FOURTH ANNUAL 2010
New Mexico Youth Entrepreneurship Network (NMYEN)
STATEWIDE BUSINESS PLAN COMPETITION
Click here to download instructions and template.
Attention Students!
An entrepreneur is someone who starts and runs a business. Therefore if you have a dream of starting your own business, you can call yourself a young entrepreneur. You may also give yourself a title such as President, CEO (chief executive officer), or founding partner. Whether you are interested in starting a business, preparing for a career, or making a little extra money, you can start today by entering the New Mexico Youth Entrepreneurship Network’s (NMYEN) Statewide Business Plan Competition. You are never too young to think like an entrepreneur and plan your business!
The Statewide Youth Business Plan Competition is an acclaimed annual event to be held October 14th & 15th of 2010. The Competition is a major feature of the Governor’s Entrepreneurial Summit and is sponsored (to date) by the NMYEN, New Mexico Economic Development and Workforce Solutions Departments, ENLACE, High Plains Credit Unions and the US Small Business Development Centers (SBDC). Please visit www.bizport.org or www.nm-youth-entrepreneurs.com for more information and to download the competition packet.
Attention Teachers!
The NMYEN Statewide Youth Business Plan Competition 2010 is an opportunity for students aged 12 – 18 to explore their dreams of starting their own business and gain knowledge of entrepreneurship through the process of participating in a business plan competition. This is a great teaching tool for business, marketing, financial literacy, and career exploration. Please help us reach students by distributing this package and assisting students in developing their business plans.
Each student or student team must mail a completed business plan to Marcia Brenden, CESDP, 1112 Plaza del Norte, Española, NM 87532 or fax it to 505.747.7250 no later than September 23, 2010. Call Marcia at 505 426-2272 with any questions.
Competition Overview:
The New Mexico Youth Entrepreneurship Network, the New Mexico Rural Development Response Council (NMRDRC), the NM Small Business Development Centers, and the ENLACE Youth Entrepreneurship Project are proud to provide an opportunity for New Mexico students to compete in the 4rd Annual Statewide Youth Business Plan Competition to be held in Fall, 2010, at a location yet to be announced.
This statewide competition will provide a forum for middle and high school-aged youth from all parts of New Mexico to generate a business idea, work with school sponsors to -judge the entries and choose the top 12 business plans entered by middle school aged students ** (age 12 - 14) and the top 12 business plans entered by high school aged students** (age 15 - 18). Lodging expenses and travel reimbursement will be provided to all finalists who are selected to present their plans at the NMYEN competition October 14, 2010. The students or student teams who place in the top five in each of the two school groups will win start-up capital for their businesses.
**Special Note to Students involved in BPA, FCCLA, DECA, and other state and national Business Plan Competitions:
The primary goals of the NMYEN Youth Business Plan Competition are to encourage the entrepreneurial spirit among middle and high school-aged students and to foster the development of feasible business ideas. It is our hope that students who enter the competition are planning to implement their business plan idea whether it is a school-based enterprise or an individual business. Feasibility of implementation” is one of the judges’ criteria. It has been our experience that business plans developed for a BPA or DECA competition are often very well written and contain all the necessary components. However, they are usually written solely for the competition and are not necessarily meant to be a plan for a small business start-up. If you fall into this category, you are welcome to simplify your plan by putting it in the template format provided and to submit it for consideration.
A well developed plan may still win without scoring “excellent” on feasibility of implementation. The judge’s criteria include Entrepreneurial Spirit (15 points), Business Knowledge (20 points), Presentation (40 points), and Feasibility, Ease of Implementation (15 points);total of 90 possible points.
- April 23, 2010: The Business Plan template is posted on the web at www.bizport.org or www.nm-youth-entrepreneurs.com.
- April – September 23, 2010: Youth participants will work with adult sponsors/teachers at their schools to write their business plans using the business plan template in this packet.
- Sept. 23, 2010: Deadline for submitting business plan applications.
- Sept. 26-30, 2010: A team of judges will choose the top 12 business plans in each grade range (24 total).
- October 1: A letter and email will be sent to all who entered naming the Top 24 finalists who were chosen to present at the competition. And Presentation guidelines and event details are sent to the finalists.
- October 1-13: The 24 finalists work with teachers, team members, and parents to prepare and practice their 15 minute powerpoint presentation of their business plan.
- October 14 & 15, 2010: The NMYEN Statewide Business Plan Competition will be held at the Embassy Suites in Albuquerque. Five business plans from the middle school group and five from the high school group will win start-up capital!!
Cash Prizes!
The competitors will be divided into two age groups for judging and presentations: Group 1 (age 12 – 14) and Group 2 (high school students: age 15 - 18). If a team rather than an individual student presents a business plan that wins, the cash award must be divided between team members. At the competition in October, the individuals or teams who win 1st – 4th place and honorable mention in each age group will be presented with checks for the following prize amounts:
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Grp 1 : Middle School
Age 12-14
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Student or Team Cash Award
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1st
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$500
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2nd
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$400
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3rd
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$300
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4th
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$200
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Honorable Mention
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$100
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Grp 2: High School
Grades 9 - 12
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Student or Team Cash Award
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1st
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$800
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2nd
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$600
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3rd
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$500
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4th
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$300
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Honorable Mention
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$150
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Rules and Guidelines:
The following are the basic rules and guidelines established for the Youth Business Plan Competition. All participants in this competition must adhere to these rules and guidelines in order to remain eligible. Please read carefully!
- Entries are restricted to students in two school groups: Group 1 – Middle School: age 12 - 14 and Group 2 - High School: age 15 – 18. The students can be attending a private, public, charter or home-based school or be part of an extracurricular program such as 4-H, BPA, DECA, or Junior Achievement.
- Only one entry per student or student team. All entries must be submitted on or before the deadline date of September 23, 2010. Late entries are not allowed.
- All finalists at the competition are expected to demonstrate respect and professionalism in all aspects of the contest and its activities.
- All ideas or business concepts must be legal, within the boundaries of local or state laws, and be ethical. Extra points will be awarded for “feasibility.” This competition is meant to encourage the actual implementation of youth-run businesses.
- All ideas and business concepts submitted are expected to be original and created solely by the student with the support from a sponsoring teacher. All participants are expected to honor other students’ ideas with confidentiality.
- All decisions of the judges are final.
- The student or student teams must complete his/her/their own business plan. Adult technical assistance should be limited to advice.
- All ideas submitted will remain the property of the submitting student.
- All students must use the following business plan forms and mail to Marcia Brenden, CESDP, 1112 Plaza del Norte, Española, NM 87532 or fax it to 505.747.7250 no later than September 23, 2010. It can also be saved as a Word Document, filled out, and attached to an email sent to mbrenden@cesdp.nmhu.edu.
- Last but not least-HAVE FUN!
Click here to download instructions and template.