FREQUENTLY ASKED QUESTIONS AND CLARIFICATIONS:

1. Where are all of the rules for the Business Plan Competition to be found?

ANSWER: Everything can be found at the Business Department Web site at: http://ocubusiness.org/business-plan-competition/ No additional information or criteria exists elsewhere except for clarifications in this email, which will also be posted on the subject Web site.

 2. What is the maximum number of pages for the Business Plan?

ANSWER: The document on the Business Department Web site entitled: "Rules, Eligibility, and Judging Criteria (Subject to Change) November 15, 2010 " states: “Your total written business plan is limited to 20 pages. The business plan should be completely typed, double spaced, and the font should not be less than 12 point. Margins should be at least 1 inch.Spreadsheets and appendices will be limited to 8 pages and are not included in the 20-page limitation. In any event, the total pages including appendices should not exceed 21 pages (not including the cover page or section dividers).  

3. Where are we to submit the Business Plan?

ANSWER: The document on the Business Department Web site entitled: "Rules, Eligibility, and Judging Criteria (Subject to Change) November 15, 2009 " states: “Date of Submissions: Student Teams must submit their written business plans to the Chair of the Business Department no later than February 14th, 2011 by 5:00 P.M. Students/student teams shall provide 6 copies of their written business plan. NO BUSINESS PLANS SUBMITTED AFTER THIS DATE WILL BE ACCEPTED."

4. Is the idea for the Business Plan supposed to be an "invention" or can it be an idea for a new business or a modification to business already out there?

 ANSWER: The document on the Business Department Web site entitled: "Rules, Eligibility, and Judging Criteria (Subject to Change) November 15, 2010 " states: “Viable Business Plans: All business plans must relate to "for profit" business ventures. No not-for-profit business plans may be submitted. All business plans must be for viable business ventures capable of being implemented. Students should develop plans for new or supplemental business ventures rather than merely a modification of a previous business. If a student is unsure whether their plan qualifies, they should receive a written ruling by the Business Department Chair."

5. Are the entrants supposed to prepare and deliver an electronic PowerPoint presentation for the Second Round AND the Final Round of judging?

 ANSWER: 

Initial Round: Between February 14^th and February 21^st, 2011. A panel of the Business Department professors will determine the top 10 written business plans submitted. The top 10 students/student teams will move on to the Presentation Round. All students/student teams submitting a business plan will receive an acknowledgement that they competed in the Business Plan Competition.

Presentation Round: Between February 28th and March 4^th, 2011. The top 10 students/student teams from the Initial Round will be required to present their business plan to a panel of judges from OCU consisting of the Chair of the Business Department, one or more Business Professors, and at least one OCU Administration Council member(s). Students/Student teams will be required to utilize a PowerPoint for their presentation to this team of judges in addition to referring the team of judges to the student team’s previously submitted written business plan. Presentations will not exceed 30 minutes. This panel of judges will determine the top 10 finishers, however, only those who finish in the top 5 will go on to the final round. (The top 10 finishers will be required to attend the Awards Banquet where they will receive an award.)

Final Round: March 23^rd, 2011: The top 5 students/student teams selected to proceed to the Final Round, will be expected to present their PowerPoint presentation and written business plan to a team of 3 or more outside distinguished businessperson judges on March 23rd, 2011. Presentations during this round shall not exceed 30 minutes. This panel of judges will determine the top five finishers prior to the end of the day. The winners will be announced at the award banquet held that evening.

6. What feedback will we receive after the Initial Round Judging?

 ANSWER: Dr. Garrison and/or Professor Lear will meet with each of the participants who are selected as finalists to move to the Final Round immediately after the conclusion of the Second Round. In this meeting, you will receive advice on how you may improve your presentation. We will not be advising you on modifying your ideas or the basic business venture. Rather, we will be advising you on how to improve the format and the structure of your presentation.  YOU WILL BE ALLOWED TO MAKE REVISIONS TO YOURPOWERPOINT PRESENTATION BETWEEN THE SECOND ROUND AND THE FINAL ROUND!

7. What is the schedule of judging both in the Initial Round and the Final Round?

 ANSWER:

 Initial Round: Between February 14^th and February 21^st, 2011. A panel of the Business Department professors will determine the top 10 written business plans submitted. The top 10 students/student teams will move on to the Presentation Round. All students/student teams submitting a business plan will receive an acknowledgement that they competed in the Business Plan Competition.

