'2018/01'에 해당되는 글 2건

  1. 2018.01.23 Kean Business Plan Competition
  2. 2018.01.05 To A Worrying Girl...

Kean Business Plan Competition 



First Round (Executive Summary Competition)

Please Complete an Executive Summary of Your New Business Idea, and Submit it to bizplan@kean.edu after registering yourself at www.kean.edu/bizplan. 

Executive Summary Form is accessible at www.kean.edu/bizplan

Executive Summary (1-2 pages single-spaced)

1. Company Name & Contact Information

Company name and location:

Your contact information (names, email addresses and phone numbers): 


2. Opportunity/Problem

Briefly describe the key problem or unmet need that you will address for your customers. 


3. Solution

What products or services will you offer to address the problem above to meet your customers’ need(s)?


4. Competition and Competitive Advantage 

What other options do your customers currently have to address their needs, and what makes your solution better for them?

What is your “crystal clear” competitive advantage?  What are you most counting on to encourage potential customers to buy from you?

If you have a common business, explain why customers need your particular business. Do you offer lower prices? More convenient hours? A better location or distribution method? A specialty that is not otherwise available in your area?  Do you have a different way of promoting your business?

If your company is doing something new and different, explain why the world needs your product or service innovation. What is it about existing businesses or situations that are subpar? Are you improving on a mediocre product or service category? 

5. Target Market

Who is your primary target market?

What is the size of that market?

What are the key trends affecting your industry that will make it an attractive market (e.g. competitive, economic, cultural, demographic, lifestyle, technological, political/legal, environmental sustainability, etc.)?


6. Why Us?

What is it about your company — your skills, experience, subject-matter expertise, business acumen, team, innovations, industry connections, key advisors, and so on — that makes you (or your team)the right one(s) to take advantage of this market opportunity?


7. Forecast

Summarize your financial goals. How much revenue do you expect to make in the first year of your business? What kind of revenue growth do you expect in the following years? When do you expect your business to be profitable, or do you have a strategic reason for running at a loss instead? 


8. Financing Needed

How much money will you need to raise and what will it be used for? 

  How do you plan to fund your business?    Will you need to seek outside financing or invest your own money to get it started?


The Submitted Business Plan will be evaluated in accordance with this evaluation rubic measurement. Please keep in mind this measuring factors when you write up the executive summary.



Definitions of Rubic

Business Opportunity

Presented the business opportunity and how the company will take advantage of that opportunity


Distinctive Product or Service

A unique/well-thought-out product and/or service that gives the company a competitive advantage


Target Market 

Explained the target market, its need, its size and the customer usage trends


Management Capability

Discussed how the founder and his/her team will develop this company and handle the associated risks


Financial Understanding

Displayed a good understanding of the financial requirements and projections for the business


Investment Potential 

Clear and compelling business idea, obvious investment potential


Quality of presentation

Presented business idea in a logical, persuasive manner, and answered questions convincingly. Visual materials effectively supported and enhanced the oral presentation.

All ratings are on a 10-point scale, with 1 being poor and 10 being excellent.


Example of Business Plan Evaluation



Samples of 1st Round Winners' Business Plan Idea

Green Community Farming

zzzGreenFarming.docx


HealthyBlender

zzzHealthyblender.pdf


MasterPiece

zzzMasterPiece.docx


Intellectual Exchange community

zzzIntellectual exchange community.docx


Smart Mirror

zzzSmart Mirror.docx


Cougar's Food Truck

ZZZCougar's Food Truck.docx



Second Round (Full Business Plan, Due date: Tentatively Mar. 19, 2018)

Semi-Finalists are expected to develop a full business plan that describes each following items in detail.   

1.Company Name & Contact Information

2.Opportunity/Problem

3.Solution

4.Competition and Competitive Advantage 

5.Target Market

6.Why Us?

7.Forecast

8. Financing Needed


Please Complete a full business plan, and submit it to bizplan@kean.edu until the due date.


Here are several samples of Full Business Plans that won prizes in previous Kean BPC. 

Full Business Plan Example: 2017 Kean BPC Prize Winners

- Fly Solo: 

Fly solo full business plan .pdf


- Home Style Furniture: 

Homestyle Furniture-Full business Plan.pdf


- Leisure & Love Coffee Shop

WKU Leisure & Love Coffee Shop.pdf


You can also refer to the following website: 

Guide to developing a full business plan: 

https://articles.bplans.com/a-standard-business-plan-outline/




Finalist Notification (Mar. 29, 2018)

Three finalist teams were chosen

Green Community Farming: 
Community or Urban farming is a popular social enterprise model in the US and Western Europe. The plan identified a unique niche for the target customer. However, the business model seems like a B2C, which may limit the growth of the social value from the business. Social enterprise model can be sustained and flourish if the model is deeply embedded on a specific community and local environment. The plan does not tap the aspect yet. If the plan can show the potential of B2B or B2Community, it will be more fantastic. 
The plan addresses a unique target market : Vegetarians; Muslim; Females; Healthy food consumers based on their marketing research and market analysis. And the plan proposed using S-ERP system for controlling function at the start-up. A smart idea! And the plan proposed a realistic financing and net income statement. The experienced team composition is a big potential for investment. 

Impressively, the team already established a Website and ready to operate. The plan follows the all necessary business strategy formulation processes. Financing strategies are reasonable. However, the target market and the need assessment are still ambiguous. For example, how large the potential market is not well identified for the customized design service from ‘novice’ designers. Targeting the whole campus of China is too ambitious to achieve a meaningful success at the first stage of a new business.   

Final Event (Business Plan Presentation, April 12, 2018)



HealthyBlender Team: PT Slide

https://www.slideshare.net/jeonghwan.choi/healthy-blender-team


Green Community Farming: PT Slide

https://www.slideshare.net/jeonghwan.choi/green-community-farm1



2018 Kean Business Plan Competition Winners

Green Community Team ($900)

李馥宇 (Fuyu Li, Fiona);  毛湘宁 (Xiangning Mao, Olivia); 陈应方平(Yingfangping Chen, Sylvia);


Healthy Blender Team ($900)

Qi Zhang (Verna); Anqi Zheng (Carina); Jiayi Wu (Ashley)


MasterPiece Team ($150)

Jinxin Xu 徐金鑫 (Allen); Lantian Jia 贾蓝天(Sapphire)




2018 Kean Business Plan Competition Award Ceremony (May 11, 2018, Hall of Fame Event @ CBPM Building )

Introduction of Kean BPC & Winner of 2018



Kean BPC Winners of 2018




2018 Kean Business Plan Competition QR Code





Posted by Jeonghwan Choi

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To A Worrying Girl... 


18 yrs: you are pretty enough,


And you may have a long way to go.

28 yrs: more beautiful,

38 yrs: more gorgeous, 

48 yrs: more attractive, 

58 yrs: more humorous, 

68 yrs: more wiser, 

78 yrs: more childish, 

88 yrs: more lovely, 

98 yrs: more spiritual, 

108 yrs: more lively. 

118 yrs: more giving.


Keep vitalizing yourself! 


Chief Vitality Officer. 

Posted by Jeonghwan Choi

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