Entrepreneurship (Starting a Business)

Objective of the Event

Students will develop a proposal to start a business, then presenting the proposal to a potential investor or financial institution representative (judge). The proposed business may be a sole proprietorship, partnership, corporation or franchise.

Learning Outcomes

• Use written communication in forms and reports.
• Collect information, obtain facts and ideas.
• Develop a marketing/promotional plan.
• Apply entrepreneurial principles and techniques.
• Demonstrate knowledge/understanding of customer/client needs.
• Analyze business opportunities.
• Self–evaluate personal interests, skills and abilities.
• Understand the basic steps involved in starting a small business.
• Interpret financial statements.
• Develop a financial plan.
• Understand the importance of time management in dealing with the unique demands of business ownership.
• Understand factors relating to human resource management.
• Demonstrate knowledge of the components of gross and net profit.
• Develop a marketing/promotional plan using a complete marketing mix.
• Organize and communicate ideas and concepts effectively.

Other Characteristics

• This is a one–to–three person event.
• Students must prepare a 10–page written prospectus according to the official guidelines.
• Students must prepare a 15–minute presentation of the prospectus; question and answer period is included in the 15–minute time limit.
• Event has NO test.
• Event includes the presentation to judge.
• Students are encouraged but not required to use presentation aids including computers and other technologies.

Click HERE to download the complete official event guidelines.