Why Businesses Fail: Business Plans & Financial Models

Welcome to the Why businesses fail series. This is the fourth of five blogs that delve into the reasons for businesses failing and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan. In this blog, they share why having a carefully considered business plan is essential to the success of your business.  

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background, and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

We all know the importance of a decent pitch deck when it comes to presenting a business idea to investors, but ultimately, they’ll be looking at the detail behind the pitch when making their decisions. Once you’ve started your business and got a few customers, you should be looking at your business plan and preparing it for an investor. This seems early but is the right time because that’s how long it takes to prepare for investment.

Investors might not ask for a business plan straight away, often they’ll request to see this after a few meetings. Entrepreneurs often wait until they’re explicitly asked before creating a business plan, which isn’t setting yourself up for success.

In reality, a business plan is a living, breathing document, not just something you rustle up on request for the purpose of your funding application to an investor. Showing an investor, a rushed, poorly considered, or insufficiently detailed business plan won’t fill them with confidence.

A detailed and carefully considered business plan isn’t just important for impressing investors – it’s one of the most important tools in your arsenal as an entrepreneur, and when used correctly it can be incredibly valuable for planning ahead, making decisions and staying on track.

The business plan should work for the life cycle of the business, which is approximately 3-5 years. Consider the milestones you’ll reach and issues you’ll face within this timeframe. It should be a professionally written document that you and your team refer to time and time again, meaning that everyone is literally on the same page. It’s not static, and should be amended as you go along. This allows you the flexibility to adapt to new circumstances and continue planning ahead.

As well as your business plan, you also need a detailed, well-evidenced and realistic financial model. The first question to answer here is that of why your business needs funding in the first place. Where are you hoping the business will go in the next 3-5 years? What specifically will the funding be spent on? How have you arrived at these costs? How will the meeting of these needs lead to more growth and profit? Specificity is needed here, as investors awarding significant amounts of money will want to know exactly where that money is going, and how it contributes to their return on investment.

You also should be proportionate and realistic about the amount of funding you ask for. There’s no exact rule about how much funding to request, as it ultimately comes down to your planning, but you shouldn’t expect to waltz out of your first investment meeting with one million pounds. It’s speculative at the early stages, but you can come up with a good financial model that’s relevant to the type of investor you’re approaching if you take the time to look at the detail of your business. Seeking the guidance of a financial advisor is a good step to take here, as they’ll know the right questions to ask you.

When it comes to your business plan and financial model, sit down and spend a lot of time on these. This is why investors often prefer to back entrepreneurs who’ve already tried and failed, because they know the steps to take and the questions to ask themselves.

Read more from the Why Businesses Fail series:

 

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Why businesses fail: customer acquisition strategy

Welcome to the Why businesses fail series. This is the third of five blogs that delve into the reasons for businesses failing and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan. In this blog, they share how you can narrow down your customer and find an effective marketing strategy to attract and retain them.  

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background, and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

Once the product or service has been tested, it’s not enough to assume that it will speak for itself. Customers don’t come without being invited. It’s crucial to have a detailed customer acquisition strategy and a relevant, targeted marketing strategy alongside in order to succeed.

Firstly, define your customer. Not just ‘young women’ or ‘professional millennials’, but very specifically identified. Think about gender, age group, location, profession, and more. Similarly, your customer might not be an individual but a service provider themselves. You still need to be specific here. For example, if you want to sell to a university, who do you want to reach within the organisation? The students, the lectures, the staff? Knowing who your customers actually are is vital to the short- and long-term success of your start-up. Conducting market research tests on your intended audience is also a great way to measure if they actually want your product – often, you may be surprised by who your actual customers are.

At the early stages of a start-up, it’s wise to channel funds (even if they’re limited) into a solid marketing strategy. Test your consumer behaviour, determine advertising costs, and determine how many customers you’ll reach. Similarly, build up your brand reputation in order to garner recognition and ultimately, loyalty from your intended audience.

