ARKADELPHIA, Ark.—Entering the competition was a long shot. He went for it, but no one really expected him to win. While his idea was innovative, his passion great and his research sound, he was still a freshman – and freshman never beat upperclassmen.
As a freshman, Tyler McCarley, a business management major from Little Rock, Ark., proved that the underdog could prevail. His hard work and dedication to the project paid off this summer as his business started to take shape.
During the 2010 Ouachita Baptist University Business Plan Competition, Tyler’s plan for MyWorkShift.com soared above plans presented by upperclassmen to earn first-place honors.
The business competition is a unique opportunity for students and faculty from various disciplines to collaborate on creating a viable business plan. The competition allows students to learn to create and execute a written business plan and begin the process of acquiring funding and starting a business.
The second annual OBU Business Plan Competition is currently under way. Written plans have been submitted and finalists will present their plans to a panel of judges Dec. 6 from 1 to 5 p.m. in Hickingbotham Hall 200. The first-, second- and third-place teams will be awarded cash prizes of $4,000, $3,000 and $2,000, respectively. In the spring, Ouachita’s top three teams will compete against Henderson State University’s top three teams, and all teams also have the opportunity to compete in the Donald W. Reynolds Governor’s Cup, the state’s premier business plan competition.
The competition requires extensive information about the intended business as well as the industry and market. The written plans include everything from the location and logo of the business to a market analysis and even proposed financial statements. With the guidance of a faculty advisor, each student researches and combines all the information that would interest an investor.
“It’s remarkable that he was able to grasp many of the concepts associated with the business plan since he had not previously taken any accounting, economics or finance courses,” Bryan McKinney, dean of Ouachita’s Hickingbotham School of Business, said about McCarley’s winning plan.
McCarley’s success story has been an inspiration for many students to join the competition who were hesitant before.
“I’ve enjoyed telling our prospective students about this business plan competition,” McKinney said. “I make sure to tell them that Tyler – a freshman – won the competition. I think this gives them hope that they, too, can be competitive.”
McCarley came up with the idea for his business while working a part-time job in high school. “As a 16-year-old working at a local pizza restaurant, I quickly realized the need for a software to simplify the process of creating and distributing employee work schedules,” McCarley said. “This summer, I witnessed that vision become reality.”
With the financial help of his father and the guidance of his faculty advisor, Chris Brune, McCarley started making his business a reality last summer.
“An unexpected aspect of this learning experience was a gained appreciation for those who have successfully made an entrepreneurial living,” McCarley noted.
“Everything from legalizing a corporation to gaining a Tax ID Number to trademarking names and logos proved to make starting a business a little more ‘real-life’ than I had anticipated,” he said. “It’s been a great experience that I could not replace otherwise.
“Getting out there are and starting a business makes what you learn in the classroom come to life,” McCarley said. “Book knowledge is one thing, and experience is another. When paired together, I believe success becomes inevitable.”
For more information, contact Bryan McKinney at mckinneyb@obu.edu or (870) 245-5513.
