What goes into your Preliminary Business Plan Proposal? What you should know before submitting your entry.

Eligibility and General Info

  • Students can participate individually or as a member of a team (three to five members). Cross-disciplinary teams are strongly encouraged.
  • A team or individual can submit only one proposal. An individual cannot be a member of more than one team.
  • Your strategic business plan must be developed during the student’s time at the university.
  • Participants, whether teams or individuals, can have advisers and coaches. These advisers can be faculty members, business executives, entrepreneurs or family members. This is not a requirement. However, it is the students who must present their business plan and participate in the competition.
  • Only students are eligible to earn prize money. No payments will be made to non-students.

Preliminary Proposal

The name and nature of the proposed venture:

  • An overview of the project and the key points
  • Layout the steps needed to launch the project successfully
  • Describe the product or service or concept you wish to provide
  • Who will be the user of your product, service or concept?

An assessment of the need for your product or service or concept:

  • Who is your target market? How did you identify them?
  • What is your solution and what benefit will your product, service or concept provide?
  • What will make your product, service or concept competitive to the user?

A review of existing and potential competitors:

  • What similar competitive products or services are there?
  • How will you compete with them?

A description of how the product, service or concept will be created, distributed and sold:

  • How will the product/service/concept be made and distributed to others?
  • What resources are required to make this product/service and implement this concept?

Sources of financing, prospects for success and appeal to potential investors:

  • What is the expected cost of launching this project?
  • What are the potential sources of funding to launch the project?
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    Lori Cary
    MBA
    Director for Student Success
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