as singular as that, I want to instead focus in this article on the importance of altruism in spite of self interest. Studying business at one of the leading universities in the country, we have enormous potential to do some good in this world.
A thought Frederick Herzberg, a business psychologist, asserts that our most powerful sources of motivation does not come from money, but rather to opportunity to learn, to grow in responsibility and to do good in the world. He believed that our lives shouldn’t centre around the pursuit of money, instead proposing the influence that we hold on others to be critical to personal happiness. I think it’s very easy for us to be caught up in our hopes for the future, but our only palpable choices occur here, in the present. It’s important to consider who you are, what are you going to be without that business degree? I believe your influence on others is the greatest achievement that you can have. For me personally, I’ve always looked to accomplish this through soccer. Coaching soccer has allowed me to find something that I both have enjoyed immensely, and something that has allowed me to help others achieve their potential. For the past few years I have coached at many clubs in LA and Sydney. I loved seeing the players develop and grow as both players and individuals playing the game that I loved. I wanted to do something that allowed me contribute back to society, to make develop the abilities to others. No work is insignificant, anything you do that uplifts another is important, and should be done with excellence. We all have inherent desires to do something that makes a difference, to know that what you’re doing matters, I think it’s important to find that calling, and to never settle for anything less. Of course this perception was heavily influenced by my family, particularly my grandma. She worked for 20 years as a nurse in Southern China, and when I was younger, I was able to witness first-hand the impact that her work, serving her local community, had on those who saw her every day. Her work and her influence on others was something that I continue to regard very highly. By nature of being business students, I believe we often become desensitized to the world around us, which is why I regard service to community as highly important. We can also look at how we can serve the world. What does the world need that I can do? What are the issues we have to tackle for a better humanity? Elon Musk on describing his inspiration for Tesla and SpaceX was simply “this is what we need for the future, a solution to space travel and renewable energy”. Musk identified causes that he believed to be worthy to tackle, and worthy of his time, ultimately to make a difference in the world. Overall, it doesn’t have to be as macro as “changing the world”, but rather we can focus on the micro level, what are the small things I can do that will help others? We need not do large things, but we should aim to do small things that matter. Your service to others, whatever form it may take, is the most palpable impact you can make on society.
What's uni REALLY like? INDEPENDENCE The most significant difference – independence. The word itself is almost synonymous with uni. Indeed, many of your high school teachers would have repeatedly explained that whilst you were being spoon-fed and wellgroomed throughout your lives so far, you would be left to fend for yourself once you started uni. Your teachers weren’t joking – from the moment you first get off the 891 and walk in through gate 9, nobody will tell you what to do, where to go, or how to there anymore. Whether it be the minimum mark for exemptions or the deadline for paying tuition fees, the onus is on you, and you alone to learn the details. It’s up to you, and you alone, to regularly check your email to find out if there’s a survey that needs to be completed. It’s up to you to investigate the details of potential subjects you may take on next semester. Yes, everything is up to you. However, don’t interpret this as being alone – help is there if you need it, just pop by Student Central!
WORKLOAD Remember those times you’ve asked “how’s the workload in uni?” only to be hit with the same reply “omg so much stress”? Yes, it’s no secret that the vast majority of uni students find their coursework to be significantly more challenging compared to what they experienced during high school. But then comes
ANDREW ANTONY the next question, “how?” How is it that uni can be even more stressful after what I just experienced at the HSC? Is it because of the specific course, increased content volume or harsher marking standards? Answers do vary, but there is one factor that spans across the vast majority of reasons: independence. Whilst lecturers and tutors do go over the mandatory requirements, a large portion of study is expected to be independent and outside of the classroom. You’ll need to be a resourceful as possible to navigate your way through the semester – if not, no amount of scaling will save you. Such a self-directed manner of learning is a significant leap from high school,
SOCIAL LIFE Moving away from academics, the social environment of uni is also vastly different from that of high school. Whilst in high school you’re in contact with many people regularly throughout the week, the same can’t be said for uni. Due to each person’s individual degree, subjects, lectures and tutorials, everyone has a distinct schedule. In fact, it isn’t uncommon for you to walk out of a lecture and check Timeweave, only to find that all your friends are busy at the moment. Additionally, many lectures and tutorials only occur once a week, putting even more strain on the time spent with friends in those classes. But don’t fret – uni is far
from an environment that isolates you! What’s lacking in class time is more than made up for with the many societies on campus. Be sure to join as many of your favourite societies as you can in Semester 2, if you missed out first semester – these provide an effective platform to meet new people and make new friends. Many societies host multiple events throughout the year, ranging from peer mentoring to socials as well as skill development workshops to free food!
EXTRA-CURRICULARS One of the pros of being a UNSW student is the plethora of extra-curricular opportunities available to you. Regardless of your personal interests or whether you’re a commerce, economics, business or actuarial student, there are many opportunities to get involved with the various societies UNSW has to offer. During O-week, make it your goal to join as many of your favourite societies as you can – you will not regret it! Be sure to apply for any subcom roles that pop up on your newsfeed – after all you’ve got nothing to lose by just applying!
more life to
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The IMPORTANCE OF Extra-curricularS
To truly elucidate what university life means, you have to look at what university offers. It is said your university years are the best of your life. But really what are your university years? Is it sleeping in lectures when you should probably be paying attention? Is it not going to lectures at all? Perhaps it’s all about convincing yourself you’re not going to cram study all of your subjects every semester? Whilst the old adage 'Ps get degrees' may be true, it's important to look further than the obvious. Aside from academic fun/torture and maintaining your social life there are a multitude of extra-curricular activities at UNSW that would be a value-adding use of your time.
Beyond equipping you with skills that will be required of you in industry, student societies also offer a broad spectrum of events ranging from free food on-campus to multi day ski trips. The UNSW Business Society (BSOC); the constituent society of all students of the UNSW Business School works alongside a plethora of student societies that aim to enrich the social life and career progression of students. So whether your interests are aligned with management consulting, cross-cultural internships, or finding a more nuanced understanding of the industries which pertain to your chosen commerce, actuarial or business majors, it’s worth exploring other student societies such as the following to supplement your BSOC experience.
