Frequently asked questions
Q: I don't want anyone to see my business idea - How will it be protected?
A: All the judges and mentors will be asked to sign Confidentiality Disclosure Agreements (CDA) to prevent them disclosing your idea. We only want a very brief outline of the business idea at the registration stage, but we will need more information when you submit your business plan to enable the judges to decide if it's a worthwhile venture. But they understand your concerns and will not breach confidentiality.
Q: My business idea is very simple. Are you looking for high-tech ideas?
A: No, what we're looking for are good ideas with commercial potential. The simplest ideas are sometimes the best. Winners from previous Enterprise Challenge competitions have had ideas ranging from the production of kitchenware products to providing Mexican food at festivals and events.
Q: I have an idea but I'm not sure if it's good enough and running my own business sounds a bit scary. Should I enter?
A: Yes! If you have an idea or you've ever thought to yourself 'that would be a good idea for a business', then enter. It's a great opportunity to test out any ideas you have and get advice from the experts. The competition also allows you to dip your toe in the water without having to go it alone and will help you to find out if running your own business is for you or not. The transferable skills you will develop throughout the competition will benefit your career prospects whatever path you take.
Q: What if I win and don't start my business?
A: We want to encourage people to start up in business through this competition - it isn't just an academic exercise. The majority of the prize money will only be paid once you start your business. We'll be disappointed if you do not progress Insurance with your business idea - but we think you'll want to whether you win or not, because of all the help and encouragement you'll get through taking part. You'll also make lots of valuable contacts.
Q: I've never written a business plan before - how can I possibly win?
A: Don't worry - that's why we're running a full support programme and free advice surgeries. We're also giving you plenty of time to write the plan over the summer, before the final deadline at the end of July.
Q:I want to enter with my friend, but they're not a student or graduate of Sheffield Hallam University. Is this OK?
A:Yes. The rules state that 50% of the team must be eligible. So for a team of two at least one person must be a student or recent graduate of Sheffield Hallam University and for teams of 3 or 4 at least two people must be a student or recent graduate of Sheffield Hallam University.
Q: Do I have to come to the events?
A: Yes, attendance is mandatory. They are provided to help you turn your idea into a reality. If there are any problems with this please contact the Enterprise Centre on 0114 255 3131 or email enterprise@shu.ac.uk
Q: I don't want my tutor or employer to know I've entered. Will you have to tell them?
A: Not if you don't want us to. During the later stages of the competition, however, we will want to publicise the competition and its entrants and would ask you to co-operate in providing us with the information to do this.
Q: I am an international student. Can I enter?
A: Yes, although there are restrictions to any non-European Economic Area (EAA) setting up a business in the UK. You can find out about these restrictions at
http://www.ukcisa.org.uk/student/info_sheets/working_during_studies.php .
If you are unable to start trading then you will only be able to collect the first part of your prize money.
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