SIFE teams from all over the world engage in projects that meet the seven success criteria. It is mandatory for all SIFE projects to relate to at least one of the seven SIFE criteria. The seven criteria which need to be found in the project(results) are listed and explained below.
1. Market economics
This success criteria deals with understanding how a market-based economy works and the basics of a market economy. The first thing to understand is how the market works, to understand that there is a free price system, which works with supply and demand, and that the labor is divided.
2. Success skills
When one understands the basics of a market based economy, one needs the skills to be successful in this economy. This criterion is about acquiring education and skills, that are necessary to survive in dynamic, competitive global economy.
3. Entrepeneurship
When one understands the economy, and knows how to survive in it, one may want to start an own business to acquire the means to live. This success criteria deals with teaching how to become successful when having a business, or learning how to start an own business and make it successful.
4. Financial literacy
When one started an own business, and it is successful, one will start making money. Financial literacy is very important to survive in an economy.
Understanding how it works, what the value of money is, how much can be spend, and more. This is a very important part of being successful in a market based economy, because money plays a big role in the economy.
5. Business ethics
In principle, one can do business and sustain themselves when they have acquired all the skills mentioned above, and have met all the criteria. However, one still has to learn the ethics of doing business. This is more about how to behave, and which values to have. There are certain values, that are also punishable by law, if not followed, but there are also certain values that are not punishable by law, but are important to be moral in business. Success and prosperity are depending on the ability of businesses to be ethical.
6. Enviromental sustainability
The environmental sustainability criterion is a reasonable new criteria. Today it has become even more important to be sustainable. Everyone watches the news, and sees the impact we have on our environment. Therefore, it is important for businesses to think about how they can not only be economically sustainable, but also environmentally sustainable.
7. General sustainability
This criteria is more about the sustainability of the team, and educational progams. It deals with how successfull the team developed and executed a strategy to ensure their long term sustainability.
Which projects do we have?
Stenden SIFE Leeuwarden currently works on several projects. Each project relates to one or more SIFE criteria. The listed projects are performed in Africa or in The Netherlands.
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