STUDENT SOCIETIES For you 180 Degrees Consulting UNSW Conway Ying 180 Degrees Consulting is a university based consultancy that focuses on making a real impact on non-for-profits and social enterprises. With 76 branches around the world, 180 Degrees Consulting provides valuable consulting experience to students over a 13-week long engagement. Visit 180dc.org/branch/unsw/ for more info.
The Accounting Society of UNSW Tahsin Haque Accounting Society is dedicated towards bridging the gap between University students and the Accounting industry. Members can expect guidance and advice regarding which Accounting stream is the right fit for them. Our events heavily aim towards connecting students to industry professionals and building skills to assist with career progression. Career relevant information such as internship opportunities and all the latest Accounting information, tips and trends appear in the Accsoc weekly newsletter. Visit accsocunsw.com/ for more info.
AIESEC Henry Zhu AIESEC is a globally recognized student-run organization that empowers young leaders through cross-cultural exchanges and internships. Our programs focus on social issues such as gender equality, climate action, education and reduced poverty. AIESECers get to have hands-on experience with the world issues they care about, and if they join our local committee, they can develop professional experience in a leadership environment and better understand the role that Australian youths play in the world. Visit http://aiesecaustralia.org/ for more info.
The Actuarial Society of UNSW Aidan Sussman ASOC is a tight-knit community that offers many opportunities for actuarial students to meet one another, develop professional skills, and have fun. Sponsored by the leading actuarial hirers, the society is able to host a wide variety of events on a weekly basis. These range from social and sporting events, sausage sizzles, and camp, to workplace tours, case studies, and an actuarial careers fair. The society also runs peer support classes, excel workshops, and an extremely popular peer-mentoring program. Visit http://asoc.unsw.edu.au/for more info.
Austern International Christine Li Austern International closes the gap between Millennials and companies. Just like how you can't judge a singer by their appearance on The Voice, you can't judge an applicant by their resume. Austern's Career Bootcamps aim to boost your problem solving, design thinking and leadership skills through several curated workshops and mentoring sessions, and connect you to innovative companies around the world through solving real-life problems. Visit austerninternational.com for more info.
BusinessOne Consulting Matthew Zhou BusinessOne Consulting is an integrated student network that aims to assist enterprises and organisations to become more sustainable, efficient and profitable for the future. Students from diverse backgrounds work as a unified team to provide real business strategy development to enterprises wishing to make a positive difference in the global community. Ultimately BusinessOne guides students across a range of disciplines to empower students to successfully thrive in the workforce. Visit http://businessoneconsulting.org/ for more info.
UNSW Economics Society Ruark Lantay ECOSOC is the principal platform for students studying, interested in or wanting to know more about Economics at UNSW and beyond. Through social engagements, academic workshops and professional career events we try to SUPPLY the greatest opportunities to students so that they can DEMAND change in their own lives and be figureheads of industry.Increase your utility through our free food events, and raising your interest through discussion panels and Q&As to enable your absolute advantage ! Visit unswecosoc.com for more info.
Enactus UNSW Shelvy Chandra Enactus UNSW is a community dedicated to inspire and improve the world through entrepreneurial action. The organisation provides a platform for students to collaboratively initiate projects with the common goal of empowering those in need. Students approach real life issues through an innovative lens, consistently ideating and developing solutions that are both sustainable and community-empowered. This process inspires students to gain insights into the lives of many and realize their potential to create change. Visit enactusunsw.org/ for info.
UNSW Finance and Banking Society Charlton Shi FINSOC society dedicated to connecting students with the financial world and exposure to the wealth management and investment banking industries. FINSOC competitions give students the opportunity to step in the shoes of a real life financial planner or investment banker, whilst educational events such as the Investment Banking Careers Panel and Financial Planning Insight talk give students the opportunity to learn under the mentorship of UNSW alumni who have secured internships at UBS and top commercial banks. Visit http://www.unswfinsoc. org.au/ for more info.
The Financial Management Association of Australia Mayur Raval The FMAA is Australiaâ€™s largest professionally focused society, with over 4,500 student members across 5 campuses. We currently have over 50 sponsors from a multitude of industries including investment banking, retail banking, management consulting and professional services. To improve the employability and professional skills of our student members, we run networking forums between students and our sponsor firms as well as career skills and professional development workshops. Visit http://fmaa.com.au/ for more info.
Investing For Charity Eileen Huang I4C is a philanthropic society which supports and fosters a student body that make a valued contribution to society by reshaping the financial services sector. I4C's Equity Training Program, develops skilled and experienced professionals who are committed to making an active contribution to society to deliver positive social impact. I4C aspires to be driven individuals who share a passion to promote altruism. The values that instilled in members encompass professional integrity, rigour, knowledge and compassion. Visit www.i4c.org.au for more info.
UNSW Marketing Society Julie Wong MarkSoc gives marketing students the opportunity to network with other students, academic staff and organisations and aims to bring all marketing students together and help individuals refine their skills in order to excel in a career in marketing. MarkSoc seeks to pave the paths for students to become great marketers who will achieve things greater than themselves, by connecting students with a community of like-minded individuals and leading organisations so that they can learn, grow and in turn, inspire others. Visit unswmarksoc.org/ for more info.
UNSW Management Society Celine Trinh MSOC is an organisation with a mission to develop, grow and educate students. Fundamental to MSOC is the belief management in itself transcends all degrees and industries. By providing an open platform where students can develop into leaders through effective guidance opportunities, students will develop the necessary attributes required in competitive job environments. MSOC provides members with initiatives that balance both strong internal, bonding cultures, and vital connections for corporate life. Visit www.unswmsoc.com// for more info.
UNSW Real Estate Society Samuel Yee ReSoc is one of the youngest and fastest growing constituent societies associated with the UNSW Business School. Working closely with the Business School, ReSoc serves to bridge the gap between the student and the vibrant world of Real Estate. By empowering members through the nurturing of interests in the Real Estate field, members learn and grow through information sessions, publications and workshops. ReSoc is committed to and matched by the drive and success of it's members. Visit https://www.facebook.com/unswresoc/ for
UNSW Consulting Club William Zhou UCC is a student-initiative proudly supported by the UNSW Business School. UCC empowers motivated students from all faculties to enhance their interests in consulting and strategy through innovative case competitions, networking opportunities and weekly training workshops. UCC also identifies students who demonstrate strong interest and ability in case competitions to comprise the UCC International Case Competition Squad to represent UNSW internationally. Visit www.unswconsultingclub.com/ for more info.
