WHITEWATER 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 Entrepreneurs¹ 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 CEO¹s
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.
³We 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,² 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.
³My hope is that the plans will continue to improve and one or more
organizations will be started as a result of this process,² 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.
³The 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,² Lund said. ³This
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.²
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.
³Students 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,² Dougan said. ³The 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.²
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 CEO¹s Web site at
http://www.uwwceo.org/Content/businessplan.asp or e-mail questions to
contest@uww.ceo.org.
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University Marketing and Media Relations
University of Wisconsin-Whitewater
Hyer Hall, Room 400
Phone: (262) 472-1195
Fax: (262) 472-1196
E-mail: news@uww.edu
Web: http://www.uww.edu/marketingandmedia/
