April 11, 2011
Creating a business plan is no easy task. From financial
planning to mission statements, proposing goals to identifying
problems, these essential documents contain all the necessary
information to get an entrepreneurial venture up and running.
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Our students had the opportunity to write their own
comprehensive business plans and test their creativity as part of
this year’s Alumni Insider’s View… Business Plan Competition and
Expo. Underwritten by James W. Christmas ’70CBA, this program – in
its second year – allowed students to present their unique business
plans to a panel of St. John’s University alumni, with cash prizes
going to each of the finalists.
A total of
76 business plans were submitted, six of which competed in the
final round. Students who did not make the finals presented their
ideas at an expo held earlier in the day.
Alumni with extensive business experience served as mentors to
each of the six finalists, helping the students in the weeks
leading up to the presentation by providing their professional
analysis.
“An event like this is a terrific opportunity for students,”
said Christmas, who also served as one of the alumni judges.
“Students getting up and presenting their ideas to a large crowd is
great experience for them, and other students learn just by
watching them. I get tremendous satisfaction in seeing our young
minds at work, and seeing their enthusiasm to get out there and
promote an idea.”
The students and judges gathered in a D’Angelo Center conference
room for the final-round presentations. Each of the participants
used Powerpoint slideshows to illustrate their ideas and answered
difficult questions from each of the judges.
“I was impressed,” said Salvatore LaGreca ’76CBA, CFO of Precise
Leads, Inc. and one of the judges. “You have to transfer what’s in
writing to a stand-up performance in front of a bunch of judges,
which is a difficult process. But everyone did a masterful job, and
the more experience you get doing this, the more confidence you
build in yourself, so this was really an excellent
opportunity.”
Business ideas ranged from “Swapmania,” an online service that
lets college students trade their possessions, to “Johnnies Bar and
Grill,” a Red Storm-themed restaurant located across the street
from St. John’s.
Chanel Jennings ’12MBA ultimately took first place in the
competition, receiving a $5,000 prize for her winning plan. Called
“The ABC Express,” her proposed business seeks to provide quality
and affordable pre-school and nursery care for young children
throughout underserved New York communities. “The ABC Express is
something I had written about maybe three years ago,” Jennings
explained. “I put it on the bench for a little while, but I
revisited it when I heard about this competition. I just had to
compete, since I know I have to keep working hard to make my dream
come true.” Frank Lagerstedt, III ’79CBA, Executive Director at
Morgan Stanley, served as Jennings’ alumni mentor, helping her
develop and flesh out her plan prior to the competition.
“Mentoring is a big part of what I do at my job,” Lagerstedt,
III said. “So I tried to add my comments and insights along the way
to help guide Chanel, and luckily we were able to answer most of
the major questions before they were even asked. To take an idea,
develop it, learn what real business people actually are looking
for and present in front of a large room of people – well, students
don’t get that experience all that frequently! So this was a
wonderful chance for the participants to learn, and I had a blast
helping out.”
After the
competition, the students and judges gathered in the D’Angelo
Center Ballroom for a buffet lunch. Jenny Alonzo ’87SVC, Co-Founder
and Executive Vice President of Marketing and Communications for
MIO.TV, delivered a keynote address about the importance of
business plans in the professional world. “Your training here is
hopefully going to allow you to avoid some of the pitfalls that I
encountered, because they can be very costly, and I had to learn
them the hard way,” she noted. “Every college student should be
forced – and yes, I’m going to use the word ‘forced’ – to take a
course on business plans. I don’t care if you’re going to become a
writer, a musician or not even attend business school – business
plans are critical components to operating in the world.”
The students who participated in the competition and expo
learned a tremendous amount from the experience and were grateful
for the wealth of alumni feedback.
“This was thrilling,” said Alejandro Rojas ’12TCB, creator of
the “Swapmania” business plan. “Winning or losing is not that
important because, for me, this is not really a competition – it’s
a business I fully plan on pursuing in reality. It’s helpful to
build up your presentation skills, flesh out your ideas and learn
from the alumni how to answer real-world questions. It was truly a
wonderful experience.”