As an entrepreneurship major in school, I jumped at the opportunity to enter a business plan when Gustavson Business had their inaugural PlanIt! Business Plan Competition. We did the whole nine yards – forecasting financial statements, cashflow, the marketing mix, logistics etc – everything that needs to be included in a business plan.
Our concept was connecting students learning another language with language partners via a social network. Although we didn’t place, it was a huge learning experience including pitching to a panel of venture capitalists for the first time, learning the intricacies of the financials, revenue modeling, doing a detailed marketing plan, and compiling a viable comprehensive 50+ page business plan.