The judges will assess whether the idea can be realistically implemented in today’s marketplace. They will ascertain the thoroughness of the idea development and thought process. The executive summary of the plan should outline the general business idea.
Judges will expect to see how the business idea will be financed. The plan should include projected financial statements such as a balance sheet, income statement, statement of cash flows, break-even analysis, and outline of the required financing for the idea.
Judges will assess how well the business plan addresses the various areas of marketing such as research and testing, price, distribution, and product. The plan will be compared to the submitted budget to determine whether the marketing and communications analysis can be realistically implemented.
The business plan should outline the skills and positions required for the project and organizational structure.
Production & Operation
The business plan should outline production and operations. Teams should consider the benefits of subcontracting production, the capacity of the new business, the logistics of the production scheme, and a master time frame for completion. They should also consider major suppliers, levels of customer service and warranties, and the level of quality management.
The business plan must be presented in a concise, professional, and coherent manner. Facts that are relevant to the business concept must be clearly and precisely stated. Spelling, grammar, and formatting will be taken into consideration.
Judges will determine whether the business idea is feasible. Competitors should take into consideration operating risks, insurance, contingency plans, and social and ethical issues.
Note: All assumptions made under any of the above sections must be validated by a reasonable thought process and must correspond to the business idea.