To encourage more students to tap their entrepreneurial talents, Entrepreneur Philippines is staging the Entrepreneur Student Challenge 2011.
What the Competition is All About:
With the success of the first Entrep Student Challenge last year, ENTREPRENEUR Philippines is once again calling students to become innovative and become the next big thing in the world of entrepreneurship.
The student with the best business plan will win P100,000 in prize money, and a feature story in ENTREPRENEUR Philippines.
1. The contest is open to bona fide college student, between 18 and 25, residing in the Greater Manila Area. They must be currently enrolled in an institution registered with and accredited by the Commission on Higher Education.
2. To qualify, participating students must submit the following:
*Business Plan following the prescribed template
(Business Plan Template)
Statement of Purpose
I. The Company and its Business
II. The Product
III. The Market
IV. The Production Plan
V. The Managemnt Team
VI. Organizational and Personnel
VII. The Financial Plan
VIII. Potential Risks and Problems
*Photocopy of school ID/s
*Letter of certification from the College Dean
3. Individual and group entries will a maximum of six (6) participants may be submitted. Each individual or group participants may have advisers who are bona fide faculty members of the participating school.
4. Only one business plan can be submitted per individual/group participants. The business plan must not exceed 30 pages, and should follow the template prescribed.
5. Participants may submit a plan in any field of business. The financing required in startup cost must not exceed P1 million. (Startup cost are defined as expenditures incurred after the decision has been made to establish a particular business but before business operations begins.)
6. Criteria for Prejudging
*20% Business plan (Is the business plan/proposal complete? Does it comply with the requirements?)
*30% Soundness and viability of the business (Is the business proposal practical and the work plan feasible?)
*20% Use available resources (Is the business plan efficient and is it able to use the available resources?)
*30% Innovation (Is the idea of the business plan new and fresh? Does it exceed expectation and use new methods?
7. Judging panel: The judging panel will consist of experienced and respected entrepreneurs and business professionals and representatives of ENTREPRENEUR Philippines. Prejudging of entries will be done from September 19-23, 2011.
8. The winning individual or group MUST use the P100,000 in prize money to form part of the startup capital of the business they proposed in the business plan. The prize money must be used for this sole purpose within a reasonable amount of time, to be determined jointly by the winning team and ENTREPRENEUR Philippines / Summit Media. Documents attesting to this use must be submitted to ENTREPRENEUR Philippines / Summit Media.
*Business plan and requirements should be emailed to email@example.com from July 1 to September 16, 2011.
*Prejudging of entries will be done from September 19-23, 2011.
*10 Finalist will be revealed by the 4th week of September.
*10 Finalist’s personal interviews with the panel of judges will be done from October 1-10, 2011. Winners will be known by October 24-28, 2011, and will receive their awards in December 2011.
Criteria for Judging:
*25% Soundness and viability of the business (Is the business proposal practical and the work plan feasible?)
*25% Use of available resources (Is the business plan efficient and resourceful?)
*25% Innovation (Is the idea of the business plan new and fresh? Does it exceed expectation and use new methods?)
*25% Panel Interview (Does the individual/group present and defend the business plan well? Does the individual/group fully understand the business plan’s overall content and its objective?)
Entrepreneur Student Challenge 2011 is another opportunity for students to showcase their money making business ideas. This is just a challenge for writing feasible business plan but a big step forward for students participants. Winners will surely become the bosses of their own businesses after graduation and not to be part of the fresh crop of graduates seeking employment.