CEO to host largest collegiate business plan in the Midwest
Released: December 7, 2007
Now is the time to start planning your next business venture and take your creative ideas to the next level. With nearly $10,000 available in prize money, the chance to compete in the Warhawk Business Plan competition is just around the corner.
The competition is sponsored by the Collegiate Entrepreneurs' Organization (CEO) and students at the University of Wisconsin-Whitewater will learn first-hand the importance of writing a quality business plan. The largest collegiate business plan competition in the Midwest, the purpose CEO's competition is to encourage new, original ideas or existing business opportunities. As mentioned on the CEO Web site, the key to a successful business plan is structure and a plan that captures an entrepreneurial vision.
"We want people to establish business plans while still in school and UW-Whitewater is a great place to do this. Through professors, student organizations and peer review, students can learn the steps to creating an effective plan," Vanessa Lund, president elect of competition, said.
UW-Whitewater students and alumni are encouraged to participate in the contest. Teams cannot exceed five members and at least one member of a team must be a part-or full-time student at UW-Whitewater. All teams must register before Feb. 7, 2008. Student businesses currently exceeding $10,000 annual revenue are not eligible to participate unless they are seeking an expansion of the current business, thus presenting a business plan detailing this expansion.
"My hope is that the plans will continue to improve and one or more organizations will be started as a result of this process," Management Professor and CEO Advisor Bill Dougan said.
Teams are encouraged to attend the business workshops provided by CEO to assist in the creation of a business plan. The first workshop on Thursday, Jan. 31, 2008, focuses on team building and idea generation. This meeting is critical to attend for contestants considering entering the contest and looking for additional teammates. The second workshop on Thursday, April 28, 2008, addresses finding the market and relevant trends for a business. The third, and final workshop, on Thursday, April 3, 2008, will address business plan outlines and financials.
"The best part of this competition is that you are able to see the spirit of people who have truly put time and effort into their plan," Lund said. "This competition is a nice demonstration of the creative ideas our students have and some of these ideas have the potential to help not only the university, but our state."
Submission of a business concept is due Thursday, Feb. 7, 2008, and the advancing teams will be contacted no later than Feb. 20, 2008, to compete in the semi-final round. Winners will advance to various rounds with the top 10 teams contacted on or before March 19, 2008, to participate in the final round. A panel of judges will then select the three best business plans.
"Students can benefit in a number of ways from participating in this competition and this is a great opportunity to carry out the business-planning process," Dougan said. "The learning associated with planning is extremely valuable and even if students do not win, successful individuals in the business community will provide feedback that can enable students to carry out their plans."
Cash prizes for the top three plans will be awarded at the CEO Warhawk Business Plan Contest Award dinner May 1, 2008. First prize will receive a minimum of $5,000, second a minimum of $2,000 and third a minimum of $1,000. Fourth through 10th place finalists will receive honorable mention and cash prizes.
For more information on the competition, visit CEO's Web site at www.uwwceo.org/Content/businessplan.asp or e-mail questions to macontest@uww.ceo.org.
- Patti Schenker,schenkerpl07@uww.edu