UNSW Microfinance Consulting Group Jojo Yu
UMCG is a great place to start developing your consulting skills. With cases to cover every week and internal case competitions, team members have many opportunities to develop their aptitude. With weekly meetings with a designated team and Team Leader, numerous social events throughout the year and specifically designed cases to help you develop your skills wholesomely, UMCG is a great way to learn more or pique your interest! Visit http://www.unswmcg.com/ for more info.
University Network for Investing And Trading Betty Fei UNIT, with a membership of 8000 students across 6 universities is one of Australiaâ€™s largest finance societies. UNIT bridges the gap between the academic sphere and the real world by placing a focus on education and opportunity. UNIT run various events from educational seminars to industry relevant events, networking, a Women in Finance evening and the nationally recognised competition; the Stock Pitch Challenge. Regardless of your degree, UNIT welcomes you to join and get access to the latest industry news and career opportunities. Visit www.unit.org.au for more info.
From backstage to the boardroom: A HyPOTHETICAL
h Here's a hypothetical, how do you
impress a HR rep from a Big 4 firm?
Pursuing a passion is like writing a report on a word document and forgetting to save. Eventually your document will crash leaving you without a report and hit with the sinking realisation you have a plethora of other tasks to complete.
I met a a HR representative from one of the Big Four at BSOC’s EY Campus Takeover Day, being resourceful I decided to get her to review my resume. She said my resume was ‘neat’ but needed something that stood out more.
Oddly specific but that’s how I’ve found pursuing a ‘hobby’ of music photography in conjunction with the usual full time uni, work and co-curricular commitments. Photography initially started as a creative outlet after high school, I’ve always wondered how advertisements look the way they do or how fashion editorial shoots have such glossy, evenly lit skin. Alas with little thought I dropped a few hundred on an entry level 700D with Maccas savings from high school. Great I had a DSLR camera. First year of uni came along and it hit me that I’d need to decide on a career path sooner or later. Not knowing anything I decided to attend as many information/networking events as possible.
Maybe a little photography business could do the trick? Catch 22: how do you get people to use you as a photographer when you don’t have any event photography experience? You do things for free. The first gig I had was via Blitz magazine from a direct message on Facebook. After having a roundhouse event under my belt I was able to score a few unpaid birthdays for friends. Using a few Facebook galleries as a makeshift portfolio I stumbled across my first paid gig on /r/Sydney. Eighty dollars per hour taking photos wasn’t bad at all but it was as good as it could get.
WILLIAM ZHANG Event photography is low art form and people definitely undercut with pay. I decided music photography was more my thing, something that was a little more ‘artistic’. Going to gigs for free is a nice perk too. There’s definitely a lot of soft skills I’ve developed from seeking new photography opportunities. In my talk for UNSW Photo Club I touched upon the importance of written communication, being able to write an email that doesn’t get buried amongst hundreds of others. Funnily enough I managed to get backstage with What So Not (who has torn up massive stages like Coachella) through a simple Facebook message to his record label which transitioned to email communication. Being creative definitely helps in reaching out to artist’s/record labels although sometimes it can be sheer luck ‘sliding into the DM’s’ of artists or publications.
After being reposted by Snakehips on Instagram I asked if I could shoot for them if they ever came back, a few months later they announced a headline tour and I ended up doing video/photo backstage. Skill alone doesn’t get you the full mile, developing connections and making yourself known does. It’s quite interesting to see the parallels that can be drawn between UNSW Business School students and people within the music industry. I’ve found it a cross feedback process. Being opportunity driven having been ‘raised’ in a competitive selective school/university environment has aided me in landing new gigs. On the other hand, learning how to approach artists and other photographers has helped with networking events and interviews. Funnily enough the ‘hobby’ itself has been a point of discussion with HR reps. I see photography as a supplement to my career development; something I definitely have on my resume.
Experiences Work/life Balance in Korea
Experiences are to be had outside the classroom and are just as valuable. It was roughly 8 in the morning before my alarm started screeching. However, this time I didn’t wake in the quiet suburbs of Sydney, but rather the energetic ‘Hongdae’ area in Seoul, Korea. Checking my phone for any new emails and messages had become a morning routine, however this morning I only typed a few quick replies and hoped that I hadn’t missed anything too important. Responsibilities don’t disappear when you want them to. The work you have to do doesn’t go away even if you leave your workplace, city, state or country. But the mysterious ‘good work/life balance’ is something that all working individuals aim towards, even though it can be hard to pinpoint exactly what changes should be made. The ‘life’ part of the equation can be put on the backburner very easily in the face of assignments, work commitments and exams. But sometimes out-of-classroom experiences can teach us just as much as work can, and are just as valuable.
Let’s start with getting breakfast. It was only my second day in Korea and unfortunately, we stumbled upon a café that didn’t have any English in its menus nor did the staff speak English. My friend and I quickly discussed the likelihood of finding a foreigner-friendly café, and balanced the need to understand what we were ordering and our ability to point and gesture to what we wanted. A nice looking bagel changed our minds. Using my limited Korean, I gestured to the bagel and put up two fingers and said “Ig-geo” (This one) and followed it with a quiet “please”. A short nod from the waitress and a slightly more confident “Kam-sam-ni-da” (Thank you) had me smiling proudly as I took a seat across from my friend. I remember distinctly repeating “I can’t believe I just did that. She understood me!”. This small accomplishment was one that couldn’t be taught, but was something to be experienced.
