Start-up Enterprise Team Event
Start-up Enterprise Team Event
By Nathan Lee, State President
Have you ever wanted to start a bakery? Ever wanted to revolutionize the tech industry with your brilliant idea? Ever wanted to be an entrepreneur? If your answer is yes to any of these questions, you might want to consider participating in Start-up Enterprise Team, arguably one of the most business oriented events offered in BPA.
Start-up Enterprise Team is a virtual event designed for students to explore various aspects of business planning. Virtual event is a non-conference event that students can submit a project online to qualify for the National Leadership Conference by getting top ten placement. Out of eight virtual events, Startup Enterprise Team is one of the most popular. Students in a group of two to four work together to come up with a business idea and draft a business plan for it. After completion, the drafts should be formatted in an appropriate way as stated in the event guidelines and be turned in. The business plans then go through the selection process and the judges pick outstanding teams for video interviews. During this interview, your team will have to give a short presentation summarizing the business plan. The judge will then ask questions, which can be practically anything, from the source of data used for financial analysis to logistical issues such as the location of raw material imports and the reason behind choosing the location. The business plan and the interview will be taken into account for the Nationals team placement.
The business plan must include the following sections: executive summary, description of proposed business, objective of business, proposed business strategies, products and services provided, management and ownership, marketing analysis, and financial analysis. There may be additional sections depending on the type of business, but the core sections stated above should still be strong and consistent. As the judges grade the business plan and the interview, they look for logical and coherent statements that resonate consistently throughout the entire business plan and sufficient reasoning behind the decision made. Even if the reasoning is not based off of statistics, something as simple as the headquarter of the company being close to a manufacturing plant may be a solid reason to why a facility is located at a place.
The event should be turned in by mid-February, and there is a $20 fee to enter. With a 15 page limit, the business plan should be concise, engaging, and well-written with few or no grammatical or spelling errors. Below are the specific competencies the judges look for.
· Demonstrate knowledge and understanding of entrepreneurship
· Communicate research in a clear and concise manner both orally and in writing
· Demonstrate effective persuasive and informative communication and presentation skills
· Identify and utilize internal and external resources
· Develop a written business plan for a start-up business
· Identify customer base including consumer and organizational markets and demographics
· Identify customer relations or markets
· Demonstrate successful price selection including the reasoning and methods used in determining the price
· In addition, an analysis of the necessary financial data required to establish their business
As a veteran of Start-up Enterprise Team who went to the National Leadership Conference for it, I highly recommend that you give it a shot. There is a lot to learn from planning and drafting an entire business plan. In addition, the event prepares you in multiple areas of business such as marketing, operations, finance, and management. With all these reasons, why wait to be an entrepreneur?