Customers show loyalty to authenticity, and your marketing should reflect a strong and consistent brand identity that is honest to the product itself. If you have a flashy marketing campaign but the product itself doesn’t hold up to scrutiny, you risk being slated online and by word of mouth. This is why the marketing strategy itself only holds up when the product does – which bring us back to the importance of understanding the problem you’re solving, and carrying out extensive testing on your intended audience.

Within your customer acquisition strategy, you should be familiar with certain metrics. How will you acquire your customers? What is your cost of acquisition? How much marketing do you need to spend to acquire one customer? How are you going to retain that customer?

Read about how to identify a need in the market and attract investors in the first two blogs of the series.

 

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Why businesses fail: Being unattractive to investors

Welcome to Why businesses fail, the second of five blogs that delves into the reasons for businesses failing and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan. In this blog, they share some practical tips to get investors to demonstrate traction in your business and attract potential investors.

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

Being unattractive to investors is a primary reason why some start-ups fail, and there’s a few pitfalls to avoid here. One big one is not showing traction.

Having a strong and evidenced market need for your product or service is the best way to demonstrate traction. By traction, we don’t mean a few thousand likes or free users – that’s not enough for an investor. It needs to be clear that this engagement is converting into paying customers, which is a trackable and easily identifiable metric. Engagement without custom isn’t traction or validation of your product. It could be a sign that you’ve got great marketing or that you’ve got a particularly active customer base, but if they’re not actually buying your product it suggests they don’t really need it.

One metric you should always know as part of your financial model is how many customers you need to stay viable. Before you start pouring hours into creating content, or spending time and money adding new features to your product, ask yourself: “What value am I adding?”. If the effort, energy and resources you use won’t actually convert to more sales, you should consider if it’s really necessary.

Investors vary with the level of traction they’d like to see, and different types of investors look for different amounts. For example, if you’re an early-stage start-up you’re likely looking at individual investors like Angels. Angels want to get involved at an early stage and take a punt on your business, if they see something in you. At a later stage, when you’re in revenue, you might use Seed Investors. Seed Investors get involved when you can demonstrate more growth that they want to get on board with. Generally speaking, investors want to make ten times return on their investment. This means you need to demonstrate traction which suggests they’ll be able to achieve this by investing in you.

Further information:

 

 

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“By the end of the course, Birkbeck felt like a second home to me”

Former ballet dancer Katie Willis completed an MA in Creative Writing and was due to graduate with her peers this week. In this blog, she shares her experience of studying at Birkbeck while dealing with illness and her plans for the future.

I am very excited to graduate from my MA in Creative Writing as this is my first degree.

I am a mature student and I’ve had no previous experience of university-level study as I followed a vocational path – I was a ballet dancer before my illness took hold. It is a huge achievement for me to be graduating.

If you want to write about a sick body you have to be comfortable with living inside of it. I have chronic fatigue syndrome and a rare form of cancer. I had to balance university with regular hospital appointments and the side effects of taking chemotherapy and other drugs. On occasions that felt overwhelming.

I faced quite a few physical challenges. I had to be very disciplined on a daily basis, managing the limited energy that I had. The travelling to and from university was physically demanding on a sick body. I had to rest up on the days preceding and the days following my lectures in order to be well enough to attend. I was sad that I was not always able to participate in social events with other students, but I always held on to the important part that it was such a joy and privilege to be able to attend university in the first place.

Throughout my studies I had the support of a close group of fellow students who were aware of my physical challenges. I had two friends who always offered to carry my bags and books to and from and class.

Creative Writing at Birkbeck

I began the MA writing stories which were mostly about magical realism but then in the second semester I took Julia Bell’s Creative Non-Fiction module and I realised that I was interested in writing about the self, using my experience as a dancer. I slowly learned to embrace my quirkiness which allowed me to write to my strengths.

I realised that my writing is poetic and kinetic, and I wanted to write about the body: the sick body and the dancing body, and the place where those two bodies meet. Similarly, I am interested in the place where fiction meets non-fiction meets poetry. I want to meld the genres in my own way but also reflect the shape of the body on the page.

I no longer try to write outside of myself or to become the writer that I’m not. I found my own voice on the course and also found the courage to write in it.

