Project Title: SecuraBand
Student: Mira Singhal
Mentor: Dr. Dan Charna
In the fall of 2014, I was tasked with creating a business plan for EMAN 365 Entrepreneurship. Competing against five other groups, my group (two other members and myself) came up with a unique product to sell to the world and the three judges who would be critiquing us and possibly granting us loans. The process was a lengthy one including the creation of an innovative, new product idea that would be useful and meaningful. From there, we followed the steps of a real company, looking at everything an entrepreneur would need to start a business. We researched small things such as rental spaces for offices all the way to creating legitimate financial documents to forecast the first few years of our company. The time we put into this project outside of the classroom was astronomical. Finally, with our business plan in hand, we appeared before the judges with our product: SecuraBand.
After developing a 20-page business plan for our product, we presented ourselves and our company to three judges, all whom run successful companies, and would either grant us a loan or reject us outright. The judges gave us real feedback and ways we could improve our product and have a more successful company, were it ever to become more than just a class project. There were five other groups, and in the end, we were chosen as the best idea by the judges, as well as by our peers. The steps taken to create a successful business plan, all the way from the executive summary to the marketing and financials, gave me a small glimpse into the world of entrepreneurship and what it takes to create a product and business. In the classroom setting, I was able to be innovative and apply textbook knowledge to real-life situations.