Event Geek

Presented below is the My Business Idol Mechanics 2010:

 1. The Mandaue Chamber of commerce and Industry in collaboration with the (CHED 07) shall be inviting 8 or more colleges and universities with business administration or Management undergraduate programs. Each participating college or university will send a single school team to participate in the My Business Idol 2010 Contest. This will be held at the Cebu International Convention Center on September 20, 2010, 1:00pm to 5:00pm.

2. Each participating school shall field their school team comprising two (2) bonafide business/management students and two (2) faculty members of the college or university. One faculty member shall act as panelist, while the other faculty member shall act as the business coach to the 2 students/contestants during their business presentation and interpolation.

3. Each team shall present their business idea and business plan (in the form of marketing a product or service), and the corresponding financial projections. At the end of each presentation, the business idea and business plan shall be critiqued by the panelists from the different schools, and then by the judges.

4. The proposed business should not be just a "buy and sell" venture or just engaging in a franchise arrangement of an existing business, but should manufacture and/or create a product or deliver/render a service. It should either fit one of three categories: Creative (event management, creating a theater group, starting a music group, manufacturing a new product or design, innovating a new food menu or restaurant concept, new products out of indigenous or local materials), environment friendly (something that will preserve or save the environment), or tourism-oriented (that will promote local or international tourism).

5. The business should not have a capitalization of more than Php250,000.00 The business plan must be practicable that Cebu province country-side micro, small and medium entrepreneurs would be able to and profitably implement the plan.

6. The main goal is to explore business possibilities requiring no more than Php250,000.00. The students shall do the research, write the proposed business venture and agree to cede the rights of their proposal or business idea to the country-side entrepreneurs who shall be interested in their proposal.

7. The students shall submit a business plan of their proposed business venture of no less than 30 page, 1.5 line space, Arial font 11, A4 size paper.

8. Their presentations shall be watched bu interested entrepreneurs. Any countryside or city entrepreneur who is interested in the venture can purchase the business plan from capitol or from MCCI at a minimal amount, and can freely engage the students as their consultants or business partners. In effect, the innovative business idea may be presented (like malunggay ice cream of last year) and may then be pursued by an entrepreneur who may be interested in implementing the plan. The entrepreneurs may likewise pursue the business on their own, or they have the option to approach the students to teach them the formula or be their partners, for which the students may work out a possible fee or share of the business. This means that while the business plan contain major points of a business venture, including projected financials, the business plan does not necessarily have to reveal propriety technical information (e.g. food recipe) for which the entrepreneur may have to approach the students if they want such same recipe for their venture.

9. Before the contest begins, the presenting teams shall draw lots to determine the order of presentation.

10. With the order of presentation determined, each team, consisting of 2 students and 1 faculty-coach shall present their business plan. Only the students/contestants are allowed to present their plan as well as to defend their presentation during the panel questioning and critiquing. The faculty-coach shall act as their coach-adviser, who may coach them only (on the side) during the defense.

11. before the presentation begins, the presenting teams shall provide the eight (8) panalists and four (4) judges a one-page summary of their presentation.

12. Visual aids in the form of multimedia are encouraged during the oral presentation.

13. Oral presentation of the business plan shall observe the following guidelines:

a. The proponents are starting up a new business which shall not require more than Php250,000.00 for capitalization in the first two years of operation.

b. The presentation shall include the following concise descriptions:

   b.1 The product or service the proponents intend to offer or render;

   b.2 How the product will be produced, sourced out; as in the case of the service, how rendered;

   b.3 What the competitive industry is like, and the potential target markets that shall be served;

   b.4 The marketing mix tools: Product, Price, Promotions, Place, and Packaging;

   b.5 The competitive strengths and weaknesses of the product offer or service;

   b.6 The potential revenues in units and pesos, and income in the next three (3) years;

   b.7 The compelling reason why the product offer or service must be in the market.

   b.8 The marketing efforts and campaigns to introduce the product to the target market.

   b.9 The three (3) year financial statement of based on the item b.6 (to include revenues, cost of goods sold, gross profit, operating expenses, selling expenses, other expenses, and the net income);

   b.10 A brief explanation of the business stake of a potential investor (a country-side micro, small medium enterprise intending to invest and implement the plan, expounding how much he/she will own the business, and how much is the return on investment.

c. Each team shall be allowed a maximum of five (5) minutes to do their presentation. Prior to the start, each team is given a maximum of (2) two minutes to set up their materials including the distribution of the one-page summary and/or product samples (if any) to the judges.

d. Te five minute presentation will start upon the utterance of the first word by the participant or upon the lapse of the two minute setup time.

e. After each presentation, two (2) of the eight (8) panelists shall be tasked to ask questions and critique the business idea and business plan. Each question, comment, or critique shall be limited to only one (1) minute. Each panelist shall be allowed to critique, comment, or ask a maximum of two (2) presentations.

f. The organizers shall pre-determine which panelists shall ask which schools' teams. As to which panelist shall be tasked to critique the other schools' teams will only be made known after each presentation.

g. The team (2 students and the faculty-coach) may confer with each other for a maximum of fifteen (15) seconds. The coach may give tips to the students, but only one of the students-contestants is allowed to answer. Students-contestants are allowed a maximum of one (1) minute to rebut the comment, or answer the question raised.

h. Strict monitoring of the time limits shall be observed, whether during the set-up, the presentation or the answering of questions. A yellow light will go up when there is 30 seconds left, and the red light will light up when the time is up. The contestant will have a maximum of 15 seconds to wrap up, otherwise, power to the sound system will be cut off after the said 15 seconds.

i. After the panelists' question and answer segment, two (2) of the four (4) judges shall also be tasked to ask questions and critique the business idea and business plan. Each judge shall be given a maximum of one (1) minute to make a comment or ask a question. As in the previous ruling (item e), the students-contestants are allowed a maximum of one (1) minute to rebut the comment, or answer the questions raised by the judges.

Criteria for Judging:

Marketability and probable market acceptance of the presented product or service (20%)

Technical presentation of the 4P's of the product (20%)

Quality and accuracy of the financial projection (20%)

Viability of the overall business considering the technical, marketing, and financial aspects presented - in terms of cebu province country-side implementation (20%)

Quality of the presentation and answer/rebuttal to the 4 Questions (20%)