By the end of the course, Birkbeck felt like a second home to me, on a level with being in a hospital, which has felt like a second home for many years.

As awful as the current situation is, there is some sense of community in nationwide lockdown. If you have lived with a physical disability that has left you housebound for a huge chunk of your life that is a very personal and isolating form of lockdown.

It is quite extraordinary to look at the world now and see everyone else under a similar lockdown and huge organisations and bodies rapidly making adaptations in the way they function and impart knowledge. Such adaptations would have made a huge difference to me in the many years when I was housebound.

It is sad that our graduation ceremony is having to be postponed probably until November, but I plan to relish the anticipation of it, so it will be all the more exciting when it occurs.

Looking ahead

I was invited to continue my studies at Birkbeck and am currently doing the MFA in Creative Writing under the guidance of Toby Litt.

Ultimately, I want to publish a collection of short stories. I am currently writing a collection of short stories about bones. I’m taking specific bones from the body and using the power of incantation I’m writing the stories that these bones hold and, in the process, shaping a new body that is neither a sick body nor a dancing body, but something else. Something strong and mobile.

I’d also like to share what I have learned on the course. It would be great if I could take creative writing into hospitals and offer it to patients who have had surgery, or are undergoing chemotherapy treatments, to help them as I think it is an outlet when you are going through life changing moments.

If you are mature student, if you have a disability, if you have cancer, if you have been housebound for many years, if you have something which makes you feel like an outsider just go for it. It may just change your life!

 

 

 

 

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Why businesses fail: Identifying market need

Welcome to Why businesses fail, five blogs that delve into the reasons why businesses fail and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan.

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

According to CB Insights in their 2019 update on a post-mortem of over 300 failed start-ups, “No Market Need” is the most common and significant reason for young business failure. A start-up can have the best team and a truly great product, but it can still fail if no customers need it.

The key mistake here is entrepreneurs going straight into their solution, and basing that solution on a perceived problem rooted in their own assumptions. In short, not properly identifying the problem they’re actually solving. Basing a business idea on untested and often biased assumptions is the quickest way for a product to fail.

Without a real problem to solve, the product won’t be offering a solution that customers want to buy. Without customers, sales won’t come. Without sales, a product will have no traction. Finally, without traction, investors won’t touch the business with a 10-foot pole.

Luckily, this is a failure that can be avoided by putting in the right work at an early stage. The three most important things an entrepreneur can do at the ideation stage of their business? Test, test, and test again!

A good way to start testing is through surveys, from which you can get an idea of your intended audience’s perceptions and priorities. Following this, you can create a beta version or prototype – this is your MVP (Minimum Viable Product). With this, start with just one or two features so you know exactly what you’re measuring a reaction to. Once you’ve got your MVP, consider offering the product or service for free to some users to gather feedback, data and insights.

Always be focusing on moving towards paid users, but don’t discount the value of free users for the valuable insights you can gain. Once you’ve got the data you need on your customer-base, it should be clear what problem your business is solving. Free users give you insight, paid users give you traction.

In short: don’t assume the way you experience a problem is the same as the way everyone experiences it. Test it objectively.

 

This is the first in the Why Businesses Fail series. Come back next week to find out how to appeal to investors.

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Professor Anthony Bale shares his passion for Chaucer & Medieval English

Professor Bale recently elected President of New Chaucer Society and discusses a career-long interest in Chaucer and his intentions to broaden the appeal of the subject.

Professor Anthony Bale, Executive Dean, School of Arts

Professor Anthony Bale, Executive Dean, School of Arts

Some of us read Chaucer in school. What’s your earliest memory of the author’s work and what’s the relevance for our current times?

I didn’t actually read Chaucer at school – at my state school, the earliest literature I’d encountered before university was Shakespeare. However, I had long been interested in the Middle Ages and I immediately fell in love with medieval literature at university, whilst studying for my degree in English Language & Literature. I had some inspiring teachers at university and did special options on Chaucer and on Medieval & Renaissance Romance. Medieval literature remains relevant for our times – it helps us understand the language we speak, the changing idea of the nation we live in, and many of the institutions that continue to exist in contemporary Britain (for example, in the royal family, the legal system, universities, and local government). And London was Chaucer’s city – he lived for a time at Aldgate – and we can see traces of him and his era all across the city, from a bridge he had built at Eltham to his grave at Westminster.  Chaucer’s poetry is incredibly rich, and even after studying Chaucer for more than 25 years, every time I go back to his writing I find something new and exciting.

