Web Editor’s Note: This story was written for the MCOMM 3309 – News Editing & Reporting Class
For the past 17 years the West Texas A&M Enterprise Center has hosted a business plan competition called the Amarillo EnterPrize Challenge. The Enterprise Center has partnered with the West Texas A&M College of Business, SIFE, and Harold Moses, a WT alumnus who donated $1,000 to award to the winner of the competition. The competition gives students the opportunity to learn how to put together a proper business plan and have the experience to put one together.
President of the WT chapter of SIFE, Marco Jimenez said if students participate in the business plan competition they will learn how to form a business plan and develop the skills to start their own business.
“This competition is giving students the opportunity to learn first because we are giving sessions on how to start a business plan and how to work on the financial and economic issues so it’s a class we are providing to give you your own opportunities,” he said.SIFE Project Leader Jesse Tijerina said the purpose of the business plan is to show you have done the research necessary.
“The purpose of this plan is to present it to the banks or to an investor for the purpose of getting funding secured. If you’re wanting to do something like this you’re going to have to put together a plan of action for your business plan, then you’re going to have to present it to a banker or a loan officer then they’re going to make the decision of whether or not they’re going to provide that funding,” Jimenez said.
Executive Director of the West Texas A&M University Enterprise Center David Terry, sums up the competition as an opportunity for students to learn the fundamentals of starting a business in a real world setting.
“The real essence of this competition is for students to construct a well thought out business plan. The business plan is merely a communication tool of the roadmap of an entrepreneur’s journey,” he said. “It communicates the business strategy, how the business makes money, and the resources that are needed to launch and grow the business and the timeframe of which it will take to make it all possible.”
The competition is open to all WT students and students must submit their business plan by 3 p.m. Tuesday, Nov. 22 in the office of the Dean of the College of Business.