ICFAI Business School (IBS) Student Community

[abhishek1711 (shah)]

B plan contests are part of every b schooler's experience. The opprtunity to present your idea's to "a super succesful panel of from the industry, networking with other b schooler's across the country, the process of making a detailed b plan brainstorming and refining it - is an experience in itself. MBA learning as they say is not in the books but in the experiences.

What is Business Plan ? Why it is needed ?

An idea can change your life, but to communicate the idea to potential stakeholders , a well written B plan comes into picture .A business plan is basically a document that summarizes the business operational and financial objectives and contains the detailed plans and budgets showing how the objectives are to be realized. Because the business plan contains detailed financial projections, forecasts about your business's performance, and a marketing plan, it's an incredibly useful tool for business planning.For anyone starting a business, it's a vital first step.


What are the elements of B-plan ?

See here http://www.ibsrocks.com/forum/making-an-effective-business-plan-t89.html


What is Business plan contest ?

B-Plan Constests are a launchpad for budding entrepreneurs to showcase thier idea's , prove its feasibility among the panelists and bridge the gap between the investors and the entrepreneurs. At a b school level, these contests are organised by all top b schools for both the students and individual entrants.The panelists usually consist of top venture capitalists and entrepreneurs looking for the next big idea to invest it ! However more than idea's the panelists seek a strong team which can be moudled to launch a venture.


Who should participate ?

Participation depends on the format of the contest. Some of them are meant basically for the b schoolers. Few others like the ISB Contest are meant for the serious entrepreneurs with a solid b plan , strong team and direction.


Why participate ? What are the benefits.

The Journey is the reward ! As stated earlier

1. Exposure - Networking with b schoolers frm top notch institutes across the country. the last contest i participated in , i was pitted against likes of iim-b, isb, gr8 lakes and mica as part of the finalists !

2. Learnings - Making an effective B plan concisely which communicates all aspects of the idea, refining it , structuring it , researching on it...you will learn more than 2 yrs of MBA could teach u

3. Interaction - Who better than the venture capitalists to get a view on ur idea? You may think your plan is the next big idea ! but trust me the panelists have loads of experience with them , theyll point on the weak areas and even show you the way to improve on them. Now thats free strategic advise from the horse's mouth !

4. Money, honey - Lastly if u manage to win some of them , B plan contests have been a good payer for B schoolers . On an average one can win 50k per contest and upto 10L per season !

So if you have an idea loiterring in ur mind for sometime, sit down and start penning it down. I bet its far complex than you thought !

What After I win it ?

see this http://www.businessweek.com/smallbiz/content/dec2006/sb20061212_410722.htm
and also this http://www.businessweek.com/smallbiz/content/aug2006/sb20060803_476462.htm