The phone rings Around lunchtime my phone began vibrating and reminding me that I had tasks to complete. A couple urgent emails and a dead wifi egg saw us searching for a restaurant with internet connectivity. After half an hour there, I hadn’t said a word to my friend and was furiously typing away to fix some issues at work. I had barely touched my food, and by the time I had finished, the food had gone cold and my friend had already finished her meal. I thanked the waitress in Korean with my newfound confidence and only realised as I walked back onto the busy road, that I had missed an entire experience in Korea. Acknowledge your constraints and try to organise your time or delegate work, so that even if you do have responsibilities, you aren’t missing out on important memories. Doing spontaneous things isn’t really part of my day to day life. Because of work and other commitments, it can be difficult to drop everything and go somewhere, and a sense of routine can give us stability and reduce stress. However, occasionally you will find yourself in a situation where spontaneity is encouraged and it can be hard to change so suddenly. At night, Hongdae lights up with street food, live performances and stores that stay open longer than I can stay awake. We went to different stalls and ate food we weren’t entirely sure of, walked down dodgy alleyways that Google Maps promised would get us to the location faster, and tried to give directions to tourists who were more lost than we were. This was the first time I had travelled to a country where I didn’t speak the language, and we were learning a lot about the power of pointing at things and saying “Thank you”. I put aside my phone for that night, and enjoyed as much of the experience as I possibly could.
On call 24/7 27
What’s APPening? JENNY GU We’ve all seen it. We’re all on them. Every day, we’re consumed by the apps on our phones. We’ve turned into a society of robots enslaved in our mobile devices. Next time you’re in the 891 line of death, observe who’s not looking at something electronic. Whether we’re frantically catching up on what we missed out on last night on all forms of social media (FOMO is real), or jamming to the latest top hits on Spotify, there’s no doubt that smartphone apps take up a huge portion of time every day. More often than not, giving into the temptation of a ‘five-minute break’ to check Facebook/Snapchat/Instagram during a solid study session turns into hours of mindless scrolling. The App Store/Google Play Store is not just an evil time sink. There is a plethora of extremely useful apps that can assist you in your academic life, and prevent you from sinking into a pool of despair as you cram for your final exams. A small setup at the beginning of the semester can save you hours of crying later on when the due date of that one quiz hits you. Here are some (mostly free!) apps and tips that you can use to maximize the efficiency of your phone:
Little organisational apps can clear your mind of all the things you need to get done and let you focus on the most important things right now.
Wunderlist (free; iOS, Android)
While your default lists/reminders app will probably suffice for the odd shopping item or reminder, Wunderlist’s interface provides folders for you to categorise specific items. At the beginning of each semester, just create a folder for each subject, and as each lecture/tutorial ends, jot down the homework into the respective category. This will keep you on track.
You can set due dates of specific tasks and sync them to your calendar. Feel the satisfaction of getting things done.
Daily Budget (free; iOS) Ever wonder where your money goes? As perpetually poor uni students, this app allows you to keep track of your spending habits and even lets you set aside some money every day to save up for something special. Set up your daily budget by entering your regular income, and the amount of savings (5-25%). The app calculates how much you should be spending daily. The function “Big Spendings” is especially satisfying to use, as you can watch your money accumulate. However, you do still need to log what you actually buy.
Calendar (free; iOS, Android) Spend a little bit of time at the beginning of the semester to block out your time. Fill in your timetable, work/volunteering/sport/life commitments, and you’ll be able to get more time and clarity by organising your commitments visually. Once you identify the gaps in your schedule, you’ll be able to still enjoy relaxation while staying on top of responsibilities. Set this up super easily by adding the time and location of the commitment, and set it to repeat weekly. I maintain the belief that the busier you are, the more productive you are, so organize your time well and avoid the stress of work piling up at the end of the week. Any calendar app would suffice. I personally colour code different categories to see where my spare time lies. It also serves as a kind of journal that you can look back at to see what
Cloud storage and the uni-wide WiFi network play together super well. Whether you only use it to collaborate with group members or store your entire life on there, these services bring your files to you, whenever you want, wherever you are.
There’s nothing more stressful than being caught out somewhere unfamiliar AND having a deadline or meeting point coming up soon. These apps can ease those frantic nerves and bring you from Point A to B in style.
Most of these services also also downloadable to Windows or Mac computers, or you can just access them on the web interface. I highly recommend taking advantage of these services to store important course information (course outlines, assessment details) and setting an offline functionality so that in any case, you’ll be able to identify whether or not the tutorial is skippable (not recommended) or you’ll need
Dropbox (free; iOS, Android) Dropbox’s clean design allows you to find the files you need quickly.
OneDrive (free; iOS, Android) Through your student email (z-email address), you are provided with 1TB of free storage (compared to 5GB base with a free account)
Google Drive (free; iOS, Android) Google Drive deserves a special shoutout as Google Services (Docs, Slides, Sheets) commonly used for collaborative work are automatically saved onto this file system.
Opal Travel (free; iOS, Android) First, you have to make it to the general area of your destination. Ensuring that you have enough balance on your Opal card would be the best first step. Through this app, you can check your balance, top up via credit card, and plan your trip. Tripview (free – lite /$6 – paid; iOS, Android) A godsend for those with multiple ways to get to uni, this app keeps track of train/bus/ferry timetables and often updates you with news of delays or upcoming trackwork. There is a free version, but I highly recommend purchasing the app for the added ability to set alarms (goodbye missing the last bus home) and save all those routes. Lost on Campus (free; iOS, Android) “Where on earth is _______?” My thoughts precisely, for the first few weeks of semester. You can find almost every room on campus through this app, and it’ll even help you hunt down the perfect coffee spot.
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Accenture Adventure. Fast Track Your Career. This one day event puts you on the fast track to securing your own graduate role, before you go into your final year. If you’re a year away from graduating, apply and you could enter your final year confident in the knowledge you’ll be joining Accenture when you complete your studies. Choosing a career at Accenture means you get an all access pass to an exciting, diverse and inspiring place to work. We work with Australia's most innovative organisations across all sectors, including banking, insurance, healthcare, mining, retailers, communications, media and government agencies. Applications open on Monday, 11th July and will close on Friday, 12th August 2016. Events will be held in October 2016. Find out more at accenture.com.au/accentureadventure
What does being a Chartered Accountant mean to you? A Chartered Accountant is basically a trusted business adviser who works with companies to help them achieve their goals. Wherever I go, people recognise the Chartered Accountants brand and are definitely happy to speak to you.
