NEWS: Take note of market needs

Workshop participants to get tips on making their business proposals stand out.

THE most common mistake entreprenuers make when writing a business proposal is to focus exclusively on a product without taking into consideration external factors such as market needs or potential competitors.

“This problem mostly arises due to lack of research,” said HSBC Group Communications (Malaysia) and Corporate Sustainability head Elizabeth Wee (pic).

“A good business plan should be able to stand up to any query, as well as emphasise the unique selling point of the product or service in question.”

With this in mind, HSBC will be organising a business plan writing workshop for the Round One qualifiers of the HSBC Young Entrepreneur Awards 2008/2009.

Conducted by the Malaysian Institute of Charted Secretaries and Administrators chief executive officer Phillip Tan, the workshop will highlight the key points that are integral to a solid business plan.

Wee explained that the experience of the workshop facilitator, who is also from the Women’s Institute of Management, will be helpful to the young entrepreneurs.

“Through the workshop, participants will be able to gain tips on how to make their proposals stand out,” added Wee.

The need to stand out will be crucial for the 15 short-listed teams, as round two of the competition requires them to submit a full business proposal based on their original idea.

Participants from a previous workshop reading some of the materials given to them.— Filepic.

The business plans will be judged according to their innovation and creative thinking (40%), commercial viability and potential (40%) and communication skills (20%).

Up to eight teams will make it to the third and final round, where they will present their business ideas to a panel of judges.

The HSBC Young Entrepreneur Awards is an annual competition which is being held for the seventh time in Malaysia.

It was introduced with the goal of encouraging entrepreneurship and innovative thinking among undergraduates, as well as equip them with useful business skills.

The top team will not only win the Gold award worth RM15,000 to develop their business idea, but also a a one-week entrepreneurial tour to Hong Kong.

They will also get the chance to vie for the Best of the Best award worth HK$100,000 (RM46,000) in the regional competition held in Hong Kong.

The runners up for the Silver and Bronze awards will win RM10,000 and RM5,000 respectively, as well as a week-long trip to Hong Kong.

Additionally, students whose business idea includes environmental sustainability as a factor, may win the Eco-Business Innovation Award which will be judged separately.

The winning team will receive a cash prize of RM 3,000 and join the Gold, Silver and Bronze teams on the trip to Hong Kong.

The business plan writing workshop will be held at Menara Star’s Cybertorium in Petaling Jaya on Feb 4.