-
Overview
-
Rules and Regulation
<
>
This competition encourages you to think about the business world, become a philanthropist, and market your own products. Familiarize yourself with modern trends and market values, while developing your own fantastic product or service!
Procedures:
c.Introduction: Describe your product/service in detail. What is the business? How does it work and how does it make money? What is the value of your product/service in the industry? What is the industry like?
d.Market Analysis: Who are your customers (i.e. the targeted market) and what are they like? Who are your competitors and what are they doing? What are the market characteristics and size? Is it a growing market? Is there a demand for your product/service?
e. Marketing Plan: How can you reach this market? What is your overall strategy? What competitive advantage(s) do you have over your competitors? How will you test your product/service against your targeted market? Ensure that you detail the specifics of your marketing plan, includingtimelines, and specific marketing strategies.
f. Financial Plan: What does your budget look like and how will you monitor costs? How much startup funding would you need and what would you do with the money? What is your profit potential? What key financial considerations do you need to take into account?
g. Project Viability: What are the biggest threats to your business venture and how will you address them? Is the venture stable and growth oriented or speculative and risky? What are your risk factors and how will you address them?
h. Discussion: How will the project contribute to the Muslim community and the community at large? How does it relate to this year’s MIST Theme? What are some ways you can expand this project in the future?
I. Please note that the questions above are simply a guide. Teams do not need to answer all of the questions, however all topics (market analysis, marketing plan, financial plan, etc.) must be addressed.
9. Project ideas must be original and innovative. Submissions must be the entrepreneur’s original idea - proof of origination should be available if requested by the judges. The business idea may be new or already implemented.
10. The presentation will be followed by a two (2) minute question and answer session
Outline Details:
The following is a list of requirements for the Business Venture Outline:
Checklist:
Name of Competition
- Each participating team must prepare a business venture project that reflects this year’s MIST Theme.
- This competition consists of:
- Proposal (2-week early submission)
- Written Business Venture outline (on-site submission)
- 5-7 minute presentation (in-person presentation)
- Each team must have a student leader, but all team members should be involved in developing the written outline as well as the presentation of the project.
- The proposal must be a brief summary of the business idea.
- Competitors must submit three (3) copies of a typed Business Venture outline at registration, or the day that the region has selected for Group Project submission collection.
- Each team must present to a panel of judges for seven (7) to ten (10) minutes. The focus of the presentation will be to pitch your idea with the goal of convincing judges to invest in your venture.
- The presentation should include supplemental materials, such as product samples, pictures or other visual or video aids (ex. PowerPoint, display board, television advertisement, etc.).
- The project outline should be typed, double-spaced, Times New Roman 12 point font. The outline should include visual aids, such as pictures, charts and graphs. Do not include any physical samples.
a. Cover page with the title of the project and MIST IDs only,
c.Introduction: Describe your product/service in detail. What is the business? How does it work and how does it make money? What is the value of your product/service in the industry? What is the industry like?
d.Market Analysis: Who are your customers (i.e. the targeted market) and what are they like? Who are your competitors and what are they doing? What are the market characteristics and size? Is it a growing market? Is there a demand for your product/service?
e. Marketing Plan: How can you reach this market? What is your overall strategy? What competitive advantage(s) do you have over your competitors? How will you test your product/service against your targeted market? Ensure that you detail the specifics of your marketing plan, includingtimelines, and specific marketing strategies.
f. Financial Plan: What does your budget look like and how will you monitor costs? How much startup funding would you need and what would you do with the money? What is your profit potential? What key financial considerations do you need to take into account?
g. Project Viability: What are the biggest threats to your business venture and how will you address them? Is the venture stable and growth oriented or speculative and risky? What are your risk factors and how will you address them?
h. Discussion: How will the project contribute to the Muslim community and the community at large? How does it relate to this year’s MIST Theme? What are some ways you can expand this project in the future?
I. Please note that the questions above are simply a guide. Teams do not need to answer all of the questions, however all topics (market analysis, marketing plan, financial plan, etc.) must be addressed.
9. Project ideas must be original and innovative. Submissions must be the entrepreneur’s original idea - proof of origination should be available if requested by the judges. The business idea may be new or already implemented.
10. The presentation will be followed by a two (2) minute question and answer session
Outline Details:
The following is a list of requirements for the Business Venture Outline:
- Typed, double-spaced, Times New Roman 12 point font.
- Cover page with the title of the project and MIST IDs only, stapled on the left side.
- The project outline should include visual aids, such as pictures, charts and graphs. Do not include any physical samples.
- Executive Summary: A summary of your business venture project, description of your project, market analysis, marketing plan and financial plan. No more than a few paragraphs long.
- Introduction: Describe your product/service in detail. What is the business? How does it work and how does it make money? What is the value of your product/service in the industry? What is the industry like?
- Market Analysis: Who are your customers (i.e. the targeted market) and what are they like? Who are your competitors and what are they doing? What are the market characteristics and size? Is it a growing market? Is there a demand for your product/service?
- Marketing Plan: How can you reach this market? What is your overall strategy? What competitive advantage(s) do you have over your competitors? How will you test your product/service against your targeted market? Ensure that you detail the specifics of your marketing plan, including timelines, and specific marketing strategies.
- Financial Plan: What does your budget look like and how will you monitor costs? How much startup funding would you need and what would you do with the money? What is your profit potential? What key financial considerations do you need to take into account?
- Project Viability: What are the biggest threats to your business venture and how will you address them? Is the venture stable and growth oriented or speculative and risky? What are your risk factors and how will you address them?
- Discussion: How will the project contribute to the Muslim community and the community at large? How does it relate to this year’s MIST theme? What are some ways you can expand this project in the future?
- Please note that the questions above are simply a guide. Teams do not need to answer all of the questions, however all topics (market analysis, marketing plan, financial plan...etc.) must be addressed.
Checklist:
- Business Venture Outline
- Supplemental materials for group presentation.
- The submission should be clearly labeled with:
Name of Competition
