India, the largest democratic in the world is also going be the youngest country in the ageing world. This can become a boon if the human resource is properly utilised. Otherwise it becomes a bane to our country. We have a large number of young people or in other words large number of people falling under the working age population. Providing jobs to such a larger group is highly impossible until the number of employers gets increased. So there is a need to create more employers or in other way more number of entrepreneurs. To achieve this , we need a change in mind set where the young graduates understand the concepts of business through practical approach .SAEISS’s Business plan competition is one such a platform provided for the students to unleash a entrepreneur sleeping within them.
Over the years the number of participant s for the business plan competition has drastically decreased as student’s clarity about framing a business plan is very less. Students in general combine their pre-final year or final year projects with any sample business plan which is readily available on the internet. Thus the concentration of students eventually moved towards impressing the moderators with technical matters thereby fading away the actual colour of the business plan. In near future, students may consider business plan competition as an alternative to paper or project presentation. In this case, students do not really stress themselves in doing their homework needed to draft a new plan. Instead the students download and modify the business plan presented by their seniors or any resources available in the internet or textbooks. So the students really don’t understand that this is a platform to learn what business is but take it the other way. So with the help of young budding entrepreneurs a new plan is proposed to SAEISS student convention 2017 champion to redesign the competition rules which is as follows
- Team size is reduced to 3 from 5, in order to make each individual contribute towards preparing & presenting a plan in a effective manner
- Any number of teams for Tier-1. The winner & Runners of Tier-1 shall be allowed to participate in Tier-2.
Business plan reporting
- Written plan as per the format prescribed only(<2000 words)
- Presentation (<15 slides)
- 1 printed copy & electronic file of plan in pdf format
Tier-1-Case Study of a real Business model
- To allow participants to study about a company and its operational model
- To understand the basic concepts of doing a business
- To induce the participants to generate new ideas.
- The teams are asked to choose a company which was started and currently existing in India for more than 3 years.
- The company should fall under any of the following sectors – Automobile Retail & E-Commerce, Agro-based, IT, FMCG, Food,Travel, Pharma, Environment
- The company should be active and doing business
- Mention the company name and its sector
- Brief about the founders and management team
- Consider them as one of the management team & mention about their contribution to the management team
- List the company’s offering in terms of products and services
- Explain one key product/service in detail, speak about who are the customers for that product and what benefits it provides
- Mention about the various marketing channels used by the company? How did the company get its initial customers to use the product?
- Brief why your potential customers would choose the product/service? Is there a need for the product?
- Mention about the competitors and how they are they different from their competitors
- If given a chance to start a company on their own, what product will they come up with? Brief about the solutions that they are going to provide for the problem identified from any sector
Tier - 2:
The team selected for Tier-2 should draft a marketing plan with the idea that they have proposed at Tier-1 level and should use the knowledge gained from Tier-1 to frame a effective plan in the following format
- Market need/gap (team must be aware of its strengths and weakness through internal and external analysis and look for market opportunities).
- Company offerings (team must analyse its product and services from the viewpoint of the customer-outside in thinking. What is the customer looking for and what benefits does the customer want. The business must gain knowledge of the marketplace from its customer)
- Target market (team should analyse its target markets).
- Marketing strategies (the team should frame its marketing /sales tactics that will allow it to achieve or surpass its goals).
- Unique selling proposition (what is unique about your product and why should anybody try using it?)
- Competitive analysis (the team should know its competition, current and potential. By identifying the competitor’s strengths and weaknesses the business can improve its position in the marketplace)
- Team, roles and responsibilities
- Road Map (How the company will grow in the next 3 years)
- Investment required initially and justification.