How has being a CA helped your career? I think being a Chartered Accountant definitely helped me to get to where I am today by enabling me to have an open mind; and by equipping me with many tools – on both the soft side and the technical side – to be able to take on all the challenges that I face day to day.
What are some of your career highlights? One of my career highlights has definitely been moving overseas. You don’t really know what to expect until you actually move offshore and experience new places, but I think having that Chartered Accountant background has definitely given me the confidence to be able to take on whatever is to come.
How has the CA accreditation affected your professional opportunities? The skill sets that you learn can be applied to many, many different things. Which means that your options later down the track are infinite and you’ll find yourself in many different work situations that are not just in an office and in front of a computer. I’ve had the opportunity to work with many great companies, and with many great products.
What are your tips for success? I think keeping an open mind is very important. Soak in everything you see and learn, because all the knowledge that you acquire is like an investment – it’ll help you out one day. Also, don’t be afraid to be uncomfortable. I think that’s where you’ll really get the most out of yourself and develop.
Darren Chan CA
Corporate Finance Manager Jardine Matheson, Hong Kong
Hear more inspiring CA stories at youunlimtedanz.com or to watch Darren’s video visit youtube.com/mycareerpathway When you study to become a CA, you’ll earn a premium quality qualification. The Graduate Diploma of Chartered Accounting (GradDipCA) is a full postgraduate degree, providing exemptions to 60+ Masters programs across Australia and New Zealand. Chartered Accountants ANZ is the only professional accounting body in Australia and New Zealand registered as a Higher Education Provider by the Australian Government, offering degree credentials regulated by TEQSA.
Why now is the best time to start a business RAYMOND HAN
Those of us who’ve experienced the 2008 financial crisis, which saw mass bankruptcies, defaults, and the loss of nearly 9 million jobs by companies large and small, desire to have control over our own financial futures. Fortunately, the changing business landscape of today has shifted the attitudes of the millennial generation towards work. The traditional emotional link that tethered workers to brand-name employers is gradually dissipating, as a new generation of entrepreneurs are desiring to create their own brand, cultivating startups capable of disrupting entire industries. Whether it is the multi-billion dollar startups like Uber and Atlassian, or a newly-launched online smartphone application, it is clear that small to mid-size businesses drive the nation’s economy. With that in mind, here are some of the reasons why now is the best time to own a startup:
1. government focus on innovation
The mining boom is so 2010; The ideas boom is where it’s at Malcolm Turnbull has been praised as Australia’s “first start up Prime Minister”, stressing his dedication to supporting start-ups with the launch of his $1.1 billion innovation plan, which acknowledges that “sometimes entrepreneurs will fail several times before they succeed and usually learn more from failure than success”. Under the plan, Australian businesses will be allowed to trade while insolvent, with the period in which bankrupts can’t run other business cut to just one year, enabling them to get up on their feet quickly following failure. In addition, the plan seeks to increase availability of early-stage seed funding to start-ups, with early-stage investors in start-up businesses receiving a 20% tax offset and a capital gains tax exemption. Australians wishing to develop their ideas internationally will also receive support through a $36m
“Global Innovation Strategy”, helping them
cloud, taking the building cost down from
get started in Silicon Valley, Tel Aviv and
the hundreds of thousands a decade ago,
three other locations.
to the thousands of today. The widespread accessibility of the World Wide Web has also enabled start-ups to expand their reach to a potentially unlimited number of consumers, providing companies with a new avenue through which to serve customers. Consequently, many previous “bricks and mortar” retailers, such as Wal-Mart and Barnes & Noble, have transitioned into “clicks and mortar” companies through incorporating Internet
2. cheap and accessible technology
sales, and elevating the role of e-commerce, reflecting the shift in business landscape brought about due to the onset of technological advances.
Cheaper and more accessible technologi-
growth of Smartphone use and the accom-
decade due to improvements in technology. No longer is it necessary to pay for hardware, or commonly-used code tools or expansive support teams. Websites today use open-source software and are hosted on the
economic downturn, with small-business loans still down 20% since pre-crisis levels, there have been signs of change, primarily attributable to the increased competition traditional lenders face, with the advent of crowdfunding. Crowdfunding has boomed in recent years, through the meteoric rise of sites such like Indiegogo and Kickstarter, growing into a $5.1 billion business in the U.S. according to the Crowdfunding Centre Report. The rise of online alternative lenders including
sible technology, and increased avail-
drop the cost of budgeting, tracking sales,
reduced cost requirement over the last
ers to provide loans to start-ups since the
The state of regulation, cheap and acces-
panying app explosion have combined to
gy start-ups have enjoyed a dramatically
Despite the reluctance of traditional lend-
tion. The rise of the sharing economy, the
upfront investments in capital, technolo-
able to generate revenues on their own.
non-traditional pathways for start-ups to
to entry and speeding channels for distribu-
manufacturing start-ups which require hefty
rapid growth, until they develop and are
small-business loans, have also provided
small-business owners by reducing barriers
Unlike traditional retail, real estate and
angel investors, which is used to finance
OnDeck and Foundation, which focus on
cal developments have enabled the rise of
and just about any other business service.
funding from venture capitalists and
ability of loans are all fair winds blowing
3. INCREASED AVAILABILITY TO CREDIT
in favour of potential start-up owners. In short, if you are itching to bring your business ideas into reality, there has never been a better time to go out on
The modern world is dominated by
innovative ideas and the advent of new technology. However, innovation alone cannot facilitate success. Innovators require a strong start in order to develop their ideas and grow their businesses. As such, start-ups typically require large-scale
THE EXPONENTIAL RISE OF ONLINE PIRACY
Whilst the arrival of the internet has brought along a myriad of benefits, it is safe to say that it has also engendered a new type of crime. Digital technologies have enabled the duplication of near perfect copies of creative content to be distributed in easily accessible mediums. The onslaught of piracy indubitably threatens the existence of the entertainment industry and as another season of Game of Thrones airs, Australia is no closer to defeating the growing issue.
