Taking Your Ideas to the Next Level | Business Plans
Mayo Business Plan Competition
- Annual competition (now virtual)2
- $60,000 in prizes to top three (30k – 1st/ 20k – 2nd /10k – 3rd)
- Evaluated on the creation and presentation of a business plan for a formulated product or service
Building a Team
- Define roles and responsibilities that need to be filled to achieve your vision
- Find committed individuals to fill those roles and who are team players
- Define in clear and measurable terms the rules of the group, responsibilities, due dates, meetings, goals, and the end vision the team is setting out to achieve
Building a Business Plan
- Define the Concept/Idea and establish its background and context
Form a clear description of concept and its benefits (value proposition)
How original/creative is the idea? Does it provide fundamental new value?
- Product / Service / Market
Product/Service provided by idea
Market Analysis (Target market, Competition, Barriers to Entry, and Competitive Advantage)
Marketing Plan
- Organizational Plan
Management and Operations
Personnel
- Financial Data (projected/expected in coming year)
Pricing/Revenue Model
Financial Statements
Impact of Prize Money and its potential for further developing/manifesting idea