Tell us a bit more about the New Chaucer Society?

The New Chaucer Society was founded in 1979 and is the leading, global learned society for the teaching and study of the age of Chaucer – basically, the later Middle Ages, broadly from the thirteenth to the early sixteenth centuries. The ‘New’ reflects the connection to the original Chaucer Society, founded in 1868. But I’d like to think that the ‘New’ in the Society’s name shows how each generation keeps Chaucer and his era new and fresh, bringing new critical perspectives to bear on his life, work, and historical era. The Society is based at the University of Miami in Florida, and has a biennial Congress – which I co-organised in London in 2016. We’ll be meeting in Durham later this year. The Society also publishes a leading journal, Studies in the Age of Chaucer, and has members all over the world working on medieval studies in different languages, national traditions and critical perspectives.

In your new position as President of the Society, what will you be focusing on and hoping to achieve?

The New Chaucer Society is flourishing but there are many challenges to be faced. I anticipate that priorities for the Society over the next few years include rethinking our biennial Congress and its purposes. The Congress has to be more ethical, sustainable, and inclusive, and we must protect and extend funding to ensure that those who wish to participate are able to do so. I also plan to advocate for the teaching of late medieval literature on school curricula and internationally, particularly in non-elite schools, and help to develop the Society’s profile as a resource for teachers of medieval literature at all levels. Without medieval literature on syllabi, we will not foster the next generation of medievalists.

How do those priorities fit into the general landscape for late Medieval English literature and culture?

Fewer and fewer schools and universities teach medieval literature, and it’s imperative that we don’t let this field of study dwindle away and become a ‘specialist’, niche field. Medieval studies has often had the reputation, as a field, of being conservative and exclusive. This cannot be the case, and I want to ensure that the Society remains an inclusive place for fresh critical debates in medieval studies.

It’s a great achievement to be elected President. Can you share what the process was; who was part of the nomination and election process?

The Society’s Trustees developed a slate of three names and an election took place across the Society’s entire membership, based on candidates’ statements.

What is the tenure and how large is your team at the Society?

The position commences in July 2020 and will run for two years. I’ll be working closely with the Society’s brilliant Executive Director, Tom Goodmann, at the University of Miami, and the Society’s Trustees. Four new Trustees were elected at the same time, and they are from Iceland and from across the USA.

How will this align with the role you hold at Birkbeck?

As Dean of Arts much of my energy has been focused on protecting the arts, addressing educational inequality, and leading change. This has included developing funding for diversity scholarships and co-founding the Out@Birkbeck LGBT+ staff network. My own research has been at the forefront of challenging understandings of the cultural history of medieval antisemitism and global encounters through travel in the Middle Ages. I have published on Chaucer throughout my career, and continue to do so.

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Art and Conversation at the 58th Venice Biennale

In 2019, BA History of Art student Patricia Yaker Ekall was one of Birkbeck’s British Council Fellows in Venice. In this blog, she shares her experiences in ‘The Floating City’ and what she learned from the trip. 

My time as a research fellow at the Venice art Biennale was an incredible experience that will stay with me for many years. With Venice, one typically thinks of the lagoon and its zany effect on perception (really, it’s like being on a giant float, often at risk, thanks to the bustle of the city, of falling into the seasoned turquoise waters). Venetian dining is famed for its cicchetti and gelato and the beloved spritz. The historical landmarks, with their height and ornamental expressions of astonishing beauty, are also of course part of Venice’s reputation as a ‘must-visit’ destination.  And, while the city is a wonderful representation of the value of tradition and heritage, Venice is equally known for its modern and contemporary art.

