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: Why should I 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: Who can participate?
A: The competition is open to all students aspiring to become entrepreneurs, grades 9 – 12.
Q: Do we have to have a faculty advisor to enter the competition?
A: Yes, having a faculty advisor or approved mentor is required to enter. This is important because your advisor will be able to help you as you go through and create your business plan. Additionally, your advisor may be able to provide you with contacts or connections to other individuals that may be able to help you hone your business plan.
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, etcetera.
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: Where do we go if we need help on our business plan?
A: In addition to asking your faculty advisor, you should take advantage of the plethora of resources that is readily available through the people that you know, your school, your local Small Business Development Center, your library, and the many resources you can find on the web.