AUSTRALIA'S STATISTICS Australia has an infamous legacy of illegal downloading in the modern era. Even as a small nation of 24 million, it has managed to become the leader in torrenting popular television shows following the release of finale episodes for Game of Thrones and Breaking Bad. According to TorrentFreak, the country accounted for 18% of the downloads for the season finale of Breaking Bad - ahead of significantly larger countries such as the United States and United Kingdom. Further, the Intellectual Property Awareness Foundation’s report exposed that more than half of Australians had participated in piracy, with the largest demographic being 18-24 year olds. With increasingly easier and affordable access to content, the question remains as to why downloads are not dramatically reducing. The entertainment industry has conspicuously failed to convey towards audiences that piracy is theft. “There is a perception that it’s a victimless crime...And when a film is copied or made available online, it reduces the value of that film around the world,” says Mark Batey, chief executive of Film Distributors’ Association. With failure
to persuade audiences, lost revenue may eventuate to closure of production companies. The Motion Picture Association, comprising of companies like Warner Bros Entertainment and Twentieth Century Fox, found that US studios lost US$6.1 billion in 2005 due to piracy. Another study from Frontier Economics estimated that software, music and film piracy costs in 2015 amounted to US$1.14 trillion. The staggering figures are enough to discourage filmmakers and force businesses to shut down. Although it may seem that it only affects large production companies, there is a collateral effect on small business that sell products that compete with pirated versions.
ANTI-PIRACY EFFORTS The proliferation of digital film and television distribution platforms has lead the way in attempts to reduce piracy rates. Services such as Netflix, Stan, Presto and Quickflix offer an enormous range of content that can be instantaneously streamed onto a device. Whilst a downswing in piracy coincides with the introduction of Netflix, numbers indicate that persistent pirates remain the same while casual downloaders switch over to these alternatives. Why this may be? Using conventional economic wisdom, online content embodies characteristics of a public good.
That is, the non-rivalrous and non-excludability nature of goods enables individuals to free-ride. When sharing digital copies, it does not reduce one’s ability to watch it and likewise, it is difficult for right holders to ensure that the product does not spread. Whilst the option for streaming services exist at a relatively affordable price, it is evident that consumers can and are opting to illicitly download at no cost. Ending piracy will therefore require more than simply making content available.
REASONS FOR PIRATING Australia’s culture of pirating has transformed into a social phenomena that is normalised and socially acceptable. There is the challenge in gaining acceptance of exclusivity for entertainment content as a social norm since there is a high social emphasis on sharing. Despite the legal and moral risks, subjective norms paired with perceived social benefits of piracy outweigh an individual’s willingness to opt for the ethical route. Piracy has been fostered as a common household practice in Australia- even those who have never directly downloaded consume pirated content given to them without hesitation. To eliminate piracy, there must be a shift in perspective as to how consumers view movies, television and other forms of media. There needs to be an acceptance of the criminal and unethical nature of piracy and an awareness of the exclusivity that exists when an individual purchases online content. The most commonly suggested remedies stem from the infliction of severe legal consequences. Whilst there was a perceived certainty that a three strikes policy would be implemented, it was later revealed that costs to pursue individual IP addresses was too costly and would be reviewed again in 2017. Alternatively, Australian Courts recently passed the controversial Copyright Amendment (online Infringement) Bill 2015. The legislation allows copyright holders to appeal to a Federal Court judge to get websites with the primary function of illegally distributing content blocked. Furthermore, the internet provides ‘must comply’ and ‘disable access’ from such websites. Concurrently occurring issues however indicate that such strong and intimidating efforts may not necessarily correlate with higher compliance levels. Hofstede’s cultural dimensions theory allows us to determine the normative responses to anti-piracy measures and laws. Australia’s culture of pirating can be attributed to low power distance, which translates to the idea that there is a smaller degree of inequality between people. Scoring
a low 36 on the power distance index, the relationship between authorities and ordinary citizens is one of interdependence rather than dependence. Australians expect to lessen the imbalanced authorities in decision making by utilising consultancy, supporting that a three-strikes penalty may work in favour for the Australian Government provided that there were negotiations to lessen the harsh consequences. This legislation; however, does not depend on the audience’s behaviour but rather the efforts of copyright holders. Regardless of the recent implementation of strict tests websites must conform to, the effectiveness of the law is yet to be seen but for a few years’ time - when independent film companies may have already closed down. Furthermore, Australia’s anti-piracy efforts were met with disarray as the Dallas Buyers Club case was rendered unsuccessful. Recent efforts by studios themselves have emerged as the production company behind Oscar-winning film Dallas Buyers Club initiated action against online pirates. The landmark piracy case was met with failure as demands became excessive. Letters were sent to alleged pirates demanding for a payback value equivalent to the cost of each copy of the film downloaded in addition to a licence fee for uploaders and extra damage costs. Whilst this may have warded off certain pirates, the majority remain unphased because of the inaction and inability of the case to further warrant strict crackdowns. Michael Bradley, the lawyer representing the studio, effectively summarised the issue at hand stating, “Australia is still one of the most prominent jurisdictions for infringement, and rights holders will continue to feel that they’re losing a lot of money” Whilst the film industry is undergoing unprecedented shifts in methods of distribution to reduce piracy rates, the epidemic will continue to plague the entire online nation. Despite reductions in piracy, the elimination of the activity seems uncertain. With the recent introduction streaming services and the Copyright Amendment Bill, the future seems somewhat bright for copyright holders and small businesses.
