TO take advantage of the creativity of the youth, the Mandaue Chamber of Commerce and Industry has started a search for college students who can come up with a unique business idea that is creative, environment-friendly and tourism-oriented.
In celebration of the Mandaue Business Movement, the MCCI launched the My Business Idol yesterday with nine schools participating in the contest.
Now on its third year, the My Business Idol hopes to promote the creativity and entrepreneurship of the youth.
Stanley Go, chairperson of the Mandaue Business Movement, said students usually “think out of the box” and know “no boundaries”, as opposed to businessmen who have been “exposed to the different successes and failures” of the real world.
Exposure
“This project is meant for them to showcase their passion,” Go said in yesterday’s launching.
Wilson Ng, chairman of My Business Idol, said that joining the contest will allow students to sell their concept to interested businessmen or enter into an agreement with them.
He added that their business plans will get exposure as the event will be covered by Sugbo TV, the station of the Cebu Provincial Government.
The prize, he said, will go to students who are able to submit the most “viable, practical and profitable” business plans.
The schools that have been invited to participate are the University of San Carlos, University of Cebu in Lapu-Lapu and Mandaue, University of the Visayas, University of the Philippines, Southwestern University, University of Southern Philippines Foundation, Cebu Institute of Technology, St. Theresa’s College and Benedicto College.
Ng said contestants must submit a 30-page business plan with enough information to show judges that they are capable of producing their product or service.
Presentation
Each participating school will field one team of two business or management students and two faculty members. The faculty members will serve as panelist and business coach during the presentation.
They will have to present their business plans for a business that should not have a capital of more than P250,000 and can be practicable in Cebu Province for micro, small and medium entrepreneurs.
Ng assured that the student’s rights are protected, saying they are not required to include information such as recipes or instructions for the product in their business plans and presentations.
Winners will get cash prizes of P50,000, P30,000 and P20,000.