Q: What is entrepreneurship?
A: Entrepreneurship is the process of organizing, managing, and assuming the risk of starting a new business or enterprise in response to identified opportunities.
Q: I am not familiar with entrepreneurship, how can I learn more?
A: In addition to the training that AEAF provides, there are many useful websites that you can go to find out more about entrepreneurship. Two good sources include The Consortium for Entrepreneurship Education and the National Foundation for Teaching Entrepreneurship.
Q: Why should I encourage my students to enter the competition?
A: Entrepreneurship education does not just contribute to growing the next wave of entrepreneurs. Communities that embrace entrepreneurship education (through curriculum, experiential, and mentoring programs) find that students perform better in school, and that a school’s overall performance also improves.
Q: What are the expectations of students for Y.E.S.?
A: Each team is expected to conduct themselves in an ethical manner. The business plan must also represent the original work of each contestant. For Round 1, the end result for each team should be one business plan that follows the guidelines as defined in the Official Rules and Requirements. For Round 2, the top 25 finalists will be required to product a marketing piece, produce products for sale, and to display the product based on the guidelines.
Q: What are the expectations of teachers for Y.E.S.?
A: Although the business plan must be the original work of each contestant, it is highly recommended that the teacher advisor guide the students through the learning process as you would with the content for any course you may teach.
Q: How long does it take to write a business plan?
A: Writing a business plan and the process of developing a concept that can be competitive in today’s marketplace does not occur overnight. Oftentimes, a business plan is developed over the course of a semester.
Q: The rules state that “non-profit organizations are not eligible” to enter the competition. What do you mean by this?
A: Non-profit organizations generally exist to service some public need without the intent to make a profit. These organizations are usually funded by donations. Non-profits are also operated by members/participants to serve beneficiaries; for-profit organizations, on the other hand serve customers. Examples of non-profit organizations include charity drives, soup kitchens, etc.
Q: What are some examples of ‘innovation’?
A: The rules define innovation as “turning ideas into new products or services for a business.” Examples of this include: Clorox’s Toilet Wand, Apple’s iPod, and 3M’s Post-it Notes.
Q: If my students enter the competition, can someone take their concept?
A: The judges who will look at the concept are there solely to judge. AEAF selects judges who we feel have the best interest of the student’s in mind. We cannot guarantee that the judges will not talk about the concept. They will have to in order to judge for the competition, but we can say that in most business plan competitions, this usually does not happen.