The Peggy Guggenheim Collection, at Palazzo Venier dei Leoni, boasts works by Jackson Pollock and Alberto Giacometti, giants among the assemblage of terrific artworks that shaped 20th-century art. With Venice being an artistic city, there are countless workshops dealing in everything from mask-making to pottery. But, bias allowing, I learned the most from the very reason I was there: the Venice Biennale, the showcase for international contemporary art that attracts thousands of visitors to Venice every other year.

My chance to be part of the Biennale was thanks to a Birkbeck/British Council Venice Fellowship, which funded a month in Venice in September, where I worked as a steward in the exhibition’s British Pavilion while pursuing my own research. The renowned event may have been in its 58th edition and 123rd year, but it was my first time attending. I tried to have as few expectations as possible, which stood me in good stead as the experience was full of unexpected elements. For example, I did not expect the dramatic variation in reactions to the art work in the British Pavilion. Cathy Wilkes’ installation drew on arte povera (a movement that subverts the commercialisation of art founded in 1960s Italy, ironically). It touched on themes of motherhood, poverty and death, and was not understood (let alone loved) by everyone. This took me by surprise, as I’d assumed the visitors would be surer of their own perspectives. Yet, alarmingly often, we were asked to explain Wilkes’ work. Since it was made deliberately inexplicable, our own interpretations would have to suffice. Another one of my assumptions was that everyone in Venice would support the Biennale and, save for a bit of context-focussed research conducted just before I travelled, I was not prepared for all the ways the event is challenged when it comes to issues around sustainability and Venice’s economic state.

It seemed to me that every aspect of this tiny jewel, Venice, was up for passionate debate. Such conversations ranged from questioning of the Biennale’s effect (and dare I say relevance) in relation to the locals, to the issue of excess tourism and the tensions between the old and new and, glaringly at times, the rich and the poor. These were the conversations that a lot of the pavilion’s visitors – be they Italian, or from France, Japan, Germany or the UK – felt at ease in bringing to us, while we as art enthusiasts were primed and keen to discuss instead materials, style and the artwork’s contextual background! Though somewhat unexpected, I very much enjoyed this part of the experience. It added another dimension to my take on the power of contemporary art and all its demands. I enjoyed these roiling debates cocooned in artistic excellence!

From the orientation evening that informed us of the fellowship, to the day before we left for England, Birkbeck and the British Council were on hand to keep us informed. I was particularly touched by the program’s flexibility and understanding in the face of the unexpected. There was a real sense of openness of conversation and options, especially when it came to planning our individual research projects. If there was a change in direction which meant more resources would be needed, for example, they would not hesitate to put us in touch with the relevant modes of help.

Moreover, the fellowship program was structured such that we were introduced to the other people we’d be working with at an early stage to facilitate an easier melding process on arrival in Venice. Now, most would probably say the same of their own group but, mine was filled with the most incredible, laid-back but focused people. From early-career Oxbridge grads, to third wave career professionals who used their research practice to inform their doctorate, there was a diverse mix of interesting people. We had one thing in common: our love of art, its histories and its contemporary practices. In a way, the Biennale was the ideal hub for all of these keen minds to meet – which was, of course, the intention.

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The Bonnart Trust PhD Scholarship

Zehra Miah is a Bonnart Scholar who is currently undertaking a PhD on the experiences of Turkish immigrants in London from 1971 to 1991. In this blog, she shares what it was like applying for the scholarship and how it has allowed her to pursue her project full-time.

Pictured: Idris Sinmaz (Zehra’s grandfather) came to London from Istanbul in 1971 to work in the restaurant of his landlord’s son. His two sons and wife joined him in 1973, his married daughter stayed in Turkey. This image was taken in 1980, by which time Idris had opened his own restaurant, Abant on Kingsland High Street in Dalston. Abant is a lake in his hometown of Bolu, Turkey.

Freddie Bonnart-Braunthal founded the Bonnart Trust to fund research aimed at tackling the causes and consequences of intolerance. Largely inspired by his own experiences leaving Vienna in 1935 and being branded an enemy alien and interred in the UK, he wanted to provide funding for scholars, such as myself, to explore these topics and to use their findings to help make a more tolerant and equal world.

