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Entrepreneurs Get Lesson on Business Plans

busplan
Writing a business plan is critical to understanding all facets of the business, says Bruce Sparks, a senior business advisor for the Long Beach Small Business Development Center.

Innovation Challenge Advisory Committee member Larry Pate compared starting a business without a business plan to taking a cross-country trip without knowing how you’ll reach your destination. “The odds of success of just getting in the car and driving are slim. You might have a fun time, but it will take you a long time to get there.”

Students interested in entering the 2015 Innovation Challenge got a lesson Tuesday in a key part of the competition: creating the business plan. The contest offers $50,000 in seed funding and business services to the winning business idea.

“It’s one thing to have an idea—it’s another to say how you’re going to make money,” said Pate, chief learning officer at Decision Systems International. Continue reading “Entrepreneurs Get Lesson on Business Plans”

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Step 1 to Startup Success: Build a Winning Team

icmeetupThe Innovation Challenge is intended to give students real-world experience in starting a business. And just like in the real world, assembling a diverse team can be a barrier to entry.

Contest rules recommend teams with 3-7 members, since business ideas have a stronger chance of success if teams include people with finance, marketing, design, and technical skills.

“You can’t run a business by yourself,” said Barbara Barcon, an Innovation Challenge organizer and retired vice president and CFO with Pacific Gas and Electric. “You may like your idea, but will others like it? You’ll also need some market research.” Continue reading “Step 1 to Startup Success: Build a Winning Team”

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Are You Ready to Dream Big?

If the enthusiastic crowd at the Innovation Challenge’s second information meeting is any indication, a lot of Cal State University Long Beach students have startup dreams.

startup dreamsThe annual entrepreneurial Challenge, where student teams compete to win $50,000 in funding and services for the best business idea, was started six years ago by the colleges of Engineering, Business, and the Arts. Students at Thursday’s meeting appeared equally divided between the three colleges. Continue reading “Are You Ready to Dream Big?”

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2015 Innovation Challenge Kicks Off

2015 Innovation Challenge
About 75 students turned out for the Sept. 21 kickoff of the 2015 Innovation Challenge.

ABC has “Shark Tank.” Google has Angelpad. And Cal State Long Beach has the Innovation Challenge.

The annual entrepreneurial event, where student teams compete to win $50,000 in funding and services for the best business idea, was started six years ago by the colleges of Engineering, Business, and the Arts.

The challenge’s goal is to produce one new business for the university each year. And judging from the 75 students who attended the Sept. 21 kickoff meeting, interest is on the rise. Continue reading “2015 Innovation Challenge Kicks Off”