Enterprise Challenge 2010
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 proposal 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 from entrepreneurial people with commercial potential. Winners from previous Enterprise Challenge competitions have had ideas ranging from the production of their own jewellery range to developing their own marketing services for exhibitions.
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. And the majority of the prize money will only be paid once you incorporate your business. We'll be disappointed if you don't go ahead 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 and providing mentoring, as well as giving you useful website links which provide advice on compiling a business plan. 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 are 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 and no. You do have to attend one of the meet the team sessions and a minimum of any two other sessions for your entry to be valid. But you should attend as many of the sessions as you can, as they're being run to help you turn your idea into a reality. We hope that you can attend as many as possible - they'll only last an hour or so and are free to attend. If you do miss any of the sessions, please contact the Enterprise Centre on 0114 255 3131 or email enterprise@shu.ac.uk and we'll pass on whatever information we've collected.
Q: Do I have to have a mentor?
A: This is up to you. The mentors are volunteer local business people from a variety of backgrounds, who are interested in helping and supporting budding entrepreneurs - often because they've set up their own business and know the issues involved. Last year's finalists found them a very valuable source of help, because they're objective and not as emotionally involved with the business idea as you are. We'd try and match you with an appropriate mentor wherever possible, according to your business idea and what help you need.
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 on www.workingintheuk.gov.uk. 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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