When considering embarking on a PhD one of the main hurdles, once you have written your proposal, met with a supervisor, perhaps even had an interview and secured a place is – how to pay for it! My own story, is that I had returned to study as a mature student with three young children and a full-time job as an Executive Assistant. I had studied for my BA and MA at Birkbeck part-time and decided that if I was going to do a PhD then I wanted it to be all or nothing, so I applied for a full-time place. Starting the PhD meant not only the loss of my salary for me but also for my family, even cobbling together the fees would have been a struggle.  In short, without the Bonnart Trust seeing value in my research and awarding me the scholarship, I would, best case scenario perhaps, be pushing through a part-time PhD or, more likely have made the decision to take a different career path.

As a prospective student, you will already know from the institutions that you have applied to that whilst there is not an awful lot of funding about, it is a different offer with every university having vastly different application processes. If you have chosen to study at Birkbeck, or you are considering it and your research area fits within the remit of the Trust, namely addresses diversity and inclusivity or social justice and equality, then I would urge you to consider applying for this fantastic scholarship.

My research considers whether ethnic, religious and racial labels have helped or hindered the Turkish speaking minorities in London between 1971-1999.  When I read the guidelines and spoke to my supervisors (Professor David Feldman and Dr Julia Laite) it was clear that the Bonnart Trust Scholarship was most closely aligned with my research interests.  I have previously held a fees scholarship for my Master’s at Birkbeck and one thing I was not aware of at the time is quite how many people I would meet, collaborate with and the opportunities to present that come along when you hold a scholarship.

These opportunities are worth just as much, as the funding,which is full fees, an annual stipend, and a research allowance of up to £1,000.  The scholarship is open to the entire School of Social Sciences, History and Philosophy so it is competitive, but I can honestly say that I thoroughly enjoyed the process. The form had very specific questions (as do all funding applications, and helpfully they all ask different things with different word counts).  For the Bonnart Trust Scholarship I had to succinctly answer a number of questions about my research in general, , why it was important, what sort of influence outside of academia I hoped for and the possibilities it might offer to help address some of the Trust’s aims; no section allowed more than 250 words.

I am naturally a ‘better in the room’ sort of person so when I was shortlisted and invited to interview I knew that this was my opportunity to demonstrate just how important I felt my research was.  I can understand though, that interviews can be a bit daunting and my interview for the scholarship involved a panel comprising a linguist, two historians and a political scientist (one of whom was a past Bonnart Scholar).  I had lots of great advice, but there are two key points I want to share; firstly, you are the expert and you love your project, but spend some time considering what could go wrong and what the challenges might be and secondly, be ready to address every member of the panel even if they are outside your discipline, find one thing to engage with them on within your research.  They aren’t there to catch you out; they simply want to hear that you have thought through your ideas.

I was in Prague Castle when I got the email informing me that I had been successful and I am so grateful that the funding is allowing me to carry out this work. Since starting my PhD I have had numerous opportunities to meet Bonnart Scholars working in other disciplines. Next term there is the annual Bonnart Trust research seminarwhich will, I hope, be a great forum to meet more people interested in what I do and doing interesting things; they are now my peers, colleagues and maybe even my future employers!

I would urge anyone who feels that their research aligns with the Trust’s mission to take a look at the website, have a read of the current and previous projects and see where you fit – and then apply!

Applications are now open for the Bonnart Trust PhD Scholarship and will close on 31 January 2020.

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Banking by day, Birkbeck by night

Mina Yau studied the BSc Economics with Business at Birkbeck while working full-time at the Bank of England.

I applied for the Bank of England school leaver programme after completing my A-levels in Economics, Accounts and History. After a successful application, I was able to start full time at the Bank of England. This meant I chose to work instead of pursuing further education, however I did not want to regret this decision and miss out on university. As such, I decided to take on further studies after my one-year probation at the Bank. It was difficult to find a university where I could continue working. However, Birkbeck gave me the opportunity to pursue further education whilst working full-time by offering evening classes (and an extra bonus of part-time studying across 4 years).

