With that kind of money and influence at stake, here is insider advice from organizers, judges, and competitors: Winning a Business-Plan Competition: Pick a Strong Team Megan Mitchell, senior associate director of entrepreneurial programs at the University of Pennsylvania's Wharton School, helps students manage the Wharton Business-Plan Competition."Make sure you look outside your closest friends for your teammates," she says. "If you're a med student, find a business student who might be interested in helping you commercialize your idea." Internal friction and bickering can be devastating.Burke says that while young entrepreneurs can fill their knowledge gap by creating an advisory board.
"Any existing company is going to be able to undercut you until they put you out of business." When setting a price point, coming in higher than existing products and services can actually be better, Holly says.
This shows that the business is offering something with more value.
"Understand the mindset of the consumer, understand what it is they have to do." Then use those insights to develop an idea.
Behnke's team proposed a networking site that would connect parents looking for nannies with college students in their communities. "If we had focused on what they said, what they needed, and how we addressed that, it would have been more compelling." If you have the greatest product in the world but no customer, you don't have a business, he added.
"But when we won the MIT competition, I would send that in my intro letter." As a result, he landed a meeting with the search engine company Hot Bot.
Competition In Business Plan Unilever In Brazil Case Study Swot
That led to deals with AOL, and Microsoft and Lycos.
Even if it seems like there isn't obvious competition, think about the alternatives to what your team is proposing.
Recognize that, at the very least, those alternatives are competing for your customer's attention.
Investors are looking for teams with sustainable advantages, he says.
"Hopefully if they have a technology, they have a patent on the technology." Dig Deeper: The Best Industries for Starting a Business Right Now Winning a Business-Plan Competition: Use Your Resources to Plan Well Luke Behnke is a second year MBA student at the MIT Sloan School of Management, and one of the directors of the school's 0K Entrepreneurship Competition.