Tuesday, March 1, 2011

PP3 01 Time Management & Investment


1. Architects need to know how to read the economy. We know there's a 7 year cycle, so knowing where the economy is heading helps architects to handle their work. This profession stands right at the front-line of domino when the economy starts changing. Building industry will be called to halt when economy is not good, vice versa.

2. When it is booming, more projects come in, more work obviously, hence probably need more workers. Cash flow looks awesome, everyone seems happy.

3. When the economy is sliding down the graph, be prepared to be in a period of leisure-sketching, client hunting, reading books, updating websites, drinking coffee and learn new ArchiCAD skills. Wether we like it or not, the cycle will happen, and we just have to live with it.

4. Make some good friends with lawyers that specialize in the law of brankruptcy. They might prove to be a worthy companion during the problematic years.

5. This profession can only generate us money with our own effort (I'm hoping its not). It is not like a computer-gaming industry where the experts spend a fair bit of time creating the game, and once the game is on the market, the money keeps on rolling into into their bank account. So, time management is very important.

6. Some clever firms in Melbourne was said to have a sub-firm (i think that's what they call it) in every time zone so that they would have their drawings being produced every second. Its all about productivity and efficiency.

7. It is advised that only 70% of an architect's income should come from his profession. The other 30% could come from other alternatives. This is where investment comes in. 

8. The architecture profession nowadays is not the same as it was 25 years ago. Back then, fresh graduates enter firms, worked their way up the office organisations, and perhaps be one of the CEOs. There is a clear career path there.

9. Now, this profession is not based on that career path anymore. It is more towards project-based. If an architect's CV shows that he or she has been involved in the construction of a lot significant buildings, he or she is more desirable. (Is it applicable in Malaysia yet?)

10. There are 3 architecture bodies in Australia that students need to remember; they are the AACA, AIA and ARBV.

ps: just some notes from Professional Practice lectures. 
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