1. What is SIFE’s vision?
To be a catalyst for the development of leaders who will create a better world through business.
2. What is SIFE’s mission?
To create global partnerships between business and higher education institutes to enable university students to make a meaningful contribution toward a better world. As entrepreneurs and business leaders of tomorrow, students are challenged by SIFE to address real world business and economic issues in their communities.
3. What are the SIFE criteria?
There are 7 SIFE criteria:
1) Market Economics
2) Success Skills
3) Entrepreneurship
4) Financial Literacy
5) Environmental Sustainability
6) Business Ethics
7) Sustainability: Team and project
4. Why these criteria?
SIFE’s primary goal is to create economic opportunities for others through educating them about specific topics.
The topics were carefully selected and organized to empower SIFE participants around the world.
The foundation of that education is how a market-based economy operates (Criterion 1).
Once that concept is understood, members of the economy fall within one of two basic categories: employees or entrepreneurs. Employees must have the skills needed to successfully compete in a global economy (Criterion 2)
Entrepreneurs must have the ability to identify a market need and successfully create a product or service to satisfy that need (Criterion 3).
After the skills of employment or entrepreneurship are successfully obtained, it becomes increasingly important to understand how to manage money to become and remain financially independent (Criterion 4).
At a personal and business level we must then operate in an environmentally sustainable manner (Criterion 5).
The common moral thread present throughout the process is an understanding of sound business ethics (Criterion 6).
Lastly, a plan must also be in place to ensure the long-term sustainability of the team and its projects/programs (Criterion 7).
5. How can I join the SIFE India network?
You can register yourself at the website: www.sifeindia.org and be a part of the India network. Please note that you will need to register at www.sife.org to be a part of the global network.
6. Who can be a Faculty Advisor?
A Faculty Advisor is a faculty in the academic institution he/she represents. There is no limit on the number of advisors a SIFE team can have. One of them, however, must accept the title of Primary Faculty Advisor.
Those accepted as Faculty Advisors must have a thorough understanding of the free enterprise system, and the ability to work with students, community groups and local businesses.
7. What is the role of a Faculty Advisor?
The key responsibilities of a Faculty Advisor are:
- Providing mentorship to SIFE members
- Regularly attending SIFE meetings, fundraising activities, and outreach programs
- Guiding the SIFE team and evaluating competition presentations
- Preparing SIFE students for competitions
- Serving as an advocate for the SIFE organization on and off campus
- Ascertaining that the SIFE team has met all requirements
8. Who can be a Business Advisory Board (BAB) member?
A BAB member can be an individual from any industry or the local community who is in a position to add value to the team. They can offer guidance in fundraising, developing organizational accountabilities, creating valuable connections, and fostering a strategic focus for the team.
Potential BAB members can be from:
- SIFE team alumni
- SIFE companies with a presence in your community leading business, educational and civic organizations in your community
- Businesses that you have an interest in and can provide guidance for a specific project(s)
- Members of the mass media
9. What is the role of BAB Member?
The role of the BAB members is to:
- Inform the SIFE students of current business concerns and trends
- To critique annual reports and presentations, and provide networking opportunities
- To mentor students on at least one project each year
10. What does the seventh SIFE Criterion of “Sustainability” mean?
SIFE’s criterion of sustainability is critical in ensuring the long-term success of the team’s overall program.
This criterion provides an opportunity for the SIFE teams to demonstrate how effectively a plan is developed and executed to ensure the long-term sustainability of the team and its educational programs.
The criterion is intentionally broad so each team can determine the factors that are most critical and unique to their success.
The criterion addresses two different aspects of sustainability:
- Sustainability of your team
- Sustainability of your educational programs (projects)
At the competition, the decision of the judges is based on how well each team developed and executed a comprehensive sustainability plan taking into consideration the various factors unique to their community.