Presentation Round: Between February 28th and March 4^th, 2011. The top 10 students/student teams from the Initial Round will be required to present their business plan to a panel of judges from OCU consisting of the Chair of the Business Department, one or more Business Professors, and at least one OCU Administration Council member(s). Students/Student teams will be required to utilize a PowerPoint for their presentation to this team of judges in addition to referring the team of judges to the student team’s previously submitted written business plan. Presentations will not exceed 30 minutes. This panel of judges will determine the top 10 finishers, however, only those who finish in the top 5 will go on to the final round. (The top 10 finishers will be required to attend the Awards Banquet where they will receive an award.)

Final Round: March 23^rd, 2011: The top 5 students/student teams selected to proceed to the Final Round, will be expected to present their PowerPoint presentation and written business plan to a team of 3 or more outside distinguished businessperson judges on March 23rd, 2011. Presentations during this round shall not exceed 30 minutes. This panel of judges will determine the top five finishers prior to the end of the day. The winners will be announced at the award banquet held that evening.

9. How many Business Plans will move on to the Final Round?

ANSWER: The document on the Business Department Web site entitled: "Rules, Eligibility, and Judging Criteria (Subject to Change) November 15, 2010 states: "Initial Round: Between February 14^th and February 21^st, 2011. A panel of the Business Department professors will determine the top 10 written business plans submitted. The top 10 students/student teams will move on to the Second (Presentation) Round. All students/student teams submitting a business plan will receive an acknowledgement that they competed in the Business Plan Competition.

Second (Presentation) Round: Between February 28th and March 4^th, 2011. The top 10 students/student teams from the Initial Round will be required to present their business plan to a panel of judges from OCU consisting of the Chair of the Business Department, one or more Business Professors, and at least one OCU Administration Council member(s). Students/Student teams will be required to utilize a PowerPoint for their presentation to this team of judges in addition to referring the team of judges to the student team's previously submitted written business plan. Presentations will not exceed 30 minutes. This panel of judges will determine the top 10 finishers, however, only those who finish in the top 5 will go on to the final round. (The top 10 finishers will be required to attend the Awards Banquet where they will receive an award.)

Final Round: March 23^rd, 2011: The top 5 students/student teams selected to proceed to the Final Round, will be expected to present their PowerPoint presentation and written business plan to a team of 3 or more outside distinguished businessperson judges on March 23rd, 2011. Presentations during this round shall not exceed 30 minutes. This panel of judges will determine the top five finishers prior to the end of the day. The winners will be announced at the award banquet held that evening.

10. Who is to attend the Award Banquet and when will the cash awards be given out?

 ANSWER: AWARDS DINNER:  At 7:00 P.M. on March 23^rd, 2011, there will be an Awards Dinner for the top 10 finishers and one guest each. At the Awards Dinner, all top 10 finishers will receive an award. The top 5 finishers and the Best Written Plan will receive their cash prizes. The top 10 finishers will be expected to be dressed in appropriate to meet outside business executives.

11. Can someone win the Best Written Plan award of $250 if they are not chosen to be a finalist who goes on to the Final Round? 

ANSWER: Yes, Professor Lear and Dr. Garrison will determine the best written plan during the Initial Round. The best written plan will be announced at the Awards Banquet. See question 10 above for more details.

12. Will the Final Round judges judge differently than the Initial Round judges?

ANSWER: Absolutely yes!  Professors Frederick and Lear and Dr. Garrison cannot predict how the outside judges will judge. Therefore, any advice we give you may be seen differently by the Final Round judges. Therefore, do not argue with the Final Round judges that our professors told us this or that. These judges will have read all of the same rules and use the judging criteria that has been laid out in the OCU Business Department Web site. However, because the outside judges are prominent business people who see business plans in the real world, they will apply their real world experience. They may interpret matters differently. The Final Round judges are the final authority, even though Dr. Garrison and Professor Lear will be available during the Final Round for the judges should they need clarifications. However, NO ONE FROM OCU will influence the Final Round judges decisions nor will anyone from OCU offer any opinions to the judges about a specific participant, i.e., student or a particular business plan!

13. How many PowerPoint slides can you have when doing your presentation in the Initial Round and Final Round?

We will not be limiting you to the number of PowerPoint slides, however, you will have no more than 30 minutes to make your presentation. Once your 30 minutes are up, you will be stopped at that point and not allowed to continue. A good rule of thumb is 1 slide for every 2 to 3 minutes. Therefore, my suggestion is 10 to 15 PowerPoint slides or less.

Sincerely,

Dr. Garrison