For Ouachita students who are interested in being their own boss, turning their hobby into a company or coming up with a new way to do something old, the annual business competition is fast approaching.
Now in its third year, the competition, which is sponsored by the Hickingbotham School of Business, is open to all current students.
For those who are interested, the first step is deciding what kind of business they would like to create and if they would like to work with anyone else. Reuben Cash, a senior business major, entered the competition last year with two other students. His team won second place in the competition at Ouachita and first in the competition with Henderson.
“We submitted the written copy, and the made a presentation against the other finalists in front of a panel of three judges,” he said. “Then we were awarded the prize for the OBU competition and were able to submit it to the Donald W. Reynolds Governor’s Cup [statewide competition].”
After deciding what business they would like to enter, students should to fill out the interest form in the dean’s suite in Hickingbotham Hall.
Once that is complete, the next step is submitting a written business plan, including reliable sources, which is to be turned in by Nov. 14. The finalists will follow their written plan with an oral report in front of a panel of business professionals, held on Dec. 5. The winning team will be awarded $4,000, while second and third place teams will get $3,000 and $2,000 respectively.
After the competition’s winners are announced, they will face off against the winners of the competition at Henderson on Feb. 1, 2012. The first, second and third place winners of that competition will again receive $4,000, $3,000 and $2,000 respectively.
The winning teams are also required to enter the Donald W. Reynolds Governor’s Cup, which awards $30,000 to the first place team. Its submission deadline is Jan. 20.
Dr. Bryan McKinney, dean of the Hickingbotham School of Business, said he is looking forward to many submissions in the Ouachita competition and seeing those winners go far in subsequent competitions.
“What makes a good plan is when the student really believes in it and is passionate about it instead of it being just an academic exercise; they’re really passionate about their plan,” he said. “They need to understand the financial ramifications of things. They need to be able to demonstrate to the judges that financially their plan makes sense.”
He said the competition is open to all students regardless of their major.
“The competition is designed to foster entrepreneurialism on campus, and we are asking students to partner with a faculty member and other students and create an original business idea,” McKinney said. “We would love for students across campus to be in it.”
Daniel Graham, an alumnus who entered the competition while he was a student, said his experience in the competition continues to help him.
“The business plan competition was one of the most beneficial extracurricular activities I did while I was at Ouachita,” he said. “Whether you are an accounting, Christian studies or theatre major, you will be dealing with business people all your life, and the Business Plan Competition gives you a deeper understanding and appreciation for that perspective than any class can.”
Picture by Sarah Sparks.
Caption: Abby Turner, a Ouachita alumna, presents her winning business plan for iPlan It during the Business Plan Competition last year.
