2007 Kid Business Plan Contest

Now accepting business plan submissions!
The winner will receive a free scholarship to an upcoming session of Enterprise Camp!

·        When you get an idea for a business, how do you know if it’s great?

·        How can you tell if it will work or really make money? 

Writing it all down in a business plan is the first step and will help you envision the entire scope of the idea in tangible ways. 

When we look at the idea through the plan, we might see where we need to approach something differently in order to succeed.    

So take that great idea for a better mousetrap or the best lemonade stand ever and write about it in the following format. Be sure to address each of the areas of planning.  

JUDGES:  

·        Enterprise Camp participants who are now Camp Counselors with businesses of their own.

·        Local successful business owners and entrepreneurs.

·        UT students from the McCombs School of Business.

The top five contestants will be invited to meet with the panel of judges and receive valuable feedback on how to turn your plan into a successful business in the real world!   The winner will receive a scholarship to attend an upcoming session of Enterprise Camp where you will put your ideas into practice.

CONTEST REQUIREMENTS:

  • Deadline for entries is June 20, 2007
  • One entry per person.
  • Must be 8 – 18 years of ages to enter. 
  • Email the  plan, attached as a Word Document
    to BusinessPlanContest@TheMoneyAcademy.net
  • Be sure to include your name, age, school, and personal contact information

Tell us how you would create your own business! What is your product or service? What are the costs involved? How will you profit? Who is your target market? We want to know.

Now go ahead and dazzle us with your great idea! We can’t wait to read all about it.

1.  Business Idea:

  • Describe the Product or Service
  • Why did you choose it?
  • What is your special talent, experience or interest?
  • What are the trends for this segment of commerce or other businesses like this?
  • What other businesses exist like this?

2.  Market Analysis:

  • Are there enough customers to support your business?
  • Who would be your customers?
  • What are their demographics (age, interests) and  geographics (location)?
  • What are your customers’ needs?
  • How are they being met now?
  • How will you get your message out?

3.  Financial Plan:

  • Will you need start-up money?
  • How do you expect to make money?
  • How long will it take to start making money?
  • How much will you charge?
  • How much money do you expect to make after expenses?

4.  Operating Plan:

  • What physical arrangements will be required to do your business? 
  • Will you need to have space or special equipment to do business?
  • How will you distribute your product?
  • How will you make your product?
  • What are some of the risks and challenges your company will face?  



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