The proposal should be one page(350 word) summary of your business idea. It should be typed, double-spaced and have a cover page identifying the team members who will be working on the project. This document should address the following points:
1.Description of your business idea (Refer to Business Planning Exercise 2 & 3)
2.Discussion of why your business will be successful and the strengths of your business idea (for example, does it satisfy a market gap, does it fulfill a new market trend, is it an innovation on a previous successful idea, are you confident it will have enough sustainability through its position in the product life cycle, what is its competitive advantage)?
3.Identification of some of the challenges and risks of your proposed business idea and how your team will overcome these weaknesses?
4.Description of the team and ability/competence of the team members proposing this business. What will your roles be in the company, what are your skills, experience and education, who else will be supporting your management team? You need to make sure your idea fits with the skills and expertise of your management team.
5.Projection of your estimated start-up costs and the realistic identification of where these resources will be obtained. The sources of financial capital will fall into three categories:
i.Funds provided by the founders in the form of Equity (secret investors or silent partners are not permitted)
ii.Funds provided from lenders (banks and other lenders) in the form of Debt (the Bank of Mom & Dad is not permitted)
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iii.During the Business Plan Presentation you may seek Venture Capital by pitching your business idea to the Judges. You must also tell them how much of your business equity (as a percentage) that you are prepared to give them in exchange for their investment. Remember that there is no guarantee that they will invest any amount in your business.
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