When I entered the Wolff Center for Entrepreneurship, I had been discussing the concept of Unlimiters with my dad for over two years. During the second semester of the program I was approached by a group of four students who wanted to help me develop my concept further and enter the idea in business plan competitions representing the school. I gladly accepted the help and joined the team. The first thing we did as a group was recruit MBA students by presenting the idea to a MBA entrepreneurship class. Our presentation went over well enough that we had 6 to 7 interviews to narrow it down to two students to help us with the process. The remaining weeks of the semester we spent talking about the idea and refining it.
The writing of the business plan began shortly before our third semester in the program. We put one of the MBA students in charge of developing the “beta” website which we planned to use mainly for a marketing analysis tool. We spent a lot of time together discussing the logistics of the business plan and the time we spent apart was dedicated to writing our designated sections of the plan. As soon as we felt a bit comfortable with the plan we started to talk about the competitions we were going to enter. We decided to enter five different competitions even though two wanted us to submit our business plan right away before we were completely ready. We were declined by the first one since the plan was our first rough draft.
As time went on we continued editing our plan and practicing our presentation; we presented to our class many times before our first competition in Nebraska. The general format of the competitions we entered was a 10 to 15 minute presentation and then 10 to 15 minutes of Q&A with a panel of judges. A week prior to the competition in Nebraska, we had to submit our plan and by this point we felt pretty good about it. During our spring break we had two competitions to go to, one in Nebraska and another one in California.
In Nebraska we placed first in the undergrad category. The day before we presented, we had a booth up displaying information about Unlimiters. We had many people, judges and other teams, pass by our booth surprised at the fact that we were undergrads. The second competition was the one where we had to submit our first rough draft, and it was also one where we had had to take our MBA student to since it was a grad level competition. We were the only under grads at this competition, and the only thing that qualified us was our MBA student. We did not place in California, but we managed to get a standing ovation, a venture capitalist interested, and we advanced to the wild card round (meaning that in the first leg of the completion we got second place out of five). We strongly believe that if we weren’t judged on our first rough draft of the plan, we would of easily advanced to the finals. Once we got back from California we had a month break until our next round of competitions. In that time we made slight changes to the business plan and the presentation. The third competition in Dallas was during the last day of Wolffest (out senior term project running a food stand for three days). We managed to fly out to Dallas the night of our second day at Wolffest. We got there and learned we had to be up at 7 am the following morning. Unrehearsed, we felt like we needed to practice before going to bed. We made it to bed at 11 pm and made it to TCU at 8 am where we learned we were the first to present in our leg; meaning that we had virtually no time to rehearse beforehand. We managed to place second meaning we weren’t finalists but giving us another chance to advance to the finals in the wild card round. The next day, after waking up a little after the first round we came in first in the wild card round. Then, on the third day after a good night’s sleep, we came in first beating the school that beat us the previous day. The following week we headed to Orange County for our final competition where we competed with undergrads, grads and doctorates; we tied for second place. Four competitions, two first place finishes, a second place, and one, well we tried.
We presented one last time at our graduation for families, students, teachers, and faculty to see our winning presentation. All in all, it was an amazing experience.
Video of our presentation (and Q&A) at TCU:http://www.youtube.com/watch?v=bqJowLfOERY