1.  The Mandaue Chamber of Commerce and Industry in collaboration with the (CHED RO7) will invite 8 colleges and universities with Business Administration or Management undergraduate programs, which in turn, will send a single school team to participate in the My Business Idol Contest.  This is will be held at the Cebu International Convention Center on August 14, 2008, 1:00 p.m. to 5:00 p.m.
 
2.  Each participating school shall field their school team comprising two (2) bonafide business/management students and two (2) faculty members of the college and university.  One faculty member shall act as a panelist, while the other faculty member shall act as the business coach to the 2 students during their business presentation and interpellation.
 
3.  Each team shall present their business idea and business plan (in the form of marketing a product or a service), which after presentation shall be critiqued by the panelists from the different schools.
 
4.  There shall be two elimination rounds.  During the first round, all presenting teams shall present their business plans and shall be interpellated.  In the second round, however, only the four (4) teams with the highest scores in the first round shall be allowed to participate.
 
5.  Before the contest begins, the presenting teams shall draw lots to determine the order of presentation.  The teams that have not yet presented shall not be allowed to listen to the presentations and interpellations of the earlier presenting teams.
 
6.  With the order of presentation determined, each team, consisting of 2 students and 1 faculty-coach shall present their business plan.  Only the students are allowed to present and defend.  The faculty-coach shall only be their coach-adviser.  Visual aids in the form of multimedia are allowed.
 
7.  Presentation of the business plan shall observe the following guidelines: a.The proponents are starting up a new business which shall not require more than PhP100,000.00 for capitalization in the first two years of operation.
 
b.The presentation shall include the following concise descriptions:
 
b.1 The product or the service the proponents intend to offer or render;
 
b.2 How the product will be produced, sourced out; as in the case of the service, how rendered;
 
b.3 What the competitive industry is like, and the potential target markets that shall be served;
 
b.4 The competitive strengths and weaknesses of the product offer or service;
 
b.5 The marketing mix tools:  Product, Price, Promotions, Place, and Packaging;
 
b.6 The potential revenues in units and pesos, and income in the next three (3) years; and,
 
b.7 The marketing efforts and campaigns to introduce the product to the target market;
 
b.8 The compelling reason why the product offer or service must be in the market.
 
c. Each team shall be allowed a maximum of three (3) minutes to do their presentation.
 
d. After each presentation, two (2) of the eight (8) panelists shall be tasked to ask questions and critique the presentation.  Each question, comment, or critique shall be limited to only one (1) minute.  Each panelist shall be allowed to critique, comment, or ask a maximum of two (2) presentations.  The organizers shall pre-determine which panelists shall ask which schools’ teams.  As to which panelist shall be tasked to critique the other schools’ teams will only be made known after each presentation.
 
e. The team (2 students and the faculty-coach) may confer with each other for a maximum of fifteen (15) seconds, and the presentor is allowed a maximum of one (1) minute to rebut the comment, or answer the question raised.  The coach may give tips to the students, but only one of the student contestants is allowed to answer.
 
f. There shall be four (4) judges, and two (2) of the four (4) judges shall also be given a maximum of one (1) minute to make a comment or ask a question.  As in the previous ruling (item e), the presentor is allowed a maximum of one (1) minute to rebut the comment, or answer the question raised by the judges.
 
g. CRITERIA for judging (Round 1):
 
• Marketability and probable market acceptance of the presented product or service (20%)
 
• Technical presentation of the 4Ps of the product (20%)
 
• Analysis of the competition and the product's competitive advantage (20%)
 
• Quality of the presentation and Answer/Rebuttal to the 4 Questions (20%)
 
• Mobile Phone voting (20%)
 
Total    100%
 
h. The audience shall be allowed to cast their assessments by using their mobile phones to vote for their participants.  Each vote will cost PhP2.50.  The team with the highest number of votes will get 20%, the second highest, 15%, the third highest, 10%, and the rest will get 5% in the mobile phone voting criterion score.
 
i. The top four (4) teams garnering the highest scores shall be the finalists and shall vie for the second round elimination.  There shall no longer be mobile phone voting for the second round.  The total amount of mobile phone voting raised shall be divided equally among the finalists.
 
j. Having won the first round means that the presentations are the four (4) most viable and /or potentially saleable products/services.  The second round is the chance for the presenting teams convince the potential investor(s) to consider investing in the teams’ business plans.
 
k. The second presentation shall have a maximum of five (5) minutes, which shall focus on the following:
 
k.1 The quick executive summary or overview of the product earlier presented.  A One-page printed executive summary should also be given to all the panelists (8) and judges (4);
 
k.2 The three (3) year financial statement of the company  based on the earlier presentations (to include revenues, cost of goods sold, gross profit, operating expenses, selling expenses, other expenses, and the net income);
 
k.3 Proposed organizational chart on key management people;
 
k.4 Given the three (3) year financial projection, an brief explanation of the business stake of a potential investor intending to invest 50% of the capital, expounding how much he/she will own the business, and how much is the return on investment.
 
l. As in the first round, the other teams are not allowed to listen to the presentation of the three other teams.  After each presentation  shall be a round of comments, critiques and questions from the panelists and the judges, and rebuttal from the presenting teams.
 
m. As in the first round, two (2) pre-selected panelists not from the same school will give their comments/critiques, or ask questions of no more than one(1) minute each.  The presenting student may confer with his/her team for a maximum of thirty (30) seconds, after which, the presentor shall have a maximum of one (1) minute to rebut the comment or question.
 
 
n. The presentation will be judged according to the following criteria,
CRITERIA for judging (Round 2):
 
• Quality and accuracy of the financial projection (30%)
 
• Viability of the overall business considering the technical, marketing, and financial aspects presented (30%)
 
• Quality of the presentation and answer to the judges and panelists (20%)
 
• Quality of the printed one page executive summary in summarizing the main points of the business (10%)
 
• Audience impact (10%)
 
(Total 100%)
 
o. The following are the prizes:
 
First prize:
• Business coach will get PhP7,000.
• Business panelist will get PhP3,000.
• School gets a trophy.
• Presenting team will get a PhP50,000 investment to start the business.
 
Second prize:
• Business coach will get PhP5,000 .
• Business panelist will get PhP2,000 .
• School gets a trophy.
• The Presenting team will get a PhP30,000 investment to start the business.
 
Third prize:
• Business coach will get PhP3,000.
• Business panelist will get PhP1,000.
• School gets a trophy.
• The Presenting team will get a PhP20,000 investment to start the business.
 
The business IDOL is meant to reward people by giving them investment money.  Therefore, it is important for the  teams to take note that the business plan that is based on verifiable and credible projections will more likely win rather than wild projections.
 
The prize is the investment money, and therefore will be awarded by the investor only if there is proof that the business will indeed be started.
 
As a reward, part of the investment money (minimum of 30% or upon the discretion of the organizers or the investors) will be given to the winning team after the one year anniversary of the start of the business, if the team was able to achieve the financial sales, and projections they have presented.
 
As an example, if the winning team who got a P50,000 investment was able to hit the actual projections that they have presented after one year of operation, a minimum of P15,000 ( 30%) will be written off by the investor to give to them as the prize money for hitting the stated goal.