The Economics, Maths and Statistics classes at Birkbeck really helped develop my career in the bank as they taught me the necessarily skills for my day to day role. Whether it was better understanding how the economy works, the maths behind the metrics or even data programming – Birkbeck really helped widen my knowledge and skill set.

At the Bank of England, I started as a school leaver in the Data and Statistics Division, where I would collect data from banks and building societies via our internal systems and process this to specialist teams. After, I moved to the Financial Stability, Strategy and Risk directorate, working in the Macrofinancial Risks Division in the Households team. Here I was able to deep dive into risk metrics relating to Households and built a very strong understanding on housing data. I then moved to the bank’s Resilience Division where I currently work; this is similar to my last role but more focused on risks and the resilience directly to banks.

Diligence is fundamental for balancing work and study commitments. Often, late nights are required at work, which meant I was unable to attend some lectures. Luckily Birkbeck does have facilities such as room recordings which means I am able to catch up with classes over the weekend. Thankfully, the Bank of England is also filled with talented colleagues who are able to explain and help with any queries on the classes or homework which makes studying a lot easier.

If you’re in doubt on whether or not to apply to Birkbeck due to work commitments, I highly recommend just going for it. It’s an excellent learning opportunity and gives high rewards. I can proudly say that not only after four years at Birkbeck (part-time study) I have completed my degree, I also have five years’ experience at the Bank of England to go with it.

Finally, I’d like to mention Tony Humm, a fantastic lecturer for Maths for Economists – it’s a very well taught class and definitely my favourite module! If you have a choice, I highly recommend taking this class!

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The Compass Project: The light out of the darkness

Elizabeth*, a 37-year-old asylum seeker from Ghana in West Africa began her studies in Legal Methods (Certificate of Higher Education) at Birkbeck this year, thanks to the Compass Project. 

My name is Elizabeth. I am 37 years old. I am originally from Ghana in West Africa. It is a beautiful country near the coast of the Atlantic Ocean. I was born in Ghana and had my primary and secondary school education there. I came to England in 1999 to continue my education but due to unforeseen circumstances, I was unable to do so.

Now, I am studying a Certificate of Higher Education in Legal Methods at Birkbeck and during the day, I am the Grassroots Intern at Women for Refugee Women (WFRW). I work alongside the Grassroots Director, helping to run the drop-in session on Mondays and support refugee and asylum-seeking women.

The charity ensures a safe space for women who have sought asylum in the UK. To continue my support, I am also a member of Women Asylum Seekers Together London, a group run by WFRW that provides free English and yoga classes, lunch and advice on immigration, housing and legal matters with an advice worker for the women.

I have always wanted to study law because I have always had the sense of justice and fairness in my core, but being an immigrant in this country, it was very difficult for me to access higher education. I did not have my qualifications with me and I could not show them when I was asked; I also did not have the finance in place to study.

I found out about The Compass Project through the Islington Migrant Centre, a charity providing practical guidance and support for those who have sought asylum in the UK, as well as providing free English, art and music classes.

To find out more, I went to the ‘Prepare to Study’ session held at Birkbeck’s central London campus, where I was introduced to the College, given a tour of the university and found out more about the Compass Project scholarship.  Afterwards, I decided to apply.

The Compass Project team were so helpful and encouraging and I was so happy and pleased when I received the email that I had been awarded the scholarship. This meant that I could finally start my journey through law. It’s a bit challenging because I have not been through education for such a long time, but I receive a lot of support from the university and that helps to motivate me to stay committed to the course.

I am going to use my experience at Birkbeck to develop myself, to go on to complete the law degree and hopefully to become a constitutional lawyer. I would like to be able to have a positive influence in the law-making process in this country. I feel very lucky to have been given the opportunity to be able to study at Birkbeck – it feels very special to me and I do not take this opportunity lightly at all. My course mates are all very supportive and I feel blessed to have met so many people at Birkbeck who are constantly ready to help.

My advice to anyone looking to apply for the Compass Project scholarship to study at Birkbeck is to believe in yourself and not give up on your dream of higher education, because The Compass Project makes it possible.

Yes, it is possible. Just stay focused and be open to receive all the support and help available to you. Education is truly the light out of the darkness.

*name has been changed.

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