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the internet of things WILLIAM ZHOU
Thermostats that automatically turn off when your car leaves the driveway. Controlling home appliances while sitting at an office desk. Pill-shaped micro-cameras that can travel through the digestive tract and send back thousands of pictures to pinpoint sources of illness. Aircraft engines sending back telemetrics to a service centre in central England to trigger maintenance planning. The Internet of Things (IoT) is becoming increasingly ubiquitous in conversations within business circles. However, despite this fact, according to the Altimeter Group, 87% of consumers have no idea what the term means. So what exactly is the ‘Internet of Things’ and how can this technology fundamentally change our daily lives, businesses and the very way that our economy operates?
opportunities by 2020 for tech vendors, telcos and device makers. The substantial impact of the internet of things upon the economy is illuminated by the fact that, fundamentally, the technology cannot be represented within a single market, but instead covers a range of overlapping markets each with strong connections to data mining and analytics. In order to put this in context, consider the Internet and the fundamental impact it has had upon our world over the past few decades, not only from a technological and economic
what is the internet of things
standpoint but also in the pivotal way it has shaped our social and cultural worlds. Globalisation, Social Media, vast
The Internet of Things centres around establishing networks
economies of scale, exponential innovation at a rate never
between physical devices through embedded sensors and ac-
experienced before, the birth of industries that would never
tuators that collect or transmit information. This allows these devices to communicate directly with each other. The data amassed from these devices is subsequently analysed and interpreted to facilitate the monitoring and managing of the health and actions of the connected objects and machines. Ultimately, this provides for a greater degree of automation, efficiency and optimisation of products, services and operations. Over recent years, IoT has stood as the centrepoint of futurism, lauded repeatedly as the ‘Next Big Thing’ from Silicon Valley to Wall Street. In 2015, McKinsey estimated that applications of IoT technology will generate $3.9 trillion to $11.1 trillion of economic value per year by 2024, accounting for approximately 11% of the world economy. Just two years prior in 2013, the estimate of IoT’s global impact had only stood at $6.2 trillion by 2025. This exponential growth in expectations is not unique, Bain projects 20 billion IoT devices to be manufactured within the next few years, generating 5 trillion GB of data every year and creating more than $300 billion in
have been dreamed of just 50 years ago
devices will allow them to autonomously
age chronic diseases. Real time and
and the ability to have all of the world’s
understand their environment, co-or-
continuous monitoring, as opposed
information at your fingertips. All of this
dinate their activities with each other
to periodic testing, can enable physi-
was made possible by the internet. But
and independently respond to prede-
cians to reduce their treatment cost
the Internet only connected computer
termined stimuli in their environment.
by 10% - 20%, saving billions of dollars
networks. The Internet of Things connects
Consequently, users are able change
in congestive heart failure care alone
everything. The influence that the internet
the way that they use their devices and
(McKinsey Global Institute). Top players
has had upon our lives pales in comparison
interact with their environment and
in consumer electronics have already
to the potential impact that IoT will have.
ultimately bring about huge beneficial
released products in the smart home
market, such as Google’s Nest Thermostat, the Amazon Echo and Samsung’s
This significant expansion of IoT technologies has been made possible by the rapid
This collected data can then be used in a
SmartThings, positioning themselves to
innovation of information channels. With
wide range of applications, ranging from
capture the lucrative space.
the advent of readily and widely available
reducing a household’s electricity bill
broadband internet and the lower cost of
through a smart thermostat to saving
Additionally, IoT is also highly scalable.
connections and technology in general,
a baby’s life and generating substantial
Approximately 7,000 sensors were de-
the perfect conditions have been set for
financial savings for a connected city.
ployed city-wide in Los Angeles in order
the rise of the IoT sector. This is further
One of the earliest and most well known
to manage traffic flow through dynamic
spurred on by increasing smart-phone pen-
applications of such technology has
pricing at parking meters. The sen-
etration and greater incorporation of wi-fi
been in energy optimization – the incor-
sors were used to detect if a parking
technologies into devices across the world.
poration of sensors across the electricity
meter was occupied and prices were
grid in order to allow utility companies
adjusted in real time to ensure that
to remotely monitor energy usage in
20% of all parking spaces were always
real time and therefore alter generation
available. Sensors can also be used to
and distribution flows in response to
accurately predict the conditions that
At its core, IoT is all about information. The
peak and down times. Gradually, more
lead to forest fires and help authorities
true value from incorporating IoT process-
and more applications of the technology
to pre-emptively contain fires, as well
es does not lie with allowing consumers
are being introduced to other industries.
as rapidly respond to targeted evacua-
to turn off their lights once they leave
Insurance companies, such as Progres-
tions caused by natural disasters.
the house. Instead, it is derived from the
sive and Allstate, offer drivers plans
constant collection of data from connected
that require them to install sensors in
devices. As such, it dramatically increases
their car, allowing the insurer to base
the volume of information gathered from
premiums on actual driving behavior, as
However, as with all innovative technol-
connected devices, while greatly increasing
opposed to projections. Physicians can
ogies, certain hurdles remain ahead for
its accessibility. Meanwhile, establishing
use wireless sensors in their patient’s
the Internet of Things.
instant real-time communication between
homes to improve how they man-
THE IMPACT OF THE INTERNET OF THINGS
privacy and security concerns
1.onThe Usual Given contemporary events and the media focus personal privacy and security, most consumers are all too familiar
concept of Money Transfer
If 1 euro = 80 rupees
with the implications of having their data constantly collected and monitored. Accordingly, the public outlook on IoT security is bleak, with 45% of respondents to an Altimeter survey expressing very low or no trust that companies are using their device data securely and in ways that protect their privacy. This atmosphere of distrust is only exacerbated by the current inadequacy of the options that companies provide consumers: either accept the terms of conditions – presented in convoluted user agreements – or don’t use the service. Most consumers aren’t satisfied with this blanket
The peer agreement, however they also do not wish to be 2. pestered
to peer concept of money transfer used by with information about their data every time they use their Transferwise devices, resulting in a gap in communication and consent. Altimeter contends that consumers want broad descriptions of how their data will be used, which should be provided only upon the purchase of their devices and applications. In order to surmount this issue, companies must better communicate how they use and share consumer data, while fully educating their customers. Only after they have achieved this, can they obtain the full opt in of their customers.
mental changes to business operations and processes, which simply cannot happen overnight. The ability of organisations to achieve the benefits of IoT hinges upon their ability to capture, sort, piece together and make sense of highly complex data. They need to be able to retrieve data from a wide range of devices representing various different operating systems, protocols and standards within a highly fragmented industry. AllJoyn, Thread, IEEE, Open Internet Consortium, Industrial Internet Consortium and many others are all promoting different standards on how these devices can communicate, resulting in businesses spending approximately 50% - 80% of their development time simply prepping their data, before it is actually used and interpreted for business purposes. Moreover, most IT systems analyse low volumes of data that is meaningful or high in value, such as transaction results. IoT is the inverse, generating constant tsunamis of high-volume, low-value, unstructured data at high velocities. This is a fundamental switch in IT processes and requires complete overhauls in existing infrastructure to allow businesses to find and interpret the information that actually matters. However, over time platforms will undoubtedly emerge in sectors that will make analysing this data easier and cheaper for the next wave of innovators, result-
ing in cross-industry solutions and mass economies of scale.
CONCLUSION Even in its infancy, the Internet of Things is beginning to have a dramatic and fundamental impact on how we go about our daily lives, how products are manufactured and how entire cities are run. This digitalisation of machines, vehicles and other
TECHNOLOGICAL CONCERNS Ultimately, IoT is a long-term proposition and still remains in its infancy, with most implementations remaining relatively simplistic. Realising the full potential of IoT requires funda-
physical objects represents our first few steps into a completely different future. However, several key social and technical hurdles remain in our way before the full potential of the Internet of Things can be realised. Nevertheless, one thing remains certain to executives, investors and entrepreneurs across the world. The Internet of Things is the future, and it is here to stay.
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Tesla Motors and the Story of the Automotive Industry
ANTHEA LIU When thinking of innovation and technological revolutions, we often cite Steve Jobs and Bill Gates as the great entrepreneurs and innovators of our time But the influence of tech revolutionaries in reweaving the fabrics of society is not new. The turn of the 20th century heralded the electrical revolution; the great pioneers of a generation encompassing the likes of Thomas Edison, Nicholas Tesla, Alexander Graham Bell and George Westinghouse. In 1900, 38% of American cars were electric, with gas cars making up only 22% of the American market. With the worldâ€™s most prominent inventors pouring their efforts into an electrical car future, the outcome of the battle between gas and electricity seemed abundantly clear. So why is it that as I sit here typing on my Apple Macbook in 2016, that gas cars are not only winning, but irrefutably dominating our roads? Despite all our progress in virtually every other field of technology, the 40 primitive gas-burning car powered by burning fossil fu-
els - which scientists have proven for decades to be a harmful and non-sustainable energy source - has only become the slightly improved primitive gas-burning car. At the onset of the automotive industry, the ideal factor of the electric car was beaten out by the more powerful driving force of scalability. In 1908 Henry Ford was able to outsmart his competitors to create a car based on speed, sturdiness, and most importantly affordability by introducing the concept of mass-producing cars through moving assembly line. The future of cars had been up for grabs, and Ford had simply created a more provable, profitable business model. By launching an affordable gas car into the commercial stratosphere, it became an uphill battle for electric car makers and by 1914, 99% of new American cars ran on gas with electric cars dropping entirely out of production by 1920. In present-day society, there is nothing more difficult to succeed in than starting a car company. It: 1) requires an absurd amount of starting capital, 2) needs to sell at high volume in order to be profitable, and 3) requires the creation of a much better type of car than whatâ€™s already out there as gas cars are already well-optimised.
Without any threat from below on the forest floor, the car industry has had the luxury of smugly sunbathing in a tight canopy hammock, making only incremental advances when needed. Another key issue is the significant influence in which big car companies wield, preventing government attempts to regulate changes despite the huge cost to the environment in the form of carbon dioxide emissions. Hence, what has manifested is a deeply-set, stagnant industry making penetration of the status-quo highly difficult. However, even in the most deeply-entrenched systems, it sometimes takes only the right person to come along at the right time to start the movement that ignites change. In 2003, Elon Musk along with several other entrepreneurs formed a new company called Tesla Motors with the aim to design, manufacture and sell electric cars. It was inevitable that the early R&D costs of a new technology would drive up the price of the product, and it was clearly not functional to introduce an expensive new vehicle to the market when a gas car of the same quality already existed at a quarter of the price. In order to counteract this, Tesla devised a business solution where the company would enter the market with a starting high-priced, low-volume car for the super-rich i.e. a product well-designed enough to rival the likes of competitors like Ferrari, use these profits to develop a second, mid-priced, mid-volume car for the relatively rich, then finally use these profits to develop a low-priced, high-volume car for the masses. Tesla’s overarching mission was not to build the largest and most profitable car company in the world, but to change public perception of what an electric car future could be - forcing big companies to adapt and develop their own line of electric cars. The company’s official statement is “to accelerate the advent of sustainable transport by bringing compelling mass market electric cars to market as soon as possible.” Despite great obstacles and setbacks from the first model which at times saw the company in a critical state, Musk and his team eventually generated enough profits and investments to develop their Stage 2 car –mid-priced and mid-volumethat would be named the Model S. This would be Tesla’s first flagship product, and was the company’s chance to reinvent the concept of a car from scratch. Like Steve Jobs before him, Musk did not concern himself with the activities and visions of the pre-existing companies around him, but only
obsessed over creating “insanely good products.” The Tesla Model S turned out to be the greatest leap into the future for the industry in a century. Consumer Reports anointed it the best car that has ever been made, with an unheard of rating of 99/100. The Model S is the fastest 4-door sedan in history, with a 3.2-second 0-60 time. It saves battery power by being inexplicably aerodynamic with the industry’s lowest drag coefficient, and has the highest NHTSA safety rating of any car ever tested with 5.4 stars. Over time, there is a trend towards big industries becoming stagnant, uncreative and risk-averse – and it takes an outsider with the means, gall, and originality to challenge that industry with a fresh perspective in order for change to occur. In multiple cases, Tesla wanted to create something which was not technically possible within the current world and the industry limitations around them – so the company would instead build themselves what was necessary to overcome those limitations. The Tesla tree is racing upwards, and its impending burst through the canopy has successfully scared the industry. The evidence for this is quite clear, with no big company electric cars on the market when the Tesla Roadster first shipped in 2008 compared to the majority of big companies producing electric cars today. The market has noticed, and the ripple effect has begun. Tesla’s $226 million IPO in June of 2010 marks the first IPO for an American car company since Ford went public in 1956. Since then, the company’s value has soared upwards. Today, seven years after being on the brink of bankruptcy, Tesla’s market cap is a massive $31 billion. Tesla hasn’t cracked the canopy yet, but for the first time in decades, there’s a new company bolting upwards from